Immunocore Holdings plc (IMCR)·Q3 2025 Earnings Summary

Executive Summary

• KIMMTRAK net sales rose 29% year-over-year to $103.7M; EPS was $0.00 vs. Street consensus of -$0.24, and revenue modestly beat consensus $101.8M*; growth was driven by U.S. duration and European/international launches *.
• Operational updates included IDMC selection of 160 mcg as the go-forward dose in PRISM-MEL-301 (first-line cutaneous melanoma) and maintained timelines to complete TEBE-AM enrollment in 1H 2026; cash and marketable securities reached $892.4M .
• Expense growth reflected Phase 3 execution and autoimmune preparation; Q3 R&D $70.6M and SG&A $39.8M, with net loss of $0.2M and expectation to pay ~$65M in sales-related rebate accruals in Q4 2025 .
• Stock reaction catalysts: durable KIMMTRAK growth, PRISM dose selection de-risking the registrational program, near-term HBV data visibility (AASLD poster), and confirmation of TEBE-AM timeline anchors medium-term optionality .

What Went Well and What Went Wrong

What Went Well

• KIMMTRAK growth: Net sales $103.7M (+29% YoY), with U.S. +18% YoY and Europe/international +58% YoY; mean U.S. treatment duration increased to 14 months .
• Pipeline execution: IDMC selected 160 mcg as the go-forward brenetafusp dose in PRISM-MEL-301; TEBE-AM enrollment remains on track for completion in 1H 2026 .
• Management tone: “Our commercial momentum continues with over $100 million in sales this quarter and enables sustained investment in innovation. We are executing to plan...” — Bahija Jallal, CEO .

What Went Wrong

• Operating cost pressure: R&D rose to $70.6M (from $52.8M YoY) and SG&A to $39.8M (from $35.5M), reflecting Phase 3 and pipeline investments .
• Limited margin expansion: Net income margin was approximately -0.17% as net loss held near break-even despite topline progress .
• Rebate accruals to be paid (~$65M) in Q4 2025, weighing on near-term cash flows (timing clarity positive, but cash outflow is a headwind) .

Financial Results

Segment/geography breakdown (KIMMTRAK net sales):

KPIs:

Vs. Estimates (S&P Global):

Values retrieved from S&P Global.
Significant surprises: Revenue beat ~$1.9M; EPS beat $0.24 — driven by durable U.S. duration gains and European/international expansion, while opex growth held net income near breakeven *.

Guidance Changes

Earnings Call Themes & Trends

Note: A Q3 2025 earnings call transcript was not available in the document set after exhaustive search; themes below reference Q1–Q2 and Q3 press release updates .

Management Commentary

• “Our commercial momentum continues with over $100 million in sales this quarter and enables sustained investment in innovation. We are executing to plan – advancing three Phase 3 melanoma trials and multiple mid‑stage programs – to deliver transformative outcomes for patients and sustained value for shareholders.” — Bahija Jallal, CEO .
• PRISM-MEL-301: IDMC recommended 160 mcg go-forward dose; patients on 160 mcg included in ITT primary endpoint analysis; those at 40 mcg can escalate but are excluded from ITT .
• TEBE-AM: Enrollment completion remains targeted 1H 2026; Phase 3 OS primary endpoint in 2L+ CM addresses a major unmet need .

Q&A Highlights

• A Q3 2025 earnings call transcript was not available in the document repository and investor site sources reviewed; therefore Q&A specifics cannot be provided for Q3 at this time .
• Context from Q2: management discussed tariff contingencies (18 months inventory), EU pricing tailwinds, U.S. duration and community penetration, and PRISM dose selection process via IDMC .

Estimates Context

• Q3 actual revenue $103.7M vs. S&P Global consensus $101.8M*; EPS $0.00 vs. consensus -$0.24* — both beats as topline outpaced expectations and operating leverage improved despite higher R&D *.
• Consensus counts: 13 EPS estimates; 15 revenue estimates*; target price consensus mean $63.89* — estimate updates may reflect sustained KIMMTRAK durability and de-risking of PRISM dose selection*.
  Values retrieved from S&P Global.

Key Takeaways for Investors

• KIMMTRAK demand remains durable and geographically diversified; U.S. duration expanded to 14 months, Europe/international strength supports sustained revenue momentum into 2026 .
• PRISM-MEL-301 de-risked by IDMC dose selection (160 mcg), simplifying the registrational path and potentially accelerating clarity on efficacy vs. controls; this is a medium-term value driver .
• TEBE-AM timeline reaffirmed (1H 2026 enrollment completion); OS primary endpoint in 2L+ CM could establish tebentafusp’s contribution in a high-need setting — watch for event accrual and control arm composition .
• Near-term cash flow headwind from ~$65M rebate accrual payment in Q4 2025, but balance sheet remains strong at $892.4M cash/securities, supporting ongoing Phase 3 and autoimmune initiations .
• Trading: Expect sensitivity to incremental PRISM/TEBE-AM updates and AASLD HBV data; the Street is likely to adjust revenue/EPS trajectories modestly upward given beat and durability, while opex cadence remains a key variable*.
• Medium-term thesis: lifecycle management (adjuvant uveal melanoma, potential 2L+ cutaneous melanoma) plus PRAME franchise expansion across tumor types positions IMCR for multi-indication revenue optionality, with execution/timelines as primary risks .

References:

• Q3 2025 8-K and press release: .
• Prior quarters 8-Ks: Q2 2025 ; Q1 2025 .
• Company IR press release page (Q3 2025): .
• Q2 2025 earnings call transcript context: .
• Estimates (S&P Global): Q3 2025 Revenue/EPS and counts, target price* (Values retrieved from S&P Global).