22 September 2025

BIOPHARMA CREDIT PLC

("BPCR" or "the Company")

HALF YEAR REPORT FOR THE YEAR ENDED 30 JUNE 2025

Net income per share of 6.33 cents in the six months substantially covers the annual dividend target of 7 cents

Share buybacks continue with $50 million purchased in the half year

1.5 cent special dividend declared post period end with dividends totalling 6.75 cents per share for the calendar year to date

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor, is pleased to present its Half Yearly Report for the six-month period ended 30 June 2025.

The Half-Year Report and Financial Statements can be accessed via the Company's website at www.bpcruk.com or by contacting the Company Secretary by telephone on (0) 333 300 1932.

SPECIAL DIVIDEND

·    Post period-end, the Company has declared ordinary and special dividends which now bring the total declared distributions to 6.75 cents per share as of the date hereof which relate to three equal quarterly ordinary dividends of 1.75 cents per share and a special dividend of 1.50 cents per share.

·    The Company currently pays four quarterly dividends of 1.75 cents per share and in recent years has declared a special dividend in Q3 with a further special dividend in Q4 that satisfy the Company's requirement to distribute all income generated. In 2024, 2023 and 2022 the Company paid dividends of 10.18 cents, 10.21 cents and 13.08 cents respectively. By way of reference, the Company's shares traded as of 17 September 2025 at a price of 91 cents.

INVESTMENT HIGHLIGHTS

·    Net income per share of 6.33 cents, substantially covers the annual dividend target in six months.

·    Share buybacks have continued to be used at scale and during the Period, the Company bought back 56,728,879 shares at a cost of $50 million.

·    Over the first six months of 2025, BPCR made new commitments totalling $144.2 million, consisting of:

o  refinancing of the Evolus loan of $104.2 million on 5 May 2025

o  $25 million new investment in Paratek of on 21 May 2025

o  a purchase of $15 million in Alphatec convertible notes on 5 March 2025

·    The Company saw one refinanced loan, one repayment and one partial prepayment during the first half of 2025, consisting of:

o  $62.5 million refinanced amount from the loan with Evolus on 5 May 2025

o  $71.5 million repayment from the loan with OptiNose

o  $30 million prepayment from the loan with BioCryst

·    The Company also finalised the Biogen settlement with respect to the Reata transaction, receiving a total of $7.3 million net of legal expenses as part of the settlement.

·    Post period-end:

o  BioCryst reported the intent to repay its outstanding loan balance in the second half of 2025. After a prepayment on 24 July 2025 and an assumed repayment date of 2 October 2025, the Company expects to receive a total of $99.5 million in principal and $5.5 million in accrued interest and prepayment fees.

o  On 30 July 2025, the Company bought $2.5 million in Celcuity convertible notes.

o  On 3 September 2025, the Company announced a new senior secured loan agreement with Precigen, investing $50 million in an initial tranche with a further $12.5 million to be drawn by 29 June 2027 subject to certain conditions.

o  On 8 September 2025, the Company bought $35 million in Harrow convertible notes.

FINANCIAL HIGHLIGHTS

·    The Company reported a return on ordinary activities after finance costs and taxation for the first half of 2025 of $72.8 million, up slightly from the $71.8 million reported during the first half of 2024.

·    With an overall expectation of decreasing interest rates, the Company benefits from the interest rate floors in its portfolio that set minimum coupons.

·    Net Asset Value ("NAV") per Ordinary Share increased since 30 June 2024 by $0.0112 from $1.0074 to $1.0186.

·   The Company made two dividend payments over the period totalling 4.64 cents per share, referencing net income for the quarters ended 31 December 2024 and 31 March 2025.

·    Following the end of the second quarter, the Company declared a further dividend in respect of the second quarter of 2025 of 1.75 cents per share that was paid on 31 July 2025.

SUMMARY

as at 30 June 2025

PORTFOLIO COMPOSITION

Pedro Gonzalez de Cosio, CEO and co-founder of Pharmakon Advisors, LP, the Investment Manager of BioPharma Credit PLC, said:

"The Company has continued to demonstrate resilience and stability through recent global events in an active period for the portfolio including $144.2m deployed in new investments and $87.5 million deployed post period end. We expect our investment pipeline to grow as new products enter the market in the second half of 2025 and remain focused on our mission of creating the premier dedicated provider of debt capital to the life sciences industry while generating attractive returns and sustainable income to investors.

Post period-end, the Company has declared ordinary and special dividends which now bring the total declared distributions in 2025 to 6.75 cents per share."

Results presentation

As announced previously, a management presentation for sell side analysts will be held via a webcast facility at 2.00pm BST today. To request details or to register to attend please RSVP biopharmacredit@buchanan.uk.com

Enquiries

Burson Buchanan

Mark Court / Jamie Hooper / Henry Wilson / Nick Croysdill

+44 (0) 20 7466 5000

biopharmacredit@buchanan.uk.com

Notes to Editors

BioPharma Credit PLC is London's only specialist debt investor to the life sciences industry and joined the LSE in March 2017. The Company seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. The Company seeks to achieve this objective primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products.

CHAIRMAN'S STATEMENT 

DURING THE FIRST HALF OF 2025, THE COMPANY ANNOUNCED $144.2 MILLION IN NEW INVESTMENTS. 

INTRODUCTION 

I am pleased to present the half yearly report for BioPharma Credit PLC ("the Company" or "BPCR"), which covers the period 1 January 2025 to 30 June 2025. The Company has proved to be remarkably resilient delivering consistent income from a well-diversified portfolio of loans secured against sales of authorised drugs and treatments. This has been paid to shareholders in the shape of an attractive dividend of 4.64 cents per share in the first half of 2025. As a reminder, the Company's dividend policy includes the payment of special dividends for any income exceeding the annual target. For reference, total dividends paid in calendar year 2024 were 10.21 cents per share. The Company reported net revenue per share of 6.33 cents, closely aligned with the 5.76 cents reported during the first half of 2024.

