Immunocore Holdings Plc Financials
This page shows Immunocore Holdings Plc (IMCR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Immunocore Holdings Plc has an operating margin of -11.3%, meaning the company retains $-11 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -22.7% the prior year.
Immunocore Holdings Plc's revenue surged 29.0% year-over-year to $400.0M, reflecting rapid business expansion. This strong growth earns a score of 82/100.
Immunocore Holdings Plc carries a low D/E ratio of 1.80, meaning only $1.80 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 65/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.04, Immunocore Holdings Plc holds $4.04 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 80/100.
While Immunocore Holdings Plc generated -$10.7M in operating cash flow, capex of $4.3M consumed most of it, leaving -$15.1M in free cash flow. This results in a low score of 16/100, reflecting heavy capital investment rather than weak cash generation.
Immunocore Holdings Plc generates a -9.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -14.2% the prior year.
Immunocore Holdings Plc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Immunocore Holdings Plc generates $0.30 in operating cash flow (-$10.7M OCF vs -$35.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Immunocore Holdings Plc earns $-3.7 in operating income for every $1 of interest expense (-$45.4M vs $12.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Immunocore Holdings Plc generated $400.0M in revenue in fiscal year 2025. This represents an increase of 29.0% from the prior year.
Immunocore Holdings Plc's EBITDA was -$42.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 36.2% from the prior year.
Immunocore Holdings Plc reported -$35.5M in net income in fiscal year 2025. This represents an increase of 30.5% from the prior year.
Immunocore Holdings Plc earned $-0.71 per diluted share (EPS) in fiscal year 2025. This represents an increase of 30.4% from the prior year.
Cash & Balance Sheet
Immunocore Holdings Plc generated -$15.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 172.1% from the prior year.
Immunocore Holdings Plc held $467.7M in cash against $0 in long-term debt as of fiscal year 2025.
Immunocore Holdings Plc paid $0.00 per share in dividends in fiscal year 2025.
Immunocore Holdings Plc had 51M shares outstanding in fiscal year 2025. This represents an increase of 1.3% from the prior year.
Margins & Returns
Immunocore Holdings Plc's gross margin was 98.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the prior year.
Immunocore Holdings Plc's operating margin was -11.3% in fiscal year 2025, reflecting core business profitability. This is up 11.4 percentage points from the prior year.
Immunocore Holdings Plc's net profit margin was -8.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.6 percentage points from the prior year.
Immunocore Holdings Plc's ROE was -9.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.8 percentage points from the prior year.
Capital Allocation
Immunocore Holdings Plc invested $274.9M in research and development in fiscal year 2025. This represents an increase of 23.7% from the prior year.
Immunocore Holdings Plc invested $4.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 16.1% from the prior year.
IMCR Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $104.5M+0.8% | $103.7M+5.8% | $98.0M+4.3% | $93.9M+11.7% | $84.1M+4.7% | $80.2M+6.4% | $75.4M+6.9% | $70.5M |
| Cost of Revenue | $2.7M+426.9% | $513K-50.7% | $1.0M+25.2% | $831K+151.8% | $330K-26.3% | $448K-73.8% | $1.7M+593.9% | $246K |
| Gross Profit | $101.8M-1.4% | $103.2M+6.5% | $96.9M+4.2% | $93.0M+11.1% | $83.7M+4.9% | $79.8M+8.3% | $73.7M+4.9% | $70.3M |
