IP Group reported that its net asset value per share rose to approximately 117 pence as of September 11, 2026, up from 113.9 pence at fiscal year-end 2025, marking a 3.2 percent increase.
Total NAV grew to £1,006.4 million from £975.1 million, pushed upward largely by a £27 million revaluation of its Pfizer obesity royalty position, which now carries a total fair value of £152 million.
Of that, the standalone berobenatide asset accounts for £76 million, the berobenatide-amylin combination program £62 million and the oral program £12 million. Management applied probability-of-success rates ranging from 10 percent for early-stage programs to 53 percent for the lead candidate.
Pfizer royalties represent 17 pence per share against a total portfolio value of 103 pence. Other named single-position contributors include Oxford Nanopore Technologies at 11 pence per share, Istesso at 10 pence and Hysata at 9 pence, with the remainder spread across the broader portfolio.
The clinical-stage therapeutics segment alone is valued at £361.6 million. The obesity market is projected by Goldman Sachs and Morgan Stanley to reach between $95 billion and $145 billion annually by 2030, while peak sales estimates for IP Group's main Pfizer-related programs range from $3.5 billion to $4.8 billion.
Portfolio companies raised £543 million in third-party capital during the first half. New investments deployed totaled £30 million against cash exits of £69 million. Fair-value gains added £38 million to the period's results.
Opening portfolio value stood at £908 million, closing at £907 million after the offsetting flows and revaluations.
Gross cash and deposits strengthened to £238.9 million from £211.0 million, lifting net cash from £88.2 million to £119.1 million. Net overheads came in at £7.9 million for the half, with full-year 2026 guidance maintained at approximately £17 million. Debt repayment totaled £3.1 million.
The company confirmed £50 million remains available for potential share buybacks, though no repurchases were made in the first half.
Oxford Nanopore, whose single-position valuation reached £461 million, expanded gross margins by 400 basis points to 62.2 percent and halved its adjusted EBITDA loss to £22.1 million under a cross-licensing arrangement committing $35 million in revenue across fiscal years 2026 through 2028. The company targets adjusted EBITDA breakeven in fiscal 2027 and positive free cash flow in fiscal 2028.
Cash-exit proceeds were distributed across Monolith at £23 million, Centessa Pharmaceuticals at £18 million and Hinge Health at £17 million. IP Group's total proceeds from Centessa reached £36 million, reflecting a realized internal rate of return of roughly 24 percent plus contingent value rights worth up to £4.2 million, following Eli Lilly's $6.3 billion acquisition plus up to $1.5 billion in milestones.
In quantum computing, OQC raised $350 million and Quantum Motion secured $160 million, while Oxa closed a $103 million Series D and Slamcore raised $14 million.
Berobenatide entered Phase 2b trials in May 2026, with a weekly formulation targeted for launch in 2028, a monthly formulation by mid-2029 and the amylin combination by end of 2029. Seven additional Phase 3 studies are expected to read out during 2028. An Istesso Phase 2 sarcopenia trial readout is also due in 2027.
Management set a cash-exit target of more than £250 million by the end of 2027, having already achieved £154 million since January 2025. Total third-party capital under management stands at roughly £0.5 billion across Parkwalk's EIS business, the IP Group permanent balance sheet and funds with Aberdeen, CEFC and HOSTPLUS.