While performance has been impacted by broader market challenges, the Company remains well-positioned to offer investors access to an attractive and diversified portfolio of secured loans. However, consistent with recent market trends, the Company's shares traded at a discount to NAV throughout the period. In response, the Company purchased 56,729,000 shares during the first half of 2025 in accordance with the Discount Control Mechanism ("DCM") at an average share price of 88 cents. and a total cost of $49.9 million narrowing the discount to NAV from 16.6 per cent. at 30 June 2024 to 13.2 per cent. at 30 June 2025. Through share repurchases and declared dividends, the Company returned a total of $89.5 million to shareholders during the period, representing 7.8% per cent. of the NAV. Please refer to the 2024 Annual Report for a full description of the current DCM. The Board, in conjunction with the Investment Manager, continues to manage the DCM in light of market conditions and the opportunities available for the Company.

INVESTMENTS 

Over the first six months of 2025, BPCR made new commitments totaling $144.2 million, consisting of a refinancing of the Evolus loan of $104.2 million, a new investment in Paratek of $25 million and a purchase of $15 million in Alphatec convertible notes. BPCR saw two repayments and one partial prepayment from Evolus, OptiNose and BioCryst during the first half of the year. Further, the Company finalized the Biogen settlement with respect to the Reata transaction receiving a total of $7.3 million net of legal expenses as part of the settlement. Please refer to the diagram in the full Half Year Report to see the diversity and concentration of the current portfolio.

On 24 July 2025, BioCryst reported the intent to repay its outstanding loan balance in the second half of 2025. After a prepayment on 24 July 2025 and an assumed repayment date of 2 October 2025, the Company expects to receive a total of $99.5 million in principal and $5.5 million in accrued interest and prepayment fees. The Company and its subsidiaries ended the period with total net assets of $1,150.3 million, comprising $953.3 million investments, $213.2 million of cash and $16.2 million of other net liabilities. The Company and its subsidiaries saw $137.9 million increased liquidity in the first six months of 2025 compared to an increased liquidity of $247.2 million in the first six months of 2024. The post balance sheet deployment of $52.5 million has further reduced any negative impact of cash drag.

The current U.S. administration has announced or imposed a series of tariffs on U.S. trading partners. In response, several countries have threatened or imposed retaliatory measures. While the borrowers in the Company's portfolio have not experienced, and do not currently expect to experience, any significant direct impact from these tariffs and retaliatory measures, the full extent of the future impact of these and other threatened measures remains uncertain. We continue to monitor these tariffs and retaliatory measures and their possible effects on our portfolio.

SHAREHOLDER RETURNS¹ 

The Company reported return on ordinary activities after finance costs and taxation for the first half of 2025 of $72.8 million, up slightly from the $71.8 million reported during the first half of 2024. On 30 June 2025 and 31 December 2024, the Company's Ordinary Shares closed at 88.4 cents. Net Asset Value ("NAV") per Ordinary Share increased since 30 June 2024 by 0.12 cents from $1.0174 cents to $1.0186. The Company made two dividend payments over the period totaling 4.64 cents per share, referencing net income for the quarters ending 31 December 2024 and 31 March 2025. Following the end of the second quarter, the Company declared a further dividend in respect of the second quarter of 2025 of 1.75 cents per share that was paid on 31 July 2025.

INVESTMENT VALUATIONS 

The valuation of the Company's investments is performed by the Investment Manager. Investments with quoted prices in active markets or external market data are verified with independent sources. The valuation principles of the Company's unlisted secured loans are valued based on a discounted cash flow methodology. A fair value for each loan is calculated by applying a discount rate to the cash flows expected to arise from each loan. Further details on the valuation methodology are given in note 7 to the financial statements included in the full Half Year Report.

THE BOARD

On 31 July 2025, the Company announced the appointment of Nigel Reynolds as a non-executive Director of the Company, effective as of 1 January 2026. He has been a partner at PwC for 20 years specialising in audit, transaction services and capital markets work.

OUTLOOK

The Company started 2025 strongly having announced new transactions that represent $144.2 million in new investments. Of the entire portfolio, 76 per cent., which equates to $685.4 million of the Company's investment loan balance consists of floating interest rates. The Company had $164 million in cash to make new investments at 30 June 2025.

The Investment Manager continues to develop a pipeline of additional potential investments and is currently evaluating a number of potential opportunities to fund future growth and further diversify our portfolio. On behalf of the Board, I should like to express our thanks to Pharmakon for their continued achievements on behalf of the Company in 2025 and to our shareholders for their continued support.

Harry Hyman

Chairman

19 September 2025

¹ Past performance is not an indication of future performance.

INVESTMENT MANAGER'S REPORT

Pharmakon is pleased to present an update on the Company's portfolio and investment outlook.

Pharmakon's engagement with new and existing counterparties during the first six months of the year resulted in $144.2 million in new investments for the Company¹. The Company's portfolio continues to perform well. The return on ordinary activities after finance costs and taxation was $72.8 million, compared to $71.8 million in the same time period in 2024.

In the first half of 2025, the Company received a total of $137.9 million in returned principal, accrued interest and prepayment fees from OptiNose, BioCryst and the Biogen settlement.

¹New investments figure represents overall commitments of any unfunded commitments.

Current Portfolio Diversification

Below is an update on the portfolio of the Company and its subsidiaries.

Paratek

On 21 May 2025, the Company, along with the Private Fund also managed by the Investment Manager (the "Private Fund"), entered into a senior secured term loan agreement with Paratek Pharmaceuticals, Inc. ("Paratek") alongside funds managed by Oaktree Capital Management, L.P. ("Oaktree") and Q Aspen LLC (a wholly owned subsidiary of Qatar Investment Authority, "QIA").

The Company, through its subsidiary, and the Private Fund funded $50 million out of a total $275 million senior secured loan facility. Oaktree and QIA funded the balance of the $225 million senior secured loan facility. Since Paratek is a privately held company, further details about the senior secured loan facility are not publicly available, but the terms of the loan are generally comparable with the Company's other investments. Paratek is a privately held pharmaceutical company providing innovative specialty therapies for community care providers and specialists. Paratek's lead product, Nuzyra (omadacycline), is a once-daily oral and intravenous antibiotic indicated for adults with community-acquired bacterial pneumonia (CABP).

