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Companies Immunocore Holdings plc

Immunocore (IMCR): executive pay, fiscal 2025

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CEO total pay$10,885,268CEO Bahija Jallal · source
Say-on-pay support77.54%Latest vote · source
CEO vs. named peers79th pct.Of 16 peer CEOs
CEO pay ratio92:1To the median employee · source

CEO pay, last three years

  • $11,678,834FY2023
  • $12,852,234FY2024
  • $10,885,268FY2025

CEO total pay was $10,885,268 in fiscal 2025, down from $12,852,234 in fiscal 2024.

FY2025: salary $765,000 · bonus $0 · stock awards $2,819,992 · option awards $6,579,990

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Immunocore Holdings plc in fiscal 2025?
As disclosed, Bahija Jallal (Chief Executive Officer) was the highest-paid executive at Immunocore Holdings plc in fiscal 2025, with total compensation of $10,885,268.
How does Immunocore Holdings plc's chief executive pay compare to its disclosed peer group?
As disclosed, Bahija Jallal's total compensation ranked at the 79th percentile of Immunocore Holdings plc's disclosed peer group.
What is Immunocore Holdings plc's CEO-to-median employee pay ratio?
As disclosed, Immunocore Holdings plc's CEO-to-median employee pay ratio was 92:1.
How did shareholders vote on Immunocore Holdings plc's executive compensation?
As disclosed, 77.54% of shareholders supported Immunocore Holdings plc's executive compensation in the latest say-on-pay vote.
How much does Immunocore Holdings plc spend in total on board compensation for fiscal 2025?
As disclosed, Immunocore Holdings plc reported total board compensation of $3,336,320 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Bahija Jallal$765,000$0$2,819,992$6,579,990$688,500$0$31,786$10,885,268
Chief Executive Officer
Travis Coy500,000100,00004,299,989250,000021,2205,171,209
Chief Financial Officer and Head of Corporate Development
David Berman540,00001,399,9912,099,992216,000023,0054,278,988
Former Executive Vice President, Head of Research & Development
Tina St. Leger374,9460250,890376,357179,974023,1501,204,261
Chief Human Resources Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Bahija Jallal$10,885,268$12,852,234$11,678,834↓ −1,966,966
Travis Coy5,171,209———
David Berman4,278,9885,481,4954,396,622↓ −1,202,507
Tina St. Leger1,204,2611,115,8711,039,117↑ +88,390

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The company aims to motivate, attract, and retain highly qualified executives by creating a competitive, fair, and balanced compensation program that rewards performance and aligns executive interests with shareholders. The program emphasizes pay-for-performance, ensuring a significant portion of compensation is tied to future share performance and corporate objectives.

CEO STI target (% of salary)75%
CEO LTI target (% of salary)—
Independent consultantAon Human Capital Solutions practice, a division of Aon plc
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
David BermanRSU2025-02-17——47,297—$1,399,991
Bahija JallalRSU2025-02-17——95,270—2,819,992
Tina St. LegerRSU2025-02-17——8,476—250,889
Bahija JallalOPTION2025-02-17——405,824—6,579,990
Travis CoyOPTION2025-01-01——274,033—4,299,989
David BermanOPTION2025-02-17——129,518—2,099,992
Tina St. LegerOPTION2025-02-17——23,212—376,357

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
David Berman$1,399,991$0$2,099,9920.0%
Bahija Jallal2,819,99206,579,9900.0%
Tina St. Leger250,8890376,3570.0%
Travis Coy004,299,9890.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Tina St. LegerOption4,16864.53—
Tina St. LegerOption7,96670.5—
David BermanOption8,39224.66—
Tina St. LegerRSU8,476—294,202
Tina St. LegerOption8,75029.87—
Tina St. LegerOption23,21229.6—
Bahija JallalOption27,84924.66—
David BermanOption28,31264.53—
David BermanRSU47,297—1,641,679
David BermanOption62,57570.5—
Bahija JallalOption81,00464.53—
Bahija JallalRSU95,270—3,306,822
David BermanOption129,51829.6—
Bahija JallalOption158,52370.5—
Travis CoyOption274,03329.5—
Bahija JallalOption405,82429.6—
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
William PaoIndependent · Audit · Partial-year service · Newly elected$42,466—$799,983—$0$842,449
Professor Sir John BellIndependent · Board Chair · Remuneration · Nominating and Corporate Governance (Chair)98,9520399,991—0498,943
Siddharth KaulIndependent · Audit (Chair) · Remuneration77,5000399,991—0477,491
Kristine PetersonIndependent · Remuneration (Chair) · Nominating and Corporate Governance70,0000399,991—2,541472,532
Roy S. HerbstIndependent · Remuneration · Partial-year service67,5000399,991—3,928471,419
Professor Sir Peter RatcliffeIndependent · Audit · Nominating and Corporate Governance65,0000399,991—0464,991
Ranjeev KrishanaIndependent · Compensation · Departed during FY51,9860399,991—0451,977
Bahija JallalEmployee director · Partial-year service12,819,9920688,50036,4541
Robert PerezIndependent · Audit · Departed during FY000—00

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$400,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline—

Total cost of the board

ComponentFY2025
Cash retainers and fees$473,405
Equity awards (grant-date value)$2,819,992
All other compensation$42,923
Total cost of the board$3,336,320

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Immunocore as a peer

Companies that benchmark against IMCR

3 companies name IMCR as a compensation peer

The list of companies that name IMCR as a peer is temporarily unavailable — recheck shortly.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1TG Therapeutics2025Michael Weiss$875,000$23,550,000$0$1,146,250$25,571,250
2Ionis Pharmaceuticals2025Brett Monia1,051,7768,444,8381,438,105013,350,777
3Apellis Pharmaceuticals2024Cedric Francois793,1934,779,8324,787,768010,957,451
4Immunocore Holdings plc2025Bahija Jallal765,0002,819,9926,579,990688,50010,885,268
5Mirium Pharmaceuticals2025Christopher Peetz755,0003,683,9044,931,3201,057,00010,441,224
6Axsome Therapeutics2025Herriot Tabuteau835,0005,533,5542,833,237876,75010,283,492
7Intra-Cellular Therapies2023Sharon Mates891,6537,749,9840010,086,413
8Arcus Biosciences2025Terry Rosen775,0002,199,4506,008,860658,7509,656,813
9Ideaya Biosciences2025Yujiro Hata700,00008,418,840378,0009,512,640
10Arrowhead Pharmaceuticals2025Christopher Anzalone981,0466,810,29201,236,0009,029,861
11Amicus Therapeutics2024Bradley Campbell767,3084,990,3652,105,62708,526,943
12Arvinas2025John Houston706,2362,685,8402,671,051457,0006,534,127
13Bicycle Therapeutics2025Kevin Lee862,3391,724,8002,961,297543,6426,341,473
14Beam Therapeutics2025John Evans755,0001,513,5752,876,754662,5135,818,525
15Xencor2025Bassil Dahiyat742,8001,552,8922,727,018490,2485,521,205
—Immatics——————not in coverage universe
—Galapagos NV——————not in coverage universe

