Flagship explainer

How Immunocore Holdings plc makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$400M · 100%Cost of revenue$5.1M · 1%Gross profit$395M · 99%Operating income−$45.4M · −11%Income before tax−$19.1M · −5%Income tax$16.4M · 4%Net income−$35.5M · −9%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$400M100%
Cost of revenue$5.1M1%
$395M99%
−$45.4M−11%
Income before tax−$19.1M−5%
Income tax$16.4M4%
−$35.5M−9%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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