# Immunocore Holdings plc (IMCR)

> Source: Nexqual · https://nexqual.com/IMCR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Immunocore Holdings plc (IMCR), nexqual.com/IMCR" · informational, not investment advice.

**Price:** USD 32.12 (+0.09% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 32.09 · day 31.3–32.76 · 52w 27.5–40.72 · market cap $1.65B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $431M, net income -$18.1M (-4.2% margin), free cash flow -$41.2M (SEC filings).
- Analysts: Buy (mean 2.15 on a 1–5 scale) (13 analysts), mean target USD 62.73 (range 34–100).
- Total return with dividends: 1Y +1.6% vs S&P 500 +14.9%; 5Y -15.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.13, revenue estimate $113M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $36.5M | $174M | $249M | $310M | $400M | $431M |
| Gross profit | $36.5M | $173M | $248M | $307M | $395M | — |
| Operating income | -$175M | -$51.7M | -$59.6M | -$70.5M | -$45.4M | -$22.6M |
| Net income | -$180M | -$52.5M | -$55.3M | -$51.1M | -$35.5M | -$18.1M |
| EPS (diluted) | -$4.24 | -$1.15 | -$1.13 | -$1.02 | -$0.71 | — |
| Free cash flow | -$144M | -$51.4M | -$2.5M | $20.9M | -$15.1M | -$41.2M |
| Gross margin | 100.0% | 99.4% | 99.6% | 99.1% | 98.7% | — |
| Operating margin | -478.5% | -29.7% | -23.9% | -22.7% | -11.3% | -5.2% |
| Net margin | -493.4% | -30.1% | -22.2% | -16.5% | -8.9% | -4.2% |
| Revenue growth | — | +377.9% | +43.1% | +24.4% | +29.0% | — |
| Cash + short-term investments | $321M | $402M | $443M | $820M | $864M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 3.8x · P/B 3.9x · FCF yield -2.49% · Earnings yield -1.09%

## Analysts
Consensus Buy (mean 2.15 on a 1–5 scale), 13 analysts; mean target USD 62.73 (low 34, high 100).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-03 | Mizuho | Target raised | Neutral | $34 → $35 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.6% | -15.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.6% | -3.2% |
| Volatility (annualized) | 36.8% | 46.8% |
| Max drawdown | -30.9% (Dec 2025→Jun 2026) | -64.4% (Feb 2024→Apr 2025) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/IMCR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IMCR's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1671927/000167192726000005/imcr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Immatics Biotechnologies | "Specifically in regard to PRAME, we are aware that Immatics, TScan, and Replay Therapeutics, Inc. (in collaboration with MD Anderson) are conducting Phase 1 clinical trials of PRAME-directed cellular therapies and Immati…" |
| Partner | TScan Therapeutics, Inc. (TCRX) | "Specifically in regard to PRAME, we are aware that Immatics, TScan, and Replay Therapeutics, Inc. (in collaboration with MD Anderson) are conducting Phase 1 clinical trials of PRAME-directed cellular therapies and Immati…" |
| Partner | Replay Therapeutics | "Specifically in regard to PRAME, we are aware that Immatics, TScan, and Replay Therapeutics, Inc. (in collaboration with MD Anderson) are conducting Phase 1 clinical trials of PRAME-directed cellular therapies and Immati…" |
| Partner | Medison Pharma | "To support our commercialization efforts, we have an exclusive multi-regional collaboration with Medison Pharma Ltd. ("Medison") to help seek regulatory authorization and commercialize KIMMTRAK in Canada, Australia, New …" |

## Company outlook (8-K filed 2026-08-06)

- "The Company expects to pay, in the second half of 2026, approximately $120 million in sales-related rebate accruals."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.13 | $0.00 | -4448.3% | $113.3M | 12 |
| Next quarter (ends 2026-12-31) | $-0.18 | $-0.14 | +24.6% | $116.5M | 12 |
| Current fiscal year (ends 2026-12-31) | $-0.04 | $0.14 | -129.0% | $452.3M | 11 |
| Next fiscal year (ends 2027-12-31) | $-0.77 | $-0.52 | +48.1% | $489.0M | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±18.1%; last 8 reports averaged ±3.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 79.1% | ±18.1% |
| 2026-12-18 | 56 | 65.6% | ±20.8% |
| 2027-01-15 | 84 | 63.5% | ±24.3% |
| 2027-04-16 | 175 | 59.1% | ±31.6% |