The Biotech Growth Trust PLC offers investors a unique opportunity to gain exposure to one of the most dynamic and rapidly evolving sectors of the global economy. The Company specialises in investing in a portfolio of growth-stage biotech businesses at the cutting edge of medical innovation.
The Company is structured to invest in innovative products that have the potential to revolutionise healthcare and significantly enhance quality of life worldwide, while delivering long-term capital appreciation for shareholders.
Financial highlights
Financial highlights
Net asset value per share*
2025: 815.9p
Share price
2025: 754.0p
Shareholders’ funds*
2025: £221.2m
Net asset value per share (total return)^
2025: (24.4%)
Share price (total return)^
2025: (24.2%)
Benchmark†
2025: (6.0%)
Discount of share price to net asset value per share^
2025: 7.6%
Ongoing Charges^
2025: 1.1%
Active Share**^
2025: 73.0%
* IFRS Measure
^ Alternative Performance Measure (see glossary beginning on page 93)
† NASDAQ Biotechnology Index (total return, net of withholding tax, sterling adjusted)
** Source: Morningstar
Portfolio Manager’s review
Portfolio Manager’s review
"Despite the strong performance of the Company during the year, we believe we are still in the early stages of a sustained recovery. Many of the macroeconomic and political overhangs that weighed on the sector in the early part of the year have been resolved. Scientific innovation fueling medical advancements remains robust. Biotechnology companies continue to develop first-in-class drugs addressing unmet medical needs."
Geoff Hsu & Josh Golomb,
OrbiMed Capital LLC, Portfolio Manager
KPIs
KPIs
Net asset value per share (total return)^
2025: (24.4%)
Share price (total return)^
2025: (24.2%)
Discount of share price to net asset value per share^
2025: 7.6%
Ongoing Charges^
2025: 1.1%
^ Alternative Performance Measure (see glossary beginning on page 93)
Historic performance
Performance
for the year to 31 March 2026
Figures have been rebased to 100 as at 31 March 2025.
Share price discount to the NAV per share
The discount of the Company’s share price to the net asset value per share at 31 March 2026 stood at 10.9% (2025: 7.6%).
Historic performance
For the five years ended 31 March
| 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|
| Net asset value per share (total return)*^ | (33.8%) | (17.0%) | 26.5% | (24.4%) | 73.4% |
| Share price (total return)*^ | (37.0%) | (12.8%) | 27.1% | (24.2%) | 67.1% |
| Benchmark return | (7.4%) | 5.4% | 5.0% | (6.0%) | 35.0% |
| Net asset value per share | 957.8p | 852.6p | 1,078.0p | 815.9p | 1,414.6p |
| Share price | 898.0p | 7833.0p | 995.0p | 754.0p | 1,260.0p |
| Discount of share price to net asset value per share^ | 6.2% | 8.2% | 7.8% | 7.6% | 10.9% |
| Ongoing charges (excluding performance fees)^ | 1.1% | 1.1% | 1.2% | 1.1% | 1.2% |
| Gearing (net cash)^ | 8.4% | 7.8% | 9.1% | (3.8%) | 7.3% |
* Source (income capital net of fees) total return
** Alternative Performance Measure (see glossary)
Chair's statement
Chair's statement
"The Board is encouraged by the breadth and quality of the drivers underpinning the Company's performance during the year, with returns led in particular by strong contributions from small and mid‑capitalisation biotechnology companies. While we remain mindful of the inherent volatility of both the sector and the Company’s active approach, it is reassuring to see the portfolio respond strongly as conditions improved and investment theses were realised."
Roger Yates,
Chair
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