Filing Flows › Immunocore Holdings (IMCR) › Q1 2025
Immunocore Holdings (IMCR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Immunocore Holdings (IMCR) reported revenue of $93.9M for the first quarter 2025 (Q1 2025), +33% from a year earlier and +12% from the quarter before. Operating margin was -3.9%, net earnings $5.0M (5.4% of revenue).
Immunocore Holdings, Q1 2025: revenue $93.9M (+33% year over year), operating margin -3.9%, net earnings $5.0M, operating cash flow $435K. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $93.9M | +12% | +33% |
| Operating profit | −$3.6M | — | — |
| Net earnings | $5.0M | — | — |
| Operating cash flow | $435K | — | — |
| Free cash flow | $137K | — | — |
What changed
Revenue was $93.9M in Q1 2025, up 33% year over year and up 12% from the previous quarter.
Operating costs exceeded revenue by $3.6M, an operating margin of -3.9%. Total costs grew 1% against revenue growth of 33%. The fastest-growing cost line was Cost of revenue (+238%). Net earnings were $5.0M. The effective tax rate was 17.4%. Non-operating items added $9.7M, 159% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $435K, 9% of net earnings. Non-cash charges added back $854K of depreciation and $9.5M of share-based compensation. Working capital and other items used $14.9M. Capital expenditures of $298K left free cash flow of $137K.
Questions
What was Immunocore Holdings' revenue in the first quarter 2025?
Immunocore Holdings (IMCR) reported revenue of $93.9M for the first quarter 2025 (Q1 2025), +33% from a year earlier and +12% from the quarter before.
Was Immunocore Holdings profitable in the first quarter 2025?
Operating loss was $3.6M (-3.9% of revenue) and net earnings $5.0M.