UK's Immunocore Q3 loss misses estimates on higher R&D spending
Overview
UK biotechnology firm's Q3 KIMMTRAK revenue was flat yr/yr; underlying growth about 10% after adjustments
Q3 net loss and loss per share both missed analyst expectations
Higher R&D expenses driven by advancement of clinical programs, including three Phase 3 trials
Outlook
Immunocore targets KIMMTRAK growth via US/global mUM penetration and expansion into new indications
Topline Phase 3 TEBE-AM trial data in advanced cutaneous melanoma expected Q2 2027
Clinical data for brenetafusp in ovarian and lung cancer cohorts expected later in 2026
Result Drivers
US SALES TIMING - Co said Q3 revenue was affected by wholesaler stocking in Q2 and an extra week of US sales in Q3 2025
MARKET EXPANSION - Co attributed underlying sales growth to continued expansion in US, Europe and international markets
R&D SPENDING - Higher R&D expenses driven by advancement of clinical programs, including three Phase 3 trials
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Loss Per Share | Miss | $0.28 | $0.13 (11 Analysts) |
Q3 Net Loss | Miss | $14.22 mln | $7.04 mln (9 Analysts) |
Q3 Operating Income | Miss | -$13.61 mln | -$9.70 mln (10 Analysts) |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the pharmaceuticals peer group is "buy"
Wall Street's median 12-month price target for Immunocore Holdings PLC is $74.50, about 162.3% above its November 5 closing price of $28.40
Reuters Recommended Reads
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Nov 5 - Halozyme Therapeutics Q3 revenue jumps 39% on ENHANZE royalty growth, lifts 2026 outlook
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)