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Immunocore (IMCR) Financials

Immunocore logo
$27.79 -0.50 (-1.77%)
Closing price 04:00 PM Eastern
Extended Trading
$28.35 +0.56 (+2.02%)
As of 07:56 PM Eastern
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Annual Income Statements for Immunocore

Annual Income Statements for Immunocore

This table shows Immunocore's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -91 -138 -101 -180 -53 -55 -51 -36
Consolidated Net Income / (Loss)		 -91 -138 -101 -180 -53 -55 -51 -36
Net Income / (Loss) Continuing Operations		 -91 -138 -101 -180 -53 -55 -51 -36
Total Pre-Tax Income 		-112 -167 -119 -180 -41 -61 -53 -19
Total Operating Income		 -119 -157 -119 -175 -52 -60 -70 -45
Total Gross Profit		 30 34 45 36 173 248 307 395
Total Revenue		 30 34 50 36 174 249 310 400
Operating Revenue		 30 34 50 36 174 249 310 400
Total Cost of Revenue		 0.00 0.00 4.61 0.00 1.09 1.04 2.73 5.09
Operating Cost of Revenue		 - - 4.61 0.00 1.09 1.04 2.73 5.09
Total Operating Expenses		 150 191 165 211 225 308 378 440
Selling, General & Admin Expense		 44 59 62 111 123 144 156 165
Research & Development Expense		 106 132 102 100 102 164 222 275
Total Other Income / (Expense), net		 7.10 -10 0.00 -5.29 11 -1.24 18 26
Interest Expense		 -5.65 12 - 5.57 5.41 5.15 19 12
Interest & Investment Income		 1.45 2.00 - 0.07 3.76 18 26 16
Other Income / (Expense), net		 - - - 0.22 12 -14 11 22
Income Tax Expense		 -21 -29 -18 0.15 12 -5.60 -1.85 16
Basic Earnings per Share		 ($3.32) ($4.66) ($2.79) ($4.24) ($1.15) ($1.13) ($1.02) ($0.71)
Weighted Average Basic Shares Outstanding		 - - 31.78M 42.49M 45.71M 48.89M 49.99M 50.35M
Diluted Earnings per Share		 ($3.32) ($4.66) ($2.79) ($4.24) ($1.15) ($1.13) ($1.02) ($0.71)
Weighted Average Diluted Shares Outstanding		 - - 31.78M 42.49M 45.71M 48.89M 49.99M 50.35M
Weighted Average Basic & Diluted Shares Outstanding		 - - 31.78M 43.86M 48.09M 49.82M 50.07M 50.70M
Cash Dividends to Common per Share		 - - - - $0.00 $0.00 $0.00 $0.00

Quarterly Income Statements for Immunocore

This table shows Immunocore's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 0.91 -20 -24 -12 8.74 -24 5.02 -10 -0.18 -30 13
Consolidated Net Income / (Loss)		 0.91 -20 -24 -12 8.74 -24 5.02 -10 -0.18 -30 13
Net Income / (Loss) Continuing Operations		 0.91 -20 -24 -12 8.74 -24 5.02 -10 -0.18 -30 13
Total Pre-Tax Income 		0.73 -26 -24 -10 6.09 -25 6.08 -9.69 0.30 -16 13
Total Operating Income		 -14 -17 -26 -16 -8.50 -19 -3.62 -15 -7.17 -20 7.28
Total Gross Profit		 65 70 70 74 80 84 93 97 103 102 106
Total Revenue		 65 70 71 75 80 84 94 98 104 104 107
Operating Revenue		 65 70 71 75 80 84 94 98 104 104 107
Total Cost of Revenue		 0.28 0.20 0.25 1.71 0.45 0.33 0.83 1.04 0.51 2.70 0.43
Operating Cost of Revenue		 0.28 0.20 0.25 1.71 0.45 0.33 0.83 1.04 0.51 2.70 0.43
Total Operating Expenses		 79 87 97 90 88 103 97 112 110 121 99
Selling, General & Admin Expense		 35 41 39 39 36 42 40 43 40 43 38
Research & Development Expense		 43 46 57 51 53 61 56 69 71 79 61
Total Other Income / (Expense), net		 15 -8.59 2.41 5.89 15 -5.37 9.70 5.18 7.48 3.90 5.99
Interest Expense		 1.32 1.31 3.24 4.28 4.29 7.04 3.03 3.05 3.04 3.05 3.05
Interest & Investment Income		 5.14 5.44 8.25 6.24 5.96 5.17 4.18 4.27 4.12 3.91 3.42
Other Income / (Expense), net		 11 -13 -2.60 3.93 13 -3.50 8.55 3.96 6.40 3.04 5.63
Income Tax Expense		 -0.18 -5.91 0.36 1.49 -2.64 -1.05 1.06 0.61 0.48 14 0.30
Basic Earnings per Share		 $0.02 ($0.40) ($0.49) ($0.23) $0.17 ($0.47) $0.10 ($0.20) $0.00 ($0.61) $0.26
Weighted Average Basic Shares Outstanding		 49.13M 48.89M 49.88M 50.01M 50.02M 49.99M 50.09M 50.29M 50.40M 50.35M 50.75M
Diluted Earnings per Share		 $0.02 ($0.40) ($0.49) ($0.23) $0.17 ($0.47) $0.10 ($0.20) $0.00 ($0.61) $0.25
Weighted Average Diluted Shares Outstanding		 54.16M 48.89M 49.88M 50.01M 52.81M 49.99M 51.95M 50.29M 50.40M 50.35M 52.93M
Weighted Average Basic & Diluted Shares Outstanding		 - 49.82M 50.01M 50.02M 50.03M 50.07M 50.23M 50.39M 50.53M 50.70M 50.87M

