Core Insights - Immunocore is a commercial stage biotechnology company focused on developing transformative medicines, particularly through its innovative soluble TCR receptor bispecific platform, which has been validated both clinically and commercially [2][3] Company Strategy - The company aims to grow its product KIMMTRAK and prepare for potential new indications in melanoma, while also expanding its focus beyond melanoma into other tumor types [4] - Immunocore plans to unlock opportunities beyond oncology, indicating a broader strategic vision for its product applications [4] Future Outlook - The years 2026 to 2028 are identified as critical for the company, with several data catalysts expected to emerge during this period [3]

Financial Performance & Strategy - Roche delivered consistent growth throughout the last decade, increasing diversification with 17 blockbusters in Pharma[9] - HY 2025 Pharma sales reached CHF 24.0 billion, with a YoY CER growth of +10%[25] - The company projects today's on-market Pharma portfolio to deliver growth until 2028, thereafter stable, fully compensating for generic erosion, with no patent cliff ahead[13] - Roche is committed to invest USD 50 billion into R&D and PP&E in the US until the end of the decade, including a new R&D site and a new manufacturing site focusing on CVRM and AI/ML[84] R&D Pipeline & Progress - The company aims to deliver 20 transformative medicines by the end of 2029, with 80% of the pipeline having best-in-disease potential[17] - Significant progress has been made on the Ten-Year Pharma Ambition, with a +55% increase in average peak sales per pipeline project and +40% more patients treated[20] - 55% of NMEs are post "the Bar," indicating a focus on high-quality assets, and 3 key assets have been "fast-tracked"[23] - 8 NMEs new to Ph III in 2025 YTD, increased value potential of post Bar NMEs entering Ph III[149] Therapeutic Area Focus - Oncology/Hematology, Neurology, Immunology, Ophthalmology, and CVRM cover 60% of the total global burden of disease[37] - In Neurology, Ocrevus is firmly established as the global SoC, with 420,000 patients treated globally[56] - In Immunology, the global LN market is expected to grow at a CAGR 2023-30 of 13%[64] - In Ophthalmology, Vabysmo continues to gain market share in the branded IVT market, despite US market contraction[68] - Roche committed to become a top 3 player in Obesity[147]