Immunocore Holdings Valuation Multiples

Immunocore Holdings Overview

About Immunocore Holdings

Immunocore Holdings PLC is a commercial-stage biotechnology company. Using its ImmTAX platform, the company is developing a deep pipeline in multiple therapeutic areas, including clinical stage programs in oncology and infectious disease, pre-clinical programs in autoimmune disease, and earlier pre-clinical programs across three therapeutic areas. The company's main product, KIMMTRAK, is used for the treatment of unresectable or metastatic uveal melanoma (mUM). The other drug candidates in its pipeline include Brenetafusp, IMC-P115C, IMC-T119C, IMC-R117C, IMC-S118AI, IMC-U120AI, and others, being developed as a potential treatment for various oncology, infectious, and autoimmune diseases.

Founded

2021

HQ

Employees

524

Website

immunocore.com

Sectors

BiopharmaceuticalsMedical DevicesBioTech

Financials (LTM)

Revenue: $415M

EBITDA: ($41M)

EV

$1B

Valuation Multiples

Multiples.vc

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Immunocore Holdings Financials

Immunocore Holdings reported last 12-month revenue of $415M and negative EBITDA of ($41M).

In the same LTM period, Immunocore Holdings generated $410M in gross profit, ($41M) in EBITDA losses, and had net loss of ($38M).

Immunocore Holdings P&L

In the most recent fiscal year, Immunocore Holdings reported revenue of $400M and EBITDA of ($4M).

Immunocore Holdings expects next 12-month revenue of XXX and NTM EBITDA of XXX

Immunocore Holdings Stock Performance

Immunocore Holdings has current market cap of $2B, and enterprise value of $1B.

Immunocore Holdings' stock price is $31.46.

Immunocore Holdings Valuation Multiples

Immunocore Holdings trades at 2.8x EV/Revenue multiple, and (28.7x) EV/EBITDA.

Immunocore Holdings Financial Valuation Multiples

As of April 21, 2026, Immunocore Holdings has market cap of $2B and EV of $1B.

Equity research analysts estimate Immunocore Holdings' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Immunocore Holdings has a P/E ratio of (41.9x).

Immunocore Holdings Margins & Growth Rates

Immunocore Holdings' revenue in the last 12 month grew by 11%.

Immunocore Holdings' revenue per employee in the last FY averaged $0.8M, while opex per employee averaged $0.8M for the same period.

Immunocore Holdings' rule of 40 is 2% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Immunocore Holdings' rule of X is 20% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Immunocore Holdings Public Comps

See public comps and valuation multiples for other Biopharmaceuticals and Medical Devices comps.

Immunocore Holdings M&A Activity

Immunocore Holdings acquired XXX companies to date.

Last acquisition by Immunocore Holdings was on XXXXXXXX, XXXXX. Immunocore Holdings acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Immunocore Holdings Investment Activity

Immunocore Holdings invested in XXX companies to date.

Immunocore Holdings made its latest investment on XXXXXXXX, XXXXX. Immunocore Holdings invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).