IP Group swings to first-half profit with "continued NAV growth"
IP Group PLC on Tuesday reported increased net asset value amid a "supportive" investment climate, and said it commences its second half with "growing momentum".
Shares in IP Group were 4.4% higher at 68.60 pence on Tuesday afternoon in London.
The London-headquartered investor in the science and technology sectors reported an NAV per share of 113.9 pence at June 30, up 18% from 96.2p one year prior. The total NAV grew to £1.01 billion from £883.1 million.
IP Group said this "continued NAV growth" was "driven by strong progress on Pfizer's obesity programme," and by "disciplined execution against strategic priorities". It noted the £27 million valuation uplift for the Pfizer Obesity Royalty Income asset, to £152 million, with operational progress from Pfizer including "further positive clinical data" for berobenatide, which showed "competitive weight-loss efficacy versus approved therapies".
IP Group's profit for the first half of 2026 was £31.2 million, against a £43.0 million loss the previous year.
It said cash proceeds from exits totalled £68.7 million, surpassing the £68.1 million achieved for 2025, and on track against its £250 million target for 2025 to 2027. Portfolio companies raised £543 million in the first half, up from £372 million the year before.
"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," commented Chief Executive Greg Smith. "With significant progress across our portfolio, IP Group enters the second half of the year with growing momentum."
He continued: "Looking ahead, we see a substantial pipeline of potential value-driving milestones across our HealthTech, DeepTech and CleanTech portfolios.
"Combined with our deep university relationships, sector expertise and strong financial position, we believe IP Group is uniquely placed to create, build and scale the next generation of innovation-led companies and deliver attractive long-term returns for shareholders."
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