Immunocore Holdings Plc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Immunocore Holdings Plc (IMCR) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Immunocore Holdings Plc vs Its Competitors
- TTM: Trailing 12-month revenue of 431M vs 3,437M combined for its competitors (11.1% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+7.6% annualized vs trailing 12 months), vs accelerating (+21.0%) for its tracked peer group.
- Growth: Immunocore Holdings Plc generated 18.3% revenue growth year over year in Q2 2026, vs 36.5% for its competitors combined.
- Profitability: Its -0.7% net margin compares with -76.3% for the peer group.
- Scale: Immunocore Holdings Plc ranks #40 of 165 companies by market capitalization in the Biotechnology & Pharmaceuticals industry, holding 0.2% of industry market cap.
- Peer revenue share: Immunocore Holdings Plc accounted for 10.0% of combined revenue among its tracked peer group, down from 11.4% a year earlier.
- Peer differentiation: Revenue per employee of $0.82M compares with $0.42M for the peer group (2.0x).
- Structure: Immunocore Holdings Plc operates in the following segments: Reportable.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
IMCR Sales vs. its Competitors, Q2 2026
Immunocore Holdings Plc reported revenue growth of 18.34 % year on year in Q2 2026, below its competitors' combined revenue growth of 36.46 %.
With a net margin of -0.70 %, Immunocore Holdings Plc achieved higher profitability than its competitors (-76.34 %).
Immunocore Holdings Plc generated 10.03 % of the combined sales of its peer group, down from 11.39 % a year earlier.
API endpoints for this dataset
Immunocore Holdings Plc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Immunocore Holdings Plc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Immunocore Holdings Plc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Immunocore Holdings Plc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (2) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (9) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Immunocore Holdings Plc's competitor groups requires a Commercial License.
For context: the Biotechnology & Pharmaceuticals industry grew revenue 20.8% year over year, combined, vs 18.3% for Immunocore Holdings Plc. Immunocore Holdings Plc's share of combined industry revenue moved from 0.26% to 0.26%, a loss of 0.01 percentage points.
Immunocore Holdings Plc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Immunocore Holdings Plc | No | Yes | Yes | Yes |
| Competitors combined (41) | ||||
| High-Confidence Competitors (3) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 50.00 % (4 of 8) | 100.00 % (8 of 8) | 62.50 % (5 of 8) | 25.00 % (2 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
IMCR Stock Performance relative to its Competitors
IMCR Stock Performance relative to High-Confidence Competitors
IMCR Stock Performance relative to Similar-Size Competitors
IMCR Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Jasper Therapeutics Inc | 282.9% | Outperformed |
| 2 | Iovance Biotherapeutics inc | 282.9% | Outperformed |
| 3 | Century Therapeutics inc | 282.9% | Outperformed |
| 4 | Contextlogic Inc | 282.9% | Outperformed |
| 5 | Fate Therapeutics Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Immunocore Holdings Plc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Immunocore Holdings Plc's Comment on Competition and Industry Peers
Publicly Traded Peers of Immunocore Holdings Plc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Immunocore Holdings Plc |
1,639.47 | 430.78 |
 Biontech Se |
21,151.17 | 3,243.68 |
 Krystal Biotech Inc |
9,278.54 | 470.03 |
 Crispr Therapeutics Ag |
4,843.83 | 25.17 |
 Iovance Biotherapeutics inc |
3,619.52 | 324.97 |
 Cargurus Inc |
3,072.92 | 942.02 |
| SUBTOTAL | 59,427.89 | 7,316.51 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Immunocore Holdings Plc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Immunocore Holdings Plc's Competitors Named by the Company
Competitive relationships identified from Immunocore Holdings Plc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Adaptimmune Therapeutics plc | Company report | 85% |
| Immatics Biotechnologies | Company report | 85% |
| Tscan Therapeutics Inc | Company report | 85% |
