IMMUNOCORE HOLDINGS PLC (IMCR)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$30.98-3.55%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge IMMUNOCORE HOLDINGS PLC’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	116.51M
EPS	—	-0.17
Annual ending 2026-12-31
Revenue	—	452.25M
EPS	—	-0.064
Annual ending 2027-12-31
Revenue	—	488.95M
EPS	—	-0.603

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Cash flow from operations improves toward break-even	Cash flow from operations is also improving, down from -$33M to -$14M.	Recovered	Cash flow from operations falls below -$30M after 2026-Q1	Cash from operations: $-5.475M FY2026-Q2; GAAP. Published target: >= -$13.78M. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 2026-5,475,088 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated in 2 quarters: 2026-Q1 and Q2. Cash and equivalents increased from $864.2M at 2025-Q4 to $880.2M at 2026-Q2. Operating cash flow remains positive in some quarters but showed a negative $13.8M in 2026-Q1. Overall, cash position is stable with limited progress in cash flow improvement. Delivery assessment Oct 24, 2026
Net income turns positive and stays above $0	Net income improved from -$30M to $13M in the same period.	Improving	Net income falls below zero for two consecutive quarters after 2026-Q1	Net income: $-808,000 FY2026-Q2; GAAP. Published target: > 0 USD. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 2026-808,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 5155f03c-c74f-4ee7-a26a-44055e62649a. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated in 3 quarters including 2025-Q4, 2026-Q1, and Q2. Net income improved from a loss of $5.3M in first half 2025 to a positive $12.2M in first half 2026. Quarterly net loss narrowed from $10.3M in 2025-Q2 to $0.8M in 2026-Q2. The trajectory shows delivering progress toward profitability. Delivery assessment Oct 24, 2026
Revenue grows to at least $107M by 2026-Q1	A primary condition in IMMUNOCORE HOLDINGS PLC's published investment case. The stated target is >= $106.7M.	Intact	Revenue falls below $75M in any quarter after 2026-Q1	Revenue: $115.927M FY2026-Q2; GAAP. Published target: >= $106.7M. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 2026115,927,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 5155f03c-c74f-4ee7-a26a-44055e62649a. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$-0.60

