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 4 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 FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Immunocore Holdings Plc has an operating margin of -22.7%, meaning the company retains $-23 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 -23.9% the prior year.
Immunocore Holdings Plc's revenue surged 24.4% year-over-year to $310.2M, reflecting rapid business expansion. This strong growth earns a score of 98/100.
Immunocore Holdings Plc has a moderate D/E ratio of 1.80. This balance of debt and equity financing earns a leverage score of 44/100.
With a current ratio of 4.38, Immunocore Holdings Plc holds $4.38 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Immunocore Holdings Plc has a free cash flow margin of 6.7%, earning a moderate score of 34/100. The company generates positive cash flow after capital investments, but with room for improvement.
Immunocore Holdings Plc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Immunocore Holdings Plc generates $-0.51 in operating cash flow ($26.1M OCF vs -$51.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Immunocore Holdings Plc earns $-3.7 in operating income for every $1 of interest expense (-$70.5M vs $18.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Immunocore Holdings Plc generated $310.2M in revenue in fiscal year 2024. This represents an increase of 24.4% from the prior year.
Immunocore Holdings Plc's EBITDA was -$66.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.3% from the prior year.
Immunocore Holdings Plc generated $20.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 940.6% from the prior year.
Immunocore Holdings Plc reported -$51.1M in net income in fiscal year 2024. This represents an increase of 7.6% from the prior year.
Immunocore Holdings Plc earned $-1.02 per diluted share (EPS) in fiscal year 2024. This represents an increase of 9.7% from the prior year.
Immunocore Holdings Plc held $455.7M in cash against $0 in long-term debt as of fiscal year 2024.
Immunocore Holdings Plc paid $0.00 per share in dividends in fiscal year 2024.
Immunocore Holdings Plc had 50M shares outstanding in fiscal year 2024. This represents an increase of 0.5% from the prior year.
Immunocore Holdings Plc's gross margin was 99.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.
Immunocore Holdings Plc's operating margin was -22.7% in fiscal year 2024, reflecting core business profitability. This is up 1.2 percentage points from the prior year.
Immunocore Holdings Plc's net profit margin was -16.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 5.7 percentage points from the prior year.
Immunocore Holdings Plc invested $222.2M in research and development in fiscal year 2024. This represents an increase of 35.8% from the prior year.
Immunocore Holdings Plc invested $5.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 4.6% from the prior year.
IMCR Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $103.7M+5.8% | $98.0M+4.3% | $93.9M+11.7% | $84.1M+11.5% | $75.4M+6.9% | $70.5M+0.5% | $70.2M+8.2% | $64.8M |
| Cost of Revenue | $513K-50.7% | $1.0M+25.2% | $831K+151.8% | $330K-80.7% | $1.7M+593.9% | $246K+23.6% | $199K-27.9% | $276K |
| Gross Profit | $103.2M+6.5% | $96.9M+4.2% | $93.0M+11.1% | $83.7M+13.6% | $73.7M+4.9% | $70.3M+0.4% | $70.0M+8.3% | $64.6M |
