Immunocore Holdings plc reported significant commercial and clinical progress in its fourth quarter and full year 2024 financial results, highlighted by continued growth of its lead product KIMMTRAK and advancement of multiple clinical programs.
KIMMTRAK's Commercial Success
KIMMTRAK (tebentafusp) generated net sales of $84.1 million in Q4 2024 and $310.0 million for the full year, representing 30% year-over-year growth. The drug has now achieved 11 consecutive quarters of revenue growth since launch, with successful expansion into 14 new territories in 2024. U.S. sales accounted for $226.7 million of annual revenue, while European and international markets contributed $73.2 million and $10.1 million respectively.
Advancing Clinical Pipeline
The company made substantial progress across its development programs:
KIMMTRAK Expansion Programs
- Initiated Phase 3 ATOM trial in adjuvant uveal melanoma
- Continued enrollment in Phase 3 TEBE-AM trial for advanced cutaneous melanoma
- Expanded global access through additional country launches
PRAME Portfolio Development
- First patient randomized in Phase 3 PRISM-MEL-301 trial evaluating brenetafusp combination therapy in first-line advanced cutaneous melanoma
- Ongoing Phase 1/2 trials showing clinical activity in ovarian cancer and NSCLC
- Initiated Phase 1 trial of IMC-P115C, first half-life extended ImmTAC therapy
Novel Programs
- Dosed first patient with IMC-R117C (PIWIL1) for colorectal and gastrointestinal cancers
- Advanced HIV and HBV clinical programs with data readouts expected in 2025
- Progressing autoimmune disease candidates toward clinical trials
Financial Position
The company maintained a strong financial position with $820.4 million in cash, cash equivalents and marketable securities as of December 31, 2024. R&D expenses increased to $222.2 million for the year, reflecting investment in clinical programs, while SG&A expenses were $155.8 million.
"In 2024, we continued to grow KIMMTRAK sales, execute on our KIMMTRAK lifecycle management program, advance our deep clinical pipeline, and expand into autoimmune diseases, supported by a strong cash position and disciplined spending," said Bahija Jallal, CEO of Immunocore.
Looking Ahead
Immunocore anticipates continued KIMMTRAK growth in 2025 through U.S. community expansion and additional launches. The company expects significant clinical data readouts over the next 12-18 months, including HIV trial results in Q1 2025. R&D expenses are projected to increase as clinical programs advance, while SG&A expenses are expected to remain consistent with Q4 2024 levels.