Evolus 2025

On 5 May 2025, the Company and the Private Fund entered into an amended and restated senior term loan agreement for up to $250 million with Evolus, Inc. (Nasdaq: EOLS), a biopharmaceutical company that develops, produces, and markets clinical neurotoxins for aesthetic treatments ("Evolus").

The new loan consisted of a $62.5 million initial term loan to refinance in full the existing term loan and two additional tranches of $20.8 million each, that are available to be drawn by 31 December 2026 subject to customary conditions precedent set forth in the amended and restated loan agreement. The Company's share of the new term loan is $104.1 million. The loan bears interest at 3-month secured overnight financing rate ("SOFR") plus 5 per cent., (subject to a 3.5 per cent. floor) with a 1 per cent. upfront fee that was paid at closing, of which the Company received $625,000.

Evolus currently markets Jeuveau© (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics, and Evolysse™, a collection of unique injectable hyaluronic acid (HA) gels. On February 13, 2025, Evolysse was approved by the Food and Drug Administration ("FDA") and is the first HA filler to recognize weight loss in the patient label as a factor in wrinkle formation. Evolus launched Evolysse in April 2025.

Geron

On 1 November 2024, the Company and the Private Fund entered into a senior secured term loan agreement for up to $250 million with Geron Corporation (Nasdaq: GERN), a commercial stage biopharmaceutical company committed to extending and enhancing the lives of people living with blood cancers ("Geron").

Geron drew down $125 million at closing on 1 November 2024. The Company's share of the transaction was $50 million, which was funded by the Company, through its subsidiary. The remaining two tranches, of which the Company's share is $30 million and $20 million respectively, will be available through 31 December 2025. The loan bears interest at 3-month SOFR, plus 5.75 per cent. (subject to a 3 per cent. floor) and a 2.50 per cent. upfront fee for Tranche A that was paid at closing. The upfront fees for the remaining tranches will be payable on their respective funding dates.

Geron's telomerase inhibitor Rytelo (imetelstat) is approved in the United States for the treatment of certain adult patients with lower-risk myelodysplastic syndromes (LR-MDS) with transfusion dependent anemia and was launched in the United States on June 27, 2024.

Geron is also conducting a pivotal Phase 3 clinical trial of imetelstat in JAK-inhibitor relapsed/refractory myelofibrosis (R/R MF), as well as studies in other myeloid hematologic malignancies. Inhibiting telomerase activity, which is increased in malignant stem and progenitor cells in the bone marrow, aims to reduce proliferation and induce death of malignant cells. In March 2025, Geron received marketing authorization for Rytelo from the European Commission as a monotherapy for patients with non-del 5q LR-MDS who had an unsatisfactory response to or are ineligible for erythropoiesis-stimulating agents (ESAs). Launch planning is underway and Geron expects to commercialize Rytelo in select EU countries commencing in 2026.

Insmed 2024

On 31 October 2024, the Company and the Private Fund entered into an amended and restated senior term loan agreement for up to $547 million with Insmed Incorporated (Nasdaq: INSM), a biopharmaceutical company focused on treating patients with serious and rare pulmonary diseases ("Insmed").

The new loan consisted of a $397 million initial term loan to refinance in full the existing term loan and an additional $150 million tranche. The Company, through its subsidiary, funded its share of the additional tranche totaling $60 million at signing on 31 October 2024. The loan bears interest at a fixed rate of 9.6 per cent. per annum with a 2 per cent. exit fee.

Insmed's commercial product, Arikayce, launched in October 2018 and is indicated for refractory mycobacterium avium complex (MAC) lung disease. The product is currently being commercialized in the US, Europe, and Japan. Insmed is working on developing and commercializing Brensocatib, an oral reversible inhibitor of DPP1 for bronchiectasis and TPIP, a dry powder inhalation formulation of a treprostinil prodrug for PAH and PH-ILD.

In June 2025, Insmed announced positive topline data from the Ph.2b study of TPIP in pulmonary arterial hypertension ("PAH"), expecting to begin Ph.3 studies before the end of 2025 in PH-ILD and early 2026 in PAH. On 12 August 2025, the FDA approved Brinsupri (Brensocatib) as an oral treatment for non-cystic fibrosis bronchiectasis in adults and children 12 years and older.

Alphatec

On 29 October 2024, the Company and the Private Fund entered into a new investment in the form of an assignment of $70 million of a $200 million senior secured loan to Alphatec Holdings, Inc. (Nasdaq: ATEC). The assignor, Braidwell Transaction Holdings LLC - Series I, retained the remaining $130 million. Alphatec is a medical device company that designs, develops, and markets spine fusion products and solutions for the treatment of spinal disorders ("Alphatec").

Alphatec drew down $50 million at closing on 29 October 2024. The Company and the Private Fund received $70 million in total via assignment, of which the Company's portion was $35 million, where $50 million consisted of the new funds drawn and the remaining $20 million was from the existing funded loan. The loan bears interest at 3-month SOFR plus 5.75 per cent., with a SOFR adjustment of 0.11448 per cent. (subject to a 3 per cent. floor) with a 1 per cent. upfront fee that was paid at closing and an exit fee of 3.25 per cent.

Alphatec offers intra-operative information and neuromonitoring technologies, access systems, interbody implants, fixation systems, and various biologics offerings.

Collegium 2024

On 28 July 2024, the Company and the Private Fund provided Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a biopharmaceutical company focused on developing and commercialising new medicines for responsible pain management, with a commitment to enter into a new senior secured term loan agreement for $646 million ("Collegium").

The new loan consisted of a $320.8 million initial term loan to refinance in full the existing term loan, of which the Company's portion was $160.4 million, and an additional $325 million tranche to finance a portion of the acquisition of the Ironshore Therapeutics.

