KIMMTRAK Drives 29% Revenue Growth as Trials Expand

Date of Call: Feb 25, 2026

Financials Results

• Revenue: $400M net revenue from KIMMTRAK for 2025, up over 29% from prior year

Guidance:

• Expect KIMMTRAK growth to moderate in 2026 as it enters its fifth year on the market.
• Underlying sequential quarterly revenue growth has been 4% to 7%; expect this trend to continue.
• R&D expenses expected to increase modestly YOY in 2026, slower than 2025.
• SG&A expenses expected to see only incremental increases for commercial preparations for potential cutaneous melanoma expansion.

Business Commentary:

Revenue Growth and Global Expansion:

• Immunocore Holdings plc reported $400 million in net revenue from KIMMTRAK for 2025, representing 29% year-on-year growth.
• The growth was driven by deeper penetration in the U.S. community market and continued global expansion, with KIMMTRAK now approved in 39 countries and launched in 30 markets.

Trial Progress and Pipeline Expansion:

• The company is advancing its pipeline with three Phase III trials, including TEBE-AM in second-line cutaneous melanoma and ATOM in adjuvant uveal melanoma.
• This expansion is supported by a robust R&D engine and a strategic focus on addressing high unmet needs in oncology, infectious diseases, and autoimmune conditions.

Financial Stability and Strategic Investment:

• Immunocore's balance sheet remains strong with approximately $864 million in cash, providing flexibility to advance the pipeline.
• The company is investing in its three Phase III trials and earlier-stage programs, with expectations of modest increases in R&D expenses and disciplined SG&A spending.

Commercial Performance and Market Penetration:

• KIMMTRAK achieved a 14-month real-world duration of therapy and a median overall survival of 28 months in real-world data from 150 patients.
• This performance is attributed to KIMMTRAK's position as the global standard of care, with over 70% penetration across major markets in metastatic uveal melanoma.

Sentiment Analysis:

Overall Tone: Positive

• Management highlighted strong commercial execution with 29% YoY revenue growth, 'unprecedented' survival milestones, a robust pipeline with three Phase III trials, and a strong balance sheet. Dr. Jallal stated: '2025 was a year of consistent execution across every part of our business.'

Q&A:

• Question from Michael Yee (UBS Investment Bank, Research Division): Can you remind me the general geographic breakdown of your enrollment for TEBE-AM? And did you go through a DSMB analysis to test that KIMMTRAK alone is probably doing at least as good as the combo?
  Response: Enrollment is majority from Europe, 10-15% from U.S., rest from other countries. The trial was converted to Phase III seamless design based on enrollment metrics, not data review.

• Question from Tyler Van Buren (TD Cowen, Research Division): Can you just remind us what both treatment arms are powered for on overall survival and what you believe the likelihood is that the monotherapy arm in addition to TEBE plus pembro combination could succeed?
  Response: The study is designed to meet a clinically meaningful threshold difference from control, typically at least 30%. Combo may outperform mono based on prior Phase Ib data, but specifics of statistical plan are not disclosed.

• Question from Eric Schmidt (Cantor Fitzgerald & Co., Research Division): Do you have a value in mind that you think is realistic that is substantially less than 25% for growth?
  Response: Expect growth to moderate from 29% (normalized ~20% excluding rebate reserves) due to significant market penetration, but underlying sequential growth of 4-7% is expected to continue.

• Question from Jack Allen (Robert W. Baird & Co. Incorporated, Research Division): How do you think about pricing in second-line cutaneous melanoma pending a launch?
  Response: Believe they can potentially defend KIMMTRAK's price appropriately given the overall survival endpoint and established safety profile, if data is positive.

• Question from Sean Laaman (Morgan Stanley, Research Division): How do you evaluate success in early autoimmune studies and how capital-intensive could the platform become?
  Response: Will determine early target engagement (binding) and surrogate efficacy (C-peptide) in Type 1 diabetes Phase I to guide further investment.

• Question from Jonathan Chang (Leerink Partners LLC, Research Division): How could KIMMTRAK's success in uveal melanoma apply to a potential launch in cutaneous melanoma?
  Response: Half of cutaneous melanoma patients are treated by physicians already experienced with KIMMTRAK, providing a strong foundation for a data-dependent launch.

• Question from Graig Suvannavejh (Mizuho Securities USA LLC, Research Division): What are the different scenarios for the PRAME portfolio in ovarian and lung cancer, and would you advance multiple assets?
  Response: Will evaluate totality of data from ongoing trials to guide next steps, providing optionality but focused on advancing the most promising asset.

• Question from Rajan Sharma (Goldman Sachs Group, Inc., Research Division): Could you frame expectations for the HIV program update in terms of number of patients and dose escalation?
  Response: Expect small Phase I cohorts; aim to identify the right dose and assess impact on viral reservoir and rebound by end of 2026.

• Question from Faisal Khurshid (Jefferies): How are you thinking about the upcoming competitor readout in frontline uveal melanoma?
  Response: Will await randomized Phase III data; looking for hazard ratio and safety, and remain confident in KIMMTRAK's robust data and real-world evidence.