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Immunocore Holdings plc120%Option 70 · RSU 30not disclosedAon Human Capital Solutions practice, a division of Aon plc
Amicus Therapeuticsnot disclosedOption 33 · RSU 33 · PRSU 33Yes — TSR GoalPay Governance
Apellis Pharmaceuticals90.74%RSU 50 · PSU 50not disclosedPay Governance
Arcus Biosciences100%Options 67 · RSU 33not disclosedRadford
Arrowhead Pharmaceuticals125%PRSU 70 · RSU 30not disclosedCompensia
Arvinas108%Options 50 · RSU 50not disclosedAon (Aon's Human Capital Solutions practice, a division of Aon plc)
Axsome Therapeutics150%RSU 33 · Options 33 · PSU 33NoFrederic W. Cook & Co., Inc.
Beam Therapeutics135%Options 66 · RSU 34not disclosedPay Governance LLC
Bicycle Therapeutics97%not disclosednot disclosednot disclosed
Galapagos NVnot disclosednot disclosednot disclosednot disclosed
Ideaya Biosciences90%Options 100not disclosedAon (Aon plc, Talent Solutions practice)
Immaticsnot disclosednot disclosednot disclosednot disclosed
Intra-Cellular Therapiesnot disclosedRSU 75 · PRSU 25Yes — Total Stockholder Return (TSR) of Company stock relative to the TSR of companies in the Nasdaq Biotechnology IndexAon Consulting, Inc.
Ionis Pharmaceuticalsnot disclosedPRSU 40 · Option 30 · RSU 30Yes — Relative TSRAon
Mirium Pharmaceuticals200%Option 47.2 · PSU 17.6 · RSU 17.6NoAlpine Rewards
TG Therapeutics131%RSU 100NoCompensia, Inc.
Xencor110%Options 60 · RSU 40not disclosedAon

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2729,682,1698,600,02921,64277.54%Passed
20252025-05-1527,835,0464,908,0153,35985.01%Passed
20242024-05-2333,617,866636,9014,99298.14%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-2777.54%a
20252025-05-1585.01%b
20242024-05-2398.14%c

a. Approved under the standard stated in the filing — “What is an "abstention" and how would it affect the vote? An abstention is not a vote in law and will not be counted in the calculation of the proportion of the votes for or against a particular resolution.”.

b. Approved under the standard stated in the filing — “What is an "abstention" and how would it affect the vote? An abstention is not a vote in law and will not be counted in the calculation of the proportion of the votes for or against a particular resolution.”.

c. Approved under the standard stated in the filing — “What is an "abstention" and how would it affect the vote? An abstention is not a vote in law and will not be counted in the calculation of the proportion of the votes for or against a particular resolution.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)92 : 1
CEO total compensation$10,885,268
Median employee compensation$117,720
Insider trades since the proxy

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Roy S. HerbstDirector2026-05-27A27,492$0$0Derivative, Class A CommonForm 4 ↗
Siddharth KaulDirector2026-05-27A27,49200Derivative, Class A CommonForm 4 ↗
Professor Sir John BellDirector2026-05-27A27,49200Derivative, Class A CommonForm 4 ↗
Professor Sir Peter RatcliffeDirector2026-05-27A27,49200Derivative, Class A CommonForm 4 ↗
William PaoDirector2026-05-27A27,49200Derivative, Class A CommonForm 4 ↗
Kristine PetersonDirector2026-05-27A27,49200Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

