Immunocore Holdings plc (IMCR) Presents at Morgan Stanley 24th Annual Global Healthcare Conference Transcript

SA Transcripts 162.21K Followers Follow Immunocore Holdings plc ( IMCR ) Morgan Stanley 24th Annual Global Healthcare Conference September 14, 2026 2:35 PM EDT Company Participants Bahija Jallal - CEO & Executive Director Travis Coy - CFO, Executive VP & Head of Corporate Development Conference Call Participants Sean Laaman - Morgan Stanley, Research Division Presentation Sean Laaman Morgan Stanley, Research Division Good afternoon, everyone. I'm Sean Laaman, Head of U.S. Mid-Cap Biotech Equity Research here at Morgan Stanley, and welcome to Morgan Stanley's Global Healthcare Conference. Before we commence, just to make you aware of some important disclosures, please see those disclosures at the Morgan Stanley [ Research Disclosure ] website at www.morganstanley.com/researchdisclosures. And if you have any questions on those, please reach out to your Morgan Stanley sales representative. For this session, we have Immunocore, and from Immunocore, we have the CEO, Bahija Jallal; and CFO and Head of Corporate Development, Travis Coy. Welcome both of you, and thanks for your time. Bahija Jallal CEO & Executive Director Thank you for having us. Question-and-Answer Session Sean Laaman Morgan Stanley, Research Division Maybe the first couple of questions just on the macro outlook. So how is the rise of China origin innovation changing your competitive positioning, if at all, and does it change your R&D and BD playbook? Bahija Jallal CEO & Executive Director Sure. First of all, thank you for having us. China has been fastest in areas where the biology is known, for instance, like checkpoint inhibitors, ADCs, and bispecifics against extracellular domain. So the pressure is real, and I think if your edge was to get to the -- a known target fast, that edge is very thinning. Where we sit, we are in the TCR, and speed is not our -- it's not the edge that we go after because we are really dealing with something very complex inside the intracellular, and that complex of HLA and peptide, how it interacts with the