Immunocore Reports 30% Revenue Growth to $97.964 Million in Q2 2025

Immunocore Holdings plc reported significant financial performance improvements in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated total revenue of $97.964 million for the three months ended June 30, 2025, marking a 30% increase from $75.347 million in the same period of 2024. For the first half of 2025, total revenue reached $191.845 million, up 31.7% from $145.689 million in the prior year. The increase in revenue was primarily driven by higher sales of its lead product, KIMMTRAK, particularly in the United States and Europe, where sales rose to $64.087 million and $33.042 million, respectively.

Despite the revenue growth, Immunocore reported a net loss of $10.3 million for the second quarter of 2025, a slight improvement from a net loss of $11.616 million in the same quarter of 2024. For the first half of 2025, the net loss was $5.277 million, significantly reduced from $36.052 million in the prior year. The company’s accumulated deficit as of June 30, 2025, stood at $801.038 million. The reduction in losses was attributed to increased revenue and improved operational efficiencies, although the company continues to expect significant expenses as it advances its clinical programs and expands its commercial operations.

Operationally, Immunocore has made strides in expanding its market presence. The company has now launched KIMMTRAK in 28 countries and received approvals in 39 countries. In June 2025, Immunocore signed a distribution agreement with Er-Kim for KIMMTRAK in Turkey and surrounding regions. The company has also activated over 150 clinical trial sites globally for its ongoing Phase 3 clinical trial of brenetafusp, further solidifying its commitment to advancing its product pipeline.

As of June 30, 2025, Immunocore reported cash and cash equivalents of $487.933 million, an increase from $455.731 million at the end of 2024. The company also held marketable securities worth $394.878 million, up from $364.645 million. The increase in cash reserves is attributed to improved cash flows from operations, which provided $26.399 million in the first half of 2025, compared to $18.885 million in the same period of 2024. The company anticipates continued investment in research and development, with R&D expenses rising to $69.008 million in the second quarter, up from $51.072 million in the prior year.

Looking ahead, Immunocore expects to continue incurring significant operating losses as it invests in the commercialization of KIMMTRAK and the development of its pipeline. The company plans to finance its operations through a combination of product sales, equity offerings, and potential collaborations. Immunocore's management remains optimistic about the future, citing the potential for KIMMTRAK and other product candidates to address significant unmet medical needs in oncology and infectious diseases.