IP Group, the London-listed science and technology investor, swung back into profit in 2025 as the value of its stake in Pfizer’s obesity drug pipeline helped drive a 13% rise in net asset value per share to 110.4p.
The results underscore the significant value in IP Group shares, which are trading at about a 50% discount to the NAV, despite robust progress in the portfolio.
The group posted a profit of £66.9m for the year, a sharp reversal from the £207m loss recorded in 2024, with total NAV rising to £975.1m from £952.5m.
A key driver was the recognition of £128.2m in discounted future royalty and milestone income following Pfizer’s acquisition of portfolio company Metsera, giving IP Group ongoing exposure to Pfizer’s obesity franchise, including the Phase 3 candidate PF’3944, which reported positive Phase 2b data during the year.
Cash proceeds from exits totalled £68.1m, down from £183.4m the previous year, with notable realisations including the NYSE listing of digital health company Hinge Health and the sale of Monolith to Nasdaq-listed CoreWeave.
The group reiterated its target of delivering more than £250m in exits between 2025 and the end of 2027.
“2025 was a notable year for IP Group,” said Greg Smith, Chief Executive of IP Group.
“Pfizer’s acquisition of Metsera highlighted the strength and value of licensing activities in the obesity drug space where we hold valuable rights to several promising programmes. This drove a return to NAV growth. A further highlight was the successful IPO of Hinge Health on the NYSE, an investment from which we have now fully exited following the sale of our remaining holding in early 2026.
“We also delivered strong cash realisations, allowing us to retire almost a tenth of our shares in issue through buybacks, while maintaining a robust liquidity position.
“We are also pleased to be working with Aberdeen to manage a portfolio of early‑stage and growth investments in the UK, further extending our ability to support the next generation of innovation‑led businesses. As one of the world’s most experienced university IP investors, our unique model – combining deep partnerships with leading research institutions and access to long-term committed capital – positions us to support breakthrough science from inception to scale. We remain focused on creating long-term value for our shareholders while driving innovation that addresses some of society’s most pressing challenges.”
IP Group shares were 9% higher at the time of writing.