| R&D Expenses | $78.8M+11.7% | $70.6M+2.3% | $69.0M+22.2% | $56.5M-7.2% | $60.9M+15.3% | $52.8M+3.3% | $51.1M-11.1% | $57.5M |
| SG&A Expenses | $42.6M+7.2% | $39.8M-7.0% | $42.8M+6.5% | $40.2M-5.0% | $42.3M+19.1% | $35.5M-8.0% | $38.6M-1.7% | $39.3M |
| Operating Income | -$19.7M-174.6% | -$7.2M+51.8% | -$14.9M-311.4% | -$3.6M+81.4% | -$19.5M-128.8% | -$8.5M+46.9% | -$16.0M+39.5% | -$26.5M |
| Interest Expense | $3.1M+0.3% | $3.0M-0.1% | $3.0M+0.7% | $3.0M-57.0% | $7.0M+64.1% | $4.3M+0.3% | $4.3M+32.0% | $3.2M |
| Income Tax | $14.3M+2865.9% | $481K-20.6% | $606K-42.9% | $1.1M+201.0% | -$1.1M+60.3% | -$2.6M-277.9% | $1.5M+316.2% | $357K |
| Net Income | -$30.1M-16883.1% | -$177K+98.3% | -$10.3M-305.1% | $5.0M+121.1% | -$23.8M-372.1% | $8.7M+175.2% | -$11.6M+52.5% | -$24.4M |
| EPS (Diluted) | N/A | $0.00+100.0% | $-0.20-300.0% | $0.10 | N/A | $0.17+173.9% | $-0.23+53.1% | $-0.49 |
IMCR Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B-3.2% | $1.1B+1.9% | $1.1B+5.3% | $1.0B+1.8% | $1.0B-6.9% | $1.1B+6.0% | $1.0B+3.0% | $994.0M |
| Current Assets | $996.7M-2.6% | $1.0B+2.1% | $1.0B+5.7% | $948.6M+2.0% | $929.9M-7.6% | $1.0B+5.1% | $956.9M+3.3% | $926.0M |
| Cash & Equivalents | $467.7M-6.2% | $498.4M+2.1% | $487.9M+2.3% | $476.8M+4.6% | $455.7M-15.3% | $537.8M+6.5% | $505.0M-39.4% | $832.8M |
| Inventory | $6.7M+19.2% | $5.7M+3.6% | $5.5M-19.8% | $6.8M+24.9% | $5.4M+20.5% | $4.5M+30.5% | $3.5M-16.9% | $4.2M |
| Accounts Receivable | N/A | N/A | N/A | N/A | $63.0M-1.0% | $63.7M+5.7% | $60.2M+4.3% | $57.8M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $686.2M-2.8% | $705.9M+1.7% | $693.9M+6.8% | $649.5M+0.1% | $648.8M-8.2% | $706.8M+6.4% | $664.2M+4.7% | $634.5M |
| Current Liabilities | $246.7M+44.8% | $170.4M+0.2% | $170.1M+14.0% | $149.2M-29.7% | $212.2M-20.3% | $266.2M+43.8% | $185.1M+19.2% | $155.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $438.7M-3.1% | $452.5M0.0% | $452.5M |
| Total Equity | $381.0M-3.9% | $396.6M+2.1% | $388.5M+2.6% | $378.5M+4.9% | $360.7M-4.5% | $377.8M+5.2% | $359.1M-0.1% | $359.5M |
| Retained Earnings | -$831.3M-3.8% | -$801.2M0.0% | -$801.0M-1.3% | -$790.7M+0.6% | -$795.8M-3.1% | -$772.0M+1.1% | -$780.7M-1.5% | -$769.1M |
IMCR Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$32.7M-632.8% | -$4.5M-117.2% | $26.0M+5868.7% | $435K+103.1% | -$14.0M-166.0% | $21.1M-10.0% | $23.5M+611.7% | -$4.6M |
| Capital Expenditures | $2.9M+285.0% | $748K+80.7% | $414K+38.9% | $298K-91.7% | $3.6M+332.9% | $828K+150.2% | $331K-23.0% | $430K |
| Free Cash Flow | -$35.5M-582.8% | -$5.2M-120.4% | $25.6M+18549.6% | $137K+100.8% | -$17.5M-186.4% | $20.3M-12.3% | $23.1M+561.3% | -$5.0M |
| Investing Cash Flow | -$880K-116.8% | $5.3M+117.3% | -$30.4M-413.5% | $9.7M+374.1% | -$3.5M-327.5% | -$828K+99.8% | -$350.3M-81372.3% | -$430K |
| Financing Cash Flow | $4.3M+129.6% | $1.9M-49.2% | $3.7M+43.9% | $2.6M+105.0% | -$51.5M-26115.7% | $198K+124.2% | -$818K-100.2% | $396.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
IMCR Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.4%-2.1pp | 99.5%+0.6pp | 98.9%-0.2pp | 99.1%-0.5pp | 99.6%+0.2pp | 99.4%+1.7pp | 97.7%-1.9pp | 99.7% |
| Operating Margin | -18.9%-11.9pp | -6.9%+8.3pp | -15.2%-11.3pp | -3.9%+19.3pp | -23.1%-12.6pp | -10.6%+10.7pp | -21.2%+16.3pp | -37.6% |
| Net Margin | -28.8%-28.6pp | -0.2%+10.3pp | -10.5%-15.9pp | 5.3%+33.6pp | -28.3%-39.2pp | 10.9%+26.3pp | -15.4%+19.3pp | -34.7% |
| Return on Equity | -7.9%-7.8pp | -0.0%+2.6pp | -2.6%-4.0pp | 1.3%+7.9pp | -6.6%-8.9pp | 2.3%+5.5pp | -3.2%+3.6pp | -6.8% |
| Return on Assets | -2.8%-2.8pp | -0.0%+0.9pp | -0.9%-1.4pp | 0.5%+2.8pp | -2.4%-3.2pp | 0.8%+1.9pp | -1.1%+1.3pp | -2.5% |
| Current Ratio | 4.04-2.0 | 6.00+0.1 | 5.89-0.5 | 6.36+2.0 | 4.38+0.6 | 3.78-1.4 | 5.17-0.8 | 5.96 |
