Krensavage Asset Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), Krensavage Asset Management, LLC reported 17 stock positions worth $234.7 million. Its top holding was United Therapeutics (UTHR) at 17.4% of the portfolio, followed by Enanta Pharmaceuticals (ENTA, 10.8%) and Jazz Pharmaceuticals (JAZZ, 9.4%). Compared with Q2 2025, it opened 3 new positions, sold out of 1, added to 5 and reduced 5. The biggest buy was a new position in Biomarin Pharmaceutical (BMRN) and the biggest sale Cardinal Health (CAH, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001609251
- Portfolio Value
- $234.7M (Q3 2025)
- SEC Filing
- 0001609251-25-000007 ↗ filed Nov 17, 2025
Holdings Value
Holdings 17 stocks · $234.7M
| UTHR United Therapeutics Corp. | 17.44% | 97,646 | $40.9M | Reduce -3.5% |
| ENTA Enanta Pharmaceuticals Inc. | 10.78% | 2,114,444 | $25.3M | No change |
| JAZZ Jazz Pharmaceuticals PLC | 9.42% | 167,816 | $22.1M | Add +1.8% |
| BMRN Biomarin Pharmaceutical Inc. | 9.36% | 405,450 | $22.0M | New |
| EXEL Exelixis Inc. | 9.12% | 518,526 | $21.4M | Add +5.1% |
| SUPN Supernus Pharmaceuticals Inc. | 7.40% | 363,479 | $17.4M | Reduce -23.1% |
| SNY Sanofi-ADR | 6.51% | 323,946 | $15.3M | Add +117.5% |
| AVDL Avadel Pharmaceuticals Ltd. | 6.22% | 955,860 | $14.6M | Reduce -0.3% |
| GSK GSK PLC-Spon ADR | 5.00% | 271,729 | $11.7M | No change |
| CAH Cardinal Health Inc. | 4.93% | 73,745 | $11.6M | Reduce -44.9% |
| INDV Indivior Ltd. | 3.49% | 339,532 | $8.2M | Reduce -65.2% |
| BNTX Biontech SE-ADR | 3.33% | 79,366 | $7.8M | Add +8.2% |
| ALKS Alkermes PLC | 2.66% | 207,822 | $6.2M | No change |
| VNDA Vanda Pharmaceuticals Inc. | 2.51% | 1,180,388 | $5.9M | Add +15.2% |
| REGN Regeneron Pharmaceuticals | 0.96% | 4,000 | $2.2M | No change |
| BIIB Biogen Inc. | 0.60% | 10,000 | $1.4M | New |
| EOLS Evolus Inc. | 0.26% | 100,000 | $614K | New |
Portfolio Sells Q2 2025 → Q3 2025
| CAH Cardinal Health Inc. | Reduce -44.9% | 4.93% | −6.96 |
| INDV Indivior Ltd. | Reduce -65.2% | 3.49% | −4.11 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −3.23 |
| SUPN Supernus Pharmaceuticals Inc. | Reduce -23.1% | 7.40% | −0.48 |
| AVDL Avadel Pharmaceuticals Ltd. | Reduce -0.3% | 6.22% | +1.73 |
| UTHR United Therapeutics Corp. | Reduce -3.5% | 17.44% | +2.06 |
Portfolio Buys Q2 2025 → Q3 2025
| BMRN Biomarin Pharmaceutical Inc. | New | 9.36% | +9.36 |
| SNY Sanofi-ADR | Add +117.5% | 6.51% | +2.71 |
| BIIB Biogen Inc. | New | 0.60% | +0.60 |
| EOLS Evolus Inc. | New | 0.26% | +0.26 |
| JAZZ Jazz Pharmaceuticals PLC | Add +1.8% | 9.42% | +0.17 |
| VNDA Vanda Pharmaceuticals Inc. | Add +15.2% | 2.51% | −0.05 |
| BNTX Biontech SE-ADR | Add +8.2% | 3.33% | −0.80 |
| EXEL Exelixis Inc. | Add +5.1% | 9.12% | −2.39 |
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 |