Annual Cash Flow Statements for Immunocore

This table details how cash moves in and out of Immunocore's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 53 -67 -181 144 94 32 15 -15
Net Cash From Operating Activities		 -21 -136 -126 -143 -49 2.94 26 -11
Net Cash From Continuing Operating Activities		 -14 -172 -126 -143 -49 2.94 26 -11
Net Income / (Loss) Continuing Operations		 -91 -138 -101 -180 -53 -55 -51 -36
Consolidated Net Income / (Loss)		 -91 -138 -101 -180 -53 -55 -51 -36
Depreciation Expense		 8.17 12 12 7.59 5.34 4.09 4.20 3.27
Non-Cash Adjustments To Reconcile Net Income		 62 -15 -3.91 49 22 48 28 16
Changes in Operating Assets and Liabilities, net		 5.87 -31 -34 -22 -24 5.78 45 5.49
Net Cash From Investing Activities		 74 -3.46 0.00 -1.28 -2.20 -5.43 -355 -16
Net Cash From Continuing Investing Activities		 74 -3.46 0.00 -1.28 -2.20 -5.43 -355 -16
Purchase of Property, Plant & Equipment		 -4.44 -5.67 - -1.39 -2.20 -5.43 -5.17 -4.34
Purchase of Investments		 -0.06 - - - 0.00 0.00 -350 -30
Sale of Property, Plant & Equipment		 0.00 0.11 - 0.11 0.01 0.00 0.04 0.00
Sale and/or Maturity of Investments		 78 0.08 - - - 0.00 0.00 18
Net Cash From Financing Activities		 0.13 73 -55 288 145 34 344 12
Net Cash From Continuing Financing Activities		 0.13 73 -55 288 145 34 344 12
Repayment of Debt		 0.00 -5.35 - 0.00 -54 0.00 -65 0.00
Other Financing Activities, net		 0.13 0.04 -55 288 199 34 409 12
Cash Interest Received		 - - - - -4.48 5.67 -9.24 -10
Cash Income Taxes Paid		 - - - 17 0.77 0.98 0.51 4.64

Quarterly Cash Flow Statements for Immunocore

This table details how cash moves in and out of Immunocore's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 20 -12 391 -328 20 -69 13 -0.78 2.66 -29 -8.90
Net Cash From Operating Activities		 10 -18 -4.59 23 21 -14 0.44 26 -4.46 -33 -14
Net Cash From Continuing Operating Activities		 10 -18 -4.59 23 21 -14 0.44 26 -4.46 -33 -14
Net Income / (Loss) Continuing Operations		 0.91 -20 -24 -12 8.74 -24 5.02 -10 -0.18 -30 13
Consolidated Net Income / (Loss)		 0.91 -20 -24 -12 8.74 -24 5.02 -10 -0.18 -30 13
Depreciation Expense		 1.08 1.03 1.01 0.99 1.04 1.17 0.85 0.78 0.80 0.83 0.95
Non-Cash Adjustments To Reconcile Net Income		 -2.66 22 10 6.87 -6.66 17 2.17 8.22 -2.70 8.36 2.20
Changes in Operating Assets and Liabilities, net		 11 -21 8.14 27 18 -8.25 -7.61 27 -2.38 -12 -30
Net Cash From Investing Activities		 -0.21 -0.82 -0.43 -350 -0.83 -3.54 9.70 -30 5.25 -0.88 4.22
Net Cash From Continuing Investing Activities		 -0.21 -0.82 -0.43 -350 -0.83 -3.54 9.70 -30 5.25 -0.88 4.22
Purchase of Property, Plant & Equipment		 -0.21 -0.82 -0.43 -0.33 -0.83 -3.58 -0.30 -0.41 -0.75 -2.88 -1.78
Sale and/or Maturity of Investments		 - - 0.00 - - - 10 - 6.00 2.00 6.00
Net Cash From Financing Activities		 10 6.25 396 -0.82 0.20 -52 2.55 3.67 1.87 4.28 0.66
Net Cash From Continuing Financing Activities		 10 6.25 396 -0.82 0.20 -52 2.55 3.67 1.87 4.28 0.66
Other Financing Activities, net		 10 6.25 5.75 0.30 0.20 0.55 2.55 3.67 1.87 4.28 0.66
Cash Interest Paid		 - - - - - - 5.03 - 5.03 - 5.03
Cash Income Taxes Paid		 - 0.76 0.14 0.20 0.29 0.16 0.03 1.48 2.08 1.06 0.01

Annual Balance Sheets for Immunocore

This table presents Immunocore's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 246 269 407 527 597 1,010 1,067
Total Current Assets		 165 209 355 474 529 930 997
Cash & Equivalents		 98 177 321 402 443 456 468
Short-Term Investments		 0.35 0.00 - - 0.00 365 396
Accounts Receivable		 13 14 21 34 52 63 74
Inventories, net		 - - 0.00 0.69 4.50 5.45 6.74
Prepaid Expenses		 - - - 37 30 41 52
Plant, Property, & Equipment, net		 24 19 12 7.83 9.22 10 11
Total Noncurrent Assets		 57 42 41 45 59 70 59
Other Noncurrent Operating Assets		 55 39 37 40 48 55 59
Total Liabilities & Shareholders' Equity		 246 269 407 527 597 1,010 1,067
Total Liabilities		 226 194 176 188 228 649 686
Total Current Liabilities		 112 75 83 101 139 212 247
Accounts Payable		 39 35 48 14 18 25 24
Accrued Expenses		 38 - - 77 120 186 220
Current Deferred Revenue		 - - - 7.76 - 0.00 0.58
Other Current Liabilities		 9.62 40 35 1.88 1.39 1.55 2.01
Total Noncurrent Liabilities		 114 119 93 87 89 437 440
Long-Term Debt		 0.00 50 50 48 48 391 393
Noncurrent Deferred Revenue		 64 - - 5.24 5.52 5.43 4.86
Other Noncurrent Operating Liabilities		 0.14 34 8.73 34 36 40 42
Commitments & Contingencies		 - - - - 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 20 76 232 339 369 361 381
Total Preferred & Common Equity		 20 76 232 339 369 361 381
Total Common Equity		 -356 76 -55 339 369 361 381
Common Stock		 0.00 0.09 0.12 1,083 1,150 1,190 1,240
Retained Earnings		 -370 -478 -650 -689 -745 -796 -831
Accumulated Other Comprehensive Income / (Loss)		 - - - -55 -36 -34 -28
Other Equity Adjustments		 14 553 595 0.00 0.00 0.00 0.00

