Immunocore Narrowed Loss as Kimmtrak Growth Accelerated
Kimmtrak sales rose 18% to $115.9 million in the second quarter.
Immunocore Holdings (IMCR), the biotechnology company developing T-cell receptor therapies, narrowed its quarterly loss as growth in its commercial cancer treatment accelerated.
Kimmtrak’s rebound marked an inflection after several modest sequential gains. Quarterly sales had moved from $103.7 million in the third quarter of 2025 to $104.5 million in the fourth quarter and $106.7 million in the first quarter of 2026 before rising about 8.6% in the latest period.
Second-quarter Kimmtrak sales increased 18% from $98.0 million a year earlier, accelerating from 13.6% growth in the first quarter. Immunocore’s net loss narrowed to $0.8 million, or $0.02 a share, from $10.3 million, or $0.20 a share, a year earlier. The company had earned $13.0 million, or $0.25 a diluted share, in the first quarter.
The U.S. and international markets drove the sequential sales increase. U.S. sales rose to $74.9 million from $67.4 million in the first quarter, while international sales climbed to $6.9 million from $4.8 million. European sales edged down to $34.1 million from $34.4 million. U.S. year-over-year growth slowed to 17% from 19.1% in the prior quarter, with mean treatment duration holding at 14 months.
Higher clinical spending offset part of the commercial gain. Research-and-development expense rose 7% to $73.9 million and increased $12.8 million sequentially as Immunocore advanced three Phase 3 studies. Still, its operating loss narrowed to $3.0 million from $14.9 million a year earlier, improving the operating margin to about negative 2.6% from negative 15.2%.
Immunocore ended June with $880.2 million in cash, cash equivalents and marketable securities, up from $844.9 million at the end of March. The company expects to pay about $120 million of sales-related rebate accruals during the second half.
Clinical timelines remained a counterweight to the improved commercial trajectory. Enrollment in the 540-patient TEBE-AM study was nearing completion after extending beyond the first half, with topline data expected as early as the end of 2026. HIV-program results are now planned for early 2027, while the first patient in the IMC-S118AI type 1 diabetes trial is expected in the coming weeks after trial sites opened.