$-0.35 → $-0.60 · observed estimates

FY2027 revenue$0.49B

$0.49B → $0.49B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$-0.35	$487,413,117	9 / 10
2026-07-25	$-0.52	$487,445,560	11 / 13
2026-07-26	$-0.52	$487,445,560	11 / 13
2026-07-27	$-0.52	$487,445,560	11 / 13
2026-07-28	$-0.35	$487,413,117	9 / 9
2026-07-29	$-0.52	$487,445,560	11 / 13
2026-07-30	$-0.52	$487,445,560	11 / 13
2026-07-31	$-0.52	$487,445,560	11 / 13
2026-08-01	$-0.35	$487,413,117	9 / 9
2026-08-02	$-0.51	$488,145,560	11 / 13
2026-08-03	$-0.51	$488,145,560	11 / 13
2026-08-04	$-0.51	$488,145,560	11 / 13
2026-08-05	$-0.51	$488,145,560	11 / 13
2026-08-06	$-0.51	$488,145,560	11 / 13
2026-08-07	$-0.46	$489,014,331	9 / 9
2026-08-08	$-0.57	$487,421,390	11 / 13
2026-08-09	$-0.57	$487,421,390	11 / 13
2026-08-10	$-0.57	$487,421,390	11 / 13
2026-08-12	$-0.75	$503,136,480	12 / 13
2026-08-13	$-0.46	$489,014,331	9 / 9
2026-08-14	$-0.46	$489,014,331	9 / 9
2026-08-15	$-0.46	$489,014,331	9 / 9
2026-08-16	$-0.46	$489,014,331	9 / 9
2026-08-17	$-0.46	$489,014,331	9 / 9
2026-08-18	$-0.46	$489,014,331	9 / 9
2026-08-19	$-0.46	$489,014,331	9 / 9
2026-08-20	$-0.57	$490,248,819	9 / 9
2026-08-21	$-0.57	$490,248,819	9 / 9
2026-08-22	$-0.57	$490,248,819	9 / 9
2026-08-23	$-0.60	$489,026,365	10 / 10
2026-08-24	$-0.60	$489,026,365	10 / 10
2026-08-25	$-0.60	$489,026,365	10 / 10
2026-08-26	$-0.60	$489,026,365	9 / 10
2026-08-27	$-0.60	$489,026,365	9 / 10
2026-08-28	$-0.60	$489,026,365	9 / 10
2026-08-29	$-0.60	$489,026,365	10 / 10
2026-08-30	$-0.60	$489,026,365	10 / 10
2026-08-31	$-0.60	$489,026,365	10 / 10
2026-09-01	$-0.60	$489,026,365	10 / 10
2026-09-02	$-0.60	$489,026,365	10 / 10
2026-09-03	$-0.60	$489,026,365	10 / 10
2026-09-04	$-0.60	$489,026,365	10 / 10
2026-09-05	$-0.60	$489,026,365	10 / 10
2026-09-06	$-0.60	$489,026,365	10 / 10
2026-09-07	$-0.60	$489,026,365	10 / 10
2026-09-08	$-0.60	$489,026,365	10 / 10
2026-09-09	$-0.60	$489,026,365	10 / 10
2026-09-10	$-0.60	$489,171,148	10 / 10
2026-09-11	$-0.60	$489,171,148	10 / 10
2026-09-12	$-0.60	$489,171,148	10 / 10
2026-09-13	$-0.60	$489,171,148	10 / 10
2026-09-14	$-0.60	$489,171,148	10 / 10
2026-09-15	$-0.60	$489,171,148	10 / 10
2026-09-16	$-0.60	$489,171,148	10 / 10
2026-09-17	$-0.60	$489,171,148	10 / 10
2026-09-18	$-0.60	$489,171,148	10 / 10
2026-09-19	$-0.60	$489,171,148	10 / 10
2026-09-20	$-0.60	$489,171,148	10 / 10
2026-09-21	$-0.60	$489,171,148	10 / 10
2026-09-22	$-0.60	$489,171,148	10 / 10
2026-09-23	$-0.60	$489,171,148	10 / 10
2026-09-24	$-0.60	$489,171,148	10 / 10
2026-09-25	$-0.60	$489,171,148	10 / 10
2026-09-26	$-0.60	$489,171,148	10 / 10
2026-09-27	$-0.60	$489,171,148	10 / 10
2026-09-28	$-0.60	$489,171,148	10 / 10
2026-09-29	$-0.60	$489,171,148	10 / 10
2026-09-30	$-0.60	$489,171,148	10 / 10
2026-10-01	$-0.59	$488,953,544	9 / 10
2026-10-02	$-0.59	$488,953,544	9 / 10
2026-10-03	$-0.59	$488,953,544	9 / 10
2026-10-04	$-0.59	$488,953,544	9 / 10
2026-10-05	$-0.59	$488,953,544	9 / 10
2026-10-06	$-0.59	$488,953,544	9 / 10
2026-10-07	$-0.59	$488,953,544	9 / 10
2026-10-08	$-0.59	$488,953,544	9 / 10
2026-10-09	$-0.59	$488,953,544	9 / 10
2026-10-10	$-0.59	$488,953,544	9 / 10
2026-10-11	$-0.59	$488,953,544	9 / 10
2026-10-12	$-0.59	$488,953,544	9 / 10
2026-10-13	$-0.59	$488,953,544	9 / 10
2026-10-14	$-0.59	$488,953,544	9 / 10
2026-10-15	$-0.59	$488,953,544	9 / 10
2026-10-16	$-0.59	$488,953,544	9 / 10
2026-10-17	$-0.59	$488,953,544	9 / 10
2026-10-18	$-0.59	$488,953,544	9 / 10
2026-10-19	$-0.59	$488,953,544	9 / 10
2026-10-20	$-0.59	$488,953,544	9 / 10
2026-10-21	$-0.59	$488,953,544	9 / 10
2026-10-22	$-0.59	$488,953,544	9 / 10
2026-10-23	$-0.60	$488,953,544	9 / 10
2026-10-24	$-0.60	$488,953,544	9 / 10

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	11	4
2026-06-01	11	4
2026-07-01	10	4
2026-08-01	10	4
2026-09-01	10	4
2026-10-01	9	4

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 9 Buy / Strong Buy · 4 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Cash flow from operations improves toward break-evenCash from operations: $-5.475M
Net income turns positive and stays above $0Net income: $-808,000
Revenue grows to at least $107M by 2026-Q1Revenue: $115.927M

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.5%Typical daily move · historical

Downside history

-30.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

IMMUNOCORE HOLDINGS PLC outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a clinical-stage biotech with an established product and a developing pipeline, rather than a consistently profitable business. The long-term thesis is intact, with management execution stable and recent financial performance strong, but earnings remain uneven.

What's priced into IMMUNOCORE HOLDINGS PLC

The valuation evidence is mixed: one measure suggests IMCR is cheap versus peers, while another shows a 0.4 premium to peers. The model has low confidence, and the priced-in assessment is tagged as justified, with no identified fragility flags.

What the fundamentals likely do

Near term, KIMMTRAK revenue growth and narrowing losses support continued progress toward profitability, although the company remains loss-making overall. Management has delivered on KIMMTRAK expansion and TEBE-AM enrollment, while other trials continue; erratic earnings surprises make the next report a meaningful risk.

What IMMUNOCORE HOLDINGS PLC hinges on

The multi-year view depends on continued KIMMTRAK growth, progress in clinical trials, and further improvement in earnings. Near term, a guidance cut or weaker economic data could weigh on the business outlook, while strong results and guidance from healthcare peers may support sector conditions.