Quarterly Balance Sheets for Immunocore

This table presents Immunocore's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 994 1,023 1,085 1,028 1,082 1,103 1,072
Total Current Assets		 926 957 1,006 949 1,002 1,023 1,004
Cash & Equivalents		 833 505 538 477 488 498 453
Short-Term Investments		 - 355 364 360 395 394 392
Accounts Receivable		 58 60 64 63 70 76 81
Inventories, net		 4.17 3.46 4.52 6.80 5.46 5.66 8.25
Prepaid Expenses		 31 34 36 42 44 49 70
Plant, Property, & Equipment, net		 8.38 7.68 9.16 9.77 9.55 9.43 12
Total Noncurrent Assets		 60 59 70 70 71 70 56
Other Noncurrent Operating Assets		 49 49 57 55 56 56 56
Total Liabilities & Shareholders' Equity		 994 1,023 1,085 1,028 1,082 1,103 1,072
Total Liabilities		 634 664 707 650 694 706 678
Total Current Liabilities		 155 185 266 149 170 170 240
Accounts Payable		 16 20 20 29 24 23 30
Accrued Expenses		 139 164 197 118 144 145 207
Current Deferred Revenue		 - - - - 0.59 0.58 0.57
Other Current Liabilities		 1.24 1.39 1.10 1.72 1.84 1.88 2.00
Total Noncurrent Liabilities		 479 479 441 500 524 536 438
Long-Term Debt		 438 438 390 392 392 393 394
Noncurrent Deferred Revenue		 5.47 5.48 5.80 5.61 5.25 5.00 4.62
Other Noncurrent Operating Liabilities		 36 36 44 103 127 138 40
Commitments & Contingencies		 - - - 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 360 359 378 378 388 397 394
Total Preferred & Common Equity		 360 359 378 378 388 397 394
Total Common Equity		 360 359 378 378 388 397 394
Common Stock		 1,164 1,174 1,181 1,202 1,216 1,228 1,247
Retained Earnings		 -769 -781 -772 -791 -801 -801 -818
Accumulated Other Comprehensive Income / (Loss)		 -35 -34 -31 -33 -27 -30 -35
Other Equity Adjustments		 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Annual Metrics And Ratios for Immunocore

