Exhibit 99.2 Transformative immunomodulating medicines for patients January 2026 1 2 Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may", "will", "believe", "expect", "plan", "anticipate", "estimate", "expect", "continue" and similar expressions (as well as other words or expressions referencing future events or circumstances) are intended to identify f ...

Immunocore announces 2026 strategic priorities at 44th Annual J.P. Morgan Healthcare Conference Reaching more metastatic uveal melanoma patients with KIMMTRAK (tebentafusp) in 2026 through US community and global market penetration Enrolling three Phase 3 trials across multiple melanoma indications – TEBE-AM enrollment completion anticipated 1H 2026; topline data expected as early as 2H 2026 PRAME franchise Phase 1/2 data to be presented in 2H 2026: brenetafusp combinations in ovarian and lung cancer and i ...

Immunocore Holdings PLC Sponsored ADR (IMCR) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and follo ...

Immunocore Holdings plc (NASDAQ:IMCR) has a Return on Invested Capital (ROIC) of -4.49%, indicating challenges in generating returns above its cost of capital.Compared to its peers, IMCR's ROIC to WACC ratio of -0.68 suggests better capital efficiency, albeit still below the desired threshold.Design Therapeutics, Inc. (DSGN) shows the highest ROIC to WACC ratio among the peers, but IMCR maintains a relatively strong position with potential for improvement in capital utilization.Immunocore Holdings plc (NASD ...

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Immunocore's Return on Invested Capital (ROIC) is -4.49% and its Weighted Average Cost of Capital (WACC) is 6.65%, indicating it is not generating returns above its cost of capital.Compared to its peers, Immunocore has a better ROIC to WACC ratio, suggesting relatively more efficient capital utilization.Design Therapeutics, Inc. (DSGN) has the highest ROIC to WACC ratio among the peers, although it is still negative, highlighting the broader industry challenge of achieving positive returns on invested capit ...

Summary of Immunocore Holdings Conference Call Company Overview - **Company**: Immunocore Holdings (NasdaqGS:IMCR) - **Focus**: A commercial stage biotech company specializing in T-cell engager platform for oncology and infectious diseases, as well as autoimmune conditions. [4][6] Key Products and Pipeline - **KIMMTRAK**: - Approved for uveal melanoma in 38 markets, launched in 28 markets. [4] - Achieved over $100 million in sales for the first time in the last quarter. [10] - Currently has a duration of therapy of about 14 months, exceeding clinical trial results. [11] - 68% penetration in the US market, with higher penetration in European markets (80-90%). [14][15] - Two ongoing Phase 3 trials for cutaneous melanoma and adjuvant settings. [5][16] - **PRAME**: - In Phase 3 for first-line cutaneous melanoma, showing promising monotherapy activity. [22] - Ongoing trials in ovarian and lung cancers, with data expected next year. [24] Commercial Performance - **KIMMTRAK Sales**: - Growth driven by both US and international markets, with significant contributions from recent launches in the UK, Netherlands, and Poland. [10] - Safety profile has contributed to increased duration of therapy and penetration in community settings. [11] Clinical Trials and Data - **Cutaneous Melanoma**: - Phase 3 trial shows a one-year overall survival (OS) rate of 75% compared to 55% for comparators. [16] - Enrollment expected to finish in the first half of 2026, with data anticipated in the second half of 2026. [16] - **Adjuvant Setting**: - Focus on preventing metastasis in high-risk patients post-surgery. [18] - **PRAME BiSpecific**: - Ongoing Phase 3 trial in combination with Nivolumab, with data expected around the end of 2027 or early 2028. [26] Infectious Disease and Autoimmune Programs - **Infectious Disease**: - Programs in HIV and HBV, with promising single ascending dose data for HBV showing surface antigen reduction. [30] - Aim for a functional cure in HIV by targeting viral reservoirs. [31] - **Autoimmune**: - Focus on tissue-specific down modulation, with a Type 1 diabetes program targeting T-cell activity in the pancreas. [34] - Plans to initiate clinical trials next year. [35] Financial Position - **Cash Position**: - As of Q3, Immunocore holds $892 million in cash, indicating a strong financial position to support ongoing operations and R&D. [40] Upcoming Milestones - Key milestones for 2026 include: - Completion of the cutaneous melanoma trial with KIMMTRAK. - Data releases for HIV, PRAME, ovarian, and lung cancer programs. [38] Conclusion - Immunocore is positioned for significant growth with a robust pipeline and strong commercial performance of KIMMTRAK, alongside promising developments in PRAME and infectious disease programs. The company maintains a solid financial foundation to support its strategic initiatives. [41]

