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Immunocore Holdings plc（IMCR）与REPLIGEN CORP（RGEN）财务数据对比。点击上方公司名可切换其他公司
REPLIGEN CORP的季度营收约是Immunocore Holdings plc的1.9倍（$197.9M vs $104.5M），Immunocore Holdings plc同比增速更快（24.3% vs 13.6%），REPLIGEN CORP自由现金流更多（$17.6M vs $-35.5M），过去两年Immunocore Holdings plc的营收复合增速更高（21.7% vs 14.4%）
Immunocore是一家处于商业化阶段的全球生物技术企业，总部位于英国牛津郡，依托可溶性T细胞受体技术深耕生物药物的研发领域，其创新技术平台为肿瘤、感染性疾病、自身免疫性疾病等多领域的新药开发提供支撑。
Repligen是一家全球生命科学企业，专注于创新生物工艺技术与系统的研发及商业化，助力提升生物药生产效率。公司1981年成立，总部位于美国马萨诸塞州沃尔瑟姆，于纳斯达克挂牌上市，股票代码RGEN，截至2025年全球员工超1900人，主要服务生物制药领域客户。
IMCR vs RGEN — 直观对比
营收规模更大
RGEN
是对方的1.9倍
$104.5M
营收增速更快
IMCR
高出10.7%
13.6%
自由现金流更多
RGEN
多$53.1M
$-35.5M
两年增速更快
IMCR
近两年复合增速
14.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $104.5M | $197.9M |
| 净利润 | — | $13.3M |
| 毛利率 | 97.4% | 52.5% |
| 营业利润率 | -18.8% | 9.0% |
| 净利率 | — | 6.7% |
| 营收同比 | 24.3% | 13.6% |
| 净利润同比 | — | 143.9% |
| 每股收益（稀释后） | $-0.61 | $0.24 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收IMCRRGEN
| Q4 25 | $104.5M | $197.9M | ||
| Q3 25 | $103.7M | $188.8M | ||
| Q2 25 | $98.0M | $182.4M | ||
| Q1 25 | $93.9M | $169.2M | ||
| Q4 24 | $84.1M | $174.1M | ||
| Q3 24 | $80.2M | $154.9M | ||
| Q2 24 | $75.4M | $154.1M | ||
| Q1 24 | $70.5M | $151.3M |
净利润IMCRRGEN
| Q4 25 | — | $13.3M | ||
| Q3 25 | $-177.0K | $14.9M | ||
| Q2 25 | $-10.3M | $14.9M | ||
| Q1 25 | $5.0M | $5.8M | ||
| Q4 24 | — | $-30.3M | ||
| Q3 24 | $8.7M | $-654.0K | ||
| Q2 24 | $-11.6M | $3.3M | ||
| Q1 24 | $-24.4M | $2.1M |
毛利率IMCRRGEN
| Q4 25 | 97.4% | 52.5% | ||
| Q3 25 | 99.5% | 53.2% | ||
| Q2 25 | 98.9% | 50.0% | ||
| Q1 25 | 99.1% | 53.6% | ||
| Q4 24 | 99.6% | 26.1% | ||
| Q3 24 | 99.4% | 50.0% | ||
| Q2 24 | 97.7% | 49.8% | ||
| Q1 24 | 99.7% | 49.5% |
营业利润率IMCRRGEN
| Q4 25 | -18.8% | 9.0% | ||
| Q3 25 | -6.9% | 8.9% | ||
| Q2 25 | -15.2% | 7.6% | ||
| Q1 25 | -3.9% | 3.9% | ||
| Q4 24 | -23.1% | -17.7% | ||
| Q3 24 | -10.6% | -5.1% | ||
| Q2 24 | -21.2% | 1.0% | ||
| Q1 24 | -37.6% | 1.3% |
净利率IMCRRGEN
| Q4 25 | — | 6.7% | ||
| Q3 25 | -0.2% | 7.9% | ||
| Q2 25 | -10.5% | 8.2% | ||
| Q1 25 | 5.4% | 3.4% | ||
| Q4 24 | — | -17.4% | ||
| Q3 24 | 10.9% | -0.4% | ||
| Q2 24 | -15.4% | 2.2% | ||
| Q1 24 | -34.7% | 1.4% |
每股收益（稀释后）IMCRRGEN
| Q4 25 | $-0.61 | $0.24 | ||
| Q3 25 | $0.00 | $0.26 | ||
| Q2 25 | $-0.20 | $0.26 | ||
| Q1 25 | $0.10 | $0.10 | ||
| Q4 24 | $-0.47 | $-0.55 | ||
| Q3 24 | $0.17 | $-0.01 | ||
| Q2 24 | $-0.23 | $0.06 | ||
| Q1 24 | $-0.49 | $0.04 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $864.2M | $767.6M |
| 总债务越低越好 | — | $542.2M |
| 股东权益账面价值 | $381.0M | $2.1B |
| 总资产 | $1.1B | $2.9B |
| 负债/权益比越低杠杆越低 | — | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资IMCRRGEN
