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As you might know, Immunocore Holdings plc (NASDAQ:IMCR) recently reported its annual numbers. Revenues were in line with expectations, at US$310m, while statutory losses ballooned to US$1.01 per share. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.
Check out our latest analysis for Immunocore Holdings
After the latest results, the 15 analysts covering Immunocore Holdings are now predicting revenues of US$356.8m in 2025. If met, this would reflect a solid 15% improvement in revenue compared to the last 12 months. Losses are forecast to balloon 51% to US$1.54 per share. Before this latest report, the consensus had been expecting revenues of US$355.8m and US$1.39 per share in losses. While this year's revenue estimates held steady, there was also a noticeable increase in loss per share expectations, suggesting the consensus has a bit of a mixed view on the stock.
As a result, there was no major change to the consensus price target of US$63.54, with the analysts implicitly confirming that the business looks to be performing in line with expectations, despite higher forecast losses. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. The most optimistic Immunocore Holdings analyst has a price target of US$99.67 per share, while the most pessimistic values it at US$23.38. So we wouldn't be assigning too much credibility to analyst price targets in this case, because there are clearly some widely different views on what kind of performance this business can generate. With this in mind, we wouldn't rely too heavily the consensus price target, as it is just an average and analysts clearly have some deeply divergent views on the business.
Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. It's pretty clear that there is an expectation that Immunocore Holdings' revenue growth will slow down substantially, with revenues to the end of 2025 expected to display 15% growth on an annualised basis. This is compared to a historical growth rate of 48% over the past five years. By way of comparison, the other companies in this industry with analyst coverage are forecast to grow their revenue at 20% per year. Factoring in the forecast slowdown in growth, it seems obvious that Immunocore Holdings is also expected to grow slower than other industry participants.