Edison Investment Research - Biopharma Credit (A2DN3S) BioPharma Credit - Now listed in the Premium Segment of LSE

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Edison Investment Research

Pedro Fonseca

BioPharma Credit - Now listed in the Premium Segment of LSE

BioPharma Credit (BPCR) delivered a 7.3% NAV total return (NAV TR) pa in the three-year period ending 30 September 2021 (Edison calculations), somewhat below its 8–9% target. We believe that this was partially due to cash drag from several loan prepayments (although partially offset by prepayment fees). In H121, BPCR invested US$150m in diagnostics company LumiraDx, and reduced its cash position to 18% at end-September 2021. BPCR has sustained its targeted dividend payout (7c per share pa, 7.4% yield currently), although we calculate it needs to deploy some of its cash to cover the payments from income alone in the long run. Until then, it may pay a portion of the dividend from capital.

26/10/2021 13 EN

Underlying

Biopharma Credit

BioPharma Credit is a closed-ended investment company. Co.'s investment objective is to generate long-term shareholder returns, predominantly in the form of sustainable income distributions from exposure to the life sciences industry. Co. may acquire debt assets from a company operating in the life sciences; or an entity other than a life sciences industry which directly or indirectly holds an interest in royalty rights to certain products, including any investment vehicle or special purpose vehicle; or in the secondary market.

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GB00BDGKMY29 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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BioPharma Credit - Now listed in the Premium Segment of LSE

BioPharma Credit: 1 director

BioPharma Credit - A quality dividend play with FY22 yield of 12%

BioPharma Credit - New transaction of up to US$50m

Dentsu Group - FY24 prospects weighted to H2

Record - AUME momentum and a sharper focus

Actinogen Medical - Funding in place through key catalysts

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