| R&D Expenses | $70.6M+2.3% | $69.0M+22.2% | $56.5M-7.2% | $60.9M+19.1% | $51.1M-11.1% | $57.5M+26.1% | $45.6M+5.4% | $43.2M |
| SG&A Expenses | $39.8M-7.0% | $42.8M+6.5% | $40.2M-5.0% | $42.3M+9.5% | $38.6M-1.7% | $39.3M-5.2% | $41.4M+16.9% | $35.5M |
| Operating Income | -$7.2M+51.8% | -$14.9M-311.4% | -$3.6M+81.4% | -$19.5M-21.4% | -$16.0M+39.5% | -$26.5M-55.3% | -$17.1M-20.6% | -$14.1M |
| Interest Expense | $3.0M-0.1% | $3.0M+0.7% | $3.0M-57.0% | $7.0M+64.6% | $4.3M+32.0% | $3.2M+147.4% | $1.3M-0.9% | $1.3M |
| Income Tax | $481K-20.6% | $606K-42.9% | $1.1M+201.0% | -$1.1M-170.7% | $1.5M+316.2% | $357K+106.0% | -$5.9M-3278.3% | -$175K |
| Net Income | -$177K+98.3% | -$10.3M-305.1% | $5.0M+121.1% | -$23.8M-104.6% | -$11.6M+52.5% | -$24.4M-23.9% | -$19.7M-2277.7% | $906K |
| EPS (Diluted) | $0.00+100.0% | $-0.20-300.0% | $0.10+121.3% | $-0.47-104.3% | $-0.23+53.1% | $-0.49-22.5% | $-0.40-2100.0% | $0.02 |
IMCR Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B+1.9% | $1.1B+5.3% | $1.0B+1.8% | $1.0B-1.4% | $1.0B+3.0% | $994.0M+66.5% | $597.0M | N/A |
| Current Assets | $1.0B+2.1% | $1.0B+5.7% | $948.6M+2.0% | $929.9M-2.8% | $956.9M+3.3% | $926.0M+75.1% | $528.8M | N/A |
| Cash & Equivalents | $498.4M+2.1% | $487.9M+2.3% | $476.8M+4.6% | $455.7M-9.8% | $505.0M-39.4% | $832.8M+88.2% | $442.6M-0.3% | $444.1M |
| Inventory | $5.7M+3.6% | $5.5M-19.8% | $6.8M+24.9% | $5.4M+57.3% | $3.5M-16.9% | $4.2M-7.4% | $4.5M | N/A |
| Accounts Receivable | N/A | N/A | N/A | $63.0M+4.6% | $60.2M+4.3% | $57.8M+10.9% | $52.1M | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $705.9M+1.7% | $693.9M+6.8% | $649.5M+0.1% | $648.8M-2.3% | $664.2M+4.7% | $634.5M+178.1% | $228.2M | N/A |
| Current Liabilities | $170.4M+0.2% | $170.1M+14.0% | $149.2M-29.7% | $212.2M+14.6% | $185.1M+19.2% | $155.3M+11.7% | $139.0M | N/A |
| Long-Term Debt | N/A | N/A | N/A | $438.7M-3.1% | $452.5M0.0% | $452.5M+12.4% | $402.5M | N/A |
| Total Equity | $396.6M+2.1% | $388.5M+2.6% | $378.5M+4.9% | $360.7M+0.4% | $359.1M-0.1% | $359.5M-2.5% | $368.8M+3.6% | $356.0M |
| Retained Earnings | -$801.2M0.0% | -$801.0M-1.3% | -$790.7M+0.6% | -$795.8M-1.9% | -$780.7M-1.5% | -$769.1M-3.3% | -$744.7M | N/A |
IMCR Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.5M-117.2% | $26.0M+5868.7% | $435K+103.1% | -$14.0M-159.4% | $23.5M+611.7% | -$4.6M+74.1% | -$17.7M-275.8% | $10.1M |
| Capital Expenditures | $748K+80.7% | $414K+38.9% | $298K-91.7% | $3.6M+982.8% | $331K-23.0% | $430K-47.4% | $817K+285.4% | $212K |
| Free Cash Flow | -$5.2M-120.4% | $25.6M+18549.6% | $137K+100.8% | -$17.5M-175.8% | $23.1M+561.3% | -$5.0M+73.0% | -$18.6M-287.8% | $9.9M |
| Investing Cash Flow | $5.3M+117.3% | -$30.4M-413.5% | $9.7M+374.1% | -$3.5M+99.0% | -$350.3M-81372.3% | -$430K+47.4% | -$817K-285.4% | -$212K |
| Financing Cash Flow | $1.9M-49.2% | $3.7M+43.9% | $2.6M+105.0% | -$51.5M-6197.2% | -$818K-100.2% | $396.0M+6232.1% | $6.3M-39.7% | $10.4M |
| 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 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.5%+0.6pp | 98.9%-0.2pp | 99.1%-0.5pp | 99.6%+1.9pp | 97.7%-1.9pp | 99.7%-0.1pp | 99.7%+0.1pp | 99.6% |
| Operating Margin | -6.9%+8.3pp | -15.2%-11.3pp | -3.9%+19.3pp | -23.1%-1.9pp | -21.2%+16.3pp | -37.6%-13.3pp | -24.3%-2.5pp | -21.8% |
