Immunocore (NASDAQ:IMCR) executives highlighted continued commercial momentum for KIMMTRAK and progress across a diversified pipeline during the company’s fourth-quarter and full-year 2025 earnings call. Management emphasized that 2025 results reflected “consistent execution” and pointed investors to multiple upcoming clinical milestones, including three ongoing phase III trials in melanoma and expanding efforts in infectious disease and autoimmunity.
KIMMTRAK sales reached $400 million in 2025 as launches expanded
CEO Dr. Bahija Jallal said Immunocore generated $400 million in net revenue from KIMMTRAK in 2025, representing more than 29% growth versus the prior year. She added that KIMMTRAK is now approved in 39 countries and launched in 30 markets, with growth driven by deeper penetration in the U.S. community setting and ongoing international expansion.
On treatment persistence, both Jallal and Torbay cited a real-world mean duration of therapy of 14 months, exceeding the company’s clinical trial experience. Torbay also pointed to real-world evidence presented at ESMO IO from 150 patients showing a median overall survival of 28 months, and said the company plans to publish additional U.S. real-world evidence this year. He added that Immunocore expects to share five-year overall survival data from the registrational trial.
Management expects moderating growth entering KIMMTRAK’s fifth year
Chief Financial Officer Travis Coy said KIMMTRAK’s 2025 growth was volume-driven across the U.S., Europe, and international regions, but he cautioned that growth is expected to slow as the product enters its fifth year on the market with significant penetration. Coy noted that underlying sequential quarterly revenue growth has been in the 4% to 7% range in recent quarters, that the company is “seeing that growth slow down,” and that management expects that trend to continue in 2026.
In the Q&A, Coy added that the reported 29% year-over-year growth included impacts from rebate reserves across 2024 and 2025, and said that if investors normalize for those reserves, the company’s “underlying growth was around 20%.”
Three phase III melanoma programs: TEBE-AM, ATOM, and PRISM-MEL
Chief Medical Officer Mohammed Dar outlined Immunocore’s late-stage oncology portfolio, anchored by three phase III trials in melanoma. He said the first registrational readout could come from TEBE-AM as early as the second half of 2026.
- TEBE-AM (second-line-plus cutaneous melanoma): Dar said the randomized phase III trial is designed to evaluate overall survival in patients who have progressed on checkpoint inhibitors and, if applicable, targeted therapy. Patients are randomized to KIMMTRAK monotherapy, KIMMTRAK plus pembrolizumab, or a control arm, with overall survival as the primary endpoint. Dar described TEBE-AM as the first phase III trial aiming to demonstrate an overall survival benefit in this setting and cited supportive phase 1b data showing a 75% one-year survival rate compared with a 55% benchmark. He said the company projects completing enrollment in the first half of 2026.
- ATOM (adjuvant uveal melanoma): Dar said ATOM is the “only active registrational phase III trial” in the adjuvant uveal melanoma setting. High-risk patients are randomized to KIMMTRAK or observation, with recurrence-free survival as the primary endpoint. The EORTC-sponsored study is active across multiple European countries, and Immunocore expects U.S. site activations to begin in the first half of 2026.
- PRISM-MEL-301 (first-line cutaneous melanoma, brenetafusp): Dar said PRISM-MEL is a randomized phase III trial comparing brenetafusp plus nivolumab versus nivolumab monotherapy or Opdualag, with progression-free survival as the primary endpoint. He reported that in November 2025, the independent data monitoring committee completed dose selection under the FDA’s Project Optimus and chose the highest dose (160 micrograms) to move forward. The company has activated over 200 sites globally and is targeting enrollment completion in 2027.
During Q&A, Dar said the majority of TEBE-AM enrollment is coming from Europe, with an expected 10% to 15% from the U.S. He also said the company’s original control-arm assumptions remain unchanged, describing an assumed median overall survival of 12 to 13 months and a one-year survival rate of around 55%. On control-arm treatments, Dar said the company’s review of real-world data suggests about one-third of patients may be retreated with checkpoint therapy, BRAF-mutant patients are typically retreated with a BRAF-based regimen, and the remainder receive chemotherapy or clinical trial options. He also noted that TIL therapy is not approved in Europe, where most trial patients are enrolled.
Expanding beyond melanoma: PRAME programs, HIV, hepatitis B, and autoimmune
Beyond melanoma, Dar said Immunocore is expanding its PRAME franchise into other tumor types, including ovarian cancer and non-small cell lung cancer, exploring multiple combinations. He said the company expects to present data from ovarian and lung cohorts in the second half of 2026 to inform next steps, and also expects a more comprehensive data package for its PRAME half-life extended candidate by the second half of 2026 to guide the path forward.
In infectious disease, Dar referenced data presented at CROI from 16 patients in the multiple ascending dose portion of the HIV study. He said two findings emerged: the treatment was well tolerated and showed a dose-dependent antiviral effect, with higher target doses showing a delay in viral rebound after stopping both the study drug and antiretroviral therapy. Dar said the company is evaluating higher doses and expects additional dose-escalation data in the second half of 2026. Jallal also noted that the company presented encouraging phase I results for its hepatitis B candidate at AASLD.
In autoimmunity, Jallal said Immunocore submitted a CTA for its type 1 diabetes program and expects to dose the first patient in a phase I study in the first half of 2026. Dar said the company is advancing two autoimmune candidates, including IMC-S118AI for type 1 diabetes and IMC-U120AI for atopic dermatitis. Discussing early evaluation in type 1 diabetes, management pointed to assessing target engagement and using C-peptide as a surrogate for efficacy to determine early whether the approach has the potential to be active before larger studies.
Expenses and balance sheet: cash grew to $864 million
Coy said operating expenses increased in 2025 as the company invested in its phase III trials and earlier-stage programs, including preparations to initiate clinical studies in autoimmunity. Looking to 2026, he expects R&D expenses to increase modestly year-over-year, but at a slower rate than in 2025. He described SG&A as only “marginally higher” in 2025 versus 2024 and said the company expects only incremental increases in 2026, driven by commercial preparations for a potential expansion of KIMMTRAK into cutaneous melanoma.
On profitability trends, Coy said the company reduced its operating loss in 2025 because revenue grew faster than operating expenses. He also reported that Immunocore ended 2025 with approximately $864 million in cash and marketable securities, up more than $40 million from the prior year.
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.
