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Immunocore Holdings Valuation Multiples

Discover revenue and EBITDA valuation multiples for Immunocore Holdings and similar public comparables like Pharming, Galapagos, and Julphar.

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

Germany
Employees

493

Website

immunocore.com

Financials

LTM Revenue n/a

LTM EBITDA n/a

EV

$882M

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Immunocore Holdings Financials

Immunocore Holdings has a last 12-month revenue of n/a and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Immunocore Holdings achieved revenue of $333M and an EBITDA of -$32.1M.

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

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Immunocore Holdings P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $268M $333M XXX XXX XXX
Gross Profit $186M $267M XXX XXX XXX
Gross Margin 70% 80% XXX XXX XXX
EBITDA -$55.5M -$32.1M XXX XXX XXX
EBITDA Margin -21% -10% XXX XXX XXX
Net Profit -$53.6M -$59.4M XXX XXX XXX
Net Margin -20% -18% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Immunocore Holdings Stock Performance

As of April 15, 2025, Immunocore Holdings's stock price is EUR 24 (or $25).

Immunocore Holdings has current market cap of EUR 1.2B (or $1.3B), and EV of EUR 821M (or $882M).

See Immunocore Holdings trading valuation data

Immunocore Holdings Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$882M $1.3B XXX XXX XXX XXX n/a

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Immunocore Holdings Valuation Multiples

As of April 15, 2025, Immunocore Holdings has market cap of $1.3B and EV of $882M.

Immunocore Holdings's trades at n/a LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate Immunocore Holdings's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Immunocore Holdings Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $882M XXX XXX XXX
EV/Revenue 2.6x XXX XXX XXX
EV/EBITDA -27.5x XXX XXX XXX
P/E -22.8x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF 39.3x XXX XXX XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Immunocore Holdings Valuation Multiples

Immunocore Holdings's NTM/LTM revenue growth is n/a

Immunocore Holdings's revenue per employee for the last fiscal year averaged $0.7M, while opex per employee averaged $0.8M for the same period.

Over next 12 months, Immunocore Holdings's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Immunocore Holdings's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Immunocore Holdings Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 24% XXX XXX XXX XXX
EBITDA Margin -10% XXX XXX XXX XXX
EBITDA Growth -42% XXX XXX XXX XXX
Rule of 40 (SaaS-only) n/a XXX XXX XXX XXX
Revenue per Employee $0.7M XXX XXX XXX XXX
Opex per Employee $0.8M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue 72% XXX XXX XXX XXX
Opex to Revenue 122% XXX XXX XXX XXX

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Immunocore Holdings Public Comps

See public comps and valuation multiples for Drug Development & Therapeutics and Vaccines & Immunotherapies comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Julphar XXX XXX XXX XXX XXX XXX
Benevolent AI XXX XXX XXX XXX XXX XXX
Galapagos XXX XXX XXX XXX XXX XXX
Pharming XXX XXX XXX XXX XXX XXX
Vivoryon Therapeutics XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Immunocore Holdings M&A and Investment Activity

Immunocore Holdings acquired  XXX companies to date.

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

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Latest Acquisitions by Immunocore Holdings

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Immunocore Holdings

When was Immunocore Holdings founded? Immunocore Holdings was founded in 2021.
Where is Immunocore Holdings headquartered? Immunocore Holdings is headquartered in Germany.
How many employees does Immunocore Holdings have? As of today, Immunocore Holdings has 493 employees.
Who is the CEO of Immunocore Holdings? Immunocore Holdings's CEO is Dr. Bahija Jallal, PhD.
Is Immunocore Holdings publicy listed? Yes, Immunocore Holdings is a public company listed on FRA.
What is the stock symbol of Immunocore Holdings? Immunocore Holdings trades under 6YG ticker.
When did Immunocore Holdings go public? Immunocore Holdings went public in 2021.
Who are competitors of Immunocore Holdings? Similar companies to Immunocore Holdings include e.g. Julphar, Benevolent AI, Galapagos, Pharming.
What is the current market cap of Immunocore Holdings? Immunocore Holdings's current market cap is $1.3B
What is the current revenue growth of Immunocore Holdings? Immunocore Holdings revenue growth between 2023 and 2024 was 24%.
Is Immunocore Holdings profitable? Yes, Immunocore Holdings is EBITDA-positive (as of the last 12 months).

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