Immunocore Holdings (IMCR) financial statements
Immunocore Holdings reported revenue of $400M in fiscal 2025, up 214.7% a year over 4 years.
Net income was -$36M and the operating margin -11.3%, against -4281.2% in 2021.
Free cash flow was -$15M.
The diluted share count rose 18% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Immunocore Holdings's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4M | $174M | $249M | $310M | $400M |
| Cost of revenue | $0 | $1M | $1M | $3M | $5M |
| Gross profit | $4M | $173M | $248M | $307M | $395M |
| Research and development | $100M | $102M | $164M | $222M | $275M |
| Selling, general and admin | $111M | $123M | $144M | $156M | $165M |
| Operating income | -$175M | -$52M | -$60M | -$70M | -$45M |
| Interest expense | $6M | $5M | $5M | $19M | $12M |
| Pre-tax income | -$180M | -$41M | -$61M | -$53M | -$19M |
| Income tax | $150,000 | $12M | -$6M | -$2M | $16M |
| Net income | -$180M | -$53M | -$55M | -$51M | -$36M |
| EPS (diluted) | -$4.24 | -$1.15 | -$1.13 | -$1.02 | -$0.71 |
| Diluted shares | 42M | 46M | 49M | 50M | 50M |
| Gross margin | 100.0% | 99.4% | 99.6% | 99.1% | 98.7% |
| Operating margin | -4281.2% | -29.7% | -23.9% | -22.7% | -11.3% |
| Net margin | -4414.6% | -30.1% | -22.2% | -16.5% | -8.9% |
Balance sheet
Fiscal years, from Immunocore Holdings's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $321M | $402M | $443M | $820M | $864M |
| Receivables | — | $34M | $52M | $63M | — |
| Inventory | — | $692,000 | $5M | $5M | $7M |
| Total current assets | — | $474M | $529M | $930M | $997M |
| Property, plant and equipment | — | $8M | $9M | $10M | $11M |
| Total assets | — | $527M | $597M | $1.0B | $1.1B |
| Total current liabilities | — | $101M | $139M | $212M | $247M |
| Total liabilities | — | $188M | $228M | $649M | $686M |
| Shareholders' equity | $234M | $339M | $369M | $361M | $381M |
| Net debt | -$321M | -$402M | -$443M | -$456M | -$468M |
Cash flow
Fiscal years, from Immunocore Holdings's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | -$143M | -$49M | $3M | $26M | -$11M |
| Capital spending | $1M | $2M | $5M | $5M | $4M |
| Free cash flow | -$144M | -$51M | -$2M | $21M | -$15M |
| Stock-based compensation | $49M | $33M | $32M | $34M | $38M |
| Free cash flow margin | -3543.2% | -29.5% | -1.0% | 6.7% | -3.8% |
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Open IMCR in InvestinglyQuestions
What was Immunocore Holdings's revenue in 2025?
$400M in fiscal 2025, from its 10-K filing.
How much free cash flow does Immunocore Holdings generate?
-$15M in fiscal 2025 (operating cash flow minus capital spending).
From Immunocore Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.