Estados financieros detallados de Immunocore Holdings plc (IMCR): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Immunocore Holdings plc registró ingresos de $297.6M en el último ejercicio fiscal, con un CAGR de 5 años del 58.1%.
Márgenes de los últimos 12 meses: margen bruto 98.8%, margen operativo -4.3%, margen neto -2.3%.
Al precio actual de $31.59, IMCR presenta beneficios negativos (P/E no significativo) y un ROE del -2.35%. La capitalización bursátil es de $1.6B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $16.5M | $14.4M | $23.7M | $25.7M | $30.1M | $27.0M | $144.2M | $197.4M | $248.0M | $297.6M |
| Coste de Ventas | 0 | 0 | 0 | $100.0M | $74.8M | 0 | $5.3M | $820634 | $5.5M | $6.2M |
| Beneficio Bruto | $16.5M | $14.4M | $23.7M | -$74.3M | -$44.7M | $27.0M | $138.9M | $196.6M | $242.4M | $291.4M |
| I+D | $46.0M | $61.2M | $83.6M | $100.0M | $74.8M | $74.3M | $84.3M | $129.4M | $177.4M | $204.5M |
| Generales y Administrativos | $3.7M | $22.0M | $34.2M | $44.2M | $45.7M | $82.2M | 0 | $114.3M | $121.2M | $120.6M |
| Gastos Operativos | $48.9M | $82.9M | $117.7M | $44.0M | $41.5M | $156.5M | $181.7M | $243.8M | $298.8M | $325.1M |
| Beneficio Operativo | -$32.5M | -$67.5M | -$93.5M | -$118.3M | -$86.2M | -$129.4M | -$42.8M | -$47.2M | -$56.3M | -$33.7M |
| EBITDA | -$29.8M | -$64.5M | -$86.7M | -$111.6M | -$82.4M | -$123.6M | -$38.4M | -$40.9M | -$38.5M | $387177 |
| Gastos por Intereses | 0 | 0 | $842000 | $3.8M | $3.1M | $5.6M | $5.4M | $4.1M | $18.8M | $12.2M |
| Beneficio Antes de Impuestos | -$31.2M | -$64.7M | -$88.2M | -$81.7M | -$87.4M | -$133.3M | -$33.8M | -$48.2M | -$42.3M | -$14.2M |
| Impuestos | $8.1M | $15.8M | -$16.5M | $22.3M | -$13.3M | $111191 | $9.6M | -$4.4M | -$1.5M | $12.2M |
| Beneficio Neto | -$23.1M | -$49.6M | -$71.6M | -$103.9M | -$74.1M | -$133.5M | -$43.5M | -$43.8M | -$40.8M | -$26.4M |
| BPA | $-9.45 | $-20.16 | $-2.62 | $-3.81 | $-2.33 | $-3.13 | $-0.95 | $-0.89 | $-1.02 | $-0.53 |
| BPA Diluido | $-9.45 | $-20.16 | $-2.62 | $-3.81 | $-2.33 | $-3.00 | $-0.95 | $-0.89 | $-1.02 | $-0.53 |
| Acciones en Circulación (Diluidas) | $2.4M | $2.5M | $27.3M | $27.3M | $31.8M | $43.9M | $45.7M | $48.9M | $50.0M | $50.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $103.7M | $77.4M | $106.7M | $115.9M |
| Beneficio Bruto | $103.2M | $74.8M | $106.2M | $114.8M |
| Beneficio Operativo | -$7.2M | -$14.6M | $7.3M | -$3.0M |
| EBITDA | $4.1M | -$8.0M | $16.5M | $3.6M |
| Beneficio Neto | $785000 | -$22.3M | $13.0M | -$808000 |
| BPA | $0.02 | $-0.44 | $0.26 | $-0.02 |
| BPA Diluido | $0.02 | $-0.44 | $0.25 | $-0.02 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $134.3M | $84.0M | $124.4M | $98.0M | $176.8M | $321.1M | $402.5M | $350.3M | $455.7M | $467.7M |
| Inversiones a Corto | $42.2M | $34.6M | 0 | 0 | 0 | 0 | 0 | 0 | $364.6M | $396.4M |