| Net Margin | -0.2%+10.3pp | -10.5%-15.9pp | 5.3%+33.6pp | -28.3%-12.9pp | -15.4%+19.3pp | -34.7%-6.5pp | -28.1%-29.5pp | 1.4% |
| Return on Equity | N/A | N/A | 1.3%-1.0pp | 2.3% | N/A | N/A | N/A | 0.3% |
| Return on Assets | -0.0%+0.9pp | -0.9%-1.4pp | 0.5%+2.8pp | -2.4%-1.2pp | -1.1%+1.3pp | -2.5%+0.8pp | -3.3% | N/A |
| Current Ratio | 6.00+0.1 | 5.89-0.5 | 6.36+2.0 | 4.38-0.8 | 5.17-0.8 | 5.96+2.2 | 3.80 | N/A |
| Debt-to-Equity | 1.780.0 | 1.79+0.1 | 1.72-0.1 | 1.80+0.5 | 1.260.0 | 1.26+0.2 | 1.09 | N/A |
| FCF Margin | -5.0%-31.1pp | 26.1%+25.9pp | 0.1%+21.0pp | -20.9%-51.6pp | 30.7%+37.8pp | -7.1%+19.3pp | -26.4%-41.7pp | 15.2% |
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Frequently Asked Questions
What is Immunocore Holdings Plc's annual revenue?
Immunocore Holdings Plc (IMCR) reported $310.2M in total revenue for fiscal year 2024. This represents a 24.4% 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 24.4% year-over-year, from $249.4M to $310.2M in fiscal year 2024.
Is Immunocore Holdings Plc profitable?
No, Immunocore Holdings Plc (IMCR) reported a net income of -$51.1M in fiscal year 2024, with a net profit margin of -16.5%.
What is Immunocore Holdings Plc's earnings per share (EPS)?
Immunocore Holdings Plc (IMCR) reported diluted earnings per share of $-1.02 for fiscal year 2024. This represents a 9.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Immunocore Holdings Plc's EBITDA?
Immunocore Holdings Plc (IMCR) had EBITDA of -$66.3M in fiscal year 2024, 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 99.1% in fiscal year 2024, 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 -22.7% in fiscal year 2024, 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 -16.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Immunocore Holdings Plc's free cash flow?
Immunocore Holdings Plc (IMCR) generated $20.9M in free cash flow during fiscal year 2024. This represents a 940.6% 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 $26.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Immunocore Holdings Plc's total assets?
Immunocore Holdings Plc (IMCR) had $1.0B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Immunocore Holdings Plc's capital expenditures?
Immunocore Holdings Plc (IMCR) invested $5.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Immunocore Holdings Plc spend on research and development?
Immunocore Holdings Plc (IMCR) invested $222.2M in research and development during fiscal year 2024.
How many shares does Immunocore Holdings Plc have outstanding?
Immunocore Holdings Plc (IMCR) had 50M shares outstanding as of fiscal year 2024.
What is Immunocore Holdings Plc's current ratio?
Immunocore Holdings Plc (IMCR) had a current ratio of 4.38 as of fiscal year 2024, 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 2024, 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 -5.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Immunocore Holdings Plc's Piotroski F-Score?
Immunocore Holdings Plc (IMCR) has a Piotroski F-Score of 5 out of 9, indicating neutral 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 -0.51x, considered mixed quality. 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 55 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.