REG — BioPharma Credit PLC — Half — year Financial Report

For best results when printing this announcement, please click on link below: RNS Number: 0622W BioPharma Credit PLC 24 September 2026 24 September 2026 BIOPHARMA CREDIT PLC ("BPCR" or "the Company") HALF YEAR REPORT FOR THE YEAR ENDED 30 JUNE 2026 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 2026. The Half-Year Report and Financial Statements can be accessed via the Company's website at or by contacting the Company Secretary by telephone on (0) 333 300 1932. 5 million. 75 per cent.

senior unsecured convertible notes due 2031 issued by Cytokinetics, Inc. at a weighted average price of $132. 1 million. 1 million of prepayment fees and accrued interest.

62 per cent. senior unsecured notes due 2030 issued by Harrow Inc. and received $3 million in income. 50 per cent.

senior unsecured convertible notes due 2032 issued by Zenas BioPharma, Inc. at a price of $120. • Post-period end, the Company made a new commitment and sold a senior unsecured convertible note position: ◌ On 10 July 2026 the Company entered into a senior secured loan with Kestra, for a total commitment of $45 million. 50 per cent.

senior unsecured convertible notes due 2032 issued by Zenas BioPharma at a weighted average price of $134. 2 million. 2 million senior unsecured convertible notes issued by Zenas BioPharma. • On 20 August the Company announced its successful completion of the sale, on 14 August 2026, of its interest in Lumira SAS (Columbia).

With the proceeds received from the Lumira Colombia Sale and the Roche Acquisition, as well as the cash interest received from the LumiraDx group companies, the Company has recovered approximately 101 per cent. of its principal investment, on a gross and net basis. 4 million. 0148.

The decrease primarily reflects the impact of a 2025 special dividend declared and paid during the period, which reduced reserves, together with the timing and number of prepayments received. The first half of 2025 benefited from several repayments, compared to one repayment in the first half of 2026. 95 cents per share, referencing net income for the quarters ending 31 December 2025 and 31 March 2026. 75 cents per share that was paid on 31 July 2026.

(1) The recovery of principal investment is equivalent to the multiple of invested capital and excludes all expected expenses and wind-down costs. For more information as to how the Company calculates its gross and net multiple of invested capital, please refer to the disclaimer on page 1 of the Company's investor presentation dated 20 April 2026, available on the Company's website. Past performance is not an indication of future performance. 3 (2) Based on the USD/CHF currency spot rate as of 25 June 2026.

Pedro Gonzalez de Cosio, CEO and co-founder of Pharmakon Advisors, LP, the Investment Manager of BioPharma Credit PLC, said: "The current portfolio has continued to deliver strong performance, and we are pleased to have made over $760 million of new commitments in the first half of 2026. " "Accordingly, we expect that our new investment pipeline will continue to be strong in the second half of 2026 and beyond, as new products and companies enter the market. " Results presentations As announced previously, a management presentation for sell side analysts will be held via a webcast facility at 15:00 BST today.

com) The investment adviser will also provide a live presentation for investors via Investor Meet Company on 25 September 2026 at 14:00 BST. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 24 September 2026, 09:00 BST, or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet BioPharma Credit PLC via: ( $) Investors who already follow BioPharma Credit PLC on the Investor Meet Company platform will automatically be invited.

com) Notes to Editors BioPharma Credit PLC is London's only listed specialist investor in debt from the life sciences industry and joined the LSE on 27 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. 3 million.

INTRODUCTION I am pleased to present the half yearly report for BioPharma Credit PLC ("the Company" or "BPCR"), which covers the period from 1 January 2026 to 30 June 2026. The Company continued to deliver strong and consistent income, supported by its well-diversified portfolio of 12 loans secured against sales of various drugs and treatments, as well as certain unsecured convertible notes that are publicly traded. 50 cents per share. 45 cents per share alongside the ordinary interim dividend in respect of the period ended 31 December 2025, further demonstrating its commitment to delivering attractive returns to shareholders.

The Company's dividend policy includes the payment of special dividends for any income exceeding the annual target. 64 cents per share. The timing and amount of special dividends is affected by prepayments and interest rate fluctuations. 47 cents.