The Company, through its subsidiary, funded its share of the second tranche totaling $130 million on 3 September 2024 to assist Collegium in the successful closing of the acquisition of Ironshore Therapeutics. The loan will have quarterly amortisation payments starting on 31 December 2024 and the remaining balance will be due at maturity. The loan bears interest at 3-month SOFR plus 4.50 per cent. per annum with a SOFR adjustment of 0.130805 per cent. subject to a 4 per cent. floor. A one-time additional consideration of 1.25 per cent. of the tranche funded amount was paid at signing, a one- time additional consideration of 2.25 per cent. of the tranche funded amount was paid at funding.

Collegium currently markets Xtampza ER, an abuse-deterrent, extended-release, oral formulation of oxycodone; Nucynta (tapentadol), a centrally acting synthetic analgesic; Belbuca (buprenorphine buccal film) for the management of severe chronic pain; and Jornay PM, an extended-release formulation of methylphenidate for ADHD in patients 6 years and older.

Novocure

On 1 May 2024, the Company and the Private Fund entered into a senior secured term loan agreement for up to $400 million with a wholly owned subsidiary of Novocure Limited (Nasdaq: NVCR) ("Novocure"). Novocure owns and commercialises a proprietary platform technology that uses electric fields that exert physical forces to kill cancer cells via a variety of mechanisms.

Novocure drew down $100 million of the $400 million loan on 1 May 2024, of which $50 million was funded by the Company, through its subsidiary.

Of the remaining $300 million, $100 million is required to be drawn by 26 September 2025, subject to customary conditions precedent, and $200 million is available to be drawn after achieving certain sales-based milestones. The loan has a coupon of 3-month SOFR plus 6.25 per cent. (subject to a 3.25 per cent. floor). A one-time additional consideration of 2.50 per cent. of Tranche A and Tranche B amounts were paid at signing, and a one-time additional consideration of 2.50 per cent. of each remaining tranche will be paid at funding.

Novocure is a global oncology company that has a proprietary platform technology called Tumor Treating Fields ("TTFields"), which are electric fields that exert physical forces to kill cancer cells via a variety of mechanisms. Novocure's product, Optune Gio, is approved for the treatment of adult patients with newly diagnosed glioblastoma.

Novocure also has ongoing or complete trials investigating TTFields in brain metastases, gastric cancer, GBM, liver cancer, NSCLC, and pancreatic cancer.

Tarsus

On 19 April 2024, the Company and the Private Fund entered into a senior secured term loan agreement for up to $200 million with Tarsus Pharmaceuticals (Nasdaq: TARS), a biopharmaceutical company focused on addressing several diseases with high unmet need across a range of therapeutic categories, including eye care, dermatology, and infectious disease prevention ("Tarsus").

Tarsus drew down $75 million at closing on 19 April 2024, of which $37.5 million was funded by the Company through its subsidiary. The second and third tranche of $75 million, of which the Company's commitment was $37.5 million, expired on 31 December 2024 and 30 June 2025 respectively. The loan has a coupon of 3-month SOFR plus 6.75 per cent. (subject to a 3.75 per cent. floor). A one-time additional consideration of 2.5 per cent. of the funded amount was paid at signing, and a one-time additional consideration of 2.5 per cent. of each remaining tranche will be paid at funding.

Tarsus currently markets XDEMVY® (lotilaner ophthalmic solution), a treatment for Demodex blepharitis. XDEMVY® was approved in the US in July 2023. Tarsus also has 3 additional clinical programs. Its clinical programs are TP-03 for Meibomian Gland Disease, TP-04 for Rosacea, and TP-05 for the prevention of Lyme disease, all of which are in Phase 2.

UroGen 2024

On 13 March 2024, the Company and the Private Fund entered into an amended and restated loan agreement for up to $200 million with UroGen Inc. (Nasdaq: URGN), a biopharmaceutical company dedicated to creating novel solutions that treat urothelial and specialty cancers ("UroGen").

The new loan consisted of a $100 million initial term loan to refinance in full the existing term loan, of which the Company's portion was $50 million. The additional tranches of up to $100 million are allocated in full to the Private Fund. The loan bears interest at 3-month SOFR plus 7.25 per cent. per annum with a SOFR adjustment of 0.26161 per cent. (subject to a 2.50 per cent. floor). A one-time additional consideration of 1.75 per cent. of the funded amount was paid at funding, and a one-time additional consideration of 1.75 per cent. of each remaining tranche will be paid at funding as long as certain milestones are met.

UroGen markets JELMYTO (mitomycin), a prescription medicine used to treat adults with a type of cancer of the lining of the upper urinary tract including the kidney called low-grade Upper Tract Urothelial Cancer (LG-UTUC). From June through October 2024, UroGen reported positive 12-month duration of response data from the Phase 3 ENVISION pivotal trial evaluating UGN-102 and completed a rolling NDA submission to the FDA for UGN-102 for the treatment of Non Muscle Invasive Bladder Cancer ("NMIBC"). On 15 October 2024, the FDA accepted UroGen's NDA for UGN-102 for low-grade intermediate risk NMIBC and granted a PDUFA target action date of 13 June 2025. On 12 June 2025, the FDA approved ZUSDURI, the first and only FDA-approved medication for adults with recurrent LG-IR-NMIBC

BioCryst

On 17 April 2023, the Company and the Private Fund entered into a senior secured term loan agreement for up to $450 million with BioCryst Pharmaceuticals Inc. (Nasdaq: BCRX), a biopharmaceutical company that discovers and commercializes novel, oral, and small molecule medicines ("BioCryst").

BioCryst drew down $300 million at closing on 16 April 2023, of which $120 million was funded by the Company through its subsidiary. The commitment for the remaining three tranches of up to $50 million each expired on 30 September 2024.

The loan bears interest at 3-month SOFR plus 7 per cent. (subject to a 1.75 per cent. floor) and up to 50 per cent. of the interest during the first 18 months was able to be paid-in-kind (PIK) at a rate of 3-month SOFR plus 7.25 per cent. BioCryst elected the option to accrue 50 per cent. of their interest due as PIK from closing through 30 June 2023. There was also a 1.75 per cent. upfront fee on the loan.

