Immunocore Holdings plc American Depositary Shares (IMCR)

FairStock Score: 36/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Immunocore is a commercial-stage biotech with one approved drug, KIMMTRAK, and a pipeline. In fiscal 2025, the year ended 2025-12-31, revenue was $400.0 million and net income was -$35.5 million, or diluted EPS -$0.71. That is real progress from fiscal 2024, when revenue was $310.2 million and net income was -$51.1 million, and from fiscal 2023, when revenue was $249.4 million and net income was -$55.3 million. The direction is right: sales are scaling and losses are narrowing. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $115.9 million versus $98.0 million in fiscal Q2 2025, and net income was -$808,000 versus -$10.3 million. That is close to break-even on a GAAP basis. But the business still fails my test of consistent earning power: free cash flow is -$41.2 million, the FairStock Altman Z-score is 1.31, and the Lynch category is none because it has lost money in each of the last four years. The balance sheet has debt, with a debt-to-equity ratio of 1.04. At the 2026-10-26 close of $31.28, market cap is $1.6 billion. FairStock shows a P/E of -86.89, P/B of 3.84, EV/EBITDA of 113.85, FCF yield of -2.6%, and score 36/100. That is not a Graham bargain. The moat is not yet proven; it rests on KIMMTRAK and pipeline data. I would need evidence of durable profitability and positive cash flow before calling this a conservative value. Good growth, speculative valuation.

In plain English: Immunocore sells a cancer medicine called KIMMTRAK and is developing other immune-targeting treatments. Sales are growing and the latest quarter was close to break-even, but the company still loses money overall and burns cash. At $31.28, the price looks neither clearly cheap nor clearly expensive against today's weak profits; it depends heavily on future drug success.

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Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer