Immunocore Q2 2026 Earnings: KIMMTRAK Sales Rise 18% as Loss Narrows

Immunocore (Nasdaq: IMCR) reported Q2 2026 net product revenue of $115.9 million, up 18% from $98.0 million a year earlier, while diluted loss per share narrowed to $0.02 from $0.20. Net loss declined to $0.8 million from $10.3 million as KIMMTRAK sales growth more than covered the increase in research and development spending. Cash, cash equivalents and marketable securities totaled $880.2 million at June 30, although approximately $120 million of sales-related rebate accruals are expected to be paid in the second half of 2026.

Core financial results

All Q2 revenue came from KIMMTRAK, with increased sales volumes in the United States and international markets driving the year-over-year increase. Cost of product revenue remained low, but Immunocore continued to spend heavily on its clinical pipeline, including three Phase 3 studies.

The higher revenue base brought quarterly operating results close to breakeven despite the additional development spending.

Gross profit and margin are approximate calculations based on reported product revenue and cost of revenue. Percentage changes may differ slightly because of rounding.

KIMMTRAK sales and clinical expansion

KIMMTRAK generated $74.9 million in the United States, $34.1 million in Europe and $6.9 million in other international markets. U.S. quarterly sales grew 17%, while combined Europe and international sales increased 21% on higher demand. The product has now been approved in 39 countries and launched in more than 30.

Immunocore identified three routes for extending the KIMMTRAK franchise: further penetration of the metastatic uveal melanoma market, expansion into previously treated advanced cutaneous melanoma and potential use in adjuvant uveal melanoma.

Clinical evidence supporting the existing franchise included five-year overall survival data from the Phase 3 metastatic uveal melanoma trial. The five-year survival rate was 16% with KIMMTRAK versus 8% in the control arm, with a hazard ratio of 0.67. Median overall survival was 21.6 months compared with 16.9 months.

The Phase 3 TEBE-AM trial in previously treated advanced cutaneous melanoma was nearing its target enrollment of 540 patients. Because the study is event-driven, Immunocore said topline results could arrive as early as the end of 2026. The EORTC-sponsored ATOM Phase 3 trial in adjuvant uveal melanoma has also started enrolling patients in the United States.

Pipeline progress beyond KIMMTRAK

Brenetafusp is the lead candidate in Immunocore’s PRAME portfolio. Phase 1/2 data in heavily pretreated advanced melanoma showed a 17% overall response rate and 67% disease control rate at the 160-mcg dose, compared with 6% and 56%, respectively, at 40 mcg. Those results supported the 160-mcg dose selected for the ongoing PRISM-MEL-301 Phase 3 trial in first-line advanced melanoma.

A brenetafusp and pembrolizumab combination produced a 33% response rate and 67% disease control rate in six patients with primary PD-1 resistance. The small patient count makes the result preliminary. Immunocore expects additional Phase 1/2 data for brenetafusp and IMC-P115C during the second half of 2026.

Outside oncology, the company completed enrollment of higher-dose cohorts in its IMC-M113V HIV study and plans to share new results early next year. Clinical sites for the IMC-S118AI type 1 diabetes trial are open, with the first patient expected to receive treatment in the coming weeks.

KIMMTRAK growth absorbed higher Phase 3 spending

Quarterly revenue increased by approximately $18.0 million, while the combined increase in cost of revenue, R&D and SG&A was about $6.1 million. That difference largely explains the $11.9 million reduction in operating loss. R&D was the main expense increase, rising by $4.9 million as Immunocore advanced three Phase 3 programs.

Cash and marketable securities increased to $880.2 million from $864.2 million at December 31, 2025. The June balance included $484.9 million in cash and cash equivalents and $395.3 million in marketable securities, compared with $394.2 million of interest-bearing borrowings.

Cash conversion was less favorable than the income statement improvement. For the first six months of 2026—not the second quarter alone—operating activities provided $2.2 million of cash, down from $26.4 million in the prior-year period. The expected payment of approximately $120 million in sales-related rebate accruals during the second half will be an important cash-use item to monitor.

Recent insider transactions

The supplied insider data show 39,111 shares purchased across four reported transactions and 19,137 shares sold across four transactions during the latest six-month period, resulting in net reported purchases of 19,974 shares. The latest transactions with complete direction and value information were four sales on February 18, 2026, totaling $619,082 in disclosed transaction value.

These records establish the transaction activity but do not disclose the individuals’ reasons for selling.

Risks investors should monitor

• Dependence on one commercial product: All reported revenue came from KIMMTRAK. Changes in patient demand, treatment duration or market penetration would therefore have a direct effect on company-wide revenue.
• Clinical execution and readout risk: Expansion into cutaneous and adjuvant melanoma depends on Phase 3 trial enrollment, timing, safety and efficacy. The potential end-of-2026 TEBE-AM readout is event-driven and could occur later than the earliest indicated timing.
• R&D and cash requirements: Three Phase 3 studies drove R&D expense higher. First-half operating cash flow was only $2.2 million, and the company expects to pay approximately $120 million of rebate accruals during the second half.
• KIMMTRAK safety and administration burden: Cytokine release syndrome occurred in 89% of treated patients, skin reactions in 91% and elevated liver enzymes in 65%. The prescribing information also requires monitoring for at least 16 hours after each of the first three infusions.

Summary

Immunocore’s Q2 2026 results reflected continued KIMMTRAK volume growth and a substantial narrowing of operating and net losses despite higher Phase 3 spending. The next major operating questions are whether KIMMTRAK can maintain growth across its current markets, whether the TEBE-AM study delivers data on the indicated timeline and how pipeline investment and the expected rebate payment affect cash generation during the second half of 2026.