IMMUTEP LIMITED (IMM)
Share Price Analysis and Chart

10/12/2025

1

Speculative Buy

$0.60

60.00%

Immutep has licensed the development and commercialisation of Efti to Dr Reddy’s Laboratories for Emerging Markets (countries excluding NA/EU/Japan/China).

It will earn US$20m upfront, up to US$350m in milestones, and double-digit royalties, while keeping manufacturing and key Phase 3 lung-cancer responsibilities plus rights in major markets, Bell Potter observes.

The broker sees the deal as strong validation and providing non-dilutive funding, while preserving the high-value US/EU/Japan rights for future partnerships and potentially prompting more interest (e.g., Merck).

Target rises to 60c from 46c as forecasts are updated to reflect contributions from this deal in FY26-27. Speculative Buy retained.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -3.80 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -4.90 cents.

10/12/2025

1

Buy

$1.27

238.67%

Canaccord Genuity has transferred coverage of Immutep to Madeleine Williams due to an analyst departure and reallocation of resources.

The company has announced a licensing deal with Dr Reddy's for commercialisation of Efti in emerging markets with US$20m upfront and US$349.5m in milestone payments, as well as tiered royalties on commercial sales, the analyst details.

Global manufacturing rights will be retained by Immutep and the broker believes this is a very positive development, including lifting the cash position for phase 3 Tacti-004 lung cancer trials.

Target price is raised to $1.27 from 98c, a 30% lift on the back of the Dr Reddy's deal. No change to Buy rating.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.20 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -10.10 cents.