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.

INVESTMENT HIGHLIGHTS • Over the first six months of 2026, BPCR made new commitments totalling $716.3 million, consisting of: ◌ Esperion senior secured loan, $120.0 million ◌ Idorsia senior secured loan, $92.8 million ◌ Mineralys senior secured loan, $150.0 million ◌ Zenas senior secured loan, $125 million ◌ Refinancing of the Paratek loan, $50 million ◌ Refinancing of the UroGen loan, $125 million ◌ Unsecured Convertible Debt positions, $53.5 million.

• The Company also received one senior secured loan repayment and sold three notes - one senior unsecured note and two senior unsecured convertible notes during the period: ◌ On 11 February 2026 through 27 June 2026, the Company sold 30 million of 1.75 per cent. senior unsecured convertible notes due 2031 issued by Cytokinetics, Inc. at a weighted average price of $132. The sales generated a gain of $9.1 million.

◌ On 5 May 2026, the Company received a prepayment from Alphatec totalling $37.1 million, comprised of $35 million in return principal and $2.1 million of prepayment fees and accrued interest. ◌ On 9 June 2026 and 15 June 2026, the Company sold 10 million and 50 million, respectively, of 8.62 per cent. senior unsecured notes due 2030 issued by Harrow Inc. and received $3 million in income.

◌ On 30 June 2026, the Company sold 1.25 million of 2.50 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.

◌ On 1 July 2026 through 4 September 2026, the Company sold 12.5 million of 2.50 per cent. senior unsecured convertible notes due 2032 issued by Zenas BioPharma at a weighted average price of $134. The sales generated a gain of $4.2 million. Following the sales, as at 24 September 2026, the Company holds 6.2 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. FINANCIAL HIGHLIGHTS • The Company reported return after finance costs and taxation for the first half of 2026 of $50.4 million.

• Net Asset Value ("NAV") per Ordinary Share decreased since 31 December 2025 from $1.0192 to $1.0148. 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. • The Company made two dividend payments over the period totalling 4.95 cents per share, referencing net income for the quarters ending 31 December 2025 and 31 March 2026.

• Following the end of the second quarter of 2026, the Company declared a further dividend referencing net income for the quarter ending 30 June 2026 of 1.75 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.

SUMMARY as at 30 June 2026 Share price Net assets $0.9540 $1,138.8m (31 December 2025: $0.9160) (31 December 2025: $1,150.9m) NAV per share Net income per share $1.0148 $0.0447 (31 December 2025: $1.0192) (30 June 2025: $0.0633) Discount to NAV per share Ordinary Shares in Issue with Voting rights 6.0% 1,122.2m (31 December 2025: 10.1%) (31 December 2025: 1,129.2m) Shares Outstanding Dividends Yield 1,373.9m 8.6% (31 December 2025: 1,373.9m) (30 June 2025: 11.5%) PORTFOLIO COMPOSITION As at 30 June 2026 As at 30 June 2025 As at 30 June 2026 % of Company Net Assets As at 30 June 2025 % of Company Net Assets Fair value ($m) Fair value ($m) Cash 260.1 213.2 22.9 18.5 Insmed 2024 Senior Secured Loan 218.0 216.6 19.1 18.8 Novocure Senior Secured Loan 98.6 48.1 8.7 4.2 UroGen 2026 Senior Secured Loan 98.6 49.7 8.7 4.3 Evolus 2025 Senior Secured Loan 62.2 61.9 5.5 5.4 Idorsia Senior Secured Loan 55.1 4.8 Geron Senior Secured Loan 49.1 48.9 4.3 4.3 Precigen Senior Secured Loan 49.0 4.3 Paratek 2026 Senior Secured Loan 48.0 24.8 4.2 2.2 Zenas Senior Secured Loan 37.7 3.3 Tarsus Senior Secured Loan 36.9 36.7 3.2 3.2 Mineralys Senior Secured Loan 29.4 2.6 Valneva Senior Secured Loan 29.5 2.6 Zenas Senior Unsecured Convertible Note 22.3 2.0 Viridian Senior Unsecured Convertible Note 15.8 1.4 Syndax Senior Unsecured 15.1 1.3 LumiraDx Colombia 6.0 7.5 0.5 0.7 Celcuity Senior Unsecured Convertible Note 3.4 0.3 Nuvation Senior Unsecured Convertible Note 3.1 0.3 Cogent Senior Unsecured Convertible Note 1.5 0.1 Previously Realised Investments 448.3 38.9 Other Net Liabilities (0.6) (5.4) (0.1) (0.5) Total Net Assets 1,138.8 1,150.3 (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.

