Immunocore Holdings plc
IMCR Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2021–FY2025
Revenue
Total sales reported in the income statement.
$400M
29.0%
vs prior year
Operating margin
Operating income as a share of revenue.
−11.3%
11.4 pts
Net income
Profit after all expenses, interest and tax.
−$35.5M
Free cash flow
Cash from operations minus capital spending.
−$15.1M
172.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.38 EPS (TTM)
What Immunocore Holdings plc does
No business description yet.
- Legal name
- Immunocore Holdings plc
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001671927-26-000005
0001671927
Revenue and margins
Immunocore Holdings plc had $400M of revenue in fiscal 2025, up 29.0% on the year before.
FY21
Revenue $36.5M
FY22
Revenue $174M
FY23
Revenue $249M
FY24
Revenue $310M
FY25
Revenue $400M
Q3 '23
Revenue $64.9M
Q4 '23
Revenue $70.2M
Q1 '24
Revenue $70.5M
Q2 '24
Revenue $75.4M
Q3 '24
Revenue $80.2M
Q4 '24
Revenue $84.1M
Q1 '25
Revenue $93.9M
Q2 '25
Revenue $98.0M
Q3 '25
Revenue $104M
Q4 '25
Revenue $104M
Q1 '26
Revenue $107M
Q2 '26
Revenue $116M
FY21
Gross 100.0%
Operating −478.5%
Net −493.4%
FCF −396.0%
FY22
Gross 99.4%
Operating −29.7%
Net −30.1%
FCF −29.5%
FY23
Gross 99.6%
Operating −23.9%
Net −22.2%
FCF −1.0%
FY24
Gross 99.1%
Operating −22.7%
Net −16.5%
FCF 6.7%
FY25
Gross 98.7%
Operating −11.3%
Net −8.9%
FCF −3.8%
Gross
Operating
Net
FCF
Q3 '23
Gross 99.6%
Operating −21.8%
Net 1.4%
FCF 15.2%
Q4 '23
Gross 99.7%
Operating −24.3%
Net −28.1%
FCF −26.4%
Q1 '24
Gross 99.7%
Operating −37.6%
Net −34.7%
FCF −7.1%
Q2 '24
Gross 97.7%
Operating −21.2%
Net −15.4%
FCF 30.7%
Q3 '24
Gross 99.4%
Operating −10.6%
Net 10.9%
FCF 25.3%
Q4 '24
Gross 99.6%
Operating −23.1%
Net −28.3%
FCF −20.9%
Q1 '25
Gross 99.1%
Operating −3.9%
Net 5.4%
FCF 0.1%
Q2 '25
Gross 98.9%
Operating −15.2%
Net −10.5%
FCF 26.1%
Q3 '25
Gross 99.5%
Operating −6.9%
Net −0.2%
FCF −5.0%
Q4 '25
Gross 97.4%
Operating −18.8%
Net −28.8%
FCF −34.0%
Q1 '26
Gross 99.6%
Operating 6.8%
Net 12.2%
FCF −14.6%
Q2 '26
Gross 99.1%
Operating −2.6%
Net −0.7%
FCF 13.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income −$180M
FY22
Net income −$52.5M
FY23
Net income −$55.3M
FY24
Net income −$51.1M
FY25
Net income −$35.5M
Q3 '23
Net income $0.9M
Q4 '23
Net income −$19.7M
Q1 '24
Net income −$24.4M
Q2 '24
Net income −$11.6M
Q3 '24
Net income $8.7M
Q4 '24
Net income −$23.8M
Q1 '25
Net income $5.0M
Q2 '25
Net income −$10.3M
Q3 '25
Net income −$0.2M
Q4 '25
Net income −$30.1M
Q1 '26
Net income $13.0M
Q2 '26
Net income −$0.8M
FY21
Diluted EPS −$4.24
FY22
Diluted EPS −$1.15
FY23
Diluted EPS −$1.13
FY24
Diluted EPS −$1.02
FY25
Diluted EPS −$0.71
Q3 '23