BioCryst made partial prepayments of $75 million and $50 million on 17 April 2025 and 24 July, 2025, respectively, of which the Company received a total of $50 million. In connection with these partial prepayments, the Company received a total of $1.8 million of accrued interest and prepayment fees.

In the second half of 2025, BioCryst is expected to repay the remaining balance of its loan with the Company and the Private Fund. Assuming a repayment date of 2 October 2025, the Company expects to receive $79.5 million in principal and $4.7 million in accrued interest and prepayment fees.

BioCryst's commercial product, Orladeyo, is indicated for prophylaxis to prevent attacks of hereditary angioedema (HAE) in adults and pediatric patients 12 years and older. BioCryst also has one pipeline product for BCX10013, a factor D inhibitor being studied in atypical hemolytic uremic syndrome (aHUS), IgA nephropathy (IgAN), and complement 3 glomerulopathy (C3G).

Bristol-Myers Squibb Company

On 8 December 2017, the Company's wholly-owned subsidiary entered into a purchase, sale and assignment agreement with a wholly-owned subsidiary of Royalty Pharma Investments ("RPI"), an affiliate of the Investment Manager, for the purchase of a 50 per cent. interest in a stream of payments (the "Purchased Payments") acquired by RPI's subsidiary from Bristol-Myers Squibb (NYSE: BMY) through a purchase agreement dated 14 November 2017.

As a result of the arrangements, RPI's subsidiary and the Company's subsidiary are each entitled to the benefit of 50 per cent. of the Purchased Payments under identical economic terms. The Purchased Payments are linked to tiered worldwide sales of Onglyza and Farxiga, diabetes agents marketed by AstraZeneca, and related products. The Company was expected to fund $140 million to $165 million during 2018 and 2019, determined by product sales over that period, and will receive payments from 2020 through 2025. The Purchased Payments are expected to generate attractive risk-adjusted returns in the high single digits per annum.

The Company funded all of the Purchased Payments based on sales from 1 January 2018 to 31 December 2019 for a total of $162 million.

Realized Investments

IMMUNOCORE

On 8 November 2022, the Company and the Private Fund entered into a senior secured loan agreement for up to $100 million with Immunocore Limited ("Immunocore") (Nasdaq: IMCR), a biopharmaceutical company focused on developing a novel class of TCR bispecific immunotherapies designed to treat a broad range of diseases, including cancer, infectious diseases and autoimmune diseases. The Company, through its subsidiary, funded $25 million of the first tranche of $50 million on 8 November 2022. The remaining $50 million Tranche B commitment, of which the Company's share was $25 million, expired without being drawn. On 30 June 2024, Immunocore paid $625,000 to the Company in additional consideration on the expiration of Tranche B. Tranche A was due to mature in November 2028 and bore interest at 9.75 per cent. per annum along with an additional consideration of 2.50 per cent. paid at funding. On 8 November 2024, Immunocore repaid the remaining $25 million and the Company received $1.1 million in accrued interest and prepayment fees. The Company and its subsidiaries earned a 14.6 per cent. gross internal rate of return¹ and 10.9 per cent net internal rate of return² on its Immunocore investment.

INSMED 2022

On 19 October 2022, the Company and the Private Fund entered into a senior secured loan agreement for $350 million with Insmed ("Insmed 2022"), a biopharmaceutical company focused on treating patients with serious and rare diseases. The Company, through its subsidiary, funded $140 million of the $350 million loan on 19 October 2022. Insmed had elected the option to accrue 50 per cent. of their interest due from closing through 30 September 2024 as a PIK. The loan would have matured in October 2027 and bore interest at a rate based upon the 3-month SOFR plus 7.75 per cent. per annum subject to a SOFR floor of 2.50 per cent. with a one-time additional consideration of 2 per cent. of the total loan amount paid at funding. On 31 October 2024, the Insmed loan was refinanced in full. The Company and its subsidiaries earned a 14.7 per cent. gross internal rate of return¹ and 11.0 per cent net internal rate of return² on its Insmed 2022 investment.

UROGEN 2022

On 7 March 2022, the Company and the Private Fund entered into a senior secured loan agreement for up to $100 million with UroGen ("UroGen 2022"), a biopharmaceutical company dedicated to creating novel solutions that treat urothelial and specialty cancers. UroGen drew down $75 million at closing and the remaining $25 million on 16 December 2022. The Company, through its subsidiary, funded $50 million across the two tranches. The loan would have matured in March 2027 and bore interest at 3-month SOFR plus 8.25 per cent. per annum subject to a 1.25 per cent. floor along with a one-time additional consideration of 1.75 per cent. of the total loan amount paid at funding of the first tranche and a one-time additional consideration of 1.75 per cent. of each remaining tranche will be paid at funding as long as certain milestones are met. On 29 June 2023, the Company and the Private Fund entered into an amendment which modified the loan interest rate to 3-month SOFR plus 8.25 per cent and an additional per annum rate of 0.26161 per cent. On 13 March 2024, the UroGen loan was refinanced in full. The Company and its subsidiaries earned a 14.5 per cent. gross internal rate of return¹ and 10.9 per cent net internal rate of return² on its UroGen 2022 investment.

COLLEGIUM 2022

On 14 February 2022, the Company and the Private Fund provided Collegium ("Collegium 2022"), a biopharmaceutical company focused on developing and commercialising new medicines for responsible pain management, with a commitment to enter into a new senior secured term loan agreement for $650 million. On 22 March 2022, proceeds from the new loan were used to fund Collegium's acquisition of BDSI as well as repay the outstanding debt of Collegium and BDSI. At closing, the Company, through its subsidiary, invested $325 million in a single drawing. The four-year loan would have had $100 million in amortisation payments during the first year and the remaining $550 million balance would have amortised in equal quarterly installments. The loan would have matured in March 2026 and bore interest at 3-month LIBOR plus 7.50 per cent. per annum subject to a 1.20 per cent. floor along with a one-time additional consideration of 2 per cent. of the loan amount paid upon signing and a one-time additional consideration of 1 per cent. of the loan amount paid at funding. On 23 June 2023, the Company and the Private Fund entered into an amendment which modified the loan interest rate to 3-month SOFR plus 7.50 per cent. with a SOFR adjustment of 0.26161 per cent. On 28 July 2024, the Company and the Private Fund refinanced the Collegium 2022 loan in full, among other things, modify the amortisation of the then outstanding balance of $320.8 million, provide a second tranche of up to $325 million to be drawn upon the closing of an acquisition (40 per cent. of that to be invested by the Company) and modify the terms reducing the coupon to 3-month SOFR plus 4.50 per cent. per annum subject to a SOFR floor of 4 per cent. The Company and its subsidiaries earned a 14.1 per cent. gross internal rate of return¹ and 10.5 per cent net internal rate of return² on its Collegium 2022 investment.

