INTERNATIONAL BIOTECHNOLOGY TRUST PLC - Half Year Results

International Biotechnology Trust PLC (IBT) delivered a strong half-year investor update for the six months ended 28 February 2026, reporting a 39% share price increase and a 35.7% rise in net asset value, outperforming the NASDAQ Biotechnology Index, which gained just under 30%. Company performance was driven by disciplined portfolio positioning in late-stage, clinically de-risked biotech assets and a robust M&A environment, with five portfolio acquisitions during the period, including deals by Roche, Pfizer, Genmab, Novo Nordisk and Novartis. The trust’s discount narrowed to 6.7%, while management highlighted continued momentum after period-end, with a further five acquisitions and around 15% of the fund acquired in calendar year 2026 to date. IBT’s growth strategy remains focused on innovative biotechnology companies across rare diseases, oncology, metabolic disorders and central nervous system therapies, supported by strong sector fundamentals, ageing demographics, rising healthcare demand and major pharma’s need to replenish pipelines amid patent expiries. The portfolio is weighted toward launched or near-launch assets, with careful risk mitigation around binary clinical events and valuation-sensitive position sizing. With an interim dividend announced and continued exposure to high-quality public and unquoted biotech opportunities, IBT remains positioned to capture long-term revenue growth, M&A upside and value creation across the global biotechnology sector.