This table displays calculated financial ratios and metrics derived from Immunocore's official financial filings.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - -
Revenue Growth		 0.00% 12.87% 46.81% -26.94% 377.91% 43.05% 24.37% 28.95%
EBITDA Growth		 0.00% -30.82% 25.96% -53.86% 79.42% -105.43% 20.29% 63.71%
EBIT Growth		 0.00% -31.68% 23.90% -46.15% 77.50% -87.92% 19.01% 60.79%
NOPAT Growth		 0.00% -31.68% 23.90% -46.33% 70.38% -15.36% -18.13% 35.63%
Net Income Growth		 0.00% -50.91% 26.52% -77.91% 70.81% -5.22% 7.60% 30.48%
EPS Growth		 0.00% -40.36% 40.13% -51.97% 72.88% 1.74% 9.73% 30.39%
Operating Cash Flow Growth		 0.00% -543.74% 7.33% -13.26% 65.61% 105.97% 786.43% -141.10%
Free Cash Flow Firm Growth		 0.00% 0.00% 35.51% -94.37% 81.00% -24.45% 79.69% -61.28%
Invested Capital Growth		 0.00% 0.00% -543.89% 70.34% -210.69% -63.51% -166.36% -31.10%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.69% 5.38%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 11.13% 22.88%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.24% 21.23%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -3.53% -0.53%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -8.59% -21.52%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -7.37% -24.56%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 16.98% -234.03%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 20.85%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 19.01% 12.80%
Profitability Metrics		 - - - - - - - -
Gross Margin		 100.00% 100.00% 90.77% 100.00% 99.38% 99.58% 99.12% 98.73%
EBITDA Margin		 -366.74% -425.05% -214.37% -451.44% -19.44% -27.92% -17.89% -5.04%
Operating Margin		 -395.09% -460.95% -238.92% -478.53% -29.66% -23.91% -22.71% -11.34%
EBIT Margin		 -395.09% -460.95% -238.92% -477.94% -22.50% -29.56% -19.25% -5.85%
Profit (Net Income) Margin		 -302.82% -404.89% -202.64% -493.45% -30.13% -22.17% -16.47% -8.88%
Tax Burden Percent		 81.23% 82.36% 84.81% 100.08% 128.52% 90.80% 96.51% 185.94%
Interest Burden Percent		 94.35% 106.65% 100.00% 103.16% 104.21% 82.59% 88.66% 81.59%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% -703.62% -212.67% -117.22% -18.42% -15.62% -14.00% -9.58%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -63.73% -46.31% -51.54% -8.40% -13.12% -7.43% -2.25%
Return on Assets (ROA)		 0.00% -55.98% -39.27% -53.21% -11.25% -9.84% -6.36% -3.42%
Return on Common Equity (ROCE)		 0.00% 12,788.97% 626.16% -7.88% -9.17% -15.62% -14.00% -9.58%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -703.62% -133.87% -77.74% -15.50% -14.99% -14.16% 0.00%
Net Operating Profit after Tax (NOPAT)		 -83 -110 -84 -122 -36 -42 -49 -32
NOPAT Margin		 -276.56% -322.66% -167.25% -334.97% -20.76% -16.74% -15.90% -7.94%
Net Nonoperating Expense Percent (NNEP)		 0.00% -251.63% -30.76% -35.11% -5.53% -3.61% -0.43% -0.84%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -9.36% -10.02% -6.56% -4.10%
Cost of Revenue to Revenue		 0.00% 0.00% 9.23% 0.00% 0.62% 0.42% 0.88% 1.27%
SG&A Expenses to Revenue		 144.40% 172.13% 125.10% 303.76% 70.58% 57.93% 50.22% 41.35%
R&D to Revenue		 353.32% 389.54% 204.60% 274.77% 58.45% 65.57% 71.61% 68.71%
Operating Expenses to Revenue		 497.42% 561.67% 329.69% 578.53% 129.03% 123.50% 121.83% 110.07%
Earnings before Interest and Taxes (EBIT)		 -119 -157 -119 -174 -39 -74 -60 -23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -111 -145 -107 -165 -34 -70 -56 -20
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 3.42 0.00 7.39 8.91 4.09 4.60
Price to Tangible Book Value (P/TBV)		 0.00 0.00 3.42 0.00 7.39 8.91 4.09 4.60
Price to Revenue (P/Rev)		 8.57 7.60 5.17 29.83 14.36 13.17 4.76 4.38
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 17.98 3.32 31.19 12.32 11.59 3.37 3.21
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 983.26 40.16 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.00 3.89 1.12 0.36 0.14 0.13 1.08 1.03
Long-Term Debt to Equity		 0.00 2.59 1.12 0.36 0.14 0.13 1.08 1.03
Financial Leverage		 0.00 -1.14 -1.21 -1.07 -1.04 -1.06 -1.13 -1.21
Leverage Ratio		 0.00 12.57 5.42 2.20 1.64 1.59 2.20 2.80
Compound Leverage Factor		 0.00 13.40 5.42 2.27 1.71 1.31 1.95 2.28
Debt to Total Capital		 0.00% 79.55% 52.77% 26.73% 12.36% 11.52% 52.02% 50.78%
Short-Term Debt to Total Capital		 0.00% 26.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 53.03% 52.77% 26.73% 12.36% 11.52% 52.02% 50.78%
Preferred Equity to Total Capital		 0.00% 392.17% 0.00% 90.65% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% -371.72% 47.23% -17.38% 87.64% 88.48% 47.98% 49.22%
Debt to EBITDA		 0.00 -0.53 -0.79 -0.51 -1.41 -0.69 -7.04 -19.52
Net Debt to EBITDA		 0.00 0.15 0.87 1.44 10.46 5.67 7.74 23.38
Long-Term Debt to EBITDA		 0.00 -0.35 -0.79 -0.51 -1.41 -0.69 -7.04 -19.52
Debt to NOPAT		 0.00 -0.69 -1.01 -0.69 -1.32 -1.15 -7.93 -12.38
Net Debt to NOPAT		 0.00 0.20 1.11 1.94 9.80 9.45 8.71 14.84
Long-Term Debt to NOPAT		 0.00 -0.46 -1.01 -0.69 -1.32 -1.15 -7.93 -12.38
Altman Z-Score		 0.00 -3.13 -2.36 0.96 7.10 7.69 1.23 1.59
Noncontrolling Interest Sharing Ratio		 0.00% 1,917.61% 394.42% 93.28% 50.22% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - -
Current Ratio		 0.00 1.47 2.78 4.29 4.70 3.80 4.38 4.04
Quick Ratio		 0.00 0.99 2.55 4.14 4.32 3.56 4.16 3.80
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -107 -69 -134 -26 -32 -6.45 -10
Operating Cash Flow to CapEx		 -476.94% -2,453.53% 0.00% -11,180.16% -2,239.83% 54.19% 508.11% -246.82%
Free Cash Flow to Firm to Interest Expense		 0.00 -8.62 0.00 -24.09 -4.72 -6.16 -0.34 -0.85
Operating Cash Flow to Interest Expense		 0.00 -10.97 0.00 -25.68 -9.10 0.57 1.38 -0.88
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -11.42 0.00 -25.91 -9.50 -0.48 1.11 -1.24
Efficiency Ratios		 - - - - - - - -
Asset Turnover		 0.00 0.14 0.19 0.11 0.37 0.44 0.39 0.39
Accounts Receivable Turnover		 0.00 2.66 3.72 2.11 6.44 5.82 5.39 5.84
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.40 0.55 0.83
Fixed Asset Turnover		 0.00 1.40 2.32 2.36 17.52 29.26 32.13 37.12
Accounts Payable Turnover		 0.00 0.00 0.12 0.00 0.04 0.06 0.13 0.21
Days Sales Outstanding (DSO)		 0.00 137.06 97.99 172.93 56.64 62.69 67.72 62.50
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 913.91 664.71 437.25
Days Payable Outstanding (DPO)		 0.00 0.00 2,939.00 0.00 10,438.63 5,675.27 2,866.67 1,774.56
Cash Conversion Cycle (CCC)		 0.00 137.06 -2,841.01 172.93 -10,381.99 -4,698.68 -2,134.24 -1,274.81
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 0.00 -2.66 -17 -5.07 -16 -26 -69 -90
Invested Capital Turnover		 0.00 -25.61 -5.05 -3.29 -16.74 -12.01 -6.57 -5.04
Increase / (Decrease) in Invested Capital		 0.00 -2.66 -14 12 -11 -10 -43 -21
Enterprise Value (EV)		 0.00 611 166 1,138 2,149 2,891 1,047 1,283
Market Capitalization		 258 258 258 1,088 2,503 3,285 1,476 1,754
Book Value per Share		 $0.00 ($35.81) $2.38 ($1.73) $7.73 $7.67 $7.21 $7.54
Tangible Book Value per Share		 $0.00 ($35.81) $2.38 ($1.73) $7.73 $7.67 $7.21 $7.54
Total Capital		 0.00 96 160 316 387 417 752 774
Total Debt		 0.00 76 84 84 48 48 391 393
Total Long-Term Debt		 0.00 51 84 84 48 48 391 393
Net Debt		 0.00 -22 -93 -237 -355 -395 -429 -471
Capital Expenditures (CapEx)		 4.44 5.56 0.00 1.28 2.20 5.43 5.13 4.34
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -20 -43 -49 -29 -53 -103 -114
Debt-free Net Working Capital (DFNWC)		 0.00 78 134 272 373 390 718 750
Net Working Capital (NWC)		 0.00 53 134 272 373 390 718 750
Net Nonoperating Expense (NNE)		 7.91 28 18 58 16 14 1.76 3.77
Net Nonoperating Obligations (NNO)		 0.00 -22 -93 -237 -355 -395 -429 -471
Total Depreciation and Amortization (D&A)		 8.54 12 12 9.67 5.34 4.09 4.20 3.27
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -59.63% -86.92% -134.47% -16.82% -21.18% -33.11% -28.53%
Debt-free Net Working Capital to Revenue		 0.00% 229.56% 267.84% 745.77% 214.01% 156.28% 231.36% 187.50%
Net Working Capital to Revenue		 0.00% 154.93% 267.84% 745.77% 214.01% 156.28% 231.36% 187.50%
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($3.10) ($0.90) ($1.13) ($1.02) ($0.71)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 31.78M 43.86M 48.09M 48.89M 49.99M 50.35M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($3.10) ($0.90) ($1.13) ($1.02) ($0.71)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 31.78M 43.86M 48.09M 48.89M 49.99M 50.35M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 31.78M 43.86M 48.09M 49.82M 50.07M 50.70M
Normalized Net Operating Profit after Tax (NOPAT)		 -83 -110 -84 -122 -36 -42 -49 -32
Normalized NOPAT Margin		 -276.56% -322.66% -167.25% -334.97% -20.76% -16.74% -15.90% -7.94%
Pre Tax Income Margin		 -372.78% -491.60% -238.92% -493.04% -23.45% -24.41% -17.07% -4.77%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 0.00 -12.62 0.00 -31.29 -7.25 -14.30 -3.17 -1.92
NOPAT to Interest Expense		 0.00 -8.83 0.00 -21.93 -6.69 -8.10 -2.62 -2.61
EBIT Less CapEx to Interest Expense		 0.00 -13.06 0.00 -31.52 -7.66 -15.36 -3.44 -2.28
NOPAT Less CapEx to Interest Expense		 0.00 -9.28 0.00 -22.16 -7.10 -9.15 -2.89 -2.97
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -0.71% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Immunocore

