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Immunocore Holdings (IMCR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Immunocore Holdings (IMCR) Q3 2026 earnings results →
Q3 2026 Revenue down 1% year over year to $102M · 14¢ of every $1 of revenue lost · operating margin -13.3%
Immunocore Holdings made $102M in Q3 2026 (-1% Y/Y). Operating margin -13.3%, net loss $14.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $102.2M in Q3 2026, down 1% year over year and down 12% from the previous quarter.
Operating costs exceeded revenue by $13.6M, an operating margin of -13.3%. Total costs grew 4% against a revenue fall of 1%. The fastest-growing cost line was Cost of revenue (+32%). The quarter ended with a net loss of $14.2M, wider than the previous quarter's $808K loss.
Operating cash flow was $20.1M. Non-cash charges added back $1.1M of depreciation and $9.7M of share-based compensation. Working capital and other items added $23.5M. Capital expenditures of $2.3M left free cash flow of $17.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $102M | -1% | -13.3% | −$14.2M | $20.1M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $116M | +18% | -2.6% | −$808K | $15.9M |
| Q1 2026 | 10-Q | May 6, 2026 | $107M | +14% | 6.8% | $13.0M | −$13.8M |
| Q4 2025 | 10-K | Feb 25, 2026 | $104M | +24% | -18.8% | −$30.1M | −$32.7M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $104M | +29% | -6.9% | −$177K | −$4.5M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $98.0M | +30% | -15.2% | −$10.3M | $26.0M |
| Q1 2025 | 10-Q | May 7, 2025 | $93.9M | +33% | -3.9% | $5.0M | $435K |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Immunocore Holdings
We are a commercial stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases, and autoimmune diseases. Leveraging our proprietary, flexible, off-the-shelf ImmTAX ® ( I mmune m obilizing m onoclonal T CRs A gainst X disease) platform, we are developing a deep pipeline in multiple therapeutic areas, including clinical stage programs in oncology and infectious disease, advanced pre-clinical programs in autoimmune disease and earlier pre-clinical programs across three therapeutic areas.
In its own words, from its 10-K, filed Feb 25, 2026.
Immunocore Holdings against its Biological Products, (No Diagnostic Substances) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -1% against the peers' median +11%. Operating margin: -13.3% against the peers' median 35.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| IMCR Immunocore Holdings | Q3 2026 | $102M | -1% | -13.3% |
| AMGN Amgen | Q3 2026 | $10.4B | +8% | 35.8% |
| GILD Gilead Sciences | Q3 2026 | $8.3B | +7% | 41.7% |
| BIIB Biogen | Q3 2026 | $2.8B | +11% | -0.3% |
| MRNA Moderna | Q3 2026 | $1.3B | +29% | 9.9% |
| NBIX Neurocrine Biosciences | Q3 2026 | $1.1B | +41% | 29.5% |
| EXEL Exelixis | Q3 2026 | $659M | +10% | 40.8% |
| HALO Halozyme Therapeutics | Q3 2026 | $493M | +39% | 59.8% |
| MGTX MeiraGTx Holdings | Q2 2026 | $321M | 87× | 76.0% |
Source: Immunocore Holdings 10-Q on SEC EDGAR · CIK 1671927 · Biological Products, (No Diagnostic Substances)
Guidance and outlook
13F: who owns IMCR and who is buying
More on IMCR
- How Immunocore Holdings makes money: revenue by segment
- Immunocore Holdings next earnings date and what analysts expect
- Immunocore Holdings stock forecast, price target and fair value
- Who owns Immunocore Holdings stock: holders, funds and Congress trades
- Immunocore Holdings guidance and outlook
- Is Immunocore Holdings a takeover target? LBO and rumors
- Immunocore Holdings recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results