PFM Health Sciences, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), PFM Health Sciences, LP reported 62 stock positions worth $1.3 billion. Its top holding was Eli Lilly (LLY) at 17.8% of the portfolio, followed by Abbvie (ABBV, 5.5%) and Tenet Healthcare (THC, 5.2%). Compared with Q4 2024, it opened 12 new positions, sold out of 21, added to 16 and reduced 17. The biggest buy was a new position in Elevance Health (ELV) and the biggest sale an exit from Dexcom (DXCM).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001442756
- Portfolio Value
- $1.3B (Q1 2025)
- SEC Filing
- 0001085146-25-003307 ↗ filed May 15, 2025
Holdings Value
Holdings 62 stocks · $1.3B
| LLY Eli Lilly & Co. | 17.85% | 273,778 | $226.1M | Reduce -8.3% |
| ABBV Abbvie Inc. | 5.49% | 331,741 | $69.5M | No change |
| THC Tenet Healthcare Corp. | 5.22% | 491,334 | $66.1M | No change |
| MCK McKesson Corp. | 5.18% | 97,498 | $65.6M | No change |
| AXSM Axsome Therapeutics Inc. | 5.12% | 556,545 | $64.9M | Add +19.1% |
| VRTX Vertex Pharmaceuticals Inc. | 4.86% | 126,989 | $61.6M | No change |
| ISRG Intuitive Surgical Inc. | 3.64% | 93,073 | $46.1M | No change |
| PEN Penumbra Inc. | 3.51% | 166,261 | $44.5M | No change |
| SLNO Soleno Therapeutics Inc. | 3.36% | 595,206 | $42.5M | Add +93.6% |
| ARGX Argenx SE - ADR | 3.22% | 68,999 | $40.8M | Add +8.3% |
| ELV Elevance Health Inc. | 3.03% | 88,222 | $38.4M | New |
| BBIO Bridgebio Pharma Inc. | 2.48% | 908,135 | $31.4M | Add +212.9% |
| UHS Universal Health Services-B | 2.31% | 155,520 | $29.2M | Reduce -27.3% |
| ASND Ascendis Pharma A/S | 2.30% | 186,916 | $29.1M | Add +256.8% |
| EW Edwards Lifesciences Corp. | 2.17% | 379,954 | $27.5M | Reduce -36.0% |
| HCA HCA Healthcare Inc. | 2.11% | 77,464 | $26.8M | Add +11.6% |
| ALNY Alnylam Pharmaceuticals Inc. | 1.86% | 87,145 | $23.5M | New |
| MOH Molina Healthcare Inc. | 1.82% | 70,088 | $23.1M | No change |
| DHR Danaher Corp. | 1.82% | 112,475 | $23.1M | Reduce -10.4% |
| CVS CVS Health Corp. | 1.67% | 312,305 | $21.2M | New |
| BDX Becton Dickinson and Co. | 1.66% | 91,571 | $21.0M | New |
| IQV Iqvia Holdings Inc. | 1.56% | 111,854 | $19.7M | No change |
| WAT Waters Corp. | 1.51% | 51,858 | $19.1M | Reduce -12.2% |
| UNH Unitedhealth Group Inc. | 1.48% | 35,904 | $18.8M | Reduce -52.5% |
| OM Outset Medical Inc. | 1.47% | 1,685,727 | $18.6M | New |
| HUM Humana Inc. | 1.32% | 63,238 | $16.7M | Reduce -23.8% |
| SNDX Syndax Pharmaceuticals Inc. | 0.90% | 926,424 | $11.4M | Add +347.8% |
| OSCR Oscar Health Inc. Class A | 0.89% | 860,821 | $11.3M | No change |
| INDV Indivior Ltd. | 0.87% | 1,159,833 | $11.1M | New |