AKEBIA

On 11 November 2019, the Company and the Private Fund entered into a senior secured term loan agreement for up to $100 million with Akebia Therapeutics, Inc. ("Akebia"), a fully integrated biopharmaceutical company focused on the development and commercialisation of therapeutics for people living with kidney disease. Akebia drew down $80 million at closing and an additional $20 million on 10 December 2020. The Company, through its subsidiary, funded $50 million across both tranches. The loan would have matured in November 2024 and bore interest at LIBOR plus 7.5 per cent. per annum along with a one-time additional consideration of 2 per cent. of the total loan amount paid at funding. The Akebia loan began amortising in September 2022. On 29 January 2024, Akebia prepaid the remaining $17.5 million of the balance that was due to amortise to the Company and the Company received $87,500 in prepayment fees. The Company and its subsidiaries earned a 11.4 per cent. gross internal rate of return¹ and 8.5 per cent net internal rate of return² on its Akebia investment.

IMMUNOGEN

On 6 April 2023, the Company and the Private Fund entered into a senior secured loan agreement with ImmunoGen, Inc. ("ImmunoGen") for up to $125 million. ImmunoGen drew down $75 million at closing on 6 April 2023. The Company, through its subsidiary, funded $37.5 million. The loan would have matured in April 2028 and bore interest at SOFR plus 8 per cent. (subject to a 2.75 per cent. floor), with an additional consideration of 2 per cent. of the total loan amount. On 30 November 2023, AbbVie announced it had entered into a agreement to acquire ImmunoGen, Inc. The ImmunoGen investment was marked up by $10.7 million as of 31 December 2023 to account for the discounted value of the expected prepayment and the make-whole fees. The ImmunoGen repayment was accompanied by prepayment and make-whole fees totaling $13.1 million. On 12 February 2024, ImmunoGen repaid its remaining $37.5 million balance to the Company and the Company received $13.2 million of accrued interest, additional consideration, and prepayment and make whole fees. The Company and its subsidiaries earned a 60.2 per cent. gross internal rate of return¹ and 45.1 per cent net internal rate of return² on its ImmunoGen investment.

COHERUS

On 5 January 2022, the Company and the Private Fund entered into a senior secured loan agreement for up to $300 million with Coherus BioSciences, Inc. ("Coherus"), a biopharmaceutical company building a leading immunooncology franchise funded with cash generated by its commercial biosimilars business. Coherus drew down $100 million at closing, another $100 million on 31 March 2022, and an additional $50 million on 14 September 2022. The remaining $50 million commitment, of which the Company's share was $25 million, lapsed so there were no additional funding commitments. The Company, through its subsidiary, funded $125 million across the first three tranches. The loan would have matured in January 2027 and bore interest at 3-month SOFR plus 8.25 per cent. per annum subject to a 1 per cent. floor along with a one-time additional consideration of 2 per cent. of the total loan amount paid at funding of the first tranche. On 1 April 2024, Coherus prepaid $87.5 million of its balance to the Company and the Company received $3.1 million of accrued interest, additional consideration, and prepayment and make-whole fees. On 10 May 2024, Coherus repaid its remaining $37.5 million balance to the Company and the Company received $2.3 million of accrued interest and prepayment and make-whole fees. The Company and its subsidiaries earned a 16.7 per cent. gross internal rate of return¹ and 12.5 per cent net internal rate of return² on its Coherus investment.

REATA

On 5 May 2023, the Company and the Private Fund, entered into a senior secured term loan agreement for up to $275 million with Reata Pharmaceuticals Inc. ("Reata") originally due to mature in May 2028. Tranche A of $75 million was funded at closing. Tranche B of $50 million and Tranche C of $75 million were required to be drawn after achieving certain performance-based milestones, and Tranche D of $75 million was available at the Company's discretion after achieving certain sales-based milestones. The loan bore interest at of 3-month SOFR plus 7.5 per cent. (subject to a 2.5 per cent. floor). There was also a 2 per cent. upfront fee upon each draw. The interest only period for the loan was for 3 years but could have been extended to 4 years if trailing twelve-month sales were greater than $250 million. The Company's share of the transaction was $137.5 million, of which $37.5 million was funded at closing. On 10 July 2023, the Company funded Tranche B of the Reata loan for $25 million. On 28 July 2023, Inc. ("Biogen") Biogen announced an agreement pursuant to which Biogen was to acquire Reata for an enterprise value of approximately $7.3 billion. The acquisition closed on 29 September 2023. As of the acquisition closing date, the Company received prepayments including $15.5 million in prepayment and make-whole fees. In April 2024, the Company and the Private Fund filed a lawsuit in New York courts against Biogen and Reata with respect to a dispute about fees payable under the terms of the loan agreement. In April 2025, the parties entered into a settlement agreement, representing the final resolution of this dispute. After approximately $1.3 million in legal and other related expenses payable by the Company, the Company received an additional net $7.3 million in revenue from this settlement payment. The Company and its subsidiaries earned a 158.0 per cent. gross internal rate of return¹ and 118.5 per cent net internal rate of return² on its Reata investment.

