Immunocore KIMMTRAK Sales Reverse After Two Growth Quarters

The Tip Desk · November 6, 2026 · 3 min read

Third-quarter KIMMTRAK net product revenue was $102.2 million, and the company said underlying growth was about 10% after U.S. stocking and an extra week in 2025.

Immunocore Holdings plc (IMCR), a commercial-stage biotechnology company, reported KIMMTRAK net product revenue of $102.2 million for the third quarter ended September 30, 2026, down from $103.7 million a year earlier.

That 1.4% year-over-year decline reversed 18% growth in the second quarter and 14% growth in the first. The company said the year-over-year comparison was affected by U.S. wholesaler stocking in the second quarter of 2026 and one additional week of U.S. sales in the third quarter of 2025. Normalizing those two items, it said underlying revenue growth was approximately 10% versus the third quarter of 2025.

U.S. sales were $62.2 million, Europe $34.9 million and international regions $5.1 million. Europe sales were little changed from $34.1 million in the second quarter. International-region sales were $5.1 million.

For the nine months ended September 30, 2026, KIMMTRAK net sales were $324.8 million, compared with $295.5 million a year earlier, a 10% year-over-year increase. The company attributed the nine-month increase to continued growth in the United States, Europe and international regions.

Research and development expenses were $74.7 million, which the company said was primarily due to advancement of clinical programs, including three Phase 3 trials. Selling, general and administrative expenses were $40.5 million. Net loss was $14.2 million, or $0.28 a share, compared with a $0.2 million loss, or $0.00 a share, in the third quarter of 2025. For the nine months, net loss was $2.1 million, or $0.04 a share, compared with a $5.5 million loss, or $0.11 a share, a year earlier.

Cash, cash equivalents and marketable securities were $901.3 million as of September 30, 2026. The company said it expects to pay approximately $120 million in sales-related rebate accruals in the fourth quarter of 2026.

The registrational Phase 3 TEBE-AM trial in previously treated advanced cutaneous melanoma completed its target enrollment of 540 patients. Topline overall survival data are expected in the second quarter of 2027. The company had said in August that enrollment was nearing the 540-patient target and that data could come as early as the end of 2026. The trial randomizes patients to tebentafusp as monotherapy or in combination with an anti-PD-1, or a control arm; the primary endpoint is overall survival.

The company also said it is planning a randomized Phase 2/3 DUET-UVEAL trial of KIMMTRAK plus brenetafusp in HLA-A*02:01-positive metastatic uveal melanoma, citing Phase 1 combination data. Among 17 evaluable first-line patients on the combination, overall response rate was 29%, median duration of response 24.1 months, median progression-free survival 8.1 months, and the two-year overall survival rate was 70%. The company said it believes those are the first data showing clinical activity and a manageable safety profile for a combination of two T cell engagers in a solid tumor.

Five-year overall survival data from the Phase 3 KIMMTRAK trial in unresectable or metastatic uveal melanoma, presented at AACR 2026, have been accepted by the European Medicines Agency for inclusion in the European SmPC, the company said. The company sees three growth areas for KIMMTRAK: continued U.S. community and global market penetration in metastatic uveal melanoma, potential expansion into second-line and later advanced cutaneous melanoma, and potential expansion into adjuvant uveal melanoma. EORTC is enrolling the Phase 3 ATOM adjuvant trial in Europe and the United States.

The first person with type 1 diabetes was dosed in the Phase 1 trial of IMC-S118AI, the company’s first tissue-specific autoimmune candidate. The company plans to file a clinical trial application or investigational new drug application before the end of the year for IMC-U120AI, a second autoimmune program.