| Q4 25 | $864.2M | $767.6M | ||
| Q3 25 | $892.4M | $748.7M | ||
| Q2 25 | $882.8M | $708.9M | ||
| Q1 25 | $837.0M | $697.2M | ||
| Q4 24 | $820.4M | $757.4M | ||
| Q3 24 | $901.3M | $784.0M | ||
| Q2 24 | $859.6M | $809.1M | ||
| Q1 24 | $832.8M | $780.6M |
总债务IMCRRGEN
| Q4 25 | — | $542.2M | ||
| Q3 25 | — | $537.9M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $525.6M | ||
| Q3 24 | $438.7M | — | ||
| Q2 24 | $452.5M | — | ||
| Q1 24 | $452.5M | — |
股东权益IMCRRGEN
| Q4 25 | $381.0M | $2.1B | ||
| Q3 25 | $396.6M | $2.1B | ||
| Q2 25 | $388.5M | $2.1B | ||
| Q1 25 | $378.5M | $2.0B | ||
| Q4 24 | $360.7M | $2.0B | ||
| Q3 24 | $377.8M | $2.0B | ||
| Q2 24 | $359.1M | $2.0B | ||
| Q1 24 | $359.5M | $2.0B |
总资产IMCRRGEN
| Q4 25 | $1.1B | $2.9B | ||
| Q3 25 | $1.1B | $2.9B | ||
| Q2 25 | $1.1B | $2.9B | ||
| Q1 25 | $1.0B | $2.9B | ||
| Q4 24 | $1.0B | $2.8B | ||
| Q3 24 | $1.1B | $2.8B | ||
| Q2 24 | $1.0B | $2.9B | ||
| Q1 24 | $994.0M | $2.8B |
负债/权益比IMCRRGEN
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | 1.16× | — | ||
| Q2 24 | 1.26× | — | ||
| Q1 24 | 1.26× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-32.7M | $25.7M |
| 自由现金流经营现金流 - 资本支出 | $-35.5M | $17.6M |
| 自由现金流率自由现金流/营收 | -34.0% | 8.9% |
| 资本支出强度资本支出/营收 | 2.8% | 4.1% |
| 现金转化率经营现金流/净利润 | — | 1.93× |
| 过去12个月自由现金流最近4个季度 | $-15.1M | $93.9M |
8季度趋势，按日历期对齐
经营现金流IMCRRGEN
| Q4 25 | $-32.7M | $25.7M | ||
| Q3 25 | $-4.5M | $48.1M | ||
| Q2 25 | $26.0M | $28.6M | ||
| Q1 25 | $435.0K | $15.0M | ||
| Q4 24 | $-14.0M | $39.2M | ||
| Q3 24 | $21.1M | $49.3M | ||
| Q2 24 | $23.5M | $42.2M | ||
| Q1 24 | $-4.6M | $44.7M |
自由现金流IMCRRGEN
| Q4 25 | $-35.5M | $17.6M | ||
| Q3 25 | $-5.2M | $43.4M | ||
| Q2 25 | $25.6M | $21.5M | ||
| Q1 25 | $137.0K | $11.4M | ||
| Q4 24 | $-17.5M | $33.6M | ||
| Q3 24 | $20.3M | $42.3M | ||
| Q2 24 | $23.1M | $37.4M | ||
| Q1 24 | $-5.0M | $36.4M |
自由现金流率IMCRRGEN
| Q4 25 | -34.0% | 8.9% | ||
| Q3 25 | -5.0% | 23.0% | ||
| Q2 25 | 26.1% | 11.8% | ||
| Q1 25 | 0.1% | 6.8% | ||
| Q4 24 | -20.9% | 19.3% | ||
| Q3 24 | 25.3% | 27.3% | ||
| Q2 24 | 30.7% | 24.3% | ||
| Q1 24 | -7.1% | 24.0% |
资本支出强度IMCRRGEN
| Q4 25 | 2.8% | 4.1% | ||
| Q3 25 | 0.7% | 2.5% | ||
| Q2 25 | 0.4% | 3.9% | ||
| Q1 25 | 0.3% | 2.1% | ||
| Q4 24 | 4.3% | 3.2% | ||
| Q3 24 | 1.0% | 4.5% | ||
| Q2 24 | 0.4% | 3.1% | ||
| Q1 24 | 0.6% | 5.5% |
现金转化率IMCRRGEN
| Q4 25 | — | 1.93× | ||
| Q3 25 | — | 3.23× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | 0.09× | 2.57× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.42× | — | ||
| Q2 24 | — | 12.70× | ||
| Q1 24 | — | 21.35× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
