Q2 2024 Immunocore Holdings PLC Earnings Call Transcript
Key Points
- Immunocore Holdings PLC (IMCR) reported a 34% increase in net sales for the first half of 2024, driven by strong US performance.
- The company has successfully launched KIMMTRAK in 19 countries, expanding its global footprint.
- IMCR is pursuing label expansion for KIMMTRAK in late-line cutaneous melanoma and adjuvant uveal melanoma, potentially benefiting up to 6,000 patients.
- The company is advancing nine clinical programs, including three Phase 3 trials, showcasing a robust pipeline.
- IMCR's AI-enabled patient finding tool has improved patient identification in lower density community centers, enhancing market penetration without increasing field force.
- The reimbursement environment in Europe remains challenging, impacting revenue growth and requiring increased rebate reserves.
- Despite strong US sales, European demand for KIMMTRAK flattened in Q2, with a decline in net revenues due to increased rebate reserves.
- R&D and SG&A expenses increased by 31% in the first half of 2024 compared to the same period in 2023.
- The company faces uncertainties in the HIV program, with ongoing dose escalation and a need for more data to confirm biological activity.
- IMCR's growth in Europe is expected to be incremental, with significant challenges in market access and reimbursement negotiations.
Welcome to the Immunocore conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to Clayton Robertson, Head of Investor Relations. Thank you. You may begin.
Good morning and good afternoon. Thank you for joining us on our Q2 and first-half 2024 for earnings call today. During today's call, we will make some forward-looking statements, which are qualified by the Safe Harbor provision under the Private Securities Litigation Reform Act of 1995. Please note that actual results can vary materially from those indicated by these forward-looking statements, including those discussed in our filings with the SEC.
On today's call, I'm joined by Bahija Jallal, CEO of Immunocore; and Brian Di Donato, CFO and Head of Strategy, who will share a strategy update. Ralph Torbay, Head of Commercial, will review our first half KIMMTRAK sales and additional growth opportunities for KIMMTRAK.
David Berman,
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