Immunocore Q3 Sales Dip to $102.2M as TEBE-AM Enrolls

Immunocore Holdings plc (Nasdaq: IMCR) reported third quarter 2026 KIMMTRAK net product sales of $102.2 million on 6 November 2026, down from $103.7 million a year earlier, while first nine-month sales reached $324.8 million versus $295.5 million in 2025. The company said its Phase 3 TEBE-AM trial in previously treated advanced cutaneous melanoma completed target enrollment of 540 patients, with topline overall survival data expected in the second quarter of 2027. Cash, equivalents and marketable securities stood at $901.3 million at 30 September 2026.

Context — why Immunocore's flat quarter matters

The headline revenue figure hides a sequencing effect the company spelled out. Immunocore attributed the year-over-year decline to two United States items: wholesaler stocking that landed in the second quarter of 2026, and one additional week of sales in the third quarter of 2025. Stripping both out, the company said underlying revenue growth for the quarter was approximately 10%.

The nine-month comparison supports that reading. Net sales rose 9.9% year to date, with the United States contributing $204.6 million, Europe $103.5 million and international regions $16.7 million. Growth came from all three geographies, the company said, not from a single market.

KIMMTRAK is approved in 39 countries and launched in more than 30 for HLA-A*02:01 positive unresectable or metastatic uveal melanoma. Immunocore describes it as the standard of care in every major market where it has launched. That matters because uveal melanoma is rare: the company has said up to half of patients eventually develop metastatic disease, and the metastatic setting had no approved treatment before KIMMTRAK.

The cost base is expanding alongside the pipeline. Research and development expenses rose to $74.7 million from $70.6 million, which the company tied to three Phase 3 trials. Selling, general and administrative expenses were roughly flat at $40.5 million against $39.8 million.

The net loss widened to $14.2 million, or $0.28 per share, from $0.2 million a year earlier. For the nine months, the loss narrowed to $2.1 million from $5.5 million.

Data — the numbers behind the quarter

Metric	Q3 2026	Q3 2025
KIMMTRAK net sales	$102.2M	$103.7M
R&D expense	$74.7M	$70.6M
SG&A expense	$40.5M	$39.8M
Net loss	$14.2M	$0.2M
Loss per share	$0.28	$0.00

Nine-month net sales of $324.8 million compare with $295.5 million, a 10% increase. Cash rose to $901.3 million from $864.2 million at 31 December 2025. That increase came with a caveat: Immunocore expects to pay roughly $120 million in sales-related rebate accruals in the fourth quarter of 2026.

Geographic mix for the quarter was $62.2 million in the United States, $34.9 million in Europe and $5.1 million internationally. Over nine months the split was $204.6 million, $103.5 million and $16.7 million respectively.

The company also put patient population sizes on its three KIMMTRAK growth avenues. It estimates up to 4,000 HLA-A*02:01 positive, previously treated advanced cutaneous melanoma patients in the US and Europe, and up to 1,200 high-risk adjuvant uveal melanoma patients across the same regions. For first-line advanced cutaneous melanoma, where brenetafusp is being tested, Immunocore estimates roughly 10,000 eligible patients.

Analysis — what the pipeline readouts mean for IMCR

The investment case now rests less on KIMMTRAK's quarterly arc than on two readouts. TEBE-AM is fully enrolled and event-driven, with overall survival data guided to the second quarter of 2027. Immunocore noted that no therapy to date has shown an overall survival improvement after progression on checkpoint inhibitors in a randomized trial, which frames both the opportunity and the risk: the trial is testing against a bar nothing has cleared.

Brenetafusp carries the nearer-term catalyst. In the Phase 1/2 study, the company reported a 29% overall response rate across 17 evaluable first-line metastatic uveal melanoma patients who received KIMMTRAK plus brenetafusp, with median duration of response of 24.1 months and median overall survival not yet reached at 29 months of follow-up. In 16 evaluable second-line-or-later patients on brenetafusp monotherapy, response rate was 19% and median overall survival 20.3 months. Immunocore called these the first data showing clinical activity and a manageable safety profile for two T cell engagers combined in a solid tumor — a company characterization, not an established finding.

The counter-argument is size. Both cohorts are small, non-randomized and drawn from an early-stage trial, and the company itself is only now planning a randomized Phase 2/3 DUET-UVEAL study based on them. Safety was manageable in the reported data: cytokine release syndrome and rash were the most common treatment-related events, no Grade 3 or higher CRS appeared in the combination arms, and no event led to discontinuation or death. Immunocore also flagged a fourth-quarter cash outflow of about $120 million for rebate accruals, which will pull against the $901.3 million balance.

Outlook — catalysts Immunocore investors are watching

Three dated items sit on the calendar. Immunocore will present the KIMMTRAK plus brenetafusp data at the 2026 Society for Immunotherapy of Cancer annual meeting, with a poster on 6 November and an oral session on 7 November. The company expects to report brenetafusp data from ovarian and lung cohorts at a medical conference later this year, and plans to file a clinical trial application or investigational new drug application for its second autoimmune candidate, IMC-U120AI, before year-end.

Beyond those, the schedule is event-driven rather than fixed. TEBE-AM topline overall survival is guided to the second quarter of 2027. Analysis of higher-dose data from the IMC-M113V HIV trial is ongoing, with results planned for early next year. The company did not disclose enrollment timelines for PRISM-MEL-301, the brenetafusp Phase 3 in first-line cutaneous melanoma, or for the EORTC-sponsored ATOM adjuvant trial.

Frequently Asked Questions

Why did Immunocore's Q3 revenue fall year over year?

Immunocore attributed the decline to two US-specific items: wholesaler stocking that occurred in the second quarter of 2026, pulling revenue forward, and one extra week of sales in the third quarter of 2025. Normalizing for both, the company said underlying growth was approximately 10%. The nine-month figure of $324.8 million, up from $295.5 million, is consistent with that underlying rate.

What does the TEBE-AM enrollment milestone mean for IMCR shareholders?

Full enrollment of 540 patients moves TEBE-AM from a recruitment story to an event-driven one. The trial randomizes patients to tebentafusp as monotherapy or with an anti-PD1, or to a control arm, with overall survival as the primary endpoint. Immunocore guides topline data to the second quarter of 2027, so the intervening quarters carry no readout from this trial.

Is Immunocore's cash position enough to fund its pipeline?

Immunocore held $901.3 million in cash, equivalents and marketable securities at 30 September 2026, up from $864.2 million at year-end 2025. The company expects to pay about $120 million in sales-related rebate accruals in the fourth quarter, which reduces that balance. Immunocore did not state a cash runway figure, and it has three Phase 3 trials plus early-stage autoimmune and infectious disease programs running concurrently.

Bottom Line

Immunocore's flat headline quarter masks roughly 10% underlying growth, leaving the 2027 TEBE-AM survival readout as the decisive event for IMCR.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.