Immunocore Holdings plcIMCR
Immunocore Holdings plc Revenue Disclosure
Revenue
Revenue (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
Revenue from sale of therapies, net | $ | 400,016 | $ | 309,989 | $ | 238,735 | |||||||||||
| Collaboration revenue | |||||||||||||||||
| Genentech | — | 213 | 10,693 | ||||||||||||||
| Total collaboration revenue | — | 213 | 10,693 | ||||||||||||||
| Total revenue | $ | 400,016 | $ | 310,202 | $ | 249,428 | |||||||||||
Revenue from sale of therapies, net
During the year ended December 31, 2025, the Company recognized $400.0 million (2024: $310.0 million, 2023: $238.7 million) of net revenue from sale of therapies, relating to the sale of KIMMTRAK, primarily in the United States and Europe, after estimated deductions for rebates, chargebacks and returns, which are recognized in Accrued expenses and other current liabilities, as set out in the Company’s accounting policies.
The Company recognized revenues from four customers accounting for 23%, 23%, 17% and 18% of the Company’s revenue from sale of therapies, net for the year ended December 31, 2025, four customers accounting for 29%, 27%, 18%, and 17% of the Company’s revenue from sale of therapies, net for the year ended December 31, 2024, and four customers accounting for 29%, 26%, 17%, and 16% and of the Company’s revenue from sale of therapies, net for the year ended December 31, 2023.
Revenue from sale of therapies, net is presented by country / region based on the location of the end customer below (in thousands):
| 2025 | 2024 | 2023 | |||||||||||||||
| United States | $ | 256,998 | $ | 226,687 | $ | 169,791 | |||||||||||
| Europe | 131,422 | 73,224 | 67,628 | ||||||||||||||
International | 11,596 | 10,078 | 1,316 | ||||||||||||||
Revenue from sale of therapies, net | $ | 400,016 | $ | 309,989 | $ | 238,735 | |||||||||||
Revenue from sale of therapies, net for the year ended December 31, 2025 includes $25.9 million (2024: $13.7 million, 2023: $3.6 million), of partnered revenue pursuant to the Company's separate agreements with Medison Pharma Ltd, ("Medison"), and Er-Kim Pharmaceuticals Bulgaria EOOD ("Er-Kim"). Revenue from these agreements is allocated between the Company's European and international markets.
Accounts receivable from contracts with customers
Accounts receivable as of December 31, 2025 and 2024 were as follows (in thousands):
| 2025 | 2024 | ||||||||||
| As of January 1, 2025 | $ | 63,009 | $ | 52,093 | |||||||
| Additions | 508,006 | 414,464 | |||||||||
| Payments received | (496,507) | (403,095) | |||||||||
Provision | (531) | (453) | |||||||||
| As of December 31, 2025 | $ | 73,977 | $ | 63,009 | |||||||
As of December 31, 2025, four customers individually accounted for approximately 20%, 18%, 20% and 16% of accounts receivable associated with the Company’s net revenue from sale of therapies, as compared to 22%, 22%, 20% and 15% as of December 31, 2024. An allowance for lifetime expected credit losses on accounts receivable is measured using historical credit loss experience, conditions at the end of each reporting period, and reasonable and supportable forecasts that affect collectability. Expected credit losses as of December 31, 2025 and 2024 were immaterial.
Accruals for rebates and chargebacks
Current and non-current accruals for rebates, chargebacks and returns as of December 31, 2025 and 2024 were as follows (in thousands):
Rebates | Chargebacks | Returns | Total | ||||||||||||||||||||
| As of January 1, 2024 | $ | 63,957 | $ | 2,031 | $ | 738 | $ | 66,726 | |||||||||||||||
| Provisions related to sales in the period | 87,265 | 31,329 | 966 | 119,560 | |||||||||||||||||||
Adjustments related to prior period sales | 18,104 | — | — | 18,104 | |||||||||||||||||||
| Credits and payments made | (60,805) | (31,322) | (1,339) | (93,466) | |||||||||||||||||||
| As of December 31, 2024 | $ | 108,521 | $ | 2,038 | $ | 365 | $ | 110,924 | |||||||||||||||
| Provisions related to sales in the period | 149,849 | 40,187 | 9,079 | 199,115 | |||||||||||||||||||
| Adjustments related to prior period sales | (5,983) | — | — | (5,983) | |||||||||||||||||||
| Credits and payments made | (122,856) | (39,543) | (8,877) | (171,276) | |||||||||||||||||||
| As of December 31, 2025 | $ | 129,531 | $ | 2,682 | $ | 567 | $ | 132,780 | |||||||||||||||
The adjustments related to prior period sales in the year ended December 31, 2025 were due to changes in estimates primarily related to European pricing negotiations.