| Iovance Biotherapeutics inc | Company report | 85% |
| AmerisourceBergen Corporation | Company report | 85% |
| Integrated Commercialization Solutions, LLC | Company report | 85% |
| Gritstone Oncology | Company report | 85% |
| Allogene Therapeutics Inc | Company report | 85% |
| Tcr2 Therapeutics Inc | Company report | 85% |
| Atara Biotherapeutics Inc | Company report | 85% |
| Sqz Biotechnologies Company | Company report | 85% |
Company report basis, confidence, active dates and source counts for Immunocore Holdings Plc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Immunocore Holdings Plc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Immunocore Holdings Plc | Reportable 100.00 % |
| Iovance Biotherapeutics inc | Single reportable segment 100.00 % |
| Novavax inc | Reportable 100.00 % |
| Prime Medicine Inc | Reportable 100.00 % |
| Ginkgo Bioworks Holdings Inc | Reportable 100.00 % |
| Century Therapeutics inc | Single reportable segment 100.00 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Immunocore Holdings Plc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Immunocore Holdings Plc | 1,639 | 822,090 | -34,492 |
| Biontech Se | 21,151 | 415,483 | -164,532 |
| Krystal Biotech Inc | 9,279 | 1,593,305 | 763,281 |
| Crispr Therapeutics Ag | 4,844 | 125,234 | -2,269,328 |
| Iovance Biotherapeutics inc | 3,620 | 333,302 | -296,941 |
| Cargurus Inc | 3,073 | 773,412 | 144,447 |
| PEERS TOTAL | 57,788 | 418,560 | -324,285 |
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Immunocore Holdings Plc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Krystal Biotech Inc | United States 74.86 % |
| Iovance Biotherapeutics inc | US 98.66 % |
| Cargurus Inc | US 90.67 % |
| Novavax inc | United States 68.88 % |
| 4d Molecular Therapeutics Inc | JP 97.05 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
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Immunocore Holdings Plc's Position in Industry Market Structure
Market-capitalization share and concentration across all 158 companies in Immunocore Holdings Plc's industry classification, broader than the peer set above. Market cap in millions of $.Immunocore Holdings Plc ranks #40 of 158 companies by market capitalization in its industry, holding 0.17 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,353, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Amgen Inc | 250,468 | 26.02 % |
| 2 | Gilead Sciences Inc | 207,444 | 21.55 % |
| 3 | Moderna Inc | 101,168 | 10.51 % |
| 4 | Argenx Se | 61,223 | 6.36 % |
| 5 | Revolution Medicines Inc | 1,234 | 5.2% |
| 6 | Biogen Inc | 1,234 | 5.2% |
| 7 | Biontech Se | 1,234 | 5.2% |
| 8 | Mesoblast Limited | 1,234 | 5.2% |
| 9 | Exelixis Inc | 1,234 | 5.2% |
| 10 | Neurocrine Biosciences Inc | 1,234 | 5.2% |
| 40 | Immunocore Holdings Plc | 1,639 | 0.17 % |
Market cap and industry share for the rest of Immunocore Holdings Plc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Immunocore Holdings Plc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 35 | Vir Biotechnology Inc | 2,062 | 112.59 % |
| 36 | Biocryst Pharmaceuticals Inc | 2,039 | 7.16 % |
| 37 | Maze Therapeutics Inc | 2,017 | 9.08 % |
| 38 | Recursion Pharmaceuticals Inc | 1,874 | -28.43 % |
| 39 | Novavax inc | 1,234 | 12.3% |
| 40 | Immunocore Holdings Plc | 1,639 | -2.09 % |
| 41 | Taysha Gene Therapies Inc | 1,234 | 12.3% |
| 42 | Hemab Therapeutics Holdings Inc | 1,234 | 12.3% |
| 43 | Alvotech | 1,234 | 12.3% |
| 44 | Inhibrx Biosciences Inc | 1,234 | 12.3% |
| 45 | Vor Biopharma Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Immunocore Holdings Plc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Immunocore Holdings Plc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Biotechnology & Pharmaceuticals industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (160 companies). See the full Biotechnology & Pharmaceuticals industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 98.90 % | 34.84 % (avg) | +64.1 pp |
| Operating Margin | -5.24 % | industry median | -4.8 pp |
| EBITDA Margin | -0.21 % | -2.62 % (avg) | +2.4 pp |
| Capital Intensity (Capex / Revenue) | 1.44 % | 8.89 % (avg) | -7.5 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Immunocore Holdings Plc's Valuation vs Competitive Position
