Immunocore Holdings Plc Financials
Immunocore Holdings Plc (IMCR) reported $400.0M in revenue for fiscal year 2025, up 29.0% from the prior fiscal year. This page shows its 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).
Immunocore’s near-pure gross margin model is steadily narrowing losses, but cash self-sufficiency still has not arrived.
By FY2025, revenue had more than doubled versus FY2022 to$400.0M while net margin narrowed to-8.9% ; that pairing shows scale is absorbing more of the fixed cost base. But operating cash flow slipped from$26.1M in FY2024 to-$10.7M in FY2025 despite the smaller loss, suggesting the prior year’s cash positivity was helped by working-capital timing rather than a fully self-funding model.
With gross margin still near
The balance sheet is liquid but leveraged in a specific way: cash ended FY2025 at
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Immunocore Holdings Plc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Immunocore Holdings Plc, and counted as zero in the overall score.
Immunocore Holdings Plc scores 1.67, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.9B) relative to total liabilities ($686.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Immunocore Holdings Plc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Immunocore Holdings Plc reported a net loss of $35.5M while operations used $10.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Immunocore Holdings Plc reported an operating loss of $45.4M against $12.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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 recorded an outflow of $15.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 172.1% from the prior year.
Immunocore Holdings Plc held $467.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Immunocore Holdings Plc paid $0.00 per share in dividends in fiscal year 2025.
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.
Not reported for fiscal year 2025.
IMCR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Revenue | $430.8M | $400.0M+29.0% | $310.2M+24.4% | $249.4M+43.1% | $174.4M+377.9% | $36.5M |
| Cost of Revenue | $4.7M | $5.1M+86.3% | $2.7M+163.4% | $1.0M-4.8% | $1.1M | $0 |
| Gross Profit | $426.0M | $394.9M+28.4% | $307.5M+23.8% | $248.4M+43.4% | $173.3M+374.9% | $36.5M |
| R&D Expenses | $284.5M | $274.9M+23.7% | $222.2M+35.8% | $163.5M+60.5% | $101.9M+1.7% | $100.2M |
| SG&A Expenses | $164.2M | $165.4M+6.2% | $155.8M+7.8% | $144.5M+17.4% | $123.1M+11.0% | $110.8M |
| Operating Income | -$22.6M | -$45.4M+35.6% | -$70.5M-18.1% | -$59.6M-15.4% | -$51.7M+70.4% | -$174.6M |
| Interest Expense | $12.2M | $12.2M-35.4% | $18.8M+265.6% | $5.2M-4.7% | $5.4M-2.9% | $5.6M |
| Income Tax | $15.3M | $16.4M+987.2% | -$1.9M+67.0% | -$5.6M-148.1% | $11.7M+7673.3% | $150K |
| Net Income | -$18.1M | -$35.5M+30.5% | -$51.1M+7.6% | -$55.3M-5.2% | -$52.5M+70.8% | -$180.0M |
| EPS (Diluted) | — | -$0.71+30.4% | -$1.02+9.7% | -$1.13+1.7% | -$1.15+72.9% | -$4.24 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
IMCR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Total Assets | $1.1B+5.7% | $1.0B+69.1% | $597.0M+13.3% | $526.8M | N/A |
| Current Assets | $996.7M+7.2% | $929.9M+75.8% | $528.8M+11.6% | $474.0M | N/A |
| Cash & Equivalents | $467.7M+2.6% | $455.7M+3.0% | $442.6M+10.0% | $402.5M+25.3% | $321.1M |
| Inventory | $6.7M+23.8% | $5.4M+21.0% | $4.5M+550.4% | $692K | N/A |
| Accounts Receivable | N/A | $63.0M+21.0% | $52.1M+55.1% | $33.6M | N/A |
| Total Liabilities | $686.2M+5.8% | $648.8M+184.4% | $228.2M+21.5% | $187.9M | N/A |
| Current Liabilities | $246.7M+16.3% | $212.2M+52.6% | $139.0M+37.9% | $100.8M | N/A |
| Total Equity | $381.0M+5.6% | $360.7M-2.2% | $368.8M+8.8% | $338.9M+45.0% | $233.7M |
| Retained Earnings | -$831.3M-4.5% | -$795.8M-6.9% | -$744.7M-8.0% | -$689.4M | N/A |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
IMCR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$35.0M | -$10.7M-141.1% | $26.1M+786.4% | $2.9M+106.0% | -$49.2M+65.6% | -$143.1M |
| Capital Expenditures | $6.2M | $4.3M-16.1% | $5.2M-4.6% | $5.4M+146.3% | $2.2M+58.9% | $1.4M |
| Free Cash Flow | -$41.2M | -$15.1M-172.1% | $20.9M+940.6% | -$2.5M+95.2% | -$51.4M+64.4% | -$144.5M |
| Investing Cash Flow | $7.8M | -$16.3M+95.4% | -$355.1M-6446.2% | -$5.4M-146.9% | -$2.2M-71.6% | -$1.3M |
| Financing Cash Flow | $23.3M | $12.4M-96.4% | $343.9M+901.2% | $34.3M-76.4% | $145.4M-49.5% | $288.2M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
IMCR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Gross Margin | 98.7%-0.4pp | 99.1%-0.5pp | 99.6%+0.2pp | 99.4%-0.6pp | 100.0% |
| Operating Margin | -11.3%+11.4pp | -22.7%+1.2pp | -23.9%+5.7pp | -29.7% | -478.5% |
| Net Margin | -8.9%+7.6pp | -16.5%+5.7pp | -22.2%+8.0pp | -30.1% | -493.4% |
| Return on Equity | -9.3%+4.8pp | -14.2%+0.8pp | -15.0%+0.5pp | -15.5%+61.5pp | -77.0% |
| Return on Assets | -3.3%+1.7pp | -5.1%+4.2pp | -9.3%+0.7pp | -10.0% | N/A |
| Current Ratio | 4.04-0.3x | 4.38+0.6x | 3.80-0.9x | 4.70 | N/A |
| Debt-to-Equity | 1.800.0x | 1.80+1.2x | 0.62+0.1x | 0.55 | N/A |
| FCF Margin | -3.8%-10.5pp | 6.7%+7.7pp | -1.0%+28.5pp | -29.5% | -396.0% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Immunocore Holdings Plc Ranks
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 29.0% 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) recorded an outflow of $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) recorded an outflow of $10.7M in operating cash flow during fiscal year 2025, representing cash used by 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 Altman Z-Score?
Immunocore Holdings Plc (IMCR) has an Altman Z-Score of 1.67, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Immunocore Holdings Plc's Piotroski F-Score?
Immunocore Holdings Plc (IMCR) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $35.5M while operations used $10.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $45.4M against $12.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 66 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.