Positive Hepatitis B Trial Data Might Change the Case for Investing in Immunocore Holdings (IMCR)

• Immunocore Holdings recently reported third quarter 2025 results, highlighted by net product sales of US$103.7 million for its lead asset KIMMTRAK and the presentation of encouraging Phase 1 clinical data for its hepatitis B candidate IMC-I109V at an international liver disease conference.
• The Phase 1 results for IMC-I109V showed that the therapy was generally well tolerated and produced pharmacodynamic effects in participants, including reductions in hepatitis B surface antigen levels, which is an important marker of therapeutic impact in chronic hepatitis B infection.
• To assess how these developments may affect Immunocore’s outlook, we’ll examine the impact of the positive IMC-I109V trial data on its investment narrative.

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Immunocore Holdings Investment Narrative Recap

To be a shareholder in Immunocore Holdings, you need to believe in its ability to expand beyond KIMMTRAK, its only commercial product right now, by advancing a diversified pipeline of immunotherapies across cancer and infectious disease. The encouraging Phase 1 data for IMC-I109V in hepatitis B supports pipeline progress, but does not substantially shift the near-term investment narrative: commercial execution and revenue sustainability for KIMMTRAK remain the most important catalyst and risk for the business.

Among recent updates, Immunocore’s third quarter results are notably relevant, with net product sales of US$103.7 million for KIMMTRAK. While the pipeline offers hope for future revenue streams, KIMMTRAK’s ongoing sales performance and market penetration continue to dictate the company’s financial position and shape short-term investor expectations.

In contrast, investors should be aware that Immunocore remains highly dependent on KIMMTRAK for revenue and margins, and if sales were to...

Read the full narrative on Immunocore Holdings (it's free!)

Immunocore Holdings is projected to reach $551.3 million in revenue and $88.5 million in earnings by 2028. This outlook requires a 15.7% annual revenue growth rate and an $108.8 million increase in earnings from the current level of -$20.3 million.

Uncover how Immunocore Holdings' forecasts yield a $62.20 fair value, a 86% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members value Immunocore anywhere from US$62.20 to US$227.88, based on 3 unique forecasts. With KIMMTRAK sales still central, these wide-ranging views reflect uncertainty around when new products can impact Immunocore’s bottom line, so explore the spectrum of opinions.

Explore 3 other fair value estimates on Immunocore Holdings - why the stock might be worth over 6x more than the current price!

Build Your Own Immunocore Holdings Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Immunocore Holdings research is our analysis highlighting 4 key rewards that could impact your investment decision.
• Our free Immunocore Holdings research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Immunocore Holdings' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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