BioPharma Credit (BPCR) H2 2024 earnings summary

Executive summary

• Achieved net income of $122.2m for 2024, with net income per share rising to $0.0999 from $0.0828 year-over-year.

• Paid total dividends of $0.1018 per share, including special dividends, maintaining a record of quarterly payments since 2018.

• Committed $994.1m to seven new transactions and received $750.2m in repayments, enabling redeployment of capital.

• Repurchased 116.6m shares (8.5% of total) at an average price of $0.91, narrowing the discount to NAV from 18% to 11%.

• Ended the year with net assets of $1,181.7m and NAV per share of $0.9963.

Financial highlights

• Investment income totaled $148.6m, with total income (including other sources) at $150.1m.

• Total expenses were $27.9m, including $11.997m in management fees and $13.574m in performance fees.

• Ongoing charges ratio (excluding performance fee) was 1.2%; including performance fee, 2.3%.

• NAV per share decreased from $1.0293 to $0.9963 year-over-year, a -3.2% return.

• Share price increased from $0.84 to $0.884, a 5.2% return.

Outlook and guidance

• Pipeline of investment opportunities expected to grow as new products and companies enter the market in 2025 and beyond.

• Portfolio of floating and fixed rate loans positioned to benefit from changing interest rate environment.

• Target annual dividend yield remains at 7 cents per share plus specials, with a medium-term NAV total return target of 8-9% per annum.