The Company began the year with a large cash balance, but the life sciences industry will continue to have substantial capital needs in the immediate and long-term future, as the number of clinical trials continue to grow." "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. Despite the macro headwinds, we remain confident of the Company's ability to deliver its target dividend yield to our investors." Results presentations As announced previously, a management presentation for sell side analysts will be held via a webcast facility at 15:00 BST today.

To request details or to register to attend please RSVP biopharmacredit@buchanan.uk.com (mailto:biopharmacredit@buchanan.uk.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. Enquiries Burson Buchanan Henry Wilson / Helen Tarbet / Jamie Hooper / Nick Croysdill +44 (0) 20 7466 5000 biopharmacredit@buchanan.uk.com (mailto:biopharmacredit@buchanan.uk.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. LEI: 213800AV55PYXAS7SY24 CHAIRMAN'S STATEMENT The Company started 2026 with strong momentum, announcing twelve new commitments representing $761.3 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. This performance once again enabled the Company to pay an ordinary interim dividend of 1.75 cents per share for each quarter, bringing the total ordinary interim dividend for the first half of 2026 to 3.50 cents per share.

In addition, the Company paid a special dividend of 1.45 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. For reference, total dividends paid in calendar year 2025 were 9.64 cents per share. The timing and amount of special dividends is affected by prepayments and interest rate fluctuations.

For the first half of the year, the Company reported net revenue per share of 4.47 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. In response, the Company purchased 7.0 million shares during the first half of 2026 in accordance with the Discount Control Mechanism ("DCM") at an average share price of 95 cents and a total cost of $6.7 million narrowing the discount to NAV from 10.1 per cent. at 31 December 2025 to 6.0 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. INVESTMENTS From the start of 2026 to date, BPCR made commitments totalling $761.3 million, consisting of $716.3 million made in the period to 30 June 2026 and $45 million made post period end.

Of these commitments, $326.7 million was funded in the first half of the year and $142.5 million was funded post period end; see the below for a breakdown.

1 January 2026 through 30 June 2026 ($M) Investment Name New Refinanced Committed Investment Loan Esperion senior secured loan - - 120.0 Idorsia senior secured loan 55.7 - 92.8 Mineralys senior secured loan 30.0 - 150.0 Paratek senior secured loan - 50.0 50.0 UroGen senior secured loan - 100.0 125.0 Unsecured Convertible Debt positions 53.5 - 53.5 Zenas senior secured loan 37.5 - 125.0 Total $ 176.7 150.0 716.3 Post 30 June 2026 ($M) Investment Name Funded Committed Esperion senior secured loan 120.0 - Kestra senior secured loan 22.5 45.0 Total $ 142.5 45.0 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.

SHAREHOLDER RETURNS(2) The Company reported a return after finance costs and taxation of $50.4 million for the first half of 2026, a decrease of $22.8 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. As at 30 June 2026, the share price was $0.9540, and the Net Asset Value ("NAV") per Ordinary Share was $1.0148. The NAV per Ordinary Share decreased since 31 December 2025 of $1.0192 due to the impact of a 2025 special dividend declared and paid during the period which reduced reserves.

The Company made two dividend payments over the period totalling 4.95 cents per share, referencing net income for the quarters ending 31 December 2025 and 31 March 2026. Following the end of the second quarter of 2026, the Company declared a further dividend referencing net income for the quarter ending 30 June 2026 of 1.75 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. OUTLOOK The Company delivered a strong first half of 2026, with $716.3 million in new commitments announced and $326.7 million deployed into new investments. Of the Company's investment loan balance, $410.9 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. Pharmakon's continued engagement with new and existing counterparties during the first half of the year resulted in $716.3 million of new commitments, while the current portfolio continued to deliver strong performance.