Immunocore's Q2 Earnings Miss Estimates, Kimmtrak Aids Y/Y Revenues

Immunocore's top line solely comprised worldwide net product sales of Kimmtrak.

Year to date, shares of Immunocore have lost 0.6% against the industry’s rise of 4.4%.

Image Source: Zacks Investment Research

IMCR’s Q2 Earnings in Detail

Kimmtrak generated $74.9 million in U.S. sales, $34.1 million in Europe and $6.9 million across international regions during the second quarter. U.S. quarterly sales rose 17% year over year, while combined Europe and international sales increased 21% on higher demand.

Management noted that U.S. second-quarter sales included roughly $6 million of distributor inventory stocking, which is expected to create a headwind in the third quarter. Excluding this stocking effect, underlying sequential quarterly growth was 3%. Kimmtrak has been launched in more than 30 countries globally. The drug continues to be the standard of care in all major markets where it is launched.

Research and development expenses increased around 7.2% year over year to $73.9 million in the second quarter. The increase primarily reflected advancement of clinical programs, including three phase III studies.

Selling, general and administrative expenses rose 2.6% year over year to $43.9 million.

As of June 30, 2026, Immunocore had cash, cash equivalents and marketable securities worth $880.2 million compared with $844.9 million as of March 31, 2026.

IMCR’s Recent Key Updates

The registrational phase III TEBE-AM study is evaluating Kimmtrak as monotherapy and in combination with Keytruda (pembrolizumab) versus a control arm in previously treated advanced cutaneous melanoma. The primary endpoint of the study is overall survival. Enrollment in the phase III TEBE-AM study is nearing the target of 540 patients. Top-line data from the same can be announced as early as the end of 2026.

Meanwhile, the EORTC-sponsored phase III ATOM study in high-risk adjuvant uveal melanoma continues to expand its site footprint and is now enrolling patients in the United States.

Beyond Kimmtrak, Immunocore is advancing a diversified pipeline of ImmTAC candidates across multiple oncology indications. Brenetafusp is the company’s lead PRAME-A02 ImmTAC bispecific candidate.  The registrational phase III PRISM-MEL-301 study is evaluating brenetafusp in combination with Opdivo (nivolumab) for treating first-line advanced cutaneous melanoma. The candidate is also being investigated in early-to-mid-stage studies both as monotherapy and as combination therapy in multiple tumor types, including ovarian cancer and non-small cell lung cancer.

Immunocore is also progressing in earlier-stage programs targeting colorectal cancer and other gastrointestinal cancers as well as certain infectious diseases and autoimmune diseases using its proprietary T-cell receptor platform.

IMCR’s Zacks Rank & Other Stocks to Consider

Immunocore currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the biotech sector are Harmony Biosciences HRMY, Repligen RGEN and Liquidia Corporation LQDA, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Harmony Biosciences’ 2026 earnings per share have risen from $3.20 to $3.62, while estimates for 2027 have increased from $3.64 to $4.07 during the same time. HRMY shares have gained 3.5% year to date.

Harmony Biosciences’ earnings missed estimates in three of the trailing four quarters and beat on the remaining occasion, delivering an average negative surprise of 13.97%.

Over the past 60 days, estimates for Repligen’s 2026 earnings per share have risen from $1.99 to $2.06, while estimates for 2027 have increased from $2.57 to $2.62 during the same time. RGEN shares have declined 2.7% year to date.

Repligen’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 16.80%.

Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have risen from $2.97 to $3.02, while estimates for 2027 have increased from $4.81 to $5.31 during the same time. LQDA shares have surged 159.3% year to date.

Liquidia’s earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 54.40%.

Zacks' Research Chief Names "Stock Most Likely to Double"

Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.

This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research