Darwin Global Management, Ltd.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Darwin Global Management, Ltd. reported 3 stock positions worth $1.5 billion. Its top holding was Insmed (INSM) at 82.1% of the portfolio, followed by Verona Pharma (VRNA, 16.8%) and Allogene Therapeutics (ALLO, 1.1%). Compared with Q4 2024, it opened 1 new position, sold out of 4 and added to 2. The biggest buy was Verona Pharma (VRNA, shares +384%) and the biggest sale an exit from Jazz Pharmaceuticals (JAZZ).

Most Recent 13F
Q2 2026
Location
ST. HELIER, Y9
CIK
0001839209
Portfolio Value
$1.5B (Q1 2025)
SEC Filing
0001892688-25-000122 ↗ filed May 15, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $751.2M Q1 2024 Q2 2024: $859.5M Q2 2024 Q3 2024: $1.2B Q3 2024 Q4 2024: $1.1B Q4 2024 Q1 2025: $1.5B $1.5B Q1 2025 Q2 2025: $2.4B Q2 2025 Q3 2025: $3.6B Q3 2025 Q4 2025: $4.9B Q4 2025 Q1 2026: $3.8B Q1 2026 Q2 2026: $3.8B Q2 2026

Holdings 3 stocks · $1.5B
INSM Insmed Inc. 82.08% 15,397,975 $1.2B Add +18.8%
VRNA Verona Pharma Ltd. 16.81% 3,923,204 $246.0M Add +384.1%
ALLO Allogene Therapeutics Inc. 1.11% 10,449,791 $16.2M New

Portfolio Sells Q4 2024 → Q1 2025
JAZZ Jazz Pharmaceuticals PLC Sold out 0.00% −5.65
GERN Geron Corp. Sold out 0.00% −3.21
KROS Keros Therapeutics Inc. Sold out 0.00% −2.53
NRIX Nurix Therapeutics Inc. Sold out 0.00% −0.29

Portfolio Buys Q4 2024 → Q1 2025
VRNA Verona Pharma Ltd. Add +384.1% 16.81% +13.25
ALLO Allogene Therapeutics Inc. New 1.11% +1.11
INSM Insmed Inc. Add +18.8% 82.08% −2.67

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 5$3.8BRVMD, INSM, BLTE, ABVX, ROIV
Q1 2026 6$3.8BINSM, BLTE, ABVX, RVMD, ROIV
Q4 2025 6$4.9BINSM, BLTE, ABVX, CDTX, WVE
Q3 2025 5$3.6BINSM, UTHR, ABVX, CDTX, QURE
Q2 2025 5$2.4BINSM, VRNA, CDTX, MRUS, ALLO
Q1 2025 3$1.5BINSM, VRNA, ALLO
Q4 2024 6$1.1BINSM, JAZZ, VRNA, GERN, KROS
Q3 2024 5$1.2BINSM, PCVX, GERN, KROS, SMMT
Q2 2024 9$859.5MCYTK, INSM, PCVX, GERN, KROS
Q1 2024 12$751.2MPCVX, NUVL, KROS, BHVN, ALPN