IMCR
HealthcareImmunocore Holdings plc · Biotechnology · $1B
What is Immunocore Holdings plc?
Immunocore Holdings is a commercial-stage biotechnology company focused on developing immunotherapies targeting cancer, infectious diseases, and autoimmune conditions. Headquartered in Abingdon, United Kingdom, the company has brought its first product to market while advancing a broad clinical pipeline.
Immunocore generates revenue through its approved therapy KIMMTRAK, indicated for patients with unresectable or metastatic uveal melanoma — a rare and difficult-to-treat eye cancer. Beyond its commercial product, the company invests heavily in clinical-stage programs spanning multiple solid tumor cancers, chronic hepatitis B, and HIV. Its pipeline also includes early-stage work in autoimmune diseases, positioning Immunocore as a platform-driven biotech rather than a single-asset company.
Immunocore was founded in 1999 and is headquartered in Abingdon, United Kingdom.
- KIMMTRAK — approved therapy for unresectable or metastatic uveal melanoma
- IMC-C103C — Phase I/II oncology program targeting multiple solid tumors
- IMC-F106C — Phase I/II program across several solid tumor cancer types
- IMC-I109V — Phase I/II program for chronic hepatitis B virus
- Autoimmune disease pipeline in preclinical and early development stages
Is IMCR a Good Stock to Buy?
UQS Score rates IMCR as Below Average overall, reflecting a mixed profile across the five quality pillars.
The Growth pillar stands out as the clearest positive — Immunocore is expanding its commercial footprint with KIMMTRAK while advancing multiple clinical programs that could broaden its addressable market. The Risk and Moat pillars both register as Neutral, suggesting neither a structural competitive edge nor an outsized threat profile relative to biotech peers.
The Quality pillar is rated Weak, pointing to underlying financial fundamentals that trail stronger peers, while the Valuation pillar reads Elevated — meaning the market is pricing in considerable future success.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does IMCR pay dividends?
No — Immunocore Holdings plc does not currently pay a dividend.
Immunocore does not currently pay a dividend. This is typical for commercial-stage biotechs that prioritize reinvesting capital into clinical development, regulatory activities, and commercialization efforts. Investors in IMCR are generally seeking growth from pipeline advancement and expanded product adoption rather than income distributions.
When does IMCR report earnings?
Immunocore reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.
Quarterly results for IMCR tend to focus on KIMMTRAK revenue trajectory, operating expense trends tied to clinical investment, and pipeline progress updates. Investors watch closely for signs of commercial uptake and cash runway commentary.
For the most recent quarter's results and upcoming reporting dates, visit Immunocore's investor relations page directly.
IMCR Price History
-28.0% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Immunocore Holdings plc?
Based on Immunocore Holdings plc's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
IMCR Long-term Outlook
Immunocore's Strong Growth pillar suggests the company is on an upward trajectory, driven by KIMMTRAK's commercial ramp and a pipeline that spans oncology, infectious disease, and autoimmune indications. However, the Elevated Valuation pillar signals that much of this anticipated growth may already be reflected in the current share price. The Neutral Risk pillar indicates a balanced but not low-risk profile — clinical trial outcomes and regulatory decisions remain central variables for the business.
Growth drivers
- Expanding commercial adoption of KIMMTRAK in uveal melanoma
- Multiple Phase I/II programs advancing toward potential data readouts
- Platform applicability across oncology, infectious disease, and autoimmune indications
Key risks
- Clinical trial failures or delays across the pipeline could reset growth expectations
- Elevated valuation leaves limited margin of safety if execution disappoints
- Cash burn from ongoing R&D investment in a competitive biotech environment
IMCR vs Peers
Immunocore operates in a competitive small-cap biotech landscape alongside companies pursuing distinct therapeutic strategies.
Capricor focuses on cell and exosome-based therapies, pursuing a different biological mechanism than Immunocore's T-cell receptor platform.
Ardelyx concentrates on gastrointestinal and cardiorenal diseases, giving it a narrower but commercially active therapeutic focus compared to Immunocore's broader oncology and infectious disease pipeline.
Taysha pursues gene therapy approaches for rare neurological diseases, representing a fundamentally different modality and disease area from Immunocore's immunotherapy platform.
Frequently Asked Questions
What does Immunocore do?