| Debt-to-Equity | 1.80+0.0 | 1.780.0 | 1.79+0.1 | 1.72-0.1 | 1.80+0.6 | 1.16-0.1 | 1.260.0 | 1.26 |
| FCF Margin | -34.0%-29.0pp | -5.0%-31.1pp | 26.1%+25.9pp | 0.1%+21.0pp | -20.9%-46.2pp | 25.3%-5.4pp | 30.7%+37.8pp | -7.1% |
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Frequently Asked Questions
What is Immunocore Holdings Plc's annual revenue?
Immunocore Holdings Plc (IMCR) reported $400.0M in total revenue for fiscal year 2025. This represents a 29.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Immunocore Holdings Plc's revenue growing?
Immunocore Holdings Plc (IMCR) revenue grew by 29% year-over-year, from $310.2M to $400.0M in fiscal year 2025.
Is Immunocore Holdings Plc profitable?
No, Immunocore Holdings Plc (IMCR) reported a net income of -$35.5M in fiscal year 2025, with a net profit margin of -8.9%.
What is Immunocore Holdings Plc's EBITDA?
Immunocore Holdings Plc (IMCR) had EBITDA of -$42.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Immunocore Holdings Plc's gross margin?
Immunocore Holdings Plc (IMCR) had a gross margin of 98.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Immunocore Holdings Plc's operating margin?
Immunocore Holdings Plc (IMCR) had an operating margin of -11.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Immunocore Holdings Plc's net profit margin?
Immunocore Holdings Plc (IMCR) had a net profit margin of -8.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Immunocore Holdings Plc's return on equity (ROE)?
Immunocore Holdings Plc (IMCR) has a return on equity of -9.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Immunocore Holdings Plc's free cash flow?
Immunocore Holdings Plc (IMCR) generated -$15.1M in free cash flow during fiscal year 2025. This represents a -172.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Immunocore Holdings Plc's operating cash flow?
Immunocore Holdings Plc (IMCR) generated -$10.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Immunocore Holdings Plc's total assets?
Immunocore Holdings Plc (IMCR) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Immunocore Holdings Plc's capital expenditures?
Immunocore Holdings Plc (IMCR) invested $4.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Immunocore Holdings Plc spend on research and development?
Immunocore Holdings Plc (IMCR) invested $274.9M in research and development during fiscal year 2025.
What is Immunocore Holdings Plc's current ratio?
Immunocore Holdings Plc (IMCR) had a current ratio of 4.04 as of fiscal year 2025, which is generally considered healthy.
What is Immunocore Holdings Plc's debt-to-equity ratio?
Immunocore Holdings Plc (IMCR) had a debt-to-equity ratio of 1.80 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Immunocore Holdings Plc's return on assets (ROA)?
Immunocore Holdings Plc (IMCR) had a return on assets of -3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Immunocore Holdings Plc's cash runway?
Based on fiscal year 2025 data, Immunocore Holdings Plc (IMCR) had $467.7M in cash against an annual operating cash burn of $10.7M. This gives an estimated cash runway of approximately 524 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Immunocore Holdings Plc's Piotroski F-Score?
Immunocore Holdings Plc (IMCR) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Immunocore Holdings Plc's earnings high quality?
Immunocore Holdings Plc (IMCR) has an earnings quality ratio of 0.30x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Immunocore Holdings Plc cover its interest payments?
Immunocore Holdings Plc (IMCR) has an interest coverage ratio of -3.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Immunocore Holdings Plc?
Immunocore Holdings Plc (IMCR) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.