Immunocore Holdings plc (IMCR) AI Stock Analysis
IMCR AI stock analysis summary
AI ResearchImmunocore Holdings plc is a commercial-stage biotechnology company focused on developing immunotherapies, including its approved treatment KIMMTRAK. Revenue expanded at a 5-year CAGR of 58.1% to reach $297.6M in FY2025, while trailing twelve months revenue stood at $430.8M. The company maintains a net cash position of $445.3M despite continuing net losses of -$26.4M in FY2025.
- Market cap
- $1.51B
- Revenue (TTM)
- $430.8M
- P/E
- — fwd 23.8x
- 1Y return
- -12.3% S&P 500 16.8%
- Avg. target
- $62.73 113.4% vs last close
Bull case
- Revenue expanded at a 5-year CAGR of 58.1% from FY2020 through FY2025, reaching $297.6M.
- The balance sheet is supported by $880.2M in cash and short-term investments and a net cash position of $445.3M as of June 30, 2026.
- Wall Street analysts project upside potential of 113.4% based on a mean price target of $62.73 compared to the $29.40 share price.
Bear case
- Immunocore remained unprofitable in FY2025, reporting a net income of -$26.4M and negative free cash flow of -$11.2M.
- Analysts expect earnings to weaken next fiscal year, projecting an EPS contraction of -970.1% to -$0.75.
- The stock has lagged broader markets, posting a 1-year return of -12.3% and a 5-year return of -22.6%.
What Immunocore does
Immunocore Holdings plc is an Abingdon, UK-based commercial-stage biotechnology company founded in 1999 that develops immunotherapies for cancer, infectious diseases, and autoimmune disorders. Its commercial product, KIMMTRAK, treats unresectable or metastatic uveal melanoma. Its oncology clinical pipeline includes Phase I/II candidates IMC-C103C and IMC-F106C targeting solid tumors such as NSCLC, gastric, and ovarian cancers. In infectious diseases, the company is advancing IMC-I109V in Phase I/II trials for chronic hepatitis B and IMC-M113V in pre-clinical studies for human immunosuppression virus, alongside programs targeting autoimmune conditions.
Growth and profitability
Annual revenue increased from $27.0M in FY2021 to $297.6M in FY2025, representing a 5-year CAGR of 58.1%. Net losses narrowed from -$133.5M in FY2021 to -$26.4M in FY2025, while operating margin improved from -478.5% to -11.3%. For FY2025, gross margin reached 97.9%, and R&D expenses totaled $204.5M. In the trailing twelve months, revenue reached $430.8M with a net profit margin of -4.2%. For the latest quarter ended June 30, 2026, quarterly revenue grew 18.3% year-over-year, and quarterly earnings grew 150.0%.
Balance sheet and cash flow
As of June 30, 2026, cash and short-term investments totaled $880.2M, with total debt of $435.0M, resulting in net cash of $445.3M. The current ratio stood at 4.47, and the debt-to-equity ratio was 1.04 against shareholders' equity of $419.8M. In FY2025, operating cash flow was -$8.0M and free cash flow was -$11.2M, with capital expenditures of $3.2M. Over five years, the company's share count increased 16.2%.
Valuation and performance
Immunocore trades at a forward P/E of 23.8x, compared to 17.3x for the median of its US-listed Healthcare peers. Its price-to-sales ratio is 3.5x, below the peer median of 4.1x, while its EV to EBITDA ratio is 90.5x compared to the peer median of 12.0x. Over the past year, IMCR shares declined 12.3%, underperforming the S&P 500 (SPY) return of 16.8%. Over five years, IMCR returned -22.6% versus 83.0% for the S&P 500.
What analysts expect
Wall Street analysts hold 7 Strong Buy, 2 Buy, and 4 Hold ratings on IMCR. The mean price target is $62.73, which is 113.4% above the last close of $29.40. For the fiscal year ending December 31, 2026, analysts estimate revenue of $452.3M and EPS of -$0.04. For the next fiscal year, 12 analysts project revenue of $489.0M and EPS of -$0.75. The company beat EPS estimates in 2 of the last 4 quarters, and the next earnings date is November 5, 2026.
Key risks and what to watch
- Research and development expenses reached $204.5M in FY2025, which may pressure operating cash flow if revenue growth slows.
- Total debt stood at $435.0M as of June 30, 2026, resulting in a debt-to-equity ratio of 1.04.
- Short interest represents 17.1% of the float, reflecting meaningful market skepticism.
- The company has beat EPS estimates in only 2 of the last 4 quarters, indicating operational volatility.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this IMCR AI stock analysis
This page is an AI-written research summary of Immunocore Holdings plc (IMCR). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: IMCR income statement, IMCR balance sheet, IMCR key metrics, IMCR analyst forecast, IMCR chart. See the IMCR stock overview for the latest quote and news.
IMCR AI stock analysis FAQ
What is Immunocore's commercial product?
Immunocore's commercial-stage product is KIMMTRAK, an immunotherapy approved for patients with unresectable or metastatic uveal melanoma.
Is Immunocore profitable?
Immunocore is not currently profitable, having posted a net loss of -$26.4M in FY2025 and an operating margin of -2.6% over the trailing twelve months.
What are Wall Street price targets for IMCR?
The mean analyst price target for IMCR is $62.73, representing an upside of 113.4% over the October 16, 2026 closing price of $29.40.
How much cash does Immunocore have?
As of June 30, 2026, Immunocore held $880.2M in cash and short-term investments against $435.0M in total debt, providing net cash of $445.3M.
When is Immunocore's next earnings report?
Immunocore is scheduled to report its next financial results on November 5, 2026.