Krensavage Asset Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 15, 2025), Krensavage Asset Management, LLC reported 15 stock positions worth $188.9 million. Its top holding was United Therapeutics (UTHR) at 15.4% of the portfolio, followed by Cardinal Health (CAH, 11.9%) and Exelixis (EXEL, 11.5%). Compared with Q1 2025, it opened 2 new positions, sold out of 1, added to 6 and reduced 6. The biggest buy was a new position in Johnson & Johnson (JNJ) and the biggest sale Exelixis (EXEL, shares −44%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001609251
- Portfolio Value
- $188.9M (Q2 2025)
- SEC Filing
- 0001609251-25-000006 ↗ filed Aug 15, 2025
Holdings Value
Holdings 15 stocks · $188.9M
| UTHR United Therapeutics Corp. | 15.38% | 101,146 | $29.1M | Add +3.0% |
| CAH Cardinal Health Inc. | 11.89% | 133,745 | $22.5M | Reduce -29.1% |
| EXEL Exelixis Inc. | 11.51% | 493,526 | $21.8M | Reduce -43.8% |
| JAZZ Jazz Pharmaceuticals PLC | 9.26% | 164,816 | $17.5M | Add +63.7% |
| ENTA Enanta Pharmaceuticals Inc. | 8.46% | 2,114,444 | $16.0M | Reduce -0.1% |
| SUPN Supernus Pharmaceuticals Inc. | 7.88% | 472,376 | $14.9M | Add +9.3% |
| INDV Indivior Ltd. | 7.60% | 974,474 | $14.4M | Add +0.9% |
| GSK GSK PLC-Spon ADR | 5.52% | 271,729 | $10.4M | Reduce -0.1% |
| AVDL Avadel Pharmaceuticals Ltd. | 4.49% | 958,877 | $8.5M | Add +0.9% |
| BNTX Biontech SE-ADR | 4.14% | 73,382 | $7.8M | Reduce -16.2% |
| SNY Sanofi-ADR | 3.81% | 148,946 | $7.2M | Reduce -0.1% |
| JNJ Johnson & Johnson | 3.23% | 40,000 | $6.1M | New |
| ALKS Alkermes PLC | 3.15% | 207,822 | $5.9M | No change |
| VNDA Vanda Pharmaceuticals Inc. | 2.56% | 1,024,883 | $4.8M | Add +35.9% |
| REGN Regeneron Pharmaceuticals | 1.11% | 4,000 | $2.1M | New |
Portfolio Sells Q1 2025 → Q2 2025
| EXEL Exelixis Inc. | Reduce -43.8% | 11.51% | −6.42 |
| CAH Cardinal Health Inc. | Reduce -29.1% | 11.89% | −2.48 |
| SNY Sanofi-ADR | Reduce -0.1% | 3.81% | −0.76 |
| GSK GSK PLC-Spon ADR | Reduce -0.1% | 5.52% | −0.30 |
| BNTX Biontech SE-ADR | Reduce -16.2% | 4.14% | −0.27 |
| MURA Mural Oncology PLC | Sold out | 0.00% | −0.05 |
| ENTA Enanta Pharmaceuticals Inc. | Reduce -0.1% | 8.46% | +2.00 |
Portfolio Buys Q1 2025 → Q2 2025
| JNJ Johnson & Johnson | New | 3.23% | +3.23 |
| INDV Indivior Ltd. | Add +0.9% | 7.60% | +2.52 |
| JAZZ Jazz Pharmaceuticals PLC | Add +63.7% | 9.26% | +2.35 |
| REGN Regeneron Pharmaceuticals | New | 1.11% | +1.11 |
| VNDA Vanda Pharmaceuticals Inc. | Add +35.9% | 2.56% | +0.65 |
| AVDL Avadel Pharmaceuticals Ltd. | Add +0.9% | 4.49% | +0.38 |
| SUPN Supernus Pharmaceuticals Inc. | Add +9.3% | 7.88% | +0.06 |
| UTHR United Therapeutics Corp. | Add +3.0% | 15.38% | −1.36 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 18 | $263.2M | ENTA, JAZZ, UTHR, BMRN, EXEL |
| Q1 2026 | 20 | $255.7M | UTHR, ENTA, JAZZ, BMRN, EXEL |
| Q4 2025 | 18 | $283.1M | UTHR, ENTA, BMRN, JAZZ, EXEL |
| Q3 2025 | 17 | $234.7M | UTHR, ENTA, JAZZ, BMRN, EXEL |
| Q2 2025 | 15 | $188.9M | UTHR, CAH, EXEL, JAZZ, ENTA |
| Q1 2025 | 14 | $180.9M | EXEL, UTHR, CAH, SUPN, JAZZ |
| Q4 2024Amended | 12 | $169.0M | UTHR, EXEL, CAH, BIIB, JAZZ |
| Q3 2024 | 13 | $178.5M | UTHR, EXEL, CAH, BIIB, ENTA |
| Q2 2024 | 13 | $217.8M | EXEL, UTHR, BIIB, TARO, CAH |
| Q1 2024 | 12 | $225.5M | EXEL, UTHR, BIIB, TARO, CAH |