Immunocore Holdings plc, together with its subsidiaries, engages in the development and commercialization of immunomodulating medicines for patients with cancer, infectious diseases, and autoimmune disease in the United States, Europe, and internationally. The company offers KIMMTRAK for the treatment of unresectable or metastatic uveal melanoma. It also develops oncology programs, including tebentafusp which is in Phase 3 clinical trial for …
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Competitive advantage assessment
Key strengths
Strong Interest Coverage & Conservative LeverageDebt serviceability is strong (score 0.89), with robust interest coverage.
Consistent Cash GenerationCash generation is strong and consistent (score 0.85).
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Immunocore Holdings plc ranks #65 of 713
scored companies in Biotechnology by moat score — the top 9%.
The widest moat in the group is Royalty Pharma plc (RPRX)
at 85/100.
Moat scores for companies ranked near IMCR in Biotechnology
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 84
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 69
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 44
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 76
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 71
· 15% of the moat score
Scale matters only when it converts into economics.
Immunocore Holdings plc (IMCR) scores 64 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #65 of 713 scored companies in Biotechnology, the top 9%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 712 companies in Biotechnology. Its strongest defense is Cost Advantage (84/100) and its weakest is Capital Efficiency (44/100).
How does Immunocore Holdings plc compare with other Biotechnology companies?
Immunocore Holdings plc ranks #65 of 713 scored companies in Biotechnology by moat score. The widest moat in Biotechnology is Royalty Pharma plc (RPRX) at 85/100. The companies ranked closest are Nanobiotix S.A. (NBTX) at 65 just above it and Equillium, Inc. (EQ) at 64 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 712 companies in Biotechnology. The defenses are then weighted to produce the overall score out of 100.
Why is Immunocore Holdings plc scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for Immunocore Holdings plc?
The Corporate Default template measures 6 defenses, and IMCR scores: Pricing Power (51), Cost Advantage (84), Customer Stickiness (69), Capital Efficiency (44), Resilience (76), Scale & Market Position (71). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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