This represents a slight decrease compared to the prior-year period, primarily reflecting the timing and number of prepayments received. The first half of 2025 benefited from several repayments, compared to one repayment in the first half of 2026. The evolving market continues to present compelling opportunities, and the Company remains well positioned to provide investors with access to an attractive, diversified portfolio of secured loans. However, consistent with recent market trends, the Company's shares continued to trade at a discount to NAV throughout the period.

1 per cent. 0 per cent. at 30 June 2026. Subsequently, in May 2026, the share price recovered and the share repurchase requirement ceased.

We are pleased to see that the discount has continued to tighten post period end. Please refer to the 2025 Annual Report for a full description of the current DCM. 3 million made in the period to 30 June 2026 and $45 million made post period end. 5 million was funded post period end; see the below for a breakdown.

0 Please refer to the diagram in the full half year report to see the diversity of the current portfolio. The Company announced on 14 August 2026 its successful completion of the sale of its interest in Lumira SAS (Colombia) (the "Lumira Colombia Sale"), ("Lumira Colombia"). With the proceeds received from the Lumira Colombia Sale and the Roche Acquisition, as well as the cash interest received from the LumiraDx group companies, the Company has recovered approximately 101 per cent. of its principal investment,(1) on a gross and net basis.

The successful closing of the Lumira Colombia Sale marks the conclusion of the Company's investment in the LumiraDx group companies. LumiraDx Colombia Holdings LTD, the former UK parent entity of Lumira Colombia will be liquidated in due course. The global operating environment remains subject to evolving geopolitical and trade policy developments. To date, these factors have not had a material impact on the Company's portfolio, which continues to perform in line with expectations.

We will continue to monitor developments and assess any potential implications for the portfolio as conditions evolve. 8 million compared with the same period in 2025. This decline primarily reflects the make whole and prepayment fees received in the first half of 2025 following multiple loan repayments, including from BioCryst, Evolus and OptiNose. 0148.

0192 due to the impact of a 2025 special dividend declared and paid during the period which reduced reserves. 95 cents per share, referencing net income for the quarters ending 31 December 2025 and 31 March 2026. 75 cents per share that was paid on 31 July 2026. See the chart in the full half year report for the annualised dividends since IPO, including the first two quarters of 2026.

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 in the full half year report. THE BOARD The Board recognises that two valued members have retired during the period. At this year's AGM, both Colin Bond and Duncan Budge, who had been on the Board for nine years, did not seek re-election consistent with the UK Corporate Governance Code. The Board and I would like to extend our deepest thanks to Colin and Duncan for their significant contributions as Directors during their tenure.

As part of the Board's ongoing commitment to effective succession planning and the continued refreshment of Board composition, the Board appointed Nigel Reynolds as a non-executive Director with effect from 1 January 2026 and Graeme Proudfoot with effect from 15 September 2026. Nigel Reynolds succeeded Colin Bond as Chair of the Audit and Risk Committee following the Company's AGM in June 2026, supporting an orderly transition and ensuring the continued effectiveness of the Board and its Committees. The Board also appointed Sapna Shah as Senior Independent Director at the 2026 AGM to replace Duncan Budge.

To ensure continuity, I will remain in post as Chairman until the end of 2026, then I will step down as a Director and be replaced as Chairman by Rolf Soderstrom, current non-executive Director. 7 million deployed into new investments. 9 million - or 51 per cent. of the portfolio - is subject to floating interest rates.

Following the strong investment activity of the past few months, BPCR is now close to being fully invested. New investments will require prepayments or sales of existing assets. The Investment Manager remains focused on expanding its pipeline of potential investments and is actively assessing a range of opportunities to support future growth and further enhance portfolio diversification. On behalf of the Board, I would like to thank Pharmakon for its continued dedication and achievements throughout 2026, and our shareholders for their ongoing support and confidence in the Company.

Harry Hyman Chairman 23 September 2026 (1)As used herein, the recovery of principal investment is equivalent to the multiple of invested capital, and excludes all expected expenses and wind-down costs. For more information as to how the Company calculates its gross and net multiple of invested capital, please refer to the disclaimer on page 1 of the Company´s investor presentation dated 20 April 2026, available on the Company's website ( ). Past performance is not an indication of future performance. (2)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. 3 million of new commitments, while the current portfolio continued to deliver strong performance.