BioPharma Credit (BPCR) H2 2025 earnings summary

Executive summary

• Portfolio as of March 2026 includes ~$1.1bn invested across 15 transactions, with a focus on senior secured loans to commercial-stage life sciences companies.

• Consistent dividend payments since IPO, with a 2025 annualized dividend of $0.099 per share and a dividend yield of 10.9% as of year-end 2025.

• Net income per share rose to $11.40 for 2025, up from $9.99 in 2024, and NAV per share increased to $1.0192.

• The investment manager, Pharmakon Advisors, has a strong track record with $11.2bn committed across 71 investments and a 10.3% unlevered weighted average net IRR on four private funds.

Financial highlights

• Share price at year-end 2025 was $0.9160, up from $0.8840 at the end of 2024.

• Net assets totaled $1,150.9m at year-end 2025, compared to $1,181.7m in 2024.

• Dividend declared for 2025 was 9.95 cents per share, with a further 3.20 cents per share paid in March 2026 for the last quarter of 2025.

• Discount to NAV per share narrowed to 10.1% from 11.3% year-over-year.

Outlook and guidance

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

• Continued focus on loans to companies with approved, commercial-stage products, aiming for strong risk-adjusted returns.

• Ongoing commitment to a $0.07 annual dividend plus a variable special dividend.