Immunocore Holdings PLC (NASDAQ:IMCR) Beats Q2 2025 Revenue and EPS Estimates with Strong KIMMTRAK Sales Growth

Immunocore Holdings PLC (NASDAQ:IMCR) reported its second-quarter 2025 financial results, delivering revenue and earnings per share (EPS) figures that exceeded analyst expectations. The company posted net product sales of $98.0 million, a 30% year-over-year increase, surpassing the consensus estimate of $96.7 million. Meanwhile, the reported EPS loss of $0.20 was narrower than the anticipated $0.22 loss.

Key Financial Highlights vs. Estimates

• Revenue: $98.0M (actual) vs. $96.7M (estimated) – beat by 1.3%
• EPS: -$0.20 (actual) vs. -$0.22 (estimated) – narrower loss than expected
• Cash Position: $882.8M as of June 30, 2025, up from $820.4M at the end of 2024

The market reacted positively to the earnings release, with shares rising 2.77% in pre-market trading, suggesting investor approval of the results. This uptick contrasts with the stock’s recent performance, which saw a 4.2% decline over the past week and a 10.96% drop over the last two weeks.

Business and Pipeline Updates

Immunocore’s lead product, KIMMTRAK® (tebentafusp-tebn), continued to drive growth, with sales increasing 32% year-over-year for the first half of 2025. Key developments include:

• TEBE-AM Phase 3 Trial (Cutaneous Melanoma): Enrollment remains on track for completion in the first half of 2026.
• PRISM-MEL-301 (PRAME-A02 Trial): Dose selection expected in the second half of 2025, with over 150 clinical trial sites activated globally.
• HBV Program (IMC-I109V): Phase 1 data to be presented at the 2025 AASLD Liver Meeting in November.
• Autoimmune Pipeline: Clinical trial applications for IMC-S118AI (Type 1 Diabetes) and IMC-U120AI (Atopic Dermatitis) expected in late 2025 and 2026, respectively.

Outlook vs. Analyst Expectations

While Immunocore did not provide explicit forward revenue or EPS guidance, analysts project:

• Q3 2025 Revenue Estimate: $100.4M
• Q3 2025 EPS Estimate: -$0.25
• Full-Year 2025 Revenue Estimate: $395.3M
• Full-Year 2025 EPS Estimate: -$0.82

The company’s strong cash position ($882.8M) and continued commercial execution suggest it is well-positioned to fund ongoing trials and potential label expansions.

Market Reaction & Investor Sentiment

The pre-market rally indicates relief that Immunocore’s revenue growth remains robust despite broader biotech sector volatility. The narrower-than-expected loss also alleviates concerns about rising R&D expenses ($69.0M in Q2, up from $51.1M YoY).

For a deeper dive into Immunocore’s earnings and future estimates, view the full earnings and estimates breakdown here.

Disclaimer: This article is not investment advice. Investors should conduct their own research before making financial decisions.