Immunocore Q2 2026: KIMMTRAK Revenue Reaches $115.9M, Near-Breakeven; Pipeline Progresses
IMCR sits 20% above its 52-week low of $27.555.
Summary
Immunocore posted Q2 2026 KIMMTRAK revenue of $115.9M (+18% YoY), near-breakeven results, and pipeline advances, 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%
Driven by volume growth in the U.S. and international markets, Q2 2026 net revenue from KIMMTRAK reached $115.9 million, up from $98.0 million in Q2 2025.
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Near-Breakeven, Six-Month Profitability
Strong operating leverage narrowed the net loss to $0.8 million in Q2 2026, and the company delivered net income of $12.2 million for the first half of 2026.
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Strong Cash Position
As of June 30, 2026, cash, cash equivalents, and marketable securities totaled $880.2 million, providing ample runway to fund operations and pipeline development.
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Pivotal TEBE-AM Data Expected by Year-End
Enrollment in the Phase 3 TEBE-AM trial of tebentafusp in advanced melanoma is nearing the 540-patient target, with topline data potentially available by the end of 2026.
Analysis · IMCR · Life Sciences
A strong Q2 2026 saw KIMMTRAK net revenue climb 18% year-over-year to $115.9 million, pulling the net loss down to just $0.8 million. On a six-month basis, the company swung to a $12.2 million net profit. The balance sheet remains solid with $880.2 million in cash and marketable securities. Clinically, the pivotal Phase 3 TEBE-AM trial in advanced melanoma is approaching its enrollment target, and topline data could arrive by year-end 2026—a major catalyst. Positive Phase 1 results for brenetafusp and IMC-M113V were presented at ASCO and IAS 2026, respectively, and the first autoimmune patient is expected to be dosed soon. A director adopted a routine 10b5-1 plan to sell a modest number of shares. Overall, the quarter highlights commercial execution, financial discipline, and pipeline momentum.
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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.