Immunocore Holdings plc American Depositary Shares 2026 Q2 Earnings Call

Good morning and good afternoon, and thank you for joining us today. Before I start, I would like to welcome Ryan Baker, who joined us last week as our new Vice President of Investor Relations, so welcome, Ryan. Guided by our mission, we have continued to execute as planned across the business. We remain focused on our three strategic priorities: maximizing the value of KIMMTRAK, advancing our melanoma portfolio, and expanding into other tumor types, and realizing opportunities in infection and autoimmune diseases. Starting with KIMMTRAK, we generated $223 million in net revenue in the first half of the year, representing 16% growth compared to the first half of 2025. At ACR in April, we presented the five-year overall survival data that showed that KIMMTRAK doubles the likelihood of being alive at five years for patients with HLA-A2-positive metastatic uveal melanoma.

For a disease once measured in months, five years is extraordinary, and some of those patients are alive today because of this medicine. This is why we come to work every day. In melanoma, we are advancing three ongoing phase III trials, TEBE-AM, ATOM, and PRISM-MEL-301, an important differentiator for a company of our size. Beyond melanoma, we expect to present updated PRAME data in additional tumor types by the end of the year and to provide initial preproinsulin data in 2027. In autoimmune diseases, the first patient is to be dosed with our first autoimmune candidate in type 1 diabetes in the coming weeks. We also remain on track to submit the CTA for our second autoimmune candidate by the end of 2026.

Finally, in HIV, we have completed enrollment of additional patients at higher dose cohorts up to 1.2 mgs as part of the multiple ascending dose part of the phase I/II trial. We are analyzing the new data and plan to share results early next year. Overall, we are continuing to execute across our commercial portfolio and pipeline with multiple opportunities to create value for patients and shareholders. I now ask Ralph to share details about our commercial performance.

Ralph? Thank you, Bahija. Today, I will cover KIMMTRAK's continued commercial momentum, our landmark five-year OS data, and our ongoing growth opportunities across melanoma.

We delivered $223 million in net sales during the first half of 2026, representing a 16% year-over-year growth and reflecting the sustained strength of KIMMTRAK across our global markets. In the second quarter, we generated $116 million in net sales, with the U.S. contributing $75 million and serving as a primary growth driver. This strong performance was supported by continued demand growth in the community, as well as $6 million in inventory stocking by a U.S. distributor. This increase in inventory will create a headwind in Q3. The fundamentals of the business remain very strong across our 30-plus launch countries. We continue to see over 70% penetration across our major markets and a stable duration of therapy of 14 months.

In our fifth year on the market, we expect moderating growth driven by continued commercial excellence, geographic expansion, and deeper penetration in the U.S. community setting. The body of evidence supporting the long-term survival benefit for patients treated with KIMMTRAK continues to build. We presented French real-world evidence showing a median overall survival of 28 months and more recently presented the five-year survival data from our registrational trial, which I will discuss in slide eight.

KIMMTRAK's landmark five-year data sets the bar for overall survival in HLA-A*02:01-positive first-line metastatic uveal melanoma. It is also the longest OS follow-up ever reported in a randomized metastatic uveal melanoma trial and for any T-cell engager in a solid tumor. This data shows that treatment with KIMMTRAK doubles the likelihood of survival at five years, with a 16% OS rate compared with 8% for investigator's choice. Importantly, the survival curve separated early and remained separated over time. In the active arm, 44% of patients alive at five years received KIMMTRAK as their only treatment. In the control arm, 87% of patients alive at five years crossed over to KIMMTRAK. Remarkably, only a single patient that did not cross over to KIMMTRAK was alive at five years.

The five-year OS benefit of KIMMTRAK was observed across key subgroups, including those with poor prognostic features such as high tumor burden, elevated LDH, and extrahepatic disease. These results clearly demonstrate that starting with KIMMTRAK in first line gives patients the best chance at extending long-term survival. I'm excited about the opportunity to potentially extend this benefit to more patients through our lifecycle management program, which I will discuss on the next slide. Today, we're serving approximately 1,000 patients per year in metastatic uveal melanoma. Our focus now is on scaling this momentum with the potential to expand the number of patients sixfold through our 2 phase III lifecycle management trials. TEBE-AM could transform the lives of up to 4,000 patients with advanced cutaneous melanoma. The data is expected as early as the end of 2026.

Our ATOM trial in adjuvant uveal melanoma could help up to 1,200 patients live without their disease. I am confident in our ability to execute on this growth trajectory, and I'm excited about what's ahead for KIMMTRAK and the patients we serve. I'll now hand over to Mohammed to discuss these trials in more detail.

Mohammed? Thank you, Ralph. I'm pleased to be able to share the progress we've made across our pipeline.