Immunocore Q2 2026: KIMMTRAK Revenue Reaches $115.9M, Near-Breakeven, and Pipeline Progress
IMCR sits 20% above its 52-week low of $27.555.
Summary
Immunocore reported Q2 2026 KIMMTRAK revenue of $115.9M (+18% YoY), near-breakeven results, and pipeline progress, with pivotal Phase 3 data for tebentafusp in melanoma expected by end of 2026.
Key Events · Earnings and Guidance · IMCR
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KIMMTRAK Revenue Grows 18%
Q2 2026 net product revenue reached $115.9 million, up from $98.0 million in Q2 2025, driven by increased volumes in the U.S. and international regions.
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Near-Breakeven Net Loss
Net loss narrowed to $0.8 million ($0.02 per share) from $10.3 million ($0.20 per share) in Q2 2025, reflecting operating leverage as revenue scales.
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Strong Cash Position
Cash, cash equivalents, and marketable securities totaled $880.2 million as of June 30, 2026, up from $864.2 million at year-end 2025, providing runway for pipeline investment.
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Pivotal TEBE-AM Data by Year-End
Enrollment in the Phase 3 TEBE-AM trial for previously treated advanced cutaneous melanoma is nearing the 540-patient target; topline overall survival data could come as early as end of 2026.
Analysis · IMCR · Life Sciences
Immunocore delivered strong Q2 2026 results, with KIMMTRAK net revenues climbing 18% year-over-year to $115.9 million and driving a near-breakeven net loss of just $0.8 million. The company holds $880 million in cash and marketable securities, providing ample runway. Clinically, the Phase 3 TEBE-AM trial in advanced cutaneous melanoma is nearing full enrollment, and pivotal data could arrive by year-end 2026 — a major catalyst. Five-year overall survival data for KIMMTRAK in metastatic uveal melanoma reinforces its long-term benefit, while early brenetafusp data in melanoma supports the ongoing Phase 3 PRISM-MEL-301 trial. The HIV and autoimmune pipeline also advanced, with new data and upcoming milestones. This filing confirms Immunocore's transition to sustained commercial profitability and positions it for potential label expansion.
At the time of this filing, IMCR was trading at $33.20 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $27.56 to $40.71. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.