This table displays calculated financial ratios and metrics derived from Immunocore's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 50,695,078.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 50,695,078.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.26
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 28.99% 26.18% 23.74% 19.80% 33.16% 29.93% 29.22% 24.30% 13.63%
EBITDA Growth		 0.00% 0.00% -39.80% 40.95% 371.14% 24.18% 120.93% 8.65% -99.60% 27.43% 139.38%
EBIT Growth		 0.00% 0.00% -38.28% 39.01% 243.14% 22.89% 116.96% 9.69% -117.54% 27.48% 161.61%
NOPAT Growth		 0.00% 0.00% -80.25% -16.43% 30.46% -14.07% 83.90% 7.13% 134.25% -1.23% 338.32%
Net Income Growth		 0.00% 0.00% -25.64% 31.73% 864.24% -20.48% 120.56% 11.33% -102.03% -26.46% 158.23%
EPS Growth		 0.00% 0.00% -22.50% 34.29% 750.00% -17.50% 120.41% 13.04% -100.00% -29.79% 150.00%
Operating Cash Flow Growth		 0.00% 0.00% -143.52% 52,060.00% 109.41% 21.33% 109.48% 10.62% -121.09% -134.07% -3,266.67%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 64.49% -42.26% -68.83% -74.15% -108.28%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -166.36% -87.51% -64.05% -21.76% -31.10% 14.11%
Revenue Q/Q Growth		 8.52% 8.19% 0.00% 6.95% 6.43% 4.74% 11.69% 4.35% 5.85% 0.76% 2.10%
EBITDA Q/Q Growth		 89.29% -1,327.67% 0.00% 60.46% 149.17% -499.23% 126.56% -275.22% 100.22% -71,977.27% 187.61%
EBIT Q/Q Growth		 84.42% -863.46% 0.00% 58.43% 136.58% -619.01% 121.49% -321.37% 92.89% -2,045.23% 177.52%
NOPAT Q/Q Growth		 -82.04% 31.91% 0.00% 39.54% -8.72% -11.70% 78.08% -248.78% 140.10% -430.13% 151.62%
Net Income Q/Q Growth		 105.33% -2,277.70% 0.00% 52.46% 175.21% -372.10% 121.13% -305.06% 98.28% -16,883.05% 143.15%
EPS Q/Q Growth		 105.71% -2,100.00% 0.00% 53.06% 173.91% -376.47% 121.28% -300.00% 100.00% 0.00% 140.98%
Operating Cash Flow Q/Q Growth		 22,320.00% -275.77% 0.00% 611.71% -9.99% -166.03% 103.12% 5,868.74% -117.16% -632.83% 57.82%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 197.25% 41.94% -59.68% -3.30% 4.33% -23.38% -66.56% -130.98%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -74.41% -35.97% 19.01% 2.37% -52.59% -0.91% 12.80% 36.04%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 99.57% 99.72% 99.65% 97.74% 99.44% 99.61% 99.11% 98.94% 99.51% 97.41% 99.59%
EBITDA Margin		 -3.10% -40.96% -39.82% -14.72% 6.80% -25.92% 6.16% -10.35% 0.02% -15.14% 12.99%
Operating Margin		 -21.81% -24.30% -37.57% -21.24% -10.59% -23.14% -3.85% -15.18% -6.92% -18.85% 6.82%
EBIT Margin		 -4.76% -42.43% -41.26% -16.04% 5.51% -27.31% 5.25% -11.15% -0.75% -15.93% 12.10%
Profit (Net Income) Margin		 1.40% -28.12% -34.66% -15.41% 10.89% -28.28% 5.35% -10.51% -0.17% -28.77% 12.16%
Tax Burden Percent		 123.94% 76.94% 101.48% 114.67% 143.38% 95.77% 82.56% 106.25% -58.22% 190.33% 97.73%
Interest Burden Percent		 -23.66% 86.13% 82.79% 83.77% 137.76% 108.12% 123.33% 88.77% -39.18% 94.88% 102.84%
Effective Tax Rate		 -23.94% 0.00% 0.00% 0.00% -43.38% 0.00% 17.44% 0.00% 158.22% 0.00% 2.27%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% -15.62% -16.76% -15.28% -12.45% -14.00% -5.86% -5.43% -7.55% -9.58% -7.14%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -18.84% -11.01% -4.40% 1.51% -10.55% 1.73% -3.77% -0.26% -6.14% 4.76%
Return on Assets (ROA)		 0.00% -12.48% -9.25% -4.23% 2.97% -10.92% 1.77% -3.56% -0.06% -11.08% 4.78%
Return on Common Equity (ROCE)		 0.00% -15.62% -16.76% -15.28% -12.45% -14.00% -5.86% -5.43% -7.55% -9.58% -7.14%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% -16.76% -15.28% -12.45% 0.00% -5.71% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -18 -12 -19 -11 -12 -14 -2.99 -10 4.18 -14 7.11
NOPAT Margin		 -27.03% -17.01% -26.30% -14.87% -15.19% -16.20% -3.18% -10.63% 4.03% -13.19% 6.67%
Net Nonoperating Expense Percent (NNEP)		 0.00% -1.98% -2.98% -0.19% 9.05% -2.46% 1.91% 0.02% -0.90% -3.62% 1.31%
Return On Investment Capital (ROIC_SIMPLE)		 - -2.86% - - - -1.81% -0.39% -1.33% 0.53% -1.78% 0.90%
Cost of Revenue to Revenue		 0.43% 0.28% 0.35% 2.26% 0.56% 0.39% 0.89% 1.06% 0.49% 2.59% 0.41%
SG&A Expenses to Revenue		 54.69% 59.08% 55.72% 51.24% 44.28% 50.35% 42.82% 43.68% 38.36% 40.82% 35.48%
R&D to Revenue		 66.69% 64.94% 81.50% 67.73% 65.76% 72.40% 60.15% 70.44% 68.06% 75.44% 57.29%
Operating Expenses to Revenue		 121.38% 124.02% 137.22% 118.98% 110.04% 122.75% 102.97% 114.12% 106.42% 116.26% 92.77%
Earnings before Interest and Taxes (EBIT)		 -3.09 -30 -29 -12 4.42 -23 4.93 -11 -0.78 -17 13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -2.01 -29 -28 -11 5.46 -22 5.79 -10 0.02 -16 14
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 8.91 8.69 4.72 4.12 4.09 3.93 4.06 4.62 4.60 3.88
Price to Tangible Book Value (P/TBV)		 0.00 8.91 8.69 4.72 4.12 4.09 3.93 4.06 4.62 4.60 3.88
Price to Revenue (P/Rev)		 0.00 13.17 11.78 6.03 5.25 4.76 4.45 4.43 4.82 4.38 3.70
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 11.59 10.29 4.53 3.69 3.37 3.12 3.05 3.51 3.21 2.61
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 983.26 0.00 113.28 49.13 40.16 33.46 32.33 166.52 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 146.31 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.13 1.22 1.22 1.16 1.08 1.03 1.01 0.99 1.03 1.00
Long-Term Debt to Equity		 0.00 0.13 1.22 1.22 1.03 1.08 1.03 1.01 0.99 1.03 1.00
Financial Leverage		 0.00 -1.07 -1.10 -1.17 -1.22 -1.13 -1.14 -1.22 -1.24 -1.21 -1.16
Leverage Ratio		 0.00 1.59 2.76 2.85 2.87 2.20 2.74 2.82 2.82 2.80 2.72
Compound Leverage Factor		 0.00 1.37 2.29 2.39 3.95 2.38 3.38 2.50 -1.11 2.66 2.80
Debt to Total Capital		 0.00% 11.52% 54.89% 54.95% 53.73% 52.02% 50.85% 50.23% 49.75% 50.78% 50.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 5.90% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 11.52% 54.89% 54.95% 47.82% 52.02% 50.85% 50.23% 49.75% 50.78% 50.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 88.48% 45.11% 45.05% 46.27% 47.98% 49.15% 49.77% 50.25% 49.22% 50.00%
Debt to EBITDA		 0.00 -0.69 -5.64 -6.27 -7.02 -7.04 -18.09 -18.95 -15.03 -19.52 -32.59