| AZN Astrazeneca PLC-Spons ADR | 0.87% | 150,200 | $11.0M | New |
| TMO Thermo Fisher Scientific Inc. | 0.86% | 21,897 | $10.9M | Add +4.1% |
| CNC Centene Corp. | 0.65% | 135,398 | $8.2M | Reduce -6.3% |
| CNTA Centessa Pharmaceuticals Ltd. | 0.65% | 570,546 | $8.2M | Add +53.5% |
| ICLR Icon PLC | 0.57% | 41,038 | $7.2M | Reduce -68.1% |
| QURE Uniqure NV | 0.50% | 599,967 | $6.4M | Add +111.9% |
| INBX Inhibrx Biosciences Inc. | 0.48% | 439,283 | $6.1M | Add +224.1% |
| PRAX Praxis Precision Medicines I | 0.48% | 160,866 | $6.1M | Add +34.6% |
| NEO Neogenomics Inc. | 0.44% | 585,381 | $5.6M | New |
| ERAS Erasca Inc. | 0.38% | 3,489,559 | $4.8M | Reduce -20.5% |
| BHVN Biohaven Ltd. | 0.37% | 197,307 | $4.7M | Reduce -54.3% |
| BPMC Blueprint Medicines Corp. | 0.32% | 46,453 | $4.1M | Add +8.4% |
| PMVP PMV Pharmaceuticals Inc. | 0.28% | 3,301,942 | $3.6M | Add +58.8% |
| SRPT Sarepta Therapeutics Inc. | 0.26% | 50,809 | $3.2M | Reduce -49.3% |
| XENE Xenon Pharmaceuticals Inc. | 0.24% | 92,236 | $3.1M | Reduce -21.2% |
| AMLX Amylyx Pharmaceuticals Inc. | 0.23% | 834,135 | $3.0M | New |
| IOBTQ Io Biotech Inc. | 0.20% | 2,341,107 | $2.6M | No change |
| XRT SS SPDR S&P Retail ETF | 0.20% | 36,471 | $2.5M | New |
| HOWL Werewolf Therapeutics Inc. | 0.19% | 2,506,520 | $2.4M | Reduce -13.7% |
| CRBU Caribou Biosciences Inc. | 0.18% | 2,506,435 | $2.3M | Reduce -35.3% |
| SGMT Sagimet Biosciences Inc. Class A | 0.17% | 649,006 | $2.1M | No change |
| CAPR Capricor Therapeutics Inc. | 0.11% | 140,681 | $1.3M | Add +158.8% |
| CMPS Compass Pathways PLC | 0.10% | 451,267 | $1.3M | No change |
| MGX Metagenomi Therapeutics Inc. | 0.10% | 885,803 | $1.2M | No change |
| SWTX Springworks Therapeutics Inc. | 0.09% | 26,437 | $1.2M | New |
| KROS Keros Therapeutics Inc. | 0.08% | 104,323 | $1.1M | No change |
| ACLX Arcellx Inc. | 0.08% | 15,488 | $1.0M | Reduce -72.6% |
| VERV Verve Therapeutics Inc. | 0.06% | 155,495 | $711K | Add +23.4% |
| GPCR Structure Therapeutics Inc. | 0.06% | 40,400 | $699K | New |
| CELC Celcuity Inc. | 0.04% | 53,349 | $539K | Reduce -66.4% |
| IOVA Iovance Biotherapeutics Inc. | 0.03% | 132,152 | $440K | No change |
| TSBX Turnstone Biologics Corp. | 0.03% | 932,348 | $382K | No change |
| BOLD Boundless Bio Inc. | 0.03% | 240,513 | $363K | No change |
Options reported separately and not counted above: XLV calls ($62.7M), XRT calls ($10.9M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $36.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 23,000,000 | $27.3M | No change |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 10,000,000 | $9.3M | Add +29.0% |
Total filed on the 13F, all lines: $1.3B.