| Cuentas por Cobrar | $429812 | $4053 | $4.4M | $66.3M | $2.1M | $33.5M | $57.1M | $48.6M | $83.1M | $74.0M |
| Inventario | 0 | 0 | -$7.6M | 0 | -$6.5M | 0 | $692000 | $3.6M | $5.4M | $6.7M |
| Activos Corrientes | $191.1M | $145.4M | $171.2M | $164.6M | $152.9M | $354.6M | $474.0M | $418.5M | $929.9M | $996.7M |
| Inmovilizado Material | $11.1M | $24.2M | $20.9M | $72.7M | $36.8M | $42.6M | $38.8M | $33.8M | $47.7M | $50.2M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $371837 | $742776 | $318000 | 0 | 0 | 0 | $410 | 0 | 0 | 0 |
| Activos Totales | $219.1M | $198.0M | $195.8M | $245.9M | $197.2M | $407.3M | $526.8M | $472.4M | $1.01B | $1.07B |
| Cuentas por Pagar | $3.1M | $8.1M | $6.4M | $20.8M | $7.9M | $10.1M | $14.4M | $14.1M | $25.1M | $24.4M |
| Deuda a Corto | 0 | 0 | 0 | $28.0M | $9.8M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $21.8M | $30.2M | $49.6M | $112.0M | $55.0M | $82.6M | $100.8M | $110.0M | $212.2M | $246.7M |
| Deuda a Largo | 0 | $17.2M | $18.9M | 0 | $36.7M | $50.2M | $47.8M | $38.0M | $391.0M | $393.1M |
| Pasivos Totales | $44.1M | $60.5M | $139.2M | $226.4M | $141.8M | $175.8M | $187.9M | $180.6M | $648.8M | $686.2M |
| Reservas | -$61.1M | -$111.5M | -$175.2M | -$369.7M | -$349.9M | -$649.7M | -$689.4M | -$589.3M | -$795.8M | -$831.3M |
| Patrimonio Neto | $175.0M | $137.5M | $56.6M | $19.6M | $55.3M | $231.5M | $338.9M | $291.9M | $360.7M | $381.0M |
| Deuda Total | 0 | $17.2M | $18.9M | $78.7M | $74.5M | $86.2M | $81.4M | $66.5M | $432.7M | $436.7M |
| Deuda Neta | -$176.5M | -$101.4M | -$105.5M | -$19.3M | -$102.3M | -$234.9M | -$321.0M | -$283.8M | -$387.7M | -$427.5M |
| Capital Circulante | $169.3M | $115.2M | $121.6M | $52.7M | $97.9M | $272.0M | $373.1M | $308.5M | $717.7M | $750.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $498.4M | $467.7M | $452.7M | $484.9M |
| Activos Totales | $1.10B | $1.07B | $1.07B | $1.12B |
| Pasivos Totales | $705.9M | $686.2M | $678.4M | $699.6M |
| Patrimonio Neto | $396.6M | $381.0M | $393.7M | $419.8M |
| Deuda Total | $435.9M | $436.7M | $435.7M | $435.0M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$23.1M | -$49.6M | -$71.6M | -$103.9M | -$74.1M | -$180.0M | -$52.5M | -$34.3M | -$51.1M | -$26.4M |
| Amortizaciones | $2.8M | $4.2M | $6.7M | $9.2M | $9.0M | $7.6M | $5.3M | $3.2M | $4.2M | $2.4M |
| Compensación en Acciones | $1.7M | $3.3M | $666000 | $3.1M | $8.2M | $48.9M | $32.9M | $25.7M | $34.2M | 0 |
| Cambio en Capital Circulante | -$3.5M | -$16.7M | $67.6M | -$10.1M | -$28.8M | -$22.0M | -$24.2M | $4.6M | $45.1M | -$6.9M |
| Flujo de Caja Operativo | -$36.9M | -$61.7M | -$16.6M | -$101.4M | -$60.6M | -$143.1M | -$49.2M | $2.3M | $26.1M | -$8.0M |
| Inversiones (CapEx) | -$6.2M | -$17.7M | -$3.5M | -$4.3M | -$3.1M | -$1.4M | -$2.2M | -$4.3M | -$5.2M | -$3.2M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$43.1M | -$79.5M | -$20.2M | -$105.7M | -$63.6M | -$144.5M | -$51.4M | -$2.0M | $20.9M | -$11.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$4.5M | -$32.7M | -$13.8M | -$5.5M |
