Immunocore reported third‑quarter 2025 net product sales of $103.7 million, a 29% year‑over‑year increase that surpassed consensus revenue estimates of $99.9 million by $3.8 million, or roughly 3.8%. The company’s earnings per share of $0.00—derived from a net loss of $0.2 million—beat the consensus estimate of –$0.30 by $0.30 per share, a margin that underscores stronger-than‑expected commercial performance.
KIMMTRAK, Immunocore’s flagship product, generated $67.3 million in U.S. sales, $33.5 million in Europe, and $2.9 million internationally, totaling $103.7 million. Compared with $98.0 million in Q2 2025, the quarter’s sales grew 5.6% sequentially, driven by expanded market penetration in the United States and new country launches in Europe. The high gross margin of 99.26% reflects efficient manufacturing and pricing power in the oncology specialty market.
Research and development expenses rose to $70.6 million, up 34% from $52.8 million a year earlier, reflecting intensified investment in three Phase 3 melanoma trials and other mid‑stage programs. Selling, general and administrative costs increased to $39.8 million, a 12% rise from $35.5 million, largely due to scaling commercial operations to support the growing KIMMTRAK sales volume. Despite these higher costs, the company’s cash, cash equivalents and marketable securities stood at $892.4 million, up from $820.4 million at the end of 2024, providing a robust liquidity cushion for future pipeline development.
The quarter ended with a net loss of $0.2 million, compared with a net profit of $8.7 million in Q3 2024. The loss is attributable to the higher R&D and SG&A outlays that offset the strong revenue growth. Nevertheless, the company’s operating margin remained healthy, and the high gross margin indicates that the core product remains highly profitable even as the company invests heavily in its pipeline.
A key clinical milestone was announced: the Independent Data Monitoring Committee selected the 160 microgram dose as the go‑forward dose for brenetafusp in the Phase 3 PRISM‑MEL‑301 trial, a first‑line advanced cutaneous melanoma study. This dose selection positions the program for the upcoming data readout and signals progress in Immunocore’s oncology pipeline.
Chief Executive Officer Bahija Jallal emphasized that “our commercial momentum continues with over $100 million in sales this quarter and enables sustained investment in innovation. We are executing to plan – advancing three Phase 3 melanoma trials and multiple mid‑stage programs – to deliver transformative outcomes for patients and sustained value for shareholders.” The statement highlights the company’s dual focus on commercial growth and pipeline development, underscoring the strategic importance of the Q3 results for both short‑term cash flow and long‑term growth prospects.
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