Immunocore Q2 Earnings Call Highlights

Key Points

• KIMMTRAK sales continued to grow: First-half net sales reached $223 million, up 16% year over year, while second-quarter sales rose 18% to $116 million. However, U.S. sales benefited from approximately $6 million in wholesaler stocking, creating a third-quarter headwind.
• Melanoma pipeline progress remains central: Enrollment in the Phase III TEBE-AM trial is nearly complete, with headline data potentially available by the end of 2026. Immunocore is also advancing the ATOM adjuvant uveal melanoma study and the PRISM-MEL-301 trial of brenetafusp in first-line cutaneous melanoma.
• Financial position remains strong despite higher rebates: Immunocore held $880 million in cash and marketable securities at the end of June and nearly broke even in the second quarter. The company expects approximately $120 million in sales-related rebate payments during the second half of 2026, primarily tied to European revenue and a French pricing agreement.

Immunocore NASDAQ: IMCR reported continued growth for KIMMTRAK in the second quarter and first half of 2026, while advancing three late-stage melanoma trials and early-stage programs in oncology, HIV and Type 1 diabetes.

The company recorded $223 million in KIMMTRAK net sales during the first half, up 16% from the prior-year period. Second-quarter net sales were $116 million, an 18% increase from the second quarter of 2025. The United States contributed $75 million in quarterly sales, Europe generated $34 million and international markets accounted for $7 million.

Chief Financial Officer and Head of Corporate Development Travis Coy said U.S. sales included approximately $6 million of wholesaler inventory stocking, which will create a headwind in the third quarter. Excluding that stocking effect, underlying sequential quarterly growth was 3%, which Coy said aligned with the company’s expectation for moderating sales growth as market penetration remains high.

KIMMTRAK Survival Data and Commercial Position

Chief Commercial Officer Ralph Torbay said KIMMTRAK has reached more than 70% penetration in major markets, including the United States, where 70% of prescriptions come from community settings. Penetration in European countries is approximately 75% to 80%, he said. Duration of therapy has remained stable at about 14 months.

At the American Association for Cancer Research meeting in April, Immunocore presented five-year overall survival data from KIMMTRAK’s registrational trial in HLA-A*02:01-positive first-line metastatic uveal melanoma. The company said the five-year overall survival rate was 16% for KIMMTRAK-treated patients, compared with 8% for patients receiving investigator’s choice.

Torbay said 44% of patients alive at five years in the KIMMTRAK arm had received KIMMTRAK as their only treatment. In the control group, 87% of patients alive at five years had crossed over to KIMMTRAK. The survival benefit was observed across subgroups including patients with high tumor burden, elevated LDH and extrahepatic disease, according to the company.

Immunocore said it currently serves about 1,000 patients annually in metastatic uveal melanoma and sees an opportunity to expand the addressable patient population through lifecycle-management studies in cutaneous melanoma and adjuvant uveal melanoma.

Late-Stage Melanoma Studies Advance

The company’s lead registrational opportunity is the Phase III TEBE-AM trial in advanced cutaneous melanoma. The study is evaluating KIMMTRAK alone, KIMMTRAK plus pembrolizumab, and a control arm in patients who progressed following checkpoint inhibitors and, where applicable, targeted therapy. The primary endpoint is overall survival.

Chief Medical Officer Mohammed Dar said enrollment is nearing the 540-patient target, with the remaining number of patients “in the teens.” He reiterated that headline data could be available as early as the end of 2026. Dar said the company uses a separate independent statistical group to monitor the combined blinded event rate as the study approaches enrollment completion.

The company cited Phase Ib data in which KIMMTRAK showed a 75% one-year survival rate in heavily pretreated advanced melanoma, compared with a historical benchmark of approximately 55%. Dar also noted that no treatment has demonstrated an overall-survival benefit in the second-line-plus cutaneous melanoma setting following checkpoint inhibitors and targeted therapy.

Immunocore’s ATOM study, sponsored by the European Organisation for Research and Treatment of Cancer, is enrolling high-risk uveal melanoma patients in the adjuvant setting. Patients are randomized to KIMMTRAK or observation, with relapse-free survival as the primary endpoint. The trial is enrolling in Europe and the United States.

The company is also conducting the Phase III PRISM-MEL-301 trial of brenetafusp plus nivolumab in first-line cutaneous melanoma. The study compares the combination with nivolumab alone or nivolumab plus relatlimab, using progression-free survival as its primary endpoint. More than 200 sites have been activated globally, and Immunocore is targeting enrollment completion by late 2027.

In previously presented Phase I/II data, brenetafusp monotherapy at a 160-microgram dose produced a 17% overall response rate and 67% disease control rate in heavily pretreated advanced melanoma, with median overall survival of 14.3 months. The company said the results supported use of the 160-microgram dose in PRISM-MEL-301.

Early-Stage Pipeline Updates

Beyond melanoma, Immunocore expects to present updated brenetafusp data in ovarian cancer and non-small cell lung cancer later in 2026. In ovarian cancer, the company is evaluating combinations with chemotherapy in platinum-resistant disease and with bevacizumab in platinum-sensitive maintenance treatment. In lung cancer, the company is seeking monotherapy signals across molecular subsets and evaluating combinations with standards of care.

The company is also studying a half-life-extended PRAME candidate in a Phase I dose-escalation trial. Dar said the molecule is intended to offer less frequent dosing and could potentially improve response rates. Immunocore plans to determine next steps based on emerging data.

In HIV, the company has completed enrollment of additional patients in higher-dose cohorts of its Phase I/II multiple-ascending-dose study, including a 1,200-microgram cohort. Immunocore plans to share results in the first half of 2027. Earlier data had shown delayed viral rebound following treatment interruption in a small number of participants at higher doses.

Immunocore also said its Phase I Type 1 diabetes study is open and screening patients, with the first patient expected to be dosed in coming weeks. Its IMC-S118AI candidate targets preproinsulin expressed on pancreatic beta cells, and the study will assess target engagement and immune modulation using C-peptide levels.

Expenses, Cash and Rebates

Second-quarter research and development expense rose to $74 million from $69 million a year earlier, primarily reflecting advancement of the company’s clinical programs. Selling, general and administrative expense was $44 million, compared with $43 million in the prior-year quarter.

Immunocore reported a net loss of just under $1 million for the quarter, improving from a $10 million loss a year earlier. As of June 30, the company held $880 million in cash and marketable securities, up $16 million from the beginning of the year.

Coy said Immunocore expects to pay approximately $120 million in sales-related rebates during the second half of 2026. The amount reflects European revenue growth and a French pricing agreement reached in early 2025 that requires payment of rebates accrued over the prior five years. The company expects rebate payments in 2027 to return to levels similar to 2025, when payments were approximately $65 million to $70 million.

About Immunocore (NASDAQ:IMCR)

Immunocore plc is a clinical‐stage biotechnology company focused on the development of novel immunotherapies that harness the body's own T‐cell response to treat cancer and infectious diseases. The company's proprietary ImmTAC (immune mobilising monoclonal T‐cell receptors against cancer) platform utilizes engineered, soluble T‐cell receptor (TCR) molecules designed to recognise intracellular peptide–HLA complexes. By redirecting and activating T cells against disease‐associated targets, Immunocore aims to address malignancies and persistent viral infections with high unmet medical need.

The company's most advanced candidate, tebentafusp, is a bispecific ImmTAC molecule that targets gp100, a melanoma‐associated antigen, and has received regulatory approval for the treatment of metastatic uveal melanoma.

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