Sources (48 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Bahija Jallal. DEF 14A, filed 2026-04-16. Section “Executive Compensation” · page 48. As printed: 10,885,268. View filing ↗
  • Section 01, Travis Coy. DEF 14A, filed 2026-04-16. Section “Executive Compensation”. As printed: 5,171,209. View filing ↗
  • Section 01, David Berman. DEF 14A, filed 2026-04-16. Section “Executive Compensation”. As printed: 4,278,988. View filing ↗
  • Section 01, Tina St. Leger. DEF 14A, filed 2026-04-16. Section “Executive Compensation”. As printed: 1,204,261. View filing ↗
  • Section 03, David Berman RSU. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Bahija Jallal RSU. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Tina St. Leger RSU. DEF 14A, filed 2026-04-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Bahija Jallal OPTION. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Travis Coy OPTION. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, David Berman OPTION. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Tina St. Leger OPTION. DEF 14A, filed 2026-04-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-04-16. Section “CEO Pay Ratio”. As printed: 92 : 1. View filing ↗
  • Section 08, William Pao. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 842,449. View filing ↗
  • Section 08, Professor Sir John Bell. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 498,943. View filing ↗
  • Section 08, Siddharth Kaul. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 477,491. View filing ↗
  • Section 08, Kristine Peterson. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 472,532. View filing ↗
  • Section 08, Roy S. Herbst. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 471,419. View filing ↗
  • Section 08, Professor Sir Peter Ratcliffe. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 464,991. View filing ↗
  • Section 08, Ranjeev Krishana. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 451,977. View filing ↗
  • Section 08, Bahija Jallal. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 1. View filing ↗
  • Section 08, Robert Perez. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 02, Roy S. Herbst 2026-05-27. Form 4, filed 2026-05-28. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Siddharth Kaul 2026-05-27. Form 4, filed 2026-05-28. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Professor Sir John Bell 2026-05-27. Form 4, filed 2026-05-28. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Professor Sir Peter Ratcliffe 2026-05-27. Form 4, filed 2026-05-28. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, William Pao 2026-05-27. Form 4, filed 2026-05-28. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Kristine Peterson 2026-05-27. Form 4, filed 2026-05-28. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-27. Item 5.07 · say-on-pay result. As reported: 77.54% (votes for as printed: 29,682,169). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-05-15. Item 5.07 · say-on-pay result. As reported: 85.01% (votes for as printed: 27,835,046). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-05-23. Item 5.07 · say-on-pay result. As reported: 98.14% (votes for as printed: 33,617,866). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 473,405 + equity 2,819,992 + all other 42,923 = 3,336,320, summed across the director compensation table rows.
  • TG Therapeutics, Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in TG Therapeutics's own proxy. As printed: 25,571,250. View filing ↗
  • Ionis Pharmaceuticals, Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Ionis Pharmaceuticals's own proxy. As printed: 13,350,777. View filing ↗
  • Apellis Pharmaceuticals, Section 10b CEO total. DEF 14A, filed 2025-04-23. CEO total compensation as printed in Apellis Pharmaceuticals's own proxy. As printed: 10,957,451. View filing ↗
  • Immunocore Holdings plc (subject), Section 10b CEO total. DEF 14A, filed 2026-04-16. CEO total compensation as printed in Immunocore Holdings plc's own proxy. As printed: 10,885,268. View filing ↗
  • Mirium Pharmaceuticals, Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Mirium Pharmaceuticals's own proxy. As printed: 10,441,224. View filing ↗
  • Axsome Therapeutics, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Axsome Therapeutics's own proxy. As printed: 10,283,492. View filing ↗
  • Intra-Cellular Therapies, Section 10b CEO total. DEF 14A, filed 2024-04-29. CEO total compensation as printed in Intra-Cellular Therapies's own proxy. As printed: 10,086,413. View filing ↗
  • Arcus Biosciences, Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in Arcus Biosciences's own proxy. As printed: 9,656,813. View filing ↗
  • Ideaya Biosciences, Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Ideaya Biosciences's own proxy. As printed: 9,512,640. View filing ↗
  • Arrowhead Pharmaceuticals, Section 10b CEO total. DEF 14A, filed 2026-01-27. CEO total compensation as printed in Arrowhead Pharmaceuticals's own proxy. As printed: 9,029,861. View filing ↗
  • Amicus Therapeutics, Section 10b CEO total. DEF 14A, filed 2025-04-24. CEO total compensation as printed in Amicus Therapeutics's own proxy. As printed: 8,526,943. View filing ↗
  • Arvinas, Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Arvinas's own proxy. As printed: 6,534,127. View filing ↗
  • Bicycle Therapeutics, Section 10b CEO total. DEF 14A, filed 2026-04-22. CEO total compensation as printed in Bicycle Therapeutics's own proxy. As printed: 6,341,473. View filing ↗
  • Beam Therapeutics, Section 10b CEO total. DEF 14A, filed 2026-04-17. CEO total compensation as printed in Beam Therapeutics's own proxy. As printed: 5,818,525. View filing ↗
  • Xencor, Section 10b CEO total. DEF 14A, filed 2026-04-27. CEO total compensation as printed in Xencor's own proxy. As printed: 5,521,205. View filing ↗
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