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UK's Immunocore Q3 loss misses estimates on higher R&D spending

By Reuters News


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

  • Nov 4 - Cytokinetics Q3 net loss narrows as net product revenue rises

  • Nov 4 - Kailera Therapeutics Q3 net loss widens on higher R&D costs

  • Nov 5 - Halozyme Therapeutics Q3 revenue jumps 39% on ENHANZE royalty growth, lifts 2026 outlook


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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