Net Debt to EBITDA		 0.00 5.67 5.09 6.03 7.41 7.74 20.58 23.73 19.13 23.38 37.36
Long-Term Debt to EBITDA		 0.00 -0.69 -5.64 -6.27 -6.25 -7.04 -18.09 -18.95 -15.03 -19.52 -32.59
Debt to NOPAT		 0.00 -1.15 -8.75 -8.49 -9.21 -7.93 -11.75 -12.06 -12.43 -12.38 -16.32
Net Debt to NOPAT		 0.00 9.45 7.90 8.17 9.71 8.71 13.37 15.09 15.83 14.84 18.71
Long-Term Debt to NOPAT		 0.00 -1.15 -8.75 -8.49 -8.20 -7.93 -11.75 -12.06 -12.43 -12.38 -16.32
Altman Z-Score		 0.00 7.93 2.97 1.60 1.43 1.35 1.57 1.55 1.81 1.61 1.56
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 3.80 5.96 5.17 3.78 4.38 6.36 5.89 6.00 4.04 4.18
Quick Ratio		 0.00 3.56 5.73 4.97 3.62 4.16 6.03 5.60 5.68 3.80 3.86
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 17 51 73 29 28 30 23 7.56 -2.34
Operating Cash Flow to CapEx		 4,758.96% -2,170.50% -1,066.74% 7,091.24% 2,551.57% -389.26% 145.97% 6,271.50% -595.72% -1,133.85% -773.44%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 5.31 11.95 16.92 4.16 9.35 9.69 7.43 2.48 -0.77
Operating Cash Flow to Interest Expense		 7.64 -13.55 -1.42 5.49 4.92 -1.98 0.14 8.53 -1.46 -10.70 -4.51
Operating Cash Flow Less CapEx to Interest Expense		 7.48 -14.17 -1.55 5.41 4.73 -2.49 0.05 8.39 -1.71 -11.64 -5.10
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.44 0.27 0.27 0.27 0.39 0.33 0.34 0.35 0.39 0.39
Accounts Receivable Turnover		 0.00 5.82 4.59 4.66 4.65 5.39 5.52 5.48 5.44 5.84 5.73
Inventory Turnover		 0.00 0.40 0.26 0.70 0.58 0.55 0.60 0.59 0.53 0.83 0.62
Fixed Asset Turnover		 0.00 29.26 31.66 36.56 32.35 32.13 36.76 41.34 40.83 37.12 37.70
Accounts Payable Turnover		 0.00 0.06 0.07 0.12 0.13 0.13 0.15 0.12 0.13 0.21 0.16
Days Sales Outstanding (DSO)		 0.00 62.69 79.47 78.28 78.42 67.72 66.12 66.62 67.09 62.50 63.73
Days Inventory Outstanding (DIO)		 0.00 913.91 1,425.45 520.44 634.26 664.71 603.80 614.40 684.07 437.25 585.91
Days Payable Outstanding (DPO)		 0.00 5,675.27 5,302.59 2,998.62 2,768.53 2,866.67 2,454.94 3,017.76 2,869.77 1,774.56 2,306.04
Cash Conversion Cycle (CCC)		 0.00 -4,698.68 -3,797.67 -2,399.90 -2,055.85 -2,134.24 -1,785.03 -2,336.75 -2,118.61 -1,274.81 -1,656.40
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 -26 -36 -62 -85 -69 -67 -102 -103 -90 -58
Invested Capital Turnover		 0.00 -9.68 -14.84 -9.01 -6.99 -6.57 -6.49 -4.33 -4.04 -5.04 -6.63
Increase / (Decrease) in Invested Capital		 0.00 0.00 -36 -62 -85 -43 -31 -40 -18 -21 9.46
Enterprise Value (EV)		 0.00 2,891 2,730 1,273 1,094 1,047 1,040 1,086 1,331 1,283 1,077
Market Capitalization		 2,496 3,285 3,126 1,695 1,557 1,476 1,486 1,576 1,831 1,754 1,528
Book Value per Share		 $0.00 $7.67 $7.21 $7.18 $7.55 $7.21 $7.56 $7.73 $7.87 $7.54 $7.77
Tangible Book Value per Share		 $0.00 $7.67 $7.21 $7.18 $7.55 $7.21 $7.56 $7.73 $7.87 $7.54 $7.77
Total Capital		 0.00 417 797 797 817 752 770 781 789 774 787
Total Debt		 0.00 48 438 438 439 391 392 392 393 393 394
Total Long-Term Debt		 0.00 48 438 438 390 391 392 392 393 393 394
Net Debt		 0.00 -395 -395 -421 -463 -429 -446 -491 -500 -471 -451
Capital Expenditures (CapEx)		 0.21 0.82 0.43 0.33 0.83 3.58 0.30 0.41 0.75 2.88 1.78
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -53 -62 -88 -113 -103 -38 -51 -40 -114 -81
Debt-free Net Working Capital (DFNWC)		 0.00 390 771 772 788 718 799 832 852 750 764
Net Working Capital (NWC)		 0.00 390 771 772 740 718 799 832 852 750 764
Net Nonoperating Expense (NNE)		 -18 7.79 5.89 0.40 -21 10 -8.01 -0.11 4.35 16 -5.86
Net Nonoperating Obligations (NNO)		 0.00 -395 -395 -421 -463 -429 -446 -491 -500 -471 -451
Total Depreciation and Amortization (D&A)		 1.08 1.03 1.01 0.99 1.04 1.17 0.85 0.78 0.80 0.83 0.95
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -21.18% -23.40% -31.27% -38.28% -33.11% -11.26% -14.21% -10.50% -28.53% -19.67%
Debt-free Net Working Capital to Revenue		 0.00% 156.28% 290.55% 274.73% 265.89% 231.36% 239.66% 233.67% 224.58% 187.50% 185.00%
Net Working Capital to Revenue		 0.00% 156.28% 290.55% 274.73% 249.62% 231.36% 239.66% 233.67% 224.58% 187.50% 185.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.40) ($0.49) ($0.23) $0.17 ($0.47) $0.10 ($0.20) $0.00 ($0.61) $0.26
Adjusted Weighted Average Basic Shares Outstanding		 0.00 48.89M 49.88M 50.01M 50.02M 49.99M 50.09M 50.29M 50.40M 50.35M 50.75M
Adjusted Diluted Earnings per Share		 $0.00 ($0.40) ($0.49) ($0.23) $0.17 ($0.47) $0.10 ($0.20) $0.00 ($0.61) $0.25
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 48.89M 49.88M 50.01M 52.81M 49.99M 51.95M 50.29M 50.40M 50.35M 52.93M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 49.82M 50.01M 50.02M 50.03M 50.07M 50.23M 50.39M 50.53M 50.70M 50.87M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.90 -12 -19 -11 -5.95 -14 -2.99 -10 -5.02 -14 7.11
Normalized NOPAT Margin		 -15.27% -17.01% -26.30% -14.87% -7.42% -16.20% -3.18% -10.63% -4.84% -13.19% 6.67%
Pre Tax Income Margin		 1.13% -36.55% -34.15% -13.44% 7.59% -29.53% 6.48% -9.90% 0.29% -15.12% 12.44%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -2.34 -22.74 -8.98 -2.83 1.03 -3.26 1.63 -3.59 -0.26 -5.45 4.23
NOPAT to Interest Expense		 -13.27 -9.12 -5.72 -2.62 -2.84 -1.93 -0.99 -3.42 1.37 -4.51 2.33
EBIT Less CapEx to Interest Expense		 -2.50 -23.37 -9.11 -2.90 0.84 -3.77 1.53 -3.72 -0.50 -6.40 3.65
NOPAT Less CapEx to Interest Expense		 -13.43 -9.74 -5.86 -2.70 -3.03 -2.44 -1.09 -3.56 1.13 -5.46 1.75
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Immunocore’s latest quarter shows a business that is growing revenue, but still not consistently profitable and burning cash at the operating level. In Q1 2026, revenue rose modestly year over year to $106.7 million from $104.5 million in Q4 2025 and $94.4 million in Q1 2025. The company also posted net income of $13.0 million, a sharp improvement from a $30.1 million net loss in the prior quarter and a $5.0 million profit in Q1 2025. However, operating cash flow remained negative, and the balance sheet shows a meaningful debt load.

