Krensavage Asset Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), Krensavage Asset Management, LLC reported 18 stock positions worth $283.1 million. Its top holding was United Therapeutics (UTHR) at 15.7% of the portfolio, followed by Enanta Pharmaceuticals (ENTA, 15.4%) and Biomarin Pharmaceutical (BMRN, 11.0%). Compared with Q3 2025, it opened 1 new position, added to 3 and reduced 6. The biggest buy was Enanta Pharmaceuticals (ENTA, shares +31%) and the biggest sale GSK PLC-Spon ADR (GSK, shares −64%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001609251
- Portfolio Value
- $283.1M (Q4 2025)
- SEC Filing
- 0001609251-26-000003 ↗ filed Feb 18, 2026
Holdings Value
Holdings 18 stocks · $283.1M
| UTHR United Therapeutics Corp. | 15.71% | 91,282 | $44.5M | Reduce -6.5% |
| ENTA Enanta Pharmaceuticals Inc. | 15.41% | 2,766,390 | $43.6M | Add +30.8% |
| BMRN Biomarin Pharmaceutical Inc. | 11.02% | 524,786 | $31.2M | Add +29.4% |
| JAZZ Jazz Pharmaceuticals PLC | 10.08% | 167,816 | $28.5M | No change |
| EXEL Exelixis Inc. | 7.64% | 493,526 | $21.6M | Reduce -4.8% |
| AVDL Avadel Pharmaceuticals Ltd. | 6.51% | 855,860 | $18.4M | Reduce -10.5% |
| SNY Sanofi-ADR | 5.54% | 323,946 | $15.7M | No change |
| SUPN Supernus Pharmaceuticals Inc. | 5.50% | 313,499 | $15.6M | Reduce -13.8% |
| CAH Cardinal Health Inc. | 5.35% | 73,745 | $15.2M | No change |
| INDV Indivior Ltd. | 4.30% | 339,532 | $12.2M | No change |
| VNDA Vanda Pharmaceuticals Inc. | 3.68% | 1,180,388 | $10.4M | No change |
| BNTX Biontech SE-ADR | 3.35% | 99,523 | $9.5M | Add +25.4% |
| GSK GSK PLC-Spon ADR | 1.68% | 96,729 | $4.7M | Reduce -64.4% |
| RARE Ultragenyx Pharmaceutical Inc. | 1.22% | 149,634 | $3.4M | New |
| REGN Regeneron Pharmaceuticals | 1.09% | 4,000 | $3.1M | No change |
| ALKS Alkermes PLC | 1.07% | 107,822 | $3.0M | Reduce -48.1% |
| BIIB Biogen Inc. | 0.62% | 10,000 | $1.8M | No change |
| EOLS Evolus Inc. | 0.23% | 100,000 | $665K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| GSK GSK PLC-Spon ADR | Reduce -64.4% | 1.68% | −3.32 |
| SUPN Supernus Pharmaceuticals Inc. | Reduce -13.8% | 5.50% | −1.90 |
| UTHR United Therapeutics Corp. | Reduce -6.5% | 15.71% | −1.73 |
| ALKS Alkermes PLC | Reduce -48.1% | 1.07% | −1.59 |
| EXEL Exelixis Inc. | Reduce -4.8% | 7.64% | −1.48 |
| AVDL Avadel Pharmaceuticals Ltd. | Reduce -10.5% | 6.51% | +0.30 |
Portfolio Buys Q3 2025 → Q4 2025
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 |