BioPharma Credit

BPCR.L

Asset Management · Financial Services

Price

0.97 GBp

-0.00 (-0.21%)

Market Cap

£1.09B

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−17.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.37B (2021) → 1.14B (2025)

Winston Score History

The full picture

BioPharma Credit PLC is a specialty finance company that lends money to pharmaceutical and biotechnology companies. Instead of buying stocks, it provides loans backed by royalties or revenues from approved drugs. Its customers are life sciences companies that need cash but want to avoid selling shares.

The company earns money by collecting interest and royalty payments on its loans, giving it a steady, bond-like income stream. It is listed in London but invests primarily in US-based biopharma companies, and its portfolio is relatively concentrated in a small number of large deals. The main risk is that if a key drug in its portfolio underperforms commercially, the royalty or revenue stream backing that loan could shrink, hurting repayments. Growth depends on finding new lending opportunities as more drug companies seek non-dilutive financing alternatives.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+39.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+20.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

13.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

BioPharma Credit grew revenue 39% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

75.1%

Premium pricing power — 75.1% gross margin

Profit after running costs

Operating Margin

90.5%

Excellent — 90.5% operating margin

Return on the money invested

ROCE

11.3%

Below par — 11.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+12.7%

Fast-growing sales (+12.7% YoY)

Profit growth

EPS YoY

+14.2%

Earnings growing (+14.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

70%

Modest — 70% of profit becomes cash

Spare cash per sale

FCF Margin

65.0%

Converts sales into free cash efficiently (65.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.5x

Attractive valuation — P/E 8.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

10.25%

Healthy income — 10.25% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-2.3%

Dividend cut (-2.3% YoY) — warning sign

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