| Inversiones (CapEx) | -$748000 | -$2.9M | -$1.8M | -$788982 |
| Flujo de Caja Libre | -$5.2M | -$35.5M | -$15.5M | -$6.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $9.8M | $8.3M | 0 | $15.7M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -12.2% | +63.7% | +8.5% | +17.3% | -10.2% | +433.3% | +36.9% | +25.6% | +20.0% |
| Crecimiento Beneficio Neto (anual) | | -114.3% | -44.5% | -45.1% | +28.7% | -80.1% | +67.4% | -0.7% | +6.7% | +35.3% |
| Crecimiento BPA (anual) | | -113.3% | +87.0% | -45.4% | +38.8% | -34.3% | +69.6% | +6.3% | -14.6% | +48.0% |
| Cambio en Acciones (anual) | | +0.4% | +1010.3% | +0.0% | +16.4% | +38.0% | +4.2% | +6.9% | +2.3% | +0.7% |
| Crecimiento FCF (anual) | | -84.4% | +74.6% | -424.0% | +39.8% | -127.0% | +64.4% | +96.2% | +1162.2% | -153.6% |
| Margen Bruto | 100.0% | 100.0% | 100.0% | -289.5% | -148.4% | 100.0% | 96.3% | 99.6% | 97.8% | 97.9% |
| Margen Operativo | -197.3% | -467.4% | -395.1% | -460.9% | -286.2% | -478.5% | -29.7% | -23.9% | -22.7% | -11.3% |
| Margen EBITDA | -180.9% | -446.3% | -366.7% | -434.6% | -273.6% | -457.0% | -26.6% | -20.7% | -15.5% | 0.1% |
| Margen Neto | -140.5% | -343.1% | -302.8% | -404.9% | -246.0% | -493.4% | -30.1% | -22.2% | -16.5% | -8.9% |
| Margen FCF | -261.7% | -550.0% | -85.2% | -411.6% | -211.4% | -534.3% | -35.6% | -1.0% | 8.4% | -3.8% |
| Tasa Impositiva Efectiva | -25.9% | -24.4% | 18.8% | -27.3% | 15.2% | -0.1% | -28.5% | 9.2% | 3.5% | -85.9% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-17.59 | $-32.31 | $-0.74 | $-3.87 | $-2.00 | $-3.29 | $-1.12 | $-0.04 | $0.42 | $-0.22 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $2.4M | $2.5M | $27.3M | $27.3M | $31.8M | $42.5M | $45.7M | $48.9M | $50.0M | $50.3M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -2.35% |
| Rentabilidad sobre capital invertido | 13.56% |
| Rentabilidad sobre activos | -0.83% |
| Margen bruto | 98.85% |
| Margen operativo | -4.33% |
| Margen neto | -2.31% |
Salud financiera
| Deuda / Patrimonio | 1.04 |
| Ratio corriente | 4.47 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.46 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -3.70 | -1.59 | -12.93 | -8.55 | -13.57 | -8.08 | -49.66 | -60.36 | -28.92 | -65.49 |
| P/VC | 0.49 | 0.57 | 16.34 | 45.46 | 18.16 | 4.64 | 6.36 | 9.00 | 4.09 | 4.59 |
| P/V | 5.21 | 5.44 | 39.09 | 34.65 | 33.37 | 39.74 | 14.95 | 13.31 | 5.95 | 5.87 |
| Margen Bruto | 100.0% | 100.0% | 100.0% | -289.5% | -148.4% | 100.0% | 96.3% | 99.6% | 97.8% | 97.9% |
| Margen Operativo | -197.3% | -467.4% | -395.1% | -460.9% | -286.2% | -478.5% | -29.7% | -23.9% | -22.7% | -11.3% |
| Margen Neto | -140.5% | -343.1% | -302.8% | -404.9% | -246.0% | -493.4% | -30.1% | -22.2% | -16.5% | -8.9% |