  • Revenue remains resilient: Q1 2026 revenue of $106.7 million was up year over year and stayed near the recent quarterly range, suggesting demand has been relatively steady.
  • Gross profit is very strong: Gross profit was $106.2 million in Q1 2026, reflecting extremely low cost of revenue and giving the company a wide gross margin.
  • Profitability improved sharply versus late 2025: Net income swung to a $13.0 million profit from a $30.1 million loss in Q4 2025.
  • Cash and investments remain substantial: The company ended Q1 2026 with about $844.9 million in cash and short-term investments combined.
  • Equity is still positive: Total common equity was $393.7 million, indicating the company is not in a balance-sheet deficit position.
  • Revenue growth has been uneven: Quarterly revenue has generally been in the $70 million to $106 million range over the last four years, but the pattern is not a straight line of acceleration.
  • R&D spending remains high: Research and development expense was $61.1 million in Q1 2026, continuing to consume a large share of gross profit.
  • SG&A is also significant: Selling, general and administrative expense was $37.9 million in Q1 2026, which keeps operating leverage limited.
  • Operating income was only modestly positive: Q1 2026 operating income was $7.3 million, so the business still relies on other income and investment returns to support bottom-line results.
  • Share count has not exploded recently: Basic weighted average shares were around 50.8 million in Q1 2026, roughly in line with recent periods.
  • Operating cash flow was negative: Q1 2026 operating cash flow was negative $13.8 million, after negative $32.7 million in Q4 2025, showing the business is not yet self-funding from operations.
  • Debt is meaningful: Long-term debt was $393.7 million in Q1 2026, which is sizable relative to equity.
  • Liabilities exceed equity: Total liabilities of $678.4 million are well above total equity of $393.7 million, which adds financial risk.
  • Accrued expenses are large: Accrued expenses were $207.4 million in Q1 2026, a notable near-term obligation.
  • Cash declined from the prior quarter: Cash and equivalents fell to $452.7 million from $498.4 million in Q3 2025, even with a still-large investment balance.

