BioPharma Credit (BPCR) H1 2026 earnings summary

Executive summary

• Share price increased to $0.9540 as of 30 June 2026, up from $0.9160 at year-end 2025.

• Achieved $716.3 million in new investment commitments in H1 2026, with $326.7 million deployed and a further $45 million committed post-period end.

• Portfolio remains diversified across 12 secured loans and several unsecured convertible notes, supporting consistent income and dividend payments.

• Net income per share was $0.0447 for H1 2026, compared to $0.0633 for H1 2025.

• Ordinary shares in issue declined to 1,122.2m due to share buybacks.

Financial highlights

• Net assets stood at $1,138.8m as of 30 June 2026, down from $1,150.9m at year-end 2025.

• Dividend yield was 8.6% for H1 2026, compared to 11.5% for H1 2025.

• NAV per share decreased from $1.0192 at 31 Dec 2025 to $1.0148 at 30 June 2026, mainly due to special dividend payments.

• Return after finance costs and taxation was $50.4 million, down from $72.8 million in H1 2025 due to fewer loan repayments and related fees.

• Total dividends paid reached $80.38 cents, up from $73.68 cents in H1 2025.

Outlook and guidance

• Projected IRRs for major investments generally range from low double digits to 12.3%.

• Management expects a strong investment pipeline in H2 2026 and beyond, supported by ongoing capital needs in the life sciences sector.

• Portfolio is close to fully invested; new investments will require prepayments or asset sales.

• Confident in ability to deliver target dividend yield despite macroeconomic headwinds.

• Portfolio composition and returns are subject to market, regulatory, and operational risks.