Immunocore Posts 29% Sales Growth to $400M and $864M Cash Balance
Immunocore’s 2025 KIMMTRAK net sales rose 29% to $400 million, with Q4 revenue of $104.5 million driven by US and European growth. The company exited 2025 with $864.2 million in cash and marketable securities and targets 2H 2026 topline data from its Phase 3 TEBE-AM trial.
1. Q4 and Full Year Financial Results
Immunocore reported Q4 2025 KIMMTRAK net product revenue of $104.5 million, up from $84.1 million a year earlier. Full-year net sales reached $400.0 million, compared with $310.0 million in 2024, while net loss narrowed to $35.5 million for FY 2025 from $51.1 million in FY 2024.
2. Commercial Momentum
The company has achieved 15 consecutive quarters of KIMMTRAK revenue growth, with Q4 sales of $69.0 million in the US and $32.1 million in Europe. Global market penetration in 30 launched countries underpins sustained commercial expansion.
3. Pipeline Advancements
Immunocore is enrolling three Phase 3 melanoma trials—TEBE-AM, ATOM and PRISM-MEL-301—with TEBE-AM enrollment on track for 1H 2026 completion and topline OS data by 2H 2026. Additional Phase 1/2 data in ovarian and NSCLC and initial results for a half-life extended PRAME candidate (IMC-P115C) are also expected in 2H 2026.
4. Financial Position and Outlook
The company closed 2025 with $864.2 million in cash, cash equivalents and marketable securities, up from $820.4 million a year earlier. Immunocore plans to advance its HIV functional cure and initiate its first autoimmune candidate trial in 1H 2026 while maintaining financial flexibility to support its clinical programs.