Immunocore posts $107m KIMMTRAK quarter with landmark five-year OS data

Immunocore has reported first-quarter 2026 net product revenues of $106.7 million for KIMMTRAK (tebentafusp-tebn), a 13.6% increase on the $93.9 million recorded in Q1 2025. The Oxfordshire-headquartered, Nasdaq-listed company also posted net income of $13.0 million for the quarter, up from $5.0 million in the same period last year, as selling and administrative costs fell modestly while R&D spending rose in line with its expanding Phase 3 pipeline.

Sales were geographically split across $67.4 million in the United States, $34.4 million in Europe, and $4.8 million in international markets. US revenues grew 19.1% year-on-year, supported by what the company describes as a mean treatment duration of 14 months — a figure that reflects continued patient retention rather than purely new starts. The company held $844.9 million in cash, cash equivalents and marketable securities as of 31 March 2026.

Five-year survival data changes the clinical picture

The headline clinical development from the quarter was an oral presentation at the American Association for Cancer Research (AACR) 2026 meeting, where Immunocore shared five-year overall survival data from the pivotal Phase 3 trial of tebentafusp in metastatic uveal melanoma. In a 378-patient study, KIMMTRAK was associated with an OS rate of 16% at five years versus 8% in the investigator's-choice control arm, yielding a hazard ratio of 0.67. Median OS was 21.6 months with KIMMTRAK compared with 16.9 months in the control group.

Immunocore describes this as the longest overall survival follow-up reported in any randomised trial in metastatic uveal melanoma, and the longest follow-up for any T cell engager in a solid tumour. The company also reported that among patients treated with KIMMTRAK who were alive at five years, 44% had received only KIMMTRAK — suggesting the drug's effect was not substantially confounded by later-line therapies. Chief executive Bahija Jallal called it "a landmark moment" and said it underscores "the long-term benefit KIMMTRAK delivers to patients."

Pipeline execution across three platforms

Beyond the established KIMMTRAK franchise, Immunocore is advancing two additional TCR bispecific platforms. Its lead PRAME-targeting candidate, brenetafusp, is enrolling in the PRISM-MEL-301 Phase 3 trial in first-line advanced cutaneous melanoma, where it is being compared against nivolumab and nivolumab plus relatlimab. R&D expenses rose to $61.1 million in Q1 from $56.5 million a year ago, with the company attributing the increase primarily to clinical costs from PRISM-MEL-301.

Tebentafusp is also being studied in the TEBE-AM Phase 3 trial in second-line or later cutaneous melanoma, with enrolment expected to complete in the first half of 2026 and topline data possible in the second half. Immunocore estimates the addressable HLA-A*02:01 positive population in that setting at up to 4,000 patients in the US and Europe — a comparatively small but well-defined target group.

On the non-oncology side, the company filed a clinical trial application for IMC-S118AI, its lead ImmTAAI candidate for autoimmune disease, in December 2025, and expects to begin a Phase 1 trial in the first half of 2026. A separate IND or CTA for a second autoimmune candidate is planned for the second half of the year.

Competitive and market context

Metastatic uveal melanoma is an orphan indication with no other approved systemic therapies, which has allowed KIMMTRAK to entrench itself as the standard of care in most launched markets. The more commercially significant medium-term opportunity lies in cutaneous melanoma, a much larger indication already contested by PD-1 inhibitors, LAG-3 combinations, and BRAF-targeted regimens from major pharmaceutical players. Immunocore's HLA-A*02:01 restriction narrows the eligible population but also provides a defined biomarker-selection strategy — an approach that regulators and payers have increasingly favoured. Topline data from TEBE-AM in the second half of 2026 will be the most important near-term read on whether the ImmTAC mechanism can translate its uveal melanoma survival benefit into the far more competitive cutaneous melanoma landscape.