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Immunocore Holdings vs Vericel: IMCR and VCEL compared
Immunocore Holdings is the larger company: $102M of revenue in its latest quarter (Q3 2026) against $85.4M for Vericel (Q3 2026). Vericel is growing faster (+26% against -1% a year earlier). Vericel is more profitable, with an operating margin of 14.3% against -13.3%.
Where the money goes: IMCR and VCEL
Immunocore Holdings (IMCR) · Q3 2026
Immunocore Holdings, Q3 2026: revenue $102M (-1% year over year), operating margin -13.3%, net loss $14.2M, operating cash flow $20.1M. The chart follows the revenue to costs, profit and cash.
Vericel (VCEL) · Q3 2026
Vericel, Q3 2026: revenue $85.4M (+26% year over year), operating margin 14.3%, net earnings $14.2M, operating cash flow $17.7M. The chart follows the revenue to costs, profit and cash.
| Immunocore Holdings (IMCR) | Vericel (VCEL) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $102M | $85.4M |
| Revenue growth, Y/Y | -1% | +26% |
| Gross margin | — | 73.3% |
| Operating margin | -13.3% | 14.3% |
| Net earnings | −$14.2M | $14.2M |
| Net margin | -13.9% | 16.6% |
| Operating cash flow | $20.1M | $17.7M |
| Free cash flow | $17.7M | $15.7M |
| Market value | $1.5B | $2.2B |
| P/E | — | 91.9× |
| Analysts’ mean target | $58.33 | $59.71 |
Questions
Which is bigger, Immunocore Holdings or Vericel?
Immunocore Holdings is the larger company: $102M of revenue in its latest quarter (Q3 2026) against $85.4M for Vericel (Q3 2026).
Is Immunocore Holdings or Vericel growing faster?
Vericel is growing faster (+26% against -1% a year earlier).
Which is more profitable, Immunocore Holdings or Vericel?
Vericel is more profitable, with an operating margin of 14.3% against -13.3%.
More: Immunocore Holdings earnings · how Immunocore Holdings makes money · Vericel earnings · how Vericel makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.