Filing Flows › Immunocore Holdings (IMCR) › Q1 2026
Immunocore Holdings (IMCR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Immunocore Holdings (IMCR) reported revenue of $107M for the first quarter 2026 (Q1 2026), +14% from a year earlier and +2% from the quarter before. Operating margin was 6.8%, net earnings $13.0M (12.2% of revenue).
Immunocore Holdings, Q1 2026: revenue $107M (+14% year over year), operating margin 6.8%, net earnings $13.0M, operating cash flow −$13.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $107M | +2% | +14% |
| Operating profit | $7.3M | — | — |
| Net earnings | $13.0M | — | +158% |
| Operating cash flow | −$13.8M | — | -3267% |
What changed
Revenue was $106.7M in Q1 2026, up 14% year over year and up 2% from the previous quarter.
Operating profit was $7.3M, a 6.8% margin (up 10.7 points year over year). Total costs grew 2% against revenue growth of 14%. Net earnings were $13.0M, up 158% year over year. The effective tax rate was 2.3%. Non-operating items added $6.0M, 45% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$13.8M. Non-cash charges added back $948K of depreciation and $6.3M of share-based compensation. Working capital and other items used $34.0M. Capital expenditures of $1.8M exceeded it, leaving free cash flow of −$15.6M.
Questions
What was Immunocore Holdings' revenue in the first quarter 2026?
Immunocore Holdings (IMCR) reported revenue of $107M for the first quarter 2026 (Q1 2026), +14% from a year earlier and +2% from the quarter before.
Was Immunocore Holdings profitable in the first quarter 2026?
Operating profit was $7.3M (6.8% of revenue) and net earnings $13.0M.