Immunocore Reports 33.2% Revenue Growth to $93.9 Million in Q1 2025

Immunocore Holdings plc reported a significant increase in financial performance for the first quarter of 2025, with total revenue reaching $93.9 million, a 33.2% increase from $70.5 million in the same period last year. The revenue growth was primarily driven by the sale of KIMMTRAK, which generated $93.9 million in net revenue, up from $70.3 million in the previous year. The company achieved a net income of $5.0 million, a notable turnaround from a net loss of $24.4 million in the first quarter of 2024. This improvement reflects the successful commercialization of KIMMTRAK, which is now approved in 39 countries and commercially launched in 26, including key markets such as the United States, Germany, and France.

In terms of operational metrics, Immunocore's cash and cash equivalents increased to $476.8 million as of March 31, 2025, compared to $455.7 million at the end of 2024. The company also reported a total of 50,184,609 ordinary shares outstanding as of the end of the quarter. The increase in revenue was attributed to expanded market presence and increased sales volume, particularly in Europe, where revenue surged by 73.1% to $32.8 million. The international market also saw a significant increase, with revenue rising by 227.7% to $4.5 million.

Immunocore's research and development (R&D) expenses for the quarter were $56.5 million, slightly down from $57.5 million in the prior year. The decrease was primarily due to reduced spending on PRAME programs, offset by increased costs associated with tebentafusp programs. Selling, general, and administrative expenses rose to $40.2 million, reflecting the company's ongoing investment in commercial and operational support as it expands its product pipeline and market reach. The company continues to focus on advancing its clinical programs, including ongoing trials for various cancer treatments.

Looking ahead, Immunocore remains optimistic about its growth trajectory, emphasizing the need for continued investment in R&D and commercialization efforts. The company anticipates that its existing cash reserves, along with projected revenues from KIMMTRAK, will support its operations for at least the next twelve months. However, it acknowledges the potential need for additional funding to support long-term clinical development and operational needs, particularly in light of macroeconomic uncertainties and the competitive landscape in the biotechnology sector.