LUMIRADX

On 23 March 2021, the Company and the Private Fund entered into a senior secured loan agreement with LumiraDx for $300 million. The loan would have matured in March 2024 and bore interest at 3-month SOFR plus 8 per cent. with the ability to PIK anything above 8 per cent., additional consideration of 2.5 per cent. of the total loan amount and 9 per cent. of the total loan amount payable upon repayment. The Company's allocation of the transaction was $150 million. From 24 July 2023 to 9 November 2023, the Company, through its subsidiary, and the Private Fund funded $53 million of additional tranches to LumiraDx. On 29 December 2023, LumiraDx announced the appointment of joint administrators for two of its subsidiaries, and Roche Diagnostics Limited ("Roche") announced that it would acquire LumiraDx group's point-of-care diagnostics platform business and certain related assets for $295 million. On 29 July 2024, FTI Consulting LLP ("FTI"), as the UK administrator for LumiraDx, made an initial payment to the Company and the Private Fund of $330.6 million, of which $165.3 million was received by the Company. On 31 October 2024, FTI returned $9.2 million to the Company and $9.2 million to the Private Fund which included the agreed holdback amount under the Roche Sales and Purchase Agreement. On 30 June 2025, FTI returned $409,938 to the Company and $409,938 to the Private Fund. With the addition of cash interest received from LumiraDx as of the end of Q3 2024, this equated to an approximate 98 per cent. recovery rate of invested capital by the Company and the Private Fund. At the end of 2024, the Company and the Private Fund received LumiraDx's share ownership of LumiraDx's Colombian subsidiary, which it is actively seeking to sell. If the Company and the Private Fund were to receive the current fair value of the Colombian subsidiary, this would equate to and approximate 102 per cent. recovery rate.⁴

EVOLUS 2021

On 14 December 2021, the Company and the Private Fund entered into a senior secured loan agreement for up to $125 million with Evolus. The Company, through its subsidiary, funded $37.5 million of the first tranche of $75 million on 29 December 2021. The remaining $50 million was drawn down in two installments of $12.5 million each on 13 May 2023 and on 14 December 2023. The loan would have matured in December 2027 and bore interest at 3-month SOFR plus 8.50 per cent. with an additional 0.17 per cent. adjustment per annum, subject to a 1 per cent. floor along with a one-time additional consideration of 2.25 per cent. of the total loan amount paid at funding of the first tranche. On 5 May 2025, the Evolus loan was refinanced in full. The Company and its subsidiaries earned a 15.1 per cent. gross internal rate of return¹ and 11.3 per cent net internal rate of return² on its Evolus 2021 investment.

OPTINOSE

On 12 September 2019, the Company and the Private Fund entered into a senior secured note purchase agreement for the issuance and sale of senior secured notes in an aggregate original principal amount of up to $150 million by OptiNose US, Inc. a wholly owned subsidiary of OptiNose Inc., a commercial stage specialty pharmaceutical company ("OptiNose"). OptiNose drew a total of $130 million out of the $150 million committed, of which the Company, through its subsidiary, funded $71.5 million. The notes were originally due to mature in September 2024 and bore interest at 10.75 per cent. per annum along with a one- time additional consideration of 0.75 per cent. of the aggregate original principal amount of senior secured notes which the Company was committed to purchase under the facility and 445,696 warrants exercisable into common stock of OptiNose. After certain amendments, the loan would have matured in June 2027 and bore interest rate of 3-month SOFR plus 8.50 per cent., subject to a 2.5 per cent. floor. On 21 May 2025, OptiNose entered into an agreement for Paratek to acquire OptiNose. In connection with the closing of such acquisition on 21 May 2025, the Company received a payment of $82.8 million, comprised of $71.5 million in returned principal and $11.3 million of make-whole and prepayment fees, and accrued interest. The Company also received proceeds of $1.6 million in connection with the Company's outstanding OptiNose shares. The Company and its subsidiaries earned a 15.5 per cent. gross internal rate of return¹ and 11.3 per cent net internal rate of return² on its OptiNose investment.

MARKET ANALYSIS

The life sciences industry is expected to continue to have substantial capital needs during the coming years as the number of products undergoing clinical trials continues to grow. All else being equal, companies seeking to raise capital are generally more receptive to non-dilutive debt financing alternatives at times when equity markets are soft, increasing the number and size of fixed-income investment opportunities for the Company, and will be more inclined to issue equity or convertible bonds at times when equity markets are strong. A good indicator of the life sciences equity market is the New York Stock Exchange Biotechnology Index ("BTK Index"). The BTK index was down 3 per cent. during the first half of 2025, compared to a 2.4 per cent. decrease during the same period in 2024³. Global equity issuance by life sciences companies during the first six months of 2025 was $27 billion, a 31 per cent. decrease from the $39 billion issued during the same period in 2024³. Similarly, convertible bond issuance by life sciences companies was $2.2 billion in 2025³. We anticipate 2026 equity and convertible bond issuance to remain comparable to 2025 levels which should continue to support appetite for nondilutive debt during the remainder of 2025.

Acquisition financing is an important driver of capital needs in the life sciences industry in general and a source of investment opportunities. An active M&A market helps drive opportunities for investors such as the Company, as acquiring companies need capital to fund acquisitions. Global life sciences M&A volume during the first six months of 2025 was $62 billion, a 16 per cent. increase from the $54 billion witnessed during the same period in 2024³. We are encouraged by the number of M&A opportunities that are starting to build up which should lead to a more active market in the near term.

PRICING AND REGULATORY OUTLOOK

A significant portion of the revenues from borrowers in the portfolio come from sales which are reimbursed by various US government entities that are highly regulated. While we currently do not expect major changes to how these entities will continue to reimburse for the cost of these drugs, we cannot predict whether the US administration will seek to make changes that may affect the sales of these products.

USD SOFR

The Company has eight loans with coupons that reference 3-month USD SOFR and one loan that references 1-month USD SOFR. Seven loans have a 2.50 per cent. SOFR floor or greater and two have a floor ranging from 1 per cent. to 2 per cent. As of 30 June 2025, the 1-month and 3-month SOFR was 4.33 and 4.30 per cent. respectively, significantly above the floors defined in the nine loans.

