Syncona (SYNC) H1 2027 earnings summary

Executive summary

• NAV per share rose 3.0% to 175.7p in the six months to 30 September 2026; net assets reached £1,068.9m, while the life science portfolio returned 4.7%.

• Beacon’s positive pivotal VISTA results drove a £48.5m increase in deferred consideration; 91.7% of portfolio value was in commercial, late-stage clinical or clinical-stage companies.

• The focus remains on returning at least £250m to shareholders, with multiple clinical milestones expected through 2028.

Financial highlights

• NAV was £1,068.9m at 30 September 2026; life science portfolio value was £920.7m and the capital pool was £148.2m.

• Beacon’s valuation rose £48.5m to £238.9m; gains in Autolus and OMass were partly offset by an Anaveon write-down of £24.5m.

• Net profit after tax was £31.06m, versus a £25.47m loss in the prior-year period; EPS was 5.11p versus a 4.18p loss.

• The share price rose 39.9% to 123.8p, narrowing the discount to NAV to ~29.5%; capital deployed into the Life Science Portfolio was £43.4m.

Outlook and guidance

• Five key value inflection points are expected by end-CY2028, including four in the next 12 months; iOnctura, Quell, Purespring and OMass are among the upcoming milestones.

• Purespring, OMass and Quell clinical data are expected in CY2027; Spur expects to complete the pivotal stage of its Phase III trial in H2 CY2028.

• At least £250m of proceeds is targeted for return to shareholders from private-company exits; portfolio milestones may support NAV growth and potential exits.

• Autolus expects FY2026 AUCATZYL net product revenue at or above the upper end of prior guidance of $150m.