IP Group reported further net asset value growth during the first half of 2026, supported by progress in Pfizer’s obesity drug portfolio, strong portfolio fundraising and increased cash realizations.
The science and technology investor ended June with net asset value of £1.006 billion, equivalent to 113.9p per share, representing 3.2% growth from year-end 2025. The company generated a £31.2 million profit compared with a £43 million loss in the year-ago period.
A major contributor was IP Group’s Pfizer Obesity Royalty Income asset, whose valuation increased £27 million to £152 million following further clinical progress.
Pfizer released additional positive Phase 2b data for berobenatide, while a combination involving berobenatide and amylin advanced into Phase 2b development. Pfizer is also progressing a 10-study Phase 3 program and is targeting a potential berobenatide launch in 2028.
IP Group generated £68.7 million of cash proceeds during the first half, exceeding the amount generated throughout all of 2025. Since the beginning of 2025, realizations reached £137 million by June and £154 million after additional post-period proceeds, moving the company toward its target of more than £250 million by the end of 2027.
Portfolio companies raised £543 million during the half, up from £372 million a year earlier, while IP Group supplied only about 5% of that capital. Quantum Motion and Oxford Quantum Circuits together raised roughly $500 million, and autonomous vehicle technology company Oxa raised $103 million.
HealthTech represented 60% of portfolio value at £547.1 million, followed by CleanTech at £174.7 million and DeepTech at £126 million.
Post period-end, NAV per share increased further to approximately 117p as of September 11, while year-to-date cash proceeds reached £85.8 million and Oxford Nanopore’s fair value increased by £26.4 million.
KEY QUOTES:
“The first half of 2026 has been another period of disciplined execution with the Group delivering further NAV growth, generating more cash proceeds in six months than in the whole of 2025 and continuing to broaden our third-party capital platform. With significant progress across our portfolio, IP Group enters the second half of the year with growing momentum.”
Greg Smith, Chief Executive of IP Group
