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Immunocore Holdings PLC Sponsored ADR

IMCR Healthcare Biotechnology

Immunocore Holdings PLC Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $400.0 million, up 29.0% from fiscal 2024.

Revenue
−1.42%
EPS
−7,900.0%
Free cash flow
+441.0%
Total debt
+0.55%

Quarter to September 2026, against a year earlier

30.90 2.50 +8.80%
Market cap
$1.5B
P/E
0.0×
Fwd P/E
−198×
Dividend yield
—
F-score
3/9
Altman Z
1.52
Beneish M
−2.40
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.90
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 4 — — — — — — — — —
Insider Ownership 1.08%

Capital & Financial Ratios $m

Size
Market Cap 1,460.00
Revenue ttm 429.30
Net income ttm (32.12)
Free cash flow ttm (18.20)
Net debt Q (506.55)
Valuation
P/E 0.00
Forward P/E (198.00) (negative: loss-making)
Price / sales 3.71
Forward P/S Powerpack
Price / FCF 0.00
Price / book 3.80
Financial health
Current ratio Q 4.62 (at or above 1.5: strong)
Debt / equity Q 0.94
Interest coverage Q (4.45)
Growth
Revenue growth Q −1.42% (below 0%: shrinking)
Operating income growth Q −89.78% (below 0%: shrinking)
EPS, this year +89.48% (at or above 15%: strong)
EPS, next year A −927.07% (below 0%: weak)
Revenue, next year A +9.47%
EPS, past 5 yrs —
EPS, next 5 yrs A +49.51% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.6×, against a ten-year median of 9.5×; over the ten years it ranged from 2.5× in 2026 to 38.6× in 2021.
P/S against its own 10 years 5.27%
10-year low 10-year high
P/B against its own 10 years 6.03%
10-year low 10-year high
EV/Sales against its own 10 years 4.53%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 443 820 864 901
Receivables 52 63 76 88
Inventory 5 5 7 7
Other — — — —
529 930 997 1,060
2023 2024 2025 Q'26
Payables 18 25 24 21
ST’ Debt — — — —
Other — — — —
139 212 247 230

Compound Annual Growth %

10y 5y 3y
Sales — 59.57% 31.89%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 39.91% 3.98%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.01 Actual −0.02

