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- **Revenue Growth**: Q2 2025 KIMMTRAK sales of $98 million (+30% YoY), with U.S. up 15% and Europe up 115%.
- **Pipeline Momentum**: Phase III trials (TEBE-AM, ATOM, PRISM-MEL) advancing; type 1 diabetes CTA expected by year-end 2025.
- **Financial Strength**: $883 million cash balance; net loss narrowed to $5 million (vs. $36 million in Q2 2024).
- **Strategic Expansion**: 28-country launch, 68% U.S. community prescriptions, and 13-month duration of therapy.
- **Innovation Focus**: Autoimmune programs and HIV viral control trials set to enter clinical testing in 2026.

**【CEO Summary Section】**
- Immunocore reported $192 million in KIMMTRAK revenue for the first half of 2025, a 32% year-over-year increase, driven by strong performance in the U.S. and Europe.
- The company emphasized three core pillars: maximizing KIMMTRAK's value, advancing clinical trials, and innovating for growth. Phase III trials in melanoma (TEBE-AM, ATOM, PRISM-MEL) are progressing, with TEBE-AM on track for enrollment completion in H1 2026.
- The pipeline includes autoimmune programs (type 1 diabetes, CD1a in atopic dermatitis) with a CTA expected for type 1 diabetes by year-end 2025.

**【Commercial Performance】**
- Q2 2025 net sales: $98 million (30% YoY growth), with U.S. contributing $64 million (15% YoY) and Europe $33 million (115% YoY growth).
- KIMMTRAK now launched in 28 countries, with 68% of U.S. prescriptions from community settings and a 13-month duration of therapy.
- Expansion into Turkey and MENA via Er-Kim partnership, and successful launches in the U.K., Poland, and Netherlands.

**【R&D Pipeline Updates】**
- **TEBE-AM (cutaneous melanoma):** Phase III trial with OS endpoint, enrolling well globally. IDMC will select the go-forward dose after 90 patients.
- **ATOM (adjuvant uveal melanoma):** Only Phase III trial in adjuvant setting, activated in Europe with U.S.启动计划 for fall 2025.
- **PRISM-MEL (first-line cutaneous melanoma):** Comparing brenetafusp doses vs. Opdualag, with 150 global sites activated.
- Early-stage programs: PRAME half-life extension, PIWIL in colorectal cancer, HIV viral control trials, and autoimmune candidate dosing set for 2026.

**【Financial Highlights】**
- Q2 2025 net loss: $5 million (vs. $36 million in Q2 2024), driven by 30% KIMMTRAK sales growth.
- R&D expenses increased due to Phase III trials and pipeline advancement; SG&A stable at $42 million/quarter.
- Cash balance: $883 million, supporting investments in clinical trials and pipeline expansion.
- Expect modest KIMMTRAK growth in 2025, with focus on life cycle management and new indications.

**【Q&A Key Highlights】**
- **TEBE-AM Design:** Control arm includes anti-PD-1 retreatment, reflecting real-world practice. IDMC will assess benefit-risk for dose selection.
- **Competitive Positioning:** KIMMTRAK is the #1 prescribed therapy in HLA-A*02:01+ uveal melanoma, with 22-month median OS vs. 12 months for competitors.
- **Autoimmune Strategy:** First clinical trial for type 1 diabetes planned for H1 2026, targeting tissue-specific PD-1 agonism.
- **FDA Interactions:** Trials designed with input from FDA; TEBE-AM and ATOM have sufficient U.S. sites and representative patient demographics.
- **Breakeven Expectation:** No timeline for profitability; focus on R&D investments and KIMMTRAK growth.


Immunocore Holdings plc (IMCR) Q2 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

IMCR

IMCR fundamentals

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