Diluted EPS $0.02
Q4 '23
Diluted EPS −$0.40
Q1 '24
Diluted EPS −$0.49
Q2 '24
Diluted EPS −$0.23
Q3 '24
Diluted EPS $0.17
Q4 '24
Diluted EPS −$0.47
Q1 '25
Diluted EPS $0.10
Q2 '25
Diluted EPS −$0.20
Q3 '25
Diluted EPS $0.00
Q4 '25
Diluted EPS −$0.61
Q1 '26
Diluted EPS $0.25
Q2 '26
Diluted EPS −$0.02
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity −77.0%
Return on assets —
FY22
Return on capital —
Return on equity −18.4%
Return on assets −10.0%
FY23
Return on capital —
Return on equity −15.6%
Return on assets −9.8%
FY24
Return on capital —
Return on equity −14.0%
Return on assets −6.4%
FY25
Return on capital —
Return on equity −9.6%
Return on assets −3.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$15.1M in fiscal 2025, −3.8% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow −$144M
FY22
Free cash flow −$51.4M
FY23
Free cash flow −$2.5M
FY24
Free cash flow $20.9M
FY25
Free cash flow −$15.1M
Q3 '23
Free cash flow $9.9M
Q4 '23
Free cash flow −$18.6M
Q1 '24
Free cash flow −$5.0M
Q2 '24
Free cash flow $23.1M
Q3 '24
Free cash flow $20.3M
Q4 '24
Free cash flow −$17.5M
Q1 '25
Free cash flow $0.1M
Q2 '25
Free cash flow $25.6M
Q3 '25
Free cash flow −$5.2M
Q4 '25
Free cash flow −$35.5M
Q1 '26
Free cash flow −$15.6M
Q2 '26
Free cash flow $15.1M
FY21
Cash from operations −$143M
Capital spending $1.4M
FY22
Cash from operations −$49.2M
Capital spending $2.2M
FY23
Cash from operations $2.9M
Capital spending $5.4M
FY24
Cash from operations $26.1M
Capital spending $5.2M
FY25
Cash from operations −$10.7M
Capital spending $4.3M
Cash from operations
Capital spending
Q3 '23
Cash from operations $10.1M
Capital spending $0.2M
Q4 '23
Cash from operations −$17.7M
Capital spending $0.8M
Q1 '24
Cash from operations −$4.6M
Capital spending $0.4M
Q2 '24
Cash from operations $23.5M
Capital spending $0.3M
Q3 '24
Cash from operations $21.1M
Capital spending $0.8M
Q4 '24
Cash from operations −$14.0M
Capital spending $3.6M
Q1 '25
Cash from operations $0.4M
Capital spending $0.3M
Q2 '25
Cash from operations $26.0M
Capital spending $0.4M
Q3 '25
Cash from operations −$4.5M
Capital spending $0.7M
Q4 '25
Cash from operations −$32.7M
Capital spending $2.9M
Q1 '26
Cash from operations −$13.8M
Capital spending $1.8M
Q2 '26
Cash from operations $15.9M
Capital spending $0.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
Immunocore Holdings plc returned — to shareholders in fiscal 2025. The diluted share count rose 0.7%.
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY21
Diluted shares 0.04B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.05B
Balance sheet
Cash, debt and the ratios that show how comfortably Immunocore Holdings plc can carry it.