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.30 0.00 Beat by 0.30
Q4 FY25 −0.28 −0.60 Miss by 0.32
Q1 FY26 −0.26 0.25 Beat by 0.51
Q2 FY26 −0.01 −0.02 Miss by 0.01
Q3 FY26 −0.12 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.25 (0.02) (0.28) — —
’25 0.10 (0.20) 0.00 (0.60) (0.71)
’24 (0.49) (0.23) 0.17 (0.47) (1.02)
’23 (0.43) (0.37) 0.02 (0.40) (1.13)
’22 (0.48) (0.17) 0.14 (0.63) (1.09)
’21 (1.05) (1.04) (0.95) (1.21) (4.19)
’20 — — — (0.78) (3.58)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 107 116 102 — —
’25 94 98 104 104 400
’24 71 75 80 84 310
’23 55 60 65 70 249
’22 30 40 49 56 174
’21 11 8 8 9 36
’20 — — — 10 39
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (14) 16 20 — —
’25 0 26 (4) (33) (11)
’24 (5) 23 21 (14) 26
’23 11 0 10 (18) 3
’22 (41) (9) 13 (12) (49)
’21 (36) (46) (28) (22) (132)
’20 — — (52) (26) (78)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (16) 15 18 — —
’25 0 26 (5) (36) (15)
’24 (5) 23 20 (17) 21
’23 8 (1) 10 (19) (2)
’22 (42) (9) 12 (13) (52)
’21 (36) (46) (29) (23) (133)
’20 — — (55) (26) (81)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — 32 33 39 36 174 249 310 400 429 +43.7% 438 477 560 +11.9%
Gross margin, % — — 0.00 100.00 100.00 100.00 99.38 99.58 99.12 98.73 98.86 +98.7 pt
EBT — — (118) (161) (112) (194) (41) (61) (53) (19) (17) (22.9%)
EBT margin, % — — (373.79) (491.60) (290.10) (531.40) (23.45) (24.41) (17.07) (4.77) (3.98) +369.0 pt
Net income — 0 (96) (133) (95) (181) (53) (55) (51) (36) (32) n/m
Per share, $
Per share, $ Revenue — — 0.00 7.35 1.46 0.86 3.81 5.10 6.21 7.95 8.33 n/m
Earnings — — (2.26) (29.76) (3.58) (4.19) (1.09) (1.13) (1.02) (0.71) (0.64) (15.2%)
Cash flow — — 0.00 (29.03) (2.93) (3.11) (1.08) 0.06 0.52 (0.21) (0.20) n/m
Capex — — 0.00 (1.20) (0.12) (0.03) (0.06) (0.11) (0.10) (0.09) (0.15) n/m
Free cash flow — — 0.00 (30.23) (3.05) (3.14) (1.14) (0.05) 0.42 (0.30) (0.35) n/m
Book value — — 0.00 4.23 2.68 5.55 7.41 7.54 7.22 7.57 8.14 n/m
Shares, m — — — 4 27 42 46 49 50 50 51 +49.8%
Valuation, ×
Valuation, × P/E — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — — 0.00 0.00 0.00 39.89 14.53 14.04 4.75 4.37 3.71 9.7
P/B — — 0.00 0.00 0.00 6.17 7.48 9.50 4.09 4.59 3.80 4.0
EV/Sales — — 0.00 0.00 0.00 33.33 12.51 12.46 3.53 3.31 2.64 8.1
EV/FCF — — 0.00 0.00 0.00 (9.11) (42.42) (1,251.14) 52.24 (88.01) (62.34) (167.3)
Cash, $m
Cash, $m Operating cash flow — — (22) (129) (78) (132) (49) 3 26 (11) (10) (9.9%)
Capex — — (5) (5) (3) (1) (3) (5) (5) (4) (8) (1.2%)
Free cash flow — — (22) (135) (81) (133) (52) (2) 21 (15) (18) (5.4%)
Balance, $m
Balance, $m Working capital — — 155 51 126 277 373 390 718 750 831 +25.3%
Net debt — — (134) (21) (87) (241) (355) (395) (429) (471) (507) +19.6%
Shareholders’ equity — — 72 19 71 236 339 369 361 381 420 +26.9%
Returns, %
Returns, % ROA — — (76.61) (54.57) (38.81) (54.14) (11.16) (9.84) (6.36) (3.42) (2.88) +73.2 pt
ROIC — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE — — (208.47) (291.91) (211.59) (117.84) (18.28) (15.62) (14.00) (9.58) (7.87) +198.9 pt
People
People Employees — — — 291 291 324 408 497 493 524 — +10.3%
Revenue/emp, $m — — 0.00 0.11 0.13 0.11 0.43 0.50 0.63 0.76 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Immunocore Holdings PLC Sponsored ADR vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NBTX Nanobiotix S.A. - Sponsored ADR $1.5B — (loss-making) — −71.69% (below 0%: shrinking) n/m −177.26% (below 0%: shrinking) 0.00% 0.00% Compare
PGEN Precigen, Inc. $1.5B 60.3× 32.2× +2,437.58% (above 0%: growing) n/m +140.34% (above 0%: growing) 91.22% 52.13% Compare
NUVB Nuvation Bio Inc. $1.5B — (loss-making) — (loss-making) +242.61% (above 0%: growing) n/m +34.07% (above 0%: growing) 73.46% (93.90%) Compare
ADRX ADARx Pharmaceuticals, Inc. $1.5B — — — — — — — Compare
IMCR Immunocore Holdings PLC Sponsored ADR $1.5B — (loss-making) — (loss-making) −1.42% (below 0%: shrinking) n/m +440.97% (above 0%: growing) 99.34% (13.31%)
QURE uniQure N.V. $1.5B — (loss-making) — (loss-making) +40.39% (above 0%: growing) n/m +27.66% (above 0%: growing) 95.46% (1,019.63%) Compare
TYRA Tyra Biosciences, Inc. $1.4B — (loss-making) — — n/m −31.34% (below 0%: shrinking) 0.00% 0.00% Compare
AAPG Ascentage Pharma Group International - Unsponsored ADR $1.4B — — — — +17.74% (above 0%: growing) — — Compare
OCUL Ocular Therapeutix, Inc. $1.4B — (loss-making) — (loss-making) +0.12% (above 0%: growing) n/m −25.35% (below 0%: shrinking) 85.08% (609.34%) Compare
Median of peers $1.5B — — +40.39% — +17.74% 79.27% (46.95%)

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 16 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.89m 12.16m 80.35
2024 12.85m (21.44m) 68.29
2023 11.68m 21.97m 158.15
2022 8.01m 51.27m 132.11
2021 34.78m 71.31m 79.26

Ownership

Directors and executive officers, together 10.10%
Wellington Management Group LLP 10.10%
Entities affiliated with RTW 9.60%
Bahija Jallal, Ph.D. 9.20%
Entities affiliated with FMR LLC 8.60%
PRIMECAP Management Company 7.40%
T. Rowe Price Investment Management, Inc. 6.00%
Bellevue Asset Management AG 5.50%
Entities affiliated with Tang Capital 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Immunocore Holdings PLC Sponsored ADR (IMCR) Latest News

6 Nov

Impact 3 · · GlobeNewswire
Impact 3 · · GlobeNewswire

29 Oct

Impact 4 · · GlobeNewswire

28 Oct

Impact 4 · · Simply Wall St.

15 Oct

Impact 3 · · GlobeNewswire

15 Sep

Impact 4 ·

14 Sep

Impact 4 ·

25 Aug

Impact 3 ·

10 Aug

Impact 3 ·

7 Aug

Impact 4 ·
Impact 3 ·

6 Aug

Impact 4 ·
Impact 4 · transcript
Impact 3 · · MarketBeat transcript
Impact 3 ·

27 Jul

Impact 4 ·
Impact 3 ·

30 Jun

Impact 4 ·

12 Jun

Impact 3 ·

2 Jun

Impact 3 · · Zacks

1 Jun

Impact 4 · · Simply Wall St.

31 May

Impact 3 · · GlobeNewswire

21 May

Impact 4 · · Zacks

8 May

Impact 4 · · Simply Wall St.

7 May

Impact 4 · · Simply Wall St.

6 May

Impact 4 · · GlobeNewswire

19 Apr

Impact 5 ·

14 Apr

Impact 4 · · MarketBeat

28 Mar

Impact 3 · · Simply Wall St.

25 Mar

Impact 3 · · Insider Monkey
stockrow.com/IMCR · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com