Valuation multiples vs the Biotechnology & Pharmaceuticals industry average (160 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Biotechnology & Pharmaceuticals industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 27.3x | - |
| EV / EBITDA | - | 17.0x | - |
| P/B | 3.9x | 5.1x | -1.2x |
| Return on Equity | -4.54 % | industry aggregate | -3.02 % |
| Return on Invested Capital | -1.78 % | -11.80 % (avg) | 10.02 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Immunocore Holdings Plc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth | - | 24.37 % | 28.95 % |
| Operating Margin | - | -22.71 % | -11.34 % |
| Return on Invested Capital | - | -5.82 % | -3.52 % |
| P/E | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Immunocore Holdings Plc's Strategic Group Map
Immunocore Holdings Plc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Immunocore Holdings Plc's trailing-12-month revenue growth of 21.0% and operating margin of -5.2% compares with an average of 14.2% growth and 2.4% margin across its 8 closest peers by combined growth, margin and ROIC -- Immunocore Holdings Plc sits above that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Immunocore Holdings Plc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Immunocore Holdings Plc falls in the Dog quadrant: relative market share of 0.01x vs its largest competitor, in an industry growing revenue 8.0% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Immunocore Holdings Plc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,353 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 1.44 % vs industry average 8.89 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Immunocore Holdings Plc's dedicated Suppliers and Customers pages, not here.
Immunocore Holdings Plc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Immunocore Holdings Plc falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Immunocore Holdings Plc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+7.6% annualized vs trailing 12 months).
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.01x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- A meaningful share of competitors (73.20 %) show financial-distress signals, a possible opening to gain share.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Immunocore Holdings Plc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Immunocore Holdings Plc | 2.13 | 4.57 | 0.99 |
| Biontech Se | 3.58 | 7.54 | - |
| Krystal Biotech Inc | 4.80 | 8.80 | - |
| Crispr Therapeutics Ag | 2.24 | 16.26 | 0.25 |
| Iovance Biotherapeutics inc | 1.26 | 3.60 | 0.00 |
| Cargurus Inc | 1.40 | 2.28 | - |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Immunocore Holdings Plc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Immunocore Holdings Plc | Q2 2026 | +18.3 % | - |
| Biontech Se | Q4 2025 | +9.0 % | - |
| Krystal Biotech Inc | Q3 2026 | +30.2 % | -20.5 % |
| Crispr Therapeutics Ag | Q3 2026 | +1,325.1 % | - |
| Iovance Biotherapeutics inc | Q2 2026 | +65.7 % | - |
| Cargurus Inc | Q2 2026 | +7.5 % | +120.2 % |
| PEERS TOTAL | +11.5 % | - |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Immunocore Holdings Plc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Immunocore Holdings Plc | Q2 2026 | +4.6 % | +89.9 % |
| Biontech Se | Q4 2025 | +23.9 % | -36.1 % |
| Krystal Biotech Inc | Q3 2026 | - | -41.5 % |
| Crispr Therapeutics Ag | Q3 2026 | - | +459.5 % |
| Iovance Biotherapeutics inc | Q2 2026 | -10.8 % | -27.1 % |
| Cargurus Inc | Q2 2026 | +26.8 % | -11.9 % |
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Immunocore Holdings Plc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Immunocore Holdings Plc | - | - | - |
| Biontech Se | - | - | - |
| Krystal Biotech Inc | 15.48% | 16.91% | 17.02% |
| Crispr Therapeutics Ag | - | - | - |
| Iovance Biotherapeutics inc | - | - | - |
| Cargurus Inc | 29.36% | 35.27% | 56.25% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Immunocore Holdings Plc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Immunocore Holdings Plc | - | 3.81 |
| Biontech Se | - | 6.52 |
| Krystal Biotech Inc | 40.71 | 19.74 |
| Crispr Therapeutics Ag | - | 192.43 |
| Iovance Biotherapeutics inc | - | 11.14 |
| Cargurus Inc | 18.44 | 3.26 |
| PEERS AVERAGE | - | 8.12 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.