Portfolio Sells Q4 2024 → Q1 2025
| DXCM Dexcom Inc. | Sold out | 0.00% | −2.00 |
| NBIX Neurocrine Biosciences Inc. | Sold out | 0.00% | −1.78 |
| IJH iShares Core S&P Midcap ETF | Sold out | 0.00% | −1.69 |
| ICLR Icon PLC | Reduce -68.1% | 0.57% | −1.54 |
| UNH Unitedhealth Group Inc. | Reduce -52.5% | 1.48% | −1.51 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −1.48 |
| UTHR United Therapeutics Corp. | Sold out | 0.00% | −1.45 |
| CAH Cardinal Health Inc. | Sold out | 0.00% | −1.37 |
| EW Edwards Lifesciences Corp. | Reduce -36.0% | 2.17% | −1.27 |
| SYK Stryker Corp. | Sold out | 0.00% | −0.91 |
| VEEV Veeva Systems Inc. Class A | Sold out | 0.00% | −0.91 |
| XLV SS Health Care Select Sector | Sold out | 0.00% | −0.90 |
| BHVN Biohaven Ltd. | Reduce -54.3% | 0.37% | −0.89 |
| SRPT Sarepta Therapeutics Inc. | Reduce -49.3% | 0.26% | −0.70 |
| UHS Universal Health Services-B | Reduce -27.3% | 2.31% | −0.70 |
| TEVA Teva Pharmaceutical-SP ADR | Sold out | 0.00% | −0.68 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.57 |
| ERAS Erasca Inc. | Reduce -20.5% | 0.38% | −0.48 |
| DHR Danaher Corp. | Reduce -10.4% | 1.82% | −0.43 |
| KWEB Kranesh Csi China Internet | Sold out | 0.00% | −0.41 |
| HUM Humana Inc. | Reduce -23.8% | 1.32% | −0.33 |
| CRBU Caribou Biosciences Inc. | Reduce -35.3% | 0.18% | −0.30 |
| BNTX Biontech SE-ADR | Sold out | 0.00% | −0.29 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −0.27 |
| ACLX Arcellx Inc. | Reduce -72.6% | 0.08% | −0.26 |
| INSM Insmed Inc. | Sold out | 0.00% | −0.24 |
| TGTX TG Therapeutics Inc. | Sold out | 0.00% | −0.23 |
| ADAPY Adaptimmune Therapeutics-ADR | Sold out | 0.00% | −0.21 |
| WAT Waters Corp. | Reduce -12.2% | 1.51% | −0.20 |
| ALKS Alkermes PLC | Sold out | 0.00% | −0.18 |
| LLY Eli Lilly & Co. | Reduce -8.3% | 17.85% | −0.18 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −0.17 |
| HOWL Werewolf Therapeutics Inc. | Reduce -13.7% | 0.19% | −0.14 |
| CELC Celcuity Inc. | Reduce -66.4% | 0.04% | −0.12 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -21.2% | 0.24% | −0.11 |
| GBIO Generation Bio Co. | Sold out | 0.00% | −0.07 |
| BLUEBIRD BIO INC | Sold out | 0.00% | −0.05 |
| CNC Centene Corp. | Reduce -6.3% | 0.65% | −0.04 |
Portfolio Buys Q4 2024 → Q1 2025
| ELV Elevance Health Inc. | New | 3.03% | +3.03 |
| SLNO Soleno Therapeutics Inc. | Add +93.6% | 3.36% | +2.28 |
| AXSM Axsome Therapeutics Inc. | Add +19.1% | 5.12% | +2.03 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 1.86% | +1.86 |
| BBIO Bridgebio Pharma Inc. | Add +212.9% | 2.48% | +1.85 |
| ASND Ascendis Pharma A/S | Add +256.8% | 2.30% | +1.74 |
| CVS CVS Health Corp. | New | 1.67% | +1.67 |
| BDX Becton Dickinson and Co. | New | 1.66% | +1.66 |
