IMCRImmunocore Holdings plc
Is the business good?
Margins steady. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Margins have held roughly steady, a stable cost structure.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is IMCR?
Immunocore Holdings plc keeps −5.2% of every revenue dollar as operating profit, against −82% for the median Biotechnology name.
Operating margin · Biotechnology median −82% · 12 months to Q2 2026
- Share count, year on year
- +1.4%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 66%
R&D as % of revenue
- Gross margin
- 99%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | −479% |
| FY2022 | −30% |
| FY2023 | −24% |
| FY2024 | −23% |
| FY2025 | −11% |
Details›
- Gross margin12 months to Q2 2026
- 99%
- Operating margin12 months to Q2 2026
- −5.2%
- Net margin12 months to Q2 2026
- −4.2%
- Free cash flow margin
- −9.6%
- R&D as % of revenue
- 66%
- Revenue, trailing twelve months
- $431M
- Free cash flow, trailing twelve months
- −$41M
- Net income, trailing twelve months
- −$18M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.