Immunocore Holdings plc (IMCR) Income Statement
IMCR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsIMCR revenue and net income
Where IMCR's revenue goes
2025Each bar shows an amount and its share of revenue. IMCR kept −8.9% of revenue as net income.
IMCR profit margins
IMCR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +20.0% | — | — | — |
| Gross profit | +20.2% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
IMCR quarterly EPS vs estimates
Immunocore beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.10).
IMCR income statement
| 2025 | 2024 | 2015 | |
|---|---|---|---|
| Revenue | $297.6M | $248.0M | $11.5M |
| Cost of revenue | $6.2M | $5.5M | $0 |
| Gross profit | $291.4M | $242.4M | $11.5M |
| Research & development | $204.5M | $177.4M | $22.1M |
| Sales, general & admin | $165.4M | $155.8M | $3.0M |
| Total operating expenses | $325.1M | $298.8M | $25.1M |
| Operating income | −$33.7M | −$56.3M | −$13.7M |
| Interest income | $16.5M | $25.6M | — |
| Interest expense | $12.2M | $18.8M | — |
| Income before taxes | −$14.2M | −$42.3M | $14.4M |
| Income taxes | $12.2M | −$1.5M | $960,287 |
| Net income | −$26.4M | −$40.8M | $13.5M |
| EBITDA | $387,177 | −$37.7M | −$11.2M |
| EPS (diluted) | −$0.70 | −$0.92 | — |
| Gross margin | 97.9% | 97.8% | 100.0% |
| Operating margin | −11.3% | −22.7% | −119.2% |
| Net margin | −8.9% | −16.5% | 117.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $115.9M | $106.7M | $77.4M | $103.7M | $98.0M | $93.9M | $84.1M | $80.2M | $75.4M |
| Cost of revenue | $1.1M | $434,000 | $2.6M | $513,000 | $1.0M | $831,000 | $330,000 | $448,000 | $1.7M |
| Gross profit | $114.8M | $106.2M | $74.8M | $103.2M | $96.9M | $93.0M | $83.7M | $79.8M | $73.7M |
| Research & development | $73.9M | $61.1M | $58.4M | $70.6M | $69.0M | $56.5M | $60.9M | $52.8M | $51.1M |
| Sales, general & admin | $43.9M | $37.9M | $42.6M | $39.8M | $42.8M | $40.2M | $49.5M | $35.5M | $38.6M |
| Total operating expenses | $117.8M | $99.0M | $89.4M | $110.4M | $111.8M | $96.7M | $103.2M | $88.3M | $89.7M |
| Operating income | −$3.0M | $7.3M | −$14.6M | −$7.2M | −$14.9M | −$3.6M | −$19.5M | −$8.5M | −$16.0M |
| Interest income | $3.6M | $3.4M | $3.9M | $4.1M | $4.3M | $4.2M | $5.2M | $6.0M | $6.2M |
| Interest expense | $3.1M | $2.3M | $3.1M | $3.0M | $3.1M | $3.0M | $7.0M | $3.8M | $3.8M |
| Income before taxes | −$514,000 | $13.3M | −$11.7M | $304,000 | −$9.7M | $6.1M | −$24.8M | $6.1M | −$10.1M |
| Income taxes | $294,000 | $300,495 | $10.6M | −$481,000 | $606,000 | $1.1M | −$1.1M | −$2.6M | $1.5M |
| Net income | −$808,000 | $13.0M | −$22.3M | $785,000 | −$10.3M | $5.0M | −$23.8M | $8.7M | −$11.6M |
| EBITDA | $3.6M | $16.5M | −$7.8M | $4.1M | −$6.4M | $10.0M | −$15.3M | $10.9M | −$5.4M |
| EPS (diluted) | −$0.02 | $0.25 | −$0.60 | −$0.00 | −$0.20 | $0.10 | −$0.37 | $0.17 | −$0.23 |
| Gross margin | 99.1% | 99.6% | 96.6% | 99.5% | 98.9% | 99.1% | 99.6% | 99.4% | 97.7% |
| Operating margin | −2.6% | 6.8% | −18.8% | −6.9% | −15.2% | −3.9% | −23.1% | −10.6% | −21.2% |
| Net margin | −0.7% | 12.2% | −28.8% | 0.8% | −10.5% | 5.4% | −28.3% | 10.9% | −15.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in IMCR's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
IMCR financial results
In fiscal year 2025 (ended December 31, 2025), Immunocore reported revenue of $297.6 million, up 20.0% from the year before. It had a net loss of $26.4 million, a net profit margin of −8.9%. Diluted earnings per share came to −$0.70.
See the IMCR stock overview for the latest quote and news, or the IMCR chart for price history and technical indicators.
IMCR income statement FAQ
What is Immunocore's annual revenue?
Immunocore reported total revenue of $297.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 20.0% from $248.0 million the previous year.
Is Immunocore profitable?
No. Immunocore reported a net loss of $26.4 million in fiscal 2025, a net profit margin of −8.9%; its operating margin was −11.3%.
What is Immunocore's gross margin?
Immunocore's gross margin was 97.9% in fiscal 2025: for every $100 of revenue, Immunocore kept $98 after the direct cost of its products and services.
How much does Immunocore spend on research and development?
Immunocore spent $204.5 million on research and development in fiscal 2025, 68.7% of revenue.
What are Immunocore's earnings per share?
Immunocore earned $-0.70 per diluted share in fiscal 2025, compared with $-0.92 a year earlier.
When will Immunocore report its next earnings?
Immunocore is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Immunocore's fiscal year end?
Immunocore's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.