BioPharma Credit (BPCR) H1 2025 earnings summary

Executive summary

• Portfolio valued at $1.2bn across 15 transactions as of September 2025, focused on senior secured loans to commercial-stage life sciences companies.

• Achieved net income of $72.8m for H1 2025, with net income per share rising to $0.0633 from $0.0576 year-over-year.

• Consistent annualized dividends per share since IPO, with interim dividends meeting the $0.070 target for nearly seven years.

• Investment manager Pharmakon Advisors has a strong track record, with $10.3bn committed across 65 investments and a 10.3% unlevered weighted average net IRR on four fully realized private funds.

• Returned $89.5m to shareholders via dividends and share buybacks, representing 7.8% of NAV.

Financial highlights

• Net income per share rose to $0.0633 as of 30 June 2025, up from $0.0576 year-over-year.

• NAV per share increased to $1.0186 from $0.9963 at year-end 2024.

• Net assets stood at $1,150.3m, down from $1,181.7m at year-end 2024.

• Share price remained flat at $0.8840, with a 13.2% discount to NAV.

• Ongoing charges (excluding performance fee) were 0.6% of average net assets; including performance fee, 1.0%.

Outlook and guidance

• Targeting a total net return on NAV of 8-9% per annum over the medium term.

• Plans to continue paying a $0.07 annual dividend plus a variable special dividend.

• $164m in cash available for new investments at 30 June 2025.

• Investment pipeline expected to grow as new products and companies enter the market in H2 2025 and beyond.

• Anticipates continued strong demand for non-dilutive debt as equity and convertible bond issuance remains subdued.