Deferred revenue
For the year ended December 31, 2025, there was $0.4 million revenue recognized that was included in Deferred revenue as of January 1, 2025 (2024: $0; 2023: $7.8 million).
Deferred revenue in the Consolidated Balance Sheets is primarily in respect of the upfront fee and development milestone consideration received from collaboration agreements in advance of services performed by the Company.
Non-current deferred revenue in the Consolidated Balance Sheets as of December 31, 2025, relates to a revised distribution agreement with Medison entered into in November 2022. Under the revised agreement, the Company received a non-refundable payment of $5.0 million in exchange for granting Medison exclusive distribution rights in South America. The Company has determined that the deferred revenue relates to the Company’s single, combined performance obligation to supply KIMMTRAK to Medison and to grant Medison the exclusive right to distribute KIMMTRAK in South America. The revenue will be recognized on a straight-line basis over the term of the contract of 10 years from the date of the first commercial sale in the territory. Following the first commercial sale in the territory during the three months ended June 30, 2025, the Company began recognizing this revenue within net revenue from sale of therapies and consequently the Company reclassified the portion of deferred revenue expected to be recognized over the next twelve months as current.
Genentech Collaboration
Under the Genentech agreement signed in November 2018, the Company received aggregate non-refundable payments totaling $100 million consisting of an initial upfront payment of $50 million and $50 million paid upon an investigational new drug filing for the first clinical trial of the product candidate compound, in exchange for granting Genentech rights to co- develop/co-promote the Company’s IMC-C103C program and the co-exclusive worldwide license to the Company’s intellectual property rights in MAGE A4 soluble TCR bispecific therapeutic candidate compounds. The Company was responsible for development of the IMC-C103C program over the period of time to estimated completion of the Phase 1 clinical trial, with costs being shared equally with Genentech.
In February 2023, as the Company elected to withdraw from co-funding with Genentech the MAGE-A4 HLA-A02 program, IMC-C103C, Genentech acquired an exclusive worldwide license to the MAGE-A4 HLA-A02 soluble TCR bispecific therapeutic candidate compounds and shall be fully responsible for all further development and commercialization of such candidate compounds, at its expense.
The transaction price was recorded as deferred revenue on receipt in November 2018 and allocated to a single combined performance obligation covering the granting of the co-exclusive worldwide license, the provision of development services and participation on a joint steering committee. This deferred revenue is recognized as the Company satisfies the combined performance obligation over the estimated period of time to when the Company has completed substantially all of its responsibilities associated with its withdrawal from the co-funding and the Phase 1 clinical trial. R&D costs reimbursed under the 2018 Genentech Agreement are considered variable consideration and not recognized in the transaction price until it is probable that the recognition of such revenue will not be reversed.
During the year ended December 31, 2025, the Company recognized no revenue relating to the 2018 Genentech Agreement (2024: $0.2 million; 2023: $10.7 million). The revenue recognized represents both deductions from deferred revenue and R&D costs reimbursed, predominantly for clinical trial costs. Such reimbursements arise in order to ensure that R&D costs are shared equally in accordance with the 2018 Genentech agreement. As of December 31, 2023, the Company determined its performance obligation under its collaboration with Genentech was complete. If MAGE-A4 HLA-A02 targeted products are commercialized, the Company would be eligible to receive development and commercial milestone payments plus royalties from Genentech on any sales of MAGE-A4 HLA-A02 targeted products arising under the Genentech Agreement. The Company determined achieving commercialization milestones and royalties to be unlikely and were excluded from the transaction price as of December 31, 2025, 2024 and 2023; therefore, any future milestones will be recorded when they become probable of being achieved.
Bristol-Myers Squibb ("BMS") Collaboration
In February 2024, we entered into a clinical trial collaboration and supply agreement with BMS (the "BMS Agreement") to investigate our ImmTAC bispecific TCR candidate targeting PRAME HLA-A*02:01, brenetafusp, in combination with BMS’s nivolumab, in first-line advanced cutaneous melanoma. Under the terms of the BMS Agreement, we are sponsoring and funding the registrational Phase 3 clinical trial of brenetafusp in combination with nivolumab in first-line advanced cutaneous melanoma (PRISM-MEL-301), and BMS is providing nivolumab. No monetary consideration is transferred as a result of the BMS Agreement.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.