| OM Outset Medical Inc. | New | 1.47% | +1.47 |
| INDV Indivior Ltd. | New | 0.87% | +0.87 |
| AZN Astrazeneca PLC-Spons ADR | New | 0.87% | +0.87 |
| SNDX Syndax Pharmaceuticals Inc. | Add +347.8% | 0.90% | +0.68 |
| HCA HCA Healthcare Inc. | Add +11.6% | 2.11% | +0.48 |
| NEO Neogenomics Inc. | New | 0.44% | +0.44 |
| INBX Inhibrx Biosciences Inc. | Add +224.1% | 0.48% | +0.32 |
| AMLX Amylyx Pharmaceuticals Inc. | New | 0.23% | +0.23 |
| XRT SS SPDR S&P Retail ETF | New | 0.20% | +0.20 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +53.5% | 0.65% | +0.16 |
| ARGX Argenx SE - ADR | Add +8.3% | 3.22% | +0.16 |
| QURE Uniqure NV | Add +111.9% | 0.50% | +0.11 |
| SWTX Springworks Therapeutics Inc. | New | 0.09% | +0.09 |
| GPCR Structure Therapeutics Inc. | New | 0.06% | +0.06 |
| CAPR Capricor Therapeutics Inc. | Add +158.8% | 0.11% | +0.05 |
| PMVP PMV Pharmaceuticals Inc. | Add +58.8% | 0.28% | +0.04 |
| BPMC Blueprint Medicines Corp. | Add +8.4% | 0.32% | +0.03 |
| TMO Thermo Fisher Scientific Inc. | Add +4.1% | 0.86% | +0.00 |
| VERV Verve Therapeutics Inc. | Add +23.4% | 0.06% | +0.00 |
| PRAX Praxis Precision Medicines I | Add +34.6% | 0.48% | −0.24 |
Options Activity Q4 2024 → Q1 2025
| IEF iShares 7-10 Year Treasury B | put | Sold out | 1,000,000 | $92.5Mbefore exit |
| XLV SS Health Care Select Sector | call | Reduce -7.5% | 429,700 | $62.7M |
| EW Edwards Lifesciences Corp. | call | Sold out | 525,400 | $38.9Mbefore exit |
| UNH Unitedhealth Group Inc. | call | Sold out | 57,300 | $29.0Mbefore exit |
| NVO Novo-Nordisk A/S-Spons ADR | call | Sold out | 334,900 | $28.8Mbefore exit |
| XBI SS SPDR S&P Biotech ETF | put | Sold out | 179,100 | $16.1Mbefore exit |
| KWEB Kranesh Csi China Internet | call | Sold out | 434,700 | $12.7Mbefore exit |
| IWM iShares Russell 2000 ETF | call | Sold out | 54,800 | $12.1Mbefore exit |
| XRT SS SPDR S&P Retail ETF | call | New | 157,200 | $10.9M |
| SWTX Springworks Therapeutics Inc. | call | Sold out | 150,000 | $5.4Mbefore exit |
| BBIO Bridgebio Pharma Inc. | call | Sold out | 50,000 | $1.4Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Add +29.0% | 10,000,000 | $9.3M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 96 | $1.2B | ASND, AXSM, LLY, JAZZ, HUM |
| Q1 2026 | 76 | $933.3M | THC, LLY, PEN, AXSM, ASND |
| Q4 2025 | 76 | $972.6M | THC, LLY, AXSM, PEN, ASND |
| Q3 2025 | 66 | $1.2B | LLY, THC, AXSM, MCK, PEN |
| Q2 2025 | 55 | $1.1B | LLY, THC, MCK, AXSM, ISRG |
| Q1 2025 | 62 | $1.3B | LLY, ABBV, THC, MCK, AXSM |
| Q4 2024 | 71 | $1.3B | LLY, THC, ABBV, MCK, VRTX |
| Q3 2024 | 72 | $1.7B | LLY, THC, CYTK, ABBV, VRTX |
| Q2 2024 | 71 | $1.8B | LLY, CYTK, THC, MRK, VRTX |
| Q1 2024 | 79 | $2.0B | LLY, CYTK, MRK, ABBV, EW |