Immunocore is a commercial-stage biotechnology company that develops immunotherapies for cancer, infectious diseases, and autoimmune conditions. Its approved product, KIMMTRAK, treats a rare form of eye cancer called uveal melanoma. The company also maintains a broad clinical pipeline targeting multiple additional disease areas.
Does IMCR pay dividends?
Immunocore does not pay a dividend. Like most clinical-stage and early commercial biotechs, the company channels available capital into research, clinical trials, and commercialization rather than returning cash to shareholders through distributions.
When does IMCR report earnings?
Immunocore reports financial results on a quarterly basis, in line with standard US-listed company practice. For specific upcoming reporting dates and the most recent quarterly results, check Immunocore's official investor relations page.
Is IMCR a good stock to buy?
UQS Score rates IMCR as Below Average overall. The Growth pillar is Strong, reflecting real commercial and pipeline momentum, but the Quality pillar is Weak and the Valuation pillar is Elevated. Whether that profile suits your investment approach depends on your risk tolerance and time horizon. View the full pillar breakdown on UQS Pro.
Is IMCR overvalued?
The UQS Valuation pillar for IMCR is rated Elevated, suggesting the current market price reflects optimistic assumptions about future pipeline and commercial success. Investors should weigh this against the company's current financial fundamentals before drawing conclusions.
How does IMCR compare to its competitors?
Immunocore operates in the small-cap biotech space alongside companies like Capricor Therapeutics, Ardelyx, and Taysha Gene Therapies. Each pursues different therapeutic modalities and disease areas. Immunocore's differentiation lies in its T-cell receptor platform and its status as a commercial-stage company with an approved product already on the market.
What is IMCR's market cap bracket?
Immunocore is classified as a small-cap company. This places it in a segment of the market that typically carries higher volatility and growth potential relative to large- or mega-cap peers, but also greater sensitivity to clinical and commercial execution risks.
Who founded Immunocore?
Immunocore was founded in 1999. Detailed founding history, including the names of its founders, is publicly available through the company's official website and widely covered in biotech industry sources.
Is IMCR a long-term quality investment?
From a long-term quality perspective, IMCR's UQS profile is mixed. The Strong Growth pillar is a positive signal for future potential, but the Weak Quality pillar and Elevated Valuation pillar suggest the company has not yet demonstrated the financial durability associated with high-quality long-term holdings. The full pillar analysis is available to UQS Pro members.
What is the main competitive advantage of Immunocore?
Immunocore's platform centers on a proprietary T-cell receptor technology designed to direct immune cells against specific disease targets. This approach underpins both its approved KIMMTRAK therapy and its broader pipeline, giving the company a differentiated scientific foundation relative to many biotech peers.
What sector does IMCR belong to?
Immunocore operates in the Healthcare sector, specifically within commercial-stage biotechnology. The company focuses on immunotherapy development across oncology, infectious disease, and autoimmune disease indications.
Is IMCR a growth stock or value stock?
Based on its UQS pillar profile, IMCR leans toward the growth category — the Growth pillar is rated Strong, reflecting expanding commercial and pipeline activity. However, the Elevated Valuation pillar means investors are already paying a premium for that anticipated growth, which is not typical of a value-oriented profile.
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Pro Analysis
IMCR — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 20, 2026 | 37.9 | 11.3 | 42.0 | 87.9 | 47.1 | 0.0 | +4.3 |
| May 8, 2026 | 33.6 | 0.0 | 42.0 | 87.9 | 36.9 | 0.0 | -4.3 |
| Apr 3, 2026 | 37.9 | 11.3 | 42.0 | 87.9 | 47.1 | 0.0 | -0.1 |
| Apr 2, 2026 | 38.0 | 11.3 | 42.0 | 87.9 | 47.1 | 0.0 | — |
IMCR — Pillar Breakdown
Quality
— 11.3/100 (25%)Immunocore Holdings plc currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 87.9/100 (20%)Immunocore Holdings plc is growing rapidly with strong revenue and earnings expansion.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 47.1/100 (15%)Immunocore Holdings plc has some risk factors including moderate leverage or solvency concerns.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 0.0/100 (15%)Immunocore Holdings plc appears expensively valued relative to its fundamentals and growth prospects.
Moat
— 42/100 (25%)Immunocore Holdings plc possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for IMCR.
Score Composition
Financial Data
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How is the IMCR UQS Score Calculated?
The UQS (Unified Quality Score) for Immunocore Holdings plc is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Immunocore Holdings plc's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Immunocore Holdings plc is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.