INTERNATIONAL OUTLOOK

The Company has demonstrated remarkable resilience and stability through recent global events. The invasion of Ukraine by Russia and the war between Israel and Hamas has led to increased market volatility and widespread sanctions on Russian and Israeli assets and individuals, contributing to the high inflation introduced by the pandemic. While the portfolio has no direct exposure to Russia, Ukraine, Belarus, or Israel, we remain vigilant in monitoring these major events closely and will inform investors of any material changes.

The current U.S. administration has announced or imposed a series of tariffs on U.S. trading partners. In response, several countries have threatened or imposed retaliatory measures. While our portfolio companies have not experienced, and do not currently expect to experience, any significant direct impact from these tariffs and retaliatory measures, the full extent of the future impact of these and other threatened measures remains uncertain. We continue to monitor these tariffs and retaliatory measures and their possible effects on our portfolio companies.

INVESTMENT OUTLOOK

We expect our investment pipeline to grow as new products and companies enter the market in the second half of 2025 and beyond. Pharmakon's extensive network and thorough approach will continue to identify strong investment opportunities. We remain focused on our mission of creating the premier dedicated provider of debt capital to the life sciences industry while generating attractive returns and sustainable income to investors.

Although the global economic outlook remains uncertain, Pharmakon remains confident of its ability to deliver its target dividend yield to its investors.

Pedro Gonzalez de Cosio

Co-founder and CEO, Pharmakon

19 September 2025

¹ Gross IRR is set forth in the Glossary in the full Half Year Report. Past performance is not an indication of future performance.

² Net IRR is set forth in the Glossary in the full Half Year Report. Past performance is not an indication of future performance.

³ Source: FactSet.

⁴The market value of the LumiraDx Colombian subsidiary is subject to change.

DIRECTORS, ADVISERS AND OTHER SERVICE PROVIDERS

DIRECTORS

Harry Hyman (Chairman)

Colin Bond

Duncan Budge

Stephanie Léouzon

Sapna Shah

Rolf Soderstrom

INVESTMENT MANAGER AND AIFM

Pharmakon Advisors, LP

110 East 59th Street #2800

New York, NY 10022

USA

ADMINISTRATOR

Waystone Administration Solutions (UK) Limited

Broadwalk House

Southernhay West

Exeter

EX1 1TS

COMPANY SECRETARY AND REGISTERED OFFICE

MUFG Corporate Governance Limited

19^th Floor

51 Lime Street

London

EC3M 7DQ

Tel: +44 (0) 333 300 1932

COMPANY WEBSITE

www.bpcruk.com

CUSTODIAN

Bank of New York Mellon

One Canada Square

London

E14 5AL

FINANCIAL AND STRATEGIC COMMUNICATIONS

Burson Buchanan Limited

107 Cheapside

London

EC2V 6DN

INDEPENDENT AUDITOR

Ernst & Young, Chartered Accountants

Harcourt Centre

Harcourt Street

Dublin 2

Ireland

JOINT BROKERS

J.P. Morgan Cazenove

25 Bank Street

London

E14 5JP

Investec Bank plc

30 Gresham Street

London

EC2V 7QP

LEGAL ADVISER

Herbert Smith Freehills LLP

Exchange House

Primrose Street

London

EC2A 2EG

REGISTRAR

MUFG Corporate Markets

Central Square

29 Wellington Street

Leeds

LS1 4DL

COMPANY INFORMATION

The Company is a closed-ended investment company incorporated on 24 October 2016. The Ordinary Shares were admitted to trading on the Specialist Fund Segment of the Main Market of the LSE and

TISE on 27 March 2017.

The Company's shares were transferred to the premium segment of the Main Market on 5 October 2021. The Company introduced a GBP quote to appear alongside its USD quote on this date.

The Company delisted from the TISE on 8 October 2021.

The Company intends to carry on business as an investment trust within the meaning of Chapter 4 of Part 24 of the Corporation Tax Act 2010 and an investment company within the meaning of Section 833 of the Companies Act 2006.

INVESTMENT OBJECTIVE

The Company aims to generate long-term shareholder returns, predominantly in the form of sustainable income distributions from exposure to the life sciences industry.

SUMMARY OF INVESTMENT POLICY

The Company will seek to achieve its investment objective primarily through investments in debt assets secured by royalties or other cash flows derived from sales of approved life sciences products. Subject to certain restrictions and limitations, the Company may also invest in unsecured debt and equity issued by companies in the life sciences industry

The Investment Manager will select investment opportunities based upon in-depth, rigorous analysis of the life sciences products backing an investment as well as the legal structure of the investment. A key component of this process is to examine future sales potential of the relevant product, which is affected by several factors, including but not limited to; clinical utility, competition, patent estate, pricing, reimbursement (insurance coverage), marketer strength, track record of safety, physician adoption and sales history.

The Company will seek to build a diversified portfolio by investing across a range of different forms of assets issued by a variety of borrowers. In particular, no more than 25 per cent. of the Company gross assets will be exposed to any single borrower.

SHAREHOLDER INFORMATION

FREQUENCY OF NAV PUBLICATION

The Company's NAV is released to the LSE on a monthly basis and is published on the Company's website.

ANNUAL AND HALF-YEARLY REPORT

Copies of the Company's Annual and Half-yearly Reports, stock exchange announcements and further information on the Company can be obtained from the Company's website www.bpcruk.com.

IDENTIFICATION CODES

SEDOL: BP2NZ40

ISIN: GB00BDGKMY29

TICKER: BPCR

LEI: 213800AV55PYXAS7SY24

CONTACTING THE COMPANY

Shareholder queries are welcomed by the Company. While any queries regarding your shareholding should be directed to the Registrar, shareholders who wish to raise any other matters with the Company may do so using the following contact details:

Company Secretary - biopharmacreditplc@cm.mpms.mufg.com

Chairman - chairman@bpcruk.com

Senior Independent Director - sid@bpcruk.com

FURTHER INFORMATION 

BioPharma Credit PLC's full Half Yearly Report for the period ended 30 June 2025 will be available today on https://bpcruk.com/ and will be submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and is available for inspection at:

data.fca.org.uk/#/nsm/nationalstoragemechanism 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of this announcement.