BioPharma Credit PLC USD · LSE:BPCP

BioPharma Credit PLC USD — BioPharma Credit — Investor Presentation (March 2026)

29 slides from BioPharma Credit PLC USD's investor presentation, March 2026

  1. Slide 1: Debt Capital for the Life Sciences Industry

    Debt Capital for the Life Sciences Industry COMPANY PRESENTATION – March 2026 For additional information please email: ir@bpcruk.com or visit BioPharma Credit PLC’s website at www.bpcruk.com

  2. Slide 2: Disclaimer

    Disclaimer This presentation of information relating to BioPharma Credit PLC (“BPCR”) is confidential and is intended solely for the information and exclusive use of the person to whom it has been provided. It is not to be reproduced, or transmitted, in whole or in part, to third parties. This prese

  3. Slide 3: Experienced Investment Team

    Experienced Investment Team Pharmakon Advisors, LP Pedro Gonzalez de Cosio Martin Friedman Pablo Legorreta Co-Founder, Principal and CEO Principal Co-Founder and Principal  Co-founded Pharmakon in 2009  Joined Pharmakon in 2011 Co-Founded Pharmakon in 2009 after 17 years in structured after 18 ye

  4. Slide 4: Investment Opportunity – Summary

    Investment Opportunity – Summary Investments in Approved Life Sciences Products  Debt investments backed by life sciences products (drugs, devices and diagnostics)  Collateral value assigned only to products that have been approved or, in unique cases, have reported clinical data that would suppor

  5. Slide 5: BPCR has generated consistent returns since IPO

    BPCR has generated consistent returns since IPO1 BPCR annualized2 dividends per share in US$ $0.14 Interim Special $0.12 $0.10  Interim dividend has consistently $0.08 met the annualized $0.070 target $0.06 for seven years $0.04 $0.02 $0.00 2017 2018 2019 2020 2021 2022 2023 2024 2025 Ann ¢4.1 ¢6.8

  6. Slide 6: Realized Gross / Net IRR

    Investment track record of mostly singles and doubles – Emphasis on consistency and reduced risk Unlevered Returns have been consistent over the years (46 Realized Transactions)1 160%2 Realized Gross IRR Older Investments 70% BPCR Investments Realized Net IRR 120%2 60% 50% Realized Gross / Net IRR 3

  7. Slide 7: The right structure / LTV helps generate attractive returns on debt

    The right structure / LTV helps generate attractive returns on debt irrespective of equity performance Life Sciences Debt Investments were less risky and are generally exposed to less volatility than an equity investment in the corresponding issuer ■ The chart below shows the gross and net multiple

  8. Slide 8: New investments have allowed BPCR to broaden its diversification

    New investments have allowed BPCR to broaden its diversification and deploy cash from capital raises and loan repayments Evolution of BPCR Portfolio since IPO1 (US$m) $1,800 Cash Seed Assets $1,600 Other Realized (repaid) Investments Outstanding Investments $1,400 $1,200 $1,000 $800 $600 $400 $200 $

  9. Slide 9: BPCR currently has ~$1.1bn invested across transactions

    BPCR currently has ~$1.1bn invested across 14 transactions1 Original Loan Projected IRR Total Outstanding Remaining Amt. to Maturity 3 Share (%) Share ($) Invested Balance Tranches Outstanding Balances + Cash (As at 4 March 2026) Insmed $547.0 10.5% 40% $218.7 $218.7 $218.7 Paratek Bristol Myers Evo

  10. Slide 10: BPCR’s portfolio is currently composed of senior secured loans to listed companies

    BPCR’s portfolio is currently composed of senior secured loans to listed companies1 Investment: 4 Original Inv. Date: November 1, 2017 December 14, 2021 2 March 7, 2022 3 October 19, 2022 April 19, 2024 Structure: Royalty Stream Secured Loan Secured Loan Secured Loan Secured Loan Total Commitment: $

  11. Slide 11: BPCR Publicly Traded Securities Holdings

    BPCR Publicly Traded Securities Holdings1 Harrow Cytokinetics $250m 8.625% Senior Unsecured Notes Due 2030 $650m 1.75% Convertible Senior Notes Due 2031  BPCR Position: $35.0m  BPCR Position: $10.68m  Current Price: $105.14  Current Price: $124.56  Leading provider of ophthalmic disease managem

  12. Slide 12: Current Valuation of BPCR Portfolio

    Current Valuation of BPCR Portfolio1 ■ The majority of BPCR’s investments are private loans that do not have an observable market value and are classified as “Level 3 Investments” or “unlisted investments”. The fair values of the “unlisted investments” are determined principally by reference to disc

  13. Slide 13: $500m senior secured corporate loan – 9.00% fixed interest rate

    $500m senior secured corporate loan – 9.00% fixed interest rate  Valneva: a specialty vaccine company developing vaccines for the treatment of infectious diseases in high unmet areas. The Company focuses on providing first-in-class or best-in-class vaccines  Market Cap: $962m as of 27 February 202

  14. Slide 14: $125m senior secured corporate loan

    $125m senior secured corporate loan  Precigen: Dedicated discovery, clinical and commercial stage company advancing the next generation of gene and cell therapies using precision technology to target the most urgent and intractable diseases  Market Cap: $1.3bn as of 27 February 2026  Cash: $124m

  15. Slide 15: $275m senior secured corporate loan

    $275m senior secured corporate loan BPCR Share: $25m  Paratek: Privately held pharmaceutical company providing innovative specialty therapies for community care providers and specialists. Paratek was acquired in 2023 by B-FLEXION and Novo Holdings. On May 21, 2025, Paratek acquired OptiNose, a spec

  16. Slide 16: $250m senior secured corporate loan

    $250m senior secured corporate loan  Evolus: Biopharmaceutical company with a customer-centric approach focused on delivering breakthrough performance beauty products  Market Cap: $279m as of 27 February 2026  Cash: $54m as of 31 December 2025  LTM Sales: $297m as of 31 December 2025  Main Prod

  17. Slide 17: $250m senior secured corporate loan

    $250m senior secured corporate loan  Geron: A commercial-stage biopharmaceutical company focused on blood cancer  Market Cap: $1.1bn as of 27 February 2026  Cash: $401m as of 31 December 2025  LTM Sales: $184m as of 31 December 2025  Main Product: Rytelo (imetelstat) is approved in the US for t

  18. Slide 18: $547m senior secured corporate loan

    $547m senior secured corporate loan  Insmed: Global biopharmaceutical company focused treating patients with serious and rare diseases  Market Cap: $32.2bn as of 27 February 2026  Cash: $1.4bn as of 31 December 2025  LTM Sales: $606m as of 31 December 2025  Main Products:  Arikayce (amikacin l

  19. Slide 19: $200m senior secured corporate loan

    $200m senior secured corporate loan BPCR Share: $35m  Alphatec: A medical device company that designs, develops, and markets spine fusion products and solutions for the treatment of spinal disorders. The company was founded on March 4, 2005 and is headquartered in Carlsbad, CA. The company rebrande

  20. Slide 20: $400m senior secured corporate loan

    $400m senior secured corporate loan  Novocure: 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  Market Cap: $1.6bn as of 27 February 2026  Cash: $44

  21. Slide 21: $200m senior secured corporate loan

    $200m senior secured corporate loan  Tarsus: 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  Market Cap: $3.2bn as of 27 February 2026  Cash: $417m

  22. Slide 22: $250m senior secured corporate loan

    $250m senior secured corporate loan  UroGen: Biopharmaceutical company focused on developing products to treat specialty cancers and urologic diseases. The Company’s products are being developed as chemoablation agents designed to remove tumors by non-surgical means. The Company is focused on treat

  23. Slide 23: Life Sciences is a $1 Trillion+ Vital Industry with Sales that are Uncorrelated

    Life Sciences is a $1 Trillion+ Vital Industry with Sales that are Uncorrelated and Unaffected by Economic Cycles Global Historical Pharmaceutical Sales ($ in trillions) COVID-19 Global Financial $1.7 $1.6 Crisis $1.5 $1.5 $1.3 $1.3 $1.2 $1.1 $1.1 $1.1 $1.1 $1.0 $1.0 $1.0 $0.9 $0.8 $0.8 $0.7 $0.6 $0

  24. Slide 24: Life Sciences is a $1 Trillion+ Vital Industry with Sales that are Uncorrelated (cont’d)

    Life Sciences is a $1 Trillion + Vital Industry with Sales that are Uncorrelated and Unaffected by Economic Cycles (cont’d) Annual Changes in Sales of Oncology Drugs vs Major Indices 100% $140 Oncology Sales $Bn 80% $120 NASDAQ (% change) 60% $100 40% $80 20% $60 0% $40 (20%) (40%) $20 (60%) $0 1990

  25. Slide 25: Over the past 10 years, Biotech equity markets have underperformed the broader market

    Over the past 10 years, Biotech equity markets have underperformed the broader market Historical Industry Price Performace (Indexed to 100) Dec. 2014 - Jan. 2026 395% 500 450 400 TBU if easy to update 350 237% 300 174% 250 101% 200 150 100 50 0 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21

  26. Slide 26: FDA Drug Approval Pace Continues to be Healthy

    FDA Drug Approval Pace Continues to be Healthy, Providing a Continued Pipeline of New Lending Opportunities ■ Pharmakon invests in approved, differentiated therapies that address a meaningful unmet need for patients. ■ FDA (and other jurisdiction regulatory bodies) approvals provide a continued pipe

  27. Slide 27: Choppy biotech equity markets create an attractive environment for debt investments

    Choppy biotech equity markets create an attractive environment for debt investments in biotech Convert Count and Proceeds $30 80 Total Amount Raised ($bn) Total Amount Issued Convert Count 62 70 $25 Convert Count 60 $20 40 50 38 $15 32 32 40 28 24 30 $10 $18 18 16 13 20 $14 $5 $9 $10 $7 $8 $7 $8 $8

  28. Slide 28: Pharmakon Advisors, LP

    All four previous BioPharma Credit private funds have returned all capital to investors Pharmakon Advisors, LP Private Fund Historical Investment Performance (Private Funds) I II III IV Launch Date June 2009 March 2011 February 2013 December 2015  Founded in 2009; manager of the BioPharma Credit fu

  29. Slide 29: Gross and Net Returns of Past Realized Investments

    Gross and Net Returns of Past Realized Investments1 Investment Date Investment Name Fund Investment Amount Gross IRR1 Net IRR1 Gross MOIC1 Net MOIC1 Jun 2009 LEXIVA Private Fund I $26,700,000 22% 18% 1.37x 1.30x Sep 2009 Cymbalta Private Fund I $132,000,000 15% 11% 1.20x 1.16x Oct 2009 PDL Private F

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