Core Insights - The article expresses enthusiasm for Immunocore's (IMCR) commercial and developmental pipeline of immunotherapeutic agents, highlighting the potential despite the inherent risks associated with developmental projects [1]. Company Analysis - Immunocore is recognized for its innovative approach in the field of immunotherapy, which is a growing sector within biotechnology [1]. - The author emphasizes the importance of understanding the science behind the business, indicating a focus on educating investors about the complexities of the biotech industry [1]. Industry Context - The biotech industry, particularly in immunotherapy, is characterized by high risk and potential reward, necessitating thorough due diligence from investors [1].

Core Insights - The article discusses the Phase 1 trial results of IMC-I109V, a bispecific T cell receptor designed to target HBV-infected hepatocytes, demonstrating a manageable safety profile and antiviral activity [1][2][3] Company Overview - Immunocore Holdings plc is a commercial-stage biotechnology company focused on developing immunomodulating medicines for cancer, infectious diseases, and autoimmune diseases [1][11] - The company is advancing clinical candidates aimed at achieving functional cures for HIV and hepatitis B virus (HBV) [10] Trial Details - The Phase 1 trial enrolled 20 participants, evaluating ascending doses of IMC-I109V (0.8 mcg, 2.4 mcg, 7 mcg, 20 mcg) administered as a single IV infusion [3][4] - Participants were assessed for safety, tolerability, pharmacokinetics, and pharmacodynamic activity up to week 4 [4] Efficacy Results - Dose-dependent decreases in serum HBsAg were observed, with reductions meeting the threshold of ≥ 0.2 log10 IU/ml in 4 individuals, indicating potential for resolving hepatitis B infection [5][6] - Consistent pharmacodynamic activity was noted at doses ≥ 7 mcg, with HBsAg levels typically reaching a nadir by day 8 [5] Safety Profile - Treatment-related adverse events were reported in 8 participants, primarily transient systemic symptoms, with ALT elevations resolving within 14 days [6][7] - One participant in the 20 mcg cohort experienced Grade 2 cytokine release syndrome, which resolved rapidly with treatment [7] Mechanism of Action - IMC-I109V is designed to recruit non-exhausted T cells to eliminate hepatocytes harboring HBV DNA, addressing HBV-specific T cell exhaustion [8] Future Directions - The company believes the initial evidence of HBsAg reduction supports further evaluation of IMC-I109V in multiple dose regimens [8]

Core Insights - Immunocore Holdings PLC reported a revenue of $103.69 million for the quarter ended September 2025, reflecting a year-over-year increase of 29.2% [1] - The earnings per share (EPS) was reported at $0, a decrease from $0.17 in the same quarter last year, with a significant EPS surprise of +100% compared to the consensus estimate of -$0.30 [1] Revenue Performance - The revenue from the United States was $67.3 million, surpassing the average estimate of $66.05 million, marking a year-over-year increase of 17.5% [4] - International revenue reached $2.87 million, significantly exceeding the average estimate of $0.98 million, with a year-over-year growth of 52.3% [4] - Revenue from Europe was reported at $33.53 million, slightly below the average estimate of $35.38 million, but still showing a substantial year-over-year increase of 58.9% [4] Stock Performance - Over the past month, Immunocore's shares have declined by 9.4%, while the Zacks S&P 500 composite has increased by 1.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]