PFM Health Sciences, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), PFM Health Sciences, LP reported 55 stock positions worth $1.1 billion. Its top holding was Eli Lilly (LLY) at 18.6% of the portfolio, followed by Tenet Healthcare (THC, 7.8%) and McKesson (MCK, 4.7%). Compared with Q1 2025, it opened 17 new positions, sold out of 24, added to 13 and reduced 24. The biggest buy was Tenet Healthcare (THC, shares +2%) and the biggest sale an exit from Vertex Pharmaceuticals (VRTX).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001442756
- Portfolio Value
- $1.1B (Q2 2025)
- SEC Filing
- 0001085146-25-005245 ↗ filed Aug 14, 2025
Holdings Value
Holdings 55 stocks · $1.1B
| LLY Eli Lilly & Co. | 18.56% | 268,023 | $208.9M | Reduce -2.1% |
| THC Tenet Healthcare Corp. | 7.81% | 499,243 | $87.9M | Add +1.6% |
| MCK McKesson Corp. | 4.71% | 72,313 | $53.0M | Reduce -25.8% |
| AXSM Axsome Therapeutics Inc. | 4.48% | 483,105 | $50.4M | Reduce -13.2% |
| ISRG Intuitive Surgical Inc. | 4.30% | 88,967 | $48.3M | Reduce -4.4% |
| PEN Penumbra Inc. | 3.79% | 166,261 | $42.7M | No change |
| ASND Ascendis Pharma A/S | 3.40% | 221,754 | $38.3M | Add +18.6% |
| SLNO Soleno Therapeutics Inc. | 3.03% | 407,202 | $34.1M | Reduce -31.6% |
| CVS CVS Health Corp. | 2.94% | 479,005 | $33.0M | Add +53.4% |
| OM Outset Medical Inc. | 2.84% | 1,664,727 | $32.0M | Reduce -1.3% |
| DHR Danaher Corp. | 2.83% | 161,413 | $31.9M | Add +43.5% |
| EW Edwards Lifesciences Corp. | 2.73% | 392,503 | $30.7M | Add +3.3% |
| HCA HCA Healthcare Inc. | 2.46% | 72,290 | $27.7M | Reduce -6.7% |
| HUM Humana Inc. | 2.38% | 109,511 | $26.8M | Add +73.2% |
| MOH Molina Healthcare Inc. | 2.27% | 85,739 | $25.5M | Add +22.3% |
| ALNY Alnylam Pharmaceuticals Inc. | 2.09% | 72,220 | $23.6M | Reduce -17.1% |
| BBIO Bridgebio Pharma Inc. | 2.00% | 521,793 | $22.5M | Reduce -42.5% |
| TEVA Teva Pharmaceutical-SP ADR | 1.84% | 1,238,846 | $20.8M | New |
| INDV Indivior Ltd. | 1.78% | 1,355,931 | $20.0M | Add +16.9% |
| NTRA Natera Inc. | 1.52% | 101,250 | $17.1M | New |
| COR Cencora Inc. