Immunocore reports fourth quarter and full year 2024 financial results and provides a business update

Core Insights - Immunocore Holdings plc reported Q4 net sales of $84.1 million and full-year sales of $310.0 million for 2024, with continued growth expected in 2025 [1][9][28] - The company has achieved 11 consecutive quarters of revenue growth for KIMMTRAK (tebentafusp), with significant expansion in the U.S. and launches in 14 new territories outside the U.S. [4][7] - Immunocore is advancing its clinical pipeline with multiple Phase 3 trials and new candidates targeting various cancers and autoimmune diseases [5][6][12] Financial Performance - Q4 2024 net sales of KIMMTRAK were $84.1 million, with $63.8 million from the U.S., $17.8 million from Europe, and $2.5 million from international regions [9][28] - Full-year 2024 net sales totaled $310.0 million, an increase from $238.7 million in 2023, reflecting a 30% year-on-year growth [9][28] - R&D expenses for 2024 were $222.2 million, up from $163.5 million in 2023, driven by the advancement of clinical trials [10][30] - SG&A expenses increased to $155.8 million in 2024 from $144.5 million in 2023, primarily due to growth in business support functions [31] Clinical Development - The company is executing on KIMMTRAK lifecycle management with two Phase 3 trials (TEBE-AM and ATOM) for additional melanoma indications [1][4] - The first patient was randomized in the Phase 3 PRISM-MEL-301 trial for brenetafusp in advanced cutaneous melanoma, with ongoing enrollment in other trials for ovarian cancer and NSCLC [5][15] - Immunocore plans to file clinical trial applications for new candidates targeting type 1 diabetes and atopic dermatitis in the coming years [29] Cash Position - As of December 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $820.4 million [11][32] - The company repaid its existing Pharmakon loan of $50.0 million in November 2024, strengthening its financial position [11][32]