FY21
Cash $321M
Debt —
FY22
Cash $402M
Debt —
FY23
Cash $443M
Debt —
FY24
Cash $820M
Debt —
FY25
Cash $864M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $321M | $402M | $443M | $820M | $864M |
| Interest coverage | −31.3x | −9.6x | −11.6x | −3.7x | −3.7x |
| Current ratio | — | 4.7x | 3.8x | 4.4x | 4.0x |
| Quick ratio | — | 4.7x | 3.8x | 4.4x | 4.0x |
| Total assets | — | $527M | $597M | $1.0B | $1.1B |
| Total liabilities | — | $188M | $228M | $649M | $686M |
| Shareholders' equity | $234M | $339M | $369M | $361M | $381M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✓ | ✕ |
| Return on assets rose | — | — | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — |
| Current ratio rose | — | — | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 5 | 5 / 8 | 4 / 8 | 3 / 8 |
| Accruals ratio | — | −0.6% | −10.4% | −9.6% | −2.4% |
| Altman Z'' | — | 1.62 | 1.24 | 2.21 | 2.37 |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $36.5M | $174M | $249M | $310M | $400M |
| Gross profit | $36.5M | $173M | $248M | $307M | $395M |
| Research and development | $100M | $102M | $164M | $222M | $275M |
| Operating income | −$175M | −$51.7M | −$59.6M | −$70.5M | −$45.4M |
| Interest expense | $5.6M | $5.4M | $5.2M | $18.8M | $12.2M |
| Pretax income | −$180M | −$40.9M | −$60.9M | −$52.9M | −$19.1M |
| Income tax | $0.2M | $11.7M | −$5.6M | −$1.9M | $16.4M |
| Net income | −$180M | −$52.5M | −$55.3M | −$51.1M | −$35.5M |
| Diluted EPS | −$4.24 | −$1.15 | −$1.13 | −$1.02 | −$0.71 |
| Diluted shares | 0.04B | 0.05B | 0.05B | 0.05B | 0.05B |
| Cash flow | |||||
| Cash from operations | −$143M | −$49.2M | $2.9M | $26.1M | −$10.7M |
| Capital expenditure | $1.4M | $2.2M | $5.4M | $5.2M | $4.3M |
| Free cash flow | −$144M | −$51.4M | −$2.5M | $20.9M | −$15.1M |
| Depreciation and amortization | $7.6M | $5.3M | $4.1M | $4.2M | $3.1M |
| Stock-based compensation | $48.9M | $32.9M | $32.5M | $34.2M | $37.7M |
| Balance sheet | |||||
| Cash and short-term investments | $321M | $402M | $443M | $820M | $864M |
| Current assets | — | $474M | $529M | $930M | $997M |
| Current liabilities | — | $101M | $139M | $212M | $247M |
| Inventory | — | $0.7M | $4.5M | $5.4M | $6.7M |
| Property and equipment, net | — | $7.8M | $9.2M | $10.1M | $11.5M |
| Total assets | — | $527M | $597M | $1.0B | $1.1B |
| Total liabilities | — | $188M | $228M | $649M | $686M |
| Shareholders' equity | $234M | $339M | $369M | $361M | $381M |
| Margins | |||||
| Gross margin | 100.0% | 99.4% | 99.6% | 99.1% | 98.7% |
| Operating margin | −478.5% | −29.7% | −23.9% | −22.7% | −11.3% |
| EBITDA margin | −457.7% | −26.6% | −22.3% | −21.4% | −10.6% |
| Net margin | −493.4% | −30.1% | −22.2% | −16.5% | −8.9% |
| FCF margin | −396.0% | −29.5% | −1.0% | 6.7% | −3.8% |
| Returns | |||||
| Return on capital employed | — | −12.1% | −13.0% | −8.8% | −5.5% |
| Return on equity | −77.0% | −18.4% | −15.6% | −14.0% | −9.6% |
| Return on assets | — | −10.0% | −9.8% | −6.4% | −3.4% |
| Return on tangible equity | −77.0% | −15.5% | −15.0% | −14.2% | −9.3% |
| Growth | |||||
| Revenue growth | — | 377.9% | 43.1% | 24.4% | 29.0% |
| FCF growth | — | — | — | — | −172.1% |
| Share count change | — | 7.6% | 6.9% | 2.3% | 0.7% |
| Financial health | |||||
| Interest coverage | −31.3x | −9.6x | −11.6x | −3.7x | −3.7x |
| Current ratio | — | 4.7x | 3.8x | 4.4x | 4.0x |
| Quick ratio | — | 4.7x | 3.8x | 4.4x | 4.0x |
| Capital allocation | |||||
| Capex / revenue | 3.8% | 1.3% | 2.2% | 1.7% | 1.1% |
| Stock comp / revenue | 134.0% | 18.9% | 13.0% | 11.0% | 9.4% |
| Quality scores | |||||
| Piotroski F-score | — | — | 5.0 | 4.0 | 3.0 |
| Altman Z'' | — | 1.6 | 1.2 | 2.2 | 2.4 |
| Accruals ratio | — | −0.6% | −10.4% | −9.6% | −2.4% |
Source: SEC EDGAR XBRL filings (CIK 0001671927). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.