- IP Group
- 17 March 2026 10:49:08
Source: Sharecast
The FTSE 250 intellectual property commercialisation company said net asset value rose to £975.1m as at 31 December, from £952.5m a year earlier, with NAV per share increasing 13% to 110.4p.
It recorded a profit of £66.9m, compared with a loss of £207.0m in 2024, while the total portfolio value grew to £908.1m from £852.1m.
The uplift was partly driven by the recognition of £128.2m in discounted future royalty and milestone income following Pfizer’s acquisition of Metsera, giving the group exposure to the US drugmaker’s obesity franchise, including the phase three candidate PF’3944.
Metsera reported positive phase 2b results for the GLP-1 therapy, and Pfizer initiated its first phase three study in late 2025.
Cash proceeds from exits totalled £68.1m, down from £183.4m in 2024, as the group continued to progress towards its target of delivering more than £250m of exits between 2025 and the end of 2027.
During the year, Hinge Health listed on the New York Stock Exchange, generating £18.4m of proceeds in 2025, with the remaining £16.8m realised in early 2026.
The group also completed the sale of Monolith to Nasdaq-listed CoreWeave.
Portfolio companies raised £914m of capital during the year, up 17% from £784m in 2024, with notable fundraisings including Artios at $115m, Oxa at $103m, Oxccu at £20.75m, Accelercomm at $15m and Lumai at $10m.
IP Group invested £70.5m across 31 companies, broadly in line with its disciplined capital allocation approach.
Gross cash and deposits stood at £211m, down from £285.6m, while the company completed a £75m share buyback programme, retiring around 9% of its share capital.
The group also accumulated a further £30m post period-end for future shareholder returns.
IP Group continued to focus on its third-party funds platform, raising £29.0m through Parkwalk, although assets under management declined to £557m from £678m following several successful realisations.
Parkwalk and Northern Gritstone also launched the Northern Universities Venture Fund, positioning the group to benefit from UK pension reforms linked to the Mansion House Accord.
“2025 was a notable year for 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,” said chief executive Greg Smith.
“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.”
Smith said the group’s model and partnerships position it to support 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.”
He added that the company remained focused on “creating long-term value for our shareholders while driving innovation that addresses some of society's most pressing challenges.”
At 1028 GMT, shares in IP Group were up 7.49% at 52.94p.
Reporting by Josh White for Sharecast.com.
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