Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Immunocore Holdings plc files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2023
FY2023
FY2024
FY2025
Revenue
36.5
174
249
310
400
Cost of revenue
0
1.09
1.04
2.73
5.09
Gross profit
36.5
173
248
307
395
Research and development
100
102
164
222
275
Selling, general and administrative
111
123
144
156
165
Operating income
-175
-51.7
-59.6
-70.5
-45.4
Interest expense
5.57
5.41
5.15
18.8
12.2
Interest income
0.07
3.76
18
25.6
16.5
Other non-operating income
-0.07
-1.68
-0.9
14.2
19.7
Pre-tax income
-180
-40.9
-60.9
-52.9
-19.1
Income tax
0.15
11.7
-5.6
-1.85
16.4
Net income
-180
-52.5
-55.3
-51.1
-35.5
EBITDA
-167
-46.4
-55.5
-66.3
-42.3
EPS, basic
-4.24
-1.15
-1.13
-1.02
-0.71
EPS, diluted
-4.24
-1.15
-1.13
-1.02
-0.71
Shares, basic (weighted)
42.5
45.7
48.9
50
50.3
Shares, diluted (weighted)
42.5
45.7
48.9
50
50.3
Dividend per share
0.00
0.00
0.00
0.00
Balance sheet
FY2021
FY2023
FY2023
FY2024
FY2025
Cash and equivalents
321
402
443
456
468
Short-term investments
0
365
396
Receivables
33.6
52.1
63
Inventory
0.69
4.5
5.45
6.74
Other current assets
3.62
9.71
7.9
6.75
Total current assets
474
529
930
997
Property, plant and equipment
7.83
9.22
10.1
11.5
Lease right-of-use assets
30.9
33.5
37.6
38.8
Other non-current assets
8.89
14.5
17.1
20.3
Total assets
527
597
1,010
1,067
Accounts payable
14.5
17.8
25.1
24.4
Accrued liabilities
9.15
11.6
13.1
16.5
Deferred revenue
7.76
0
0
0.58
Total current liabilities
101
139
212
247
Lease liabilities
31.8
35.6
40.2
41.6
Total liabilities
188
228
649
686
Paid-in capital
1,083
1,150
1,190
1,240
Retained earnings
-689
-745
-796
-831
Other comprehensive income
-54.7
-36.3
-33.8
-28.1
Shareholders' equity
234
339
369
361
381
Total equity
234
339
369
361
381
Total liabilities and equity
527
597
1,010
1,067
Shares outstanding
48.1
49.7
50.1
50.7
Cash flow statement
FY2021
FY2023
FY2023
FY2024
FY2025
Net income
-180
-52.5
-55.3
-51.1
-35.5
Depreciation and amortization
7.6
5.3
4.1
4.2
3.1
Stock-based compensation
48.9
32.9
32.5
34.2
37.7
Deferred income tax
0.09
-1.73
-5.84
-3.82
14.8
Change in receivables
-4.86
-26.3
-17.9
-12.3
-7.34
Change in payables
1.47
4.91
2.63
7.27
-2.46
Cash from operations
-143
-49.2
2.94
26.1
-10.7
Capital expenditures
-1.39
-2.2
-5.43
-5.17
-4.34
Purchases of investments
0
0
-350
-30
Sales and maturities of investments
0
0
18
Cash from investing
-1.28
-2.2
-5.43
-355
-16.3
Stock issued
1.3
9.7
34.3
6.8
12.4
Cash from financing
288
145
34.3
344
12.4
Exchange rate effect
0.63
-12.6
8.29
-1.71
26.7
Net change in cash
144
94
31.9
14.8
-14.7
Free cash flow
-144
-51.4
-2.49
20.9
-15.1
Income taxes paid
17
0.77
0.98
0.51
4.64
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $30.72 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
98.9%
Gross profit / revenue.
Operating margin
-5.2%
Operating income / revenue.
EBITDA margin
-4.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-0.6%
Pre-tax income / revenue.
Net margin
-4.2%
Net income / revenue.
FCF margin
-9.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-8.1%
Cash from operations / revenue.
Return on equity (ROE)
-4.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-1.6%
Net income / average total assets.
R&D / revenue
66.0%
Research and development expense / revenue.
SG&A / revenue
38.1%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
7.9%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.4%
Capital expenditures / revenue.
D&A / revenue
0.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
29.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
31.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
28.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
31.6%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-141.1%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-172.1%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
5.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
4.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
5.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
26.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
0.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
3.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
4.47x
Current assets / current liabilities.
Quick ratio
3.74x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.74x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$8.45
Revenue / diluted weighted shares.
FCF per share
-$0.81
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.69
Cash from operations / diluted weighted shares.
Book value per share
$8.15
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
3.43x
Market cap / revenue.
P/B
3.52x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.52x
Market cap / tangible book value, when positive.
EV/Sales
1.39x
Enterprise value / revenue.
FCF yield
-2.8%
Free cash flow / market cap.
Earnings yield
-1.2%
Net income / market cap (the inverse of P/E).
What was Immunocore Holdings plc's revenue in fiscal 2025?
Immunocore Holdings plc reported revenue of $400.0M for fiscal 2025, 29% higher than the year before.
Was Immunocore Holdings plc profitable in fiscal 2025?
No. It reported a net loss of $35.5M.
How much free cash flow did Immunocore Holdings plc generate in fiscal 2025?
Cash from operations of $10.7M minus capital expenditures of $4.3M left free cash flow of -$15.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.