IMCR · Immunocore Holdings plc

Immunocore delivered strong Q1 2026 results led by KIMMTRAK net sales of $106.7 million, a 14% increase from $93.9 million in Q1 2025, primarily from higher volumes in the US ($67.4 million, up 19.1% YoY with mean treatment duration of 14 months) and Europe ($34.4 million, up 4.9% YoY), plus international expansion ($4.8 million). CEO Bahija Jallal highlighted robust commercial performance and the landmark five-year OS data from the Phase 3 trial in metastatic uveal melanoma, presented at AACR 2026, showing KIMMTRAK doubled five-year survival (16% vs 8% control, HR 0.67, median OS 21.6 vs 16.9 months), consistent across poor prognostic factors and primarily driven by KIMMTRAK itself (44% of five-year survivors received only KIMMTRAK). R&D expenses rose to $61.1 million from $56.5 million due to clinical costs, especially PRISM-MEL-301 Phase 3. SG&A declined to $37.9 million from $40.2 million on share-based compensation forfeitures, aiding profitability with net income of $13.0 million ($0.25 diluted EPS) versus $5.0 million ($0.10 EPS) last year. Cash position remains solid at $844.9 million, supporting pipeline execution including TEBE-AM Phase 3 enrollment completion H1 2026, PRISM-MEL-301, and upcoming data readouts. KIMMTRAK, approved in 39 countries and launched in over 30, remains standard of care with growth in mUM, potential 2L+ cutaneous melanoma (4,000 patients), and adjuvant uveal melanoma (1,200 patients).