Darwin Global Management, Ltd.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Darwin Global Management, Ltd. reported 5 stock positions worth $3.6 billion. Its top holding was Insmed (INSM) at 80.5% of the portfolio, followed by United Therapeutics (UTHR, 8.8%) and Abivax SA-ADR (ABVX, 7.3%). Compared with Q2 2025, it opened 3 new positions, sold out of 3 and added to 2. The biggest buy was a new position in United Therapeutics (UTHR) and the biggest sale an exit from Verona Pharma (VRNA).

Most Recent 13F
Q2 2026
Location
ST. HELIER, Y9
CIK
0001839209
Portfolio Value
$3.6B (Q3 2025)
SEC Filing
0001892688-25-000196 ↗ filed Nov 14, 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 Q1 2025 Q2 2025: $2.4B Q2 2025 Q3 2025: $3.6B $3.6B Q3 2025 Q4 2025: $4.9B Q4 2025 Q1 2026: $3.8B Q1 2026 Q2 2026: $3.8B Q2 2026

Holdings 5 stocks · $3.6B
INSM Insmed Inc. 80.54% 20,457,445 $2.9B Add +5.8%
UTHR United Therapeutics Corp. 8.83% 748,550 $317.6M New
ABVX Abivax SA-ADR 7.33% 3,164,501 $263.7M New
CDTX Cidara Therapeutics Inc. 2.64% 997,196 $95.0M Add +29.8%
QURE Uniqure NV 0.66% 400,000 $23.8M New

Portfolio Sells Q2 2025 → Q3 2025
VRNA Verona Pharma Ltd. Sold out 0.00% −16.26
MRUS Merus NV Sold out 0.00% −0.88
ALLO Allogene Therapeutics Inc. Sold out 0.00% −0.52

Portfolio Buys Q2 2025 → Q3 2025
UTHR United Therapeutics Corp. New 8.83% +8.83
ABVX Abivax SA-ADR New 7.33% +7.33
CDTX Cidara Therapeutics Inc. Add +29.8% 2.64% +1.05
QURE Uniqure NV New 0.66% +0.66
INSM Insmed Inc. Add +5.8% 80.54% −0.21

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