• Question from James Shin (Deutsche Bank AG, Research Division): Can you lay out the percentage mix in the control arm for TEBE-AM and whether that may impact historic OS levels?
  Response: Control arm mix is ~1/3 retreated with checkpoint, ~1/3 with BRAF regimen, ~1/3 with chemo or trial. TILs are not approved in Europe where most enrollment occurs, so original assumptions remain.

• Question from Paul Jeng (Guggenheim Securities, LLC, Research Division): Where do you see KIMMTRAK fitting in the evolving second-line cutaneous melanoma landscape?
  Response: KIMMTRAK's potential overall survival endpoint, off-the-shelf availability, and established safety may give it a significant advantage over other therapies with response rate endpoints.

• Question from Eva Fortea-Verdejo (Wells Fargo Securities, LLC, Research Division): What do you need to see in the upcoming ovarian and lung readouts to move forward with brenetafusp?
  Response: Expect data focused on safety and early signals in ovarian maintenance and heterogeneous lung subsets to guide next steps, alongside PRAME HLE data.

• Question from Romy O'Connor (Van Lanschot Kempen NV): What do we need to see with the half-life extended PRAME to inform changes to the PRAME program?
  Response: Will assess convenience and potential improvement in overall response rate relative to brenetafusp data to determine optimal path forward.

• Question from Patrick Trucchio (H.C. Wainwright & Co, LLC, Research Division): What was the assumed median OS in the control arm for TEBE-AM, and what drives the timing of data for second half 2026?
  Response: Control arm median OS assumption was 12-13 months with 1-year survival ~55%, unchanged. Timing is event-driven; top-line data expected as early as second half 2026 based on event assumptions.

Contradiction Point 1

Expectations for KIMMTRAK Sales Growth and Cash Flow Breakeven

The expected growth rate and time to cash flow breakeven differ significantly.

What is Eric Schmidt's role at Cantor Fitzgerald? - Eric Schmidt (Cantor Fitzgerald)

2025Q4: Growth is expected to moderate naturally... underlying growth was around 20% in 2025... the company aims for cash flow breakeven in 2026. - [Travis Coy](CFO)

Do you have a target for future contract sales growth significantly below 25% and consider cash flow breakeven reasonable for 2026? - Gil Joseph Blum (Needham & Company)

2025Q2: KIMMTRAK growth is expected to moderate sequentially in the fourth year on the market. - [Travis Coy](CFO)

Contradiction Point 2

Geographic Revenue Mix and U.S. Market Share

The percentage of revenue from the U.S. market is stated differently.

What are your thoughts on the recent earnings results? - Michael Yee (UBS Investment Bank)

2025Q4: The majority of TEBE-AM enrollment is coming from Europe, with an expectation of 10–15% from the U.S. - [Mohammed Dar](CMO)

What is the general geographic breakdown of TEBE-AM enrollment? Was a DSMB analysis conducted to assess if KIMMTRAK is non-inferior to the combination with pembrolizumab? - Unidentified Analyst (Mizuho)

2025Q2: The U.S. represents about 65% of revenue... ex-U.S. contributing ~35%. - [Ralph Torbay](EVP of Commercial)

Contradiction Point 3

Timeline for HIV Program Update

Contradiction on when next significant HIV data will be available.

What are your key growth strategies for the next quarter? - Rajan Sharma (Goldman Sachs)

2025Q4: The HIV study... expects to identify the right dose... with potential for cohort expansion... By year-end. - [Mohammed Dar](CMO)

What are the expectations for patient numbers and maximum dosage in the HIV program update later this year? - Eric Schmidt (Cantor Fitzgerald)

2024Q4: Updated Phase I data in second-line melanoma is not specifically mentioned for 2025. - [David Berman](Head, R&D)

Contradiction Point 4

Timeline for TEBE-AM (Uveal Melanoma) Data Readout

Contradiction on the certainty and timing of the Phase III uveal melanoma trial readout.

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2025Q4: The calculation suggests a readout as early as second half 2026... event-driven. - [Mohammed Dar](CMO)

What factors determine the data availability timing by late 2026, and is there a risk of a 2027 delay? - Eric Schmidt (Cantor Fitzgerald)

2024Q4: The 90-patient dose selection analysis will follow patients for 8-12 weeks to assess safety and initial response rates... - [David Berman](Head, R&D)

Contradiction Point 5

Regulatory Strategy for PRAME Oncology Assets

Contradiction on the type of trial design planned for the next phase of PRAME development.

What are your primary growth strategies for the next fiscal year? - Graig Suvannavejh (Mizuho Securities)

2025Q4: The company will use the totality of data... to guide next steps, providing optionality in asset progression. - [Mohammed Dar](CMO)

What scenarios could result from the upcoming PRAME portfolio (ovarian and lung cancer) data update, and will you advance one or potentially two assets? - Jack Allen/Baird (via Nick)

2024Q4: The 90-patient dose selection analysis... No futility analysis is planned; the goal is dose selection. - [David Berman](Head of R&D)