Bottom line: Immunocore looks like a company with strong gross margins, a solid cash cushion, and improving earnings, but investors should keep an eye on operating cash burn and leverage. The key question is whether the company can turn its revenue base into consistent free cash flow before the balance sheet starts to work against it.

06/08/26 10:31 PM ETAI Generated. May Contain Errors.

Immunocore Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Immunocore's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Immunocore's net income appears to be on a downward trend, with a most recent value of -$35.51 million in 2025, falling from -$91.26 million in 2018. The previous period was -$51.09 million in 2024. Check out Immunocore's forecast to explore projected trends and price targets.

Immunocore's total operating income in 2025 was -$45.35 million, based on the following breakdown:
  • Total Gross Profit: $394.93 million
  • Total Operating Expenses: $440.28 million

Over the last 7 years, Immunocore's total revenue changed from $30.13 million in 2018 to $400.02 million in 2025, a change of 1,227.4%.

Immunocore's total liabilities were at $686.24 million at the end of 2025, a 5.8% increase from 2024, and a 203.1% increase since 2019.

In the past 6 years, Immunocore's cash and equivalents has ranged from $98.01 million in 2019 to $467.71 million in 2025, and is currently $467.71 million as of their latest financial filing in 2025.

Over the last 7 years, Immunocore's book value per share changed from 0.00 in 2018 to 7.54 in 2025, a change of 754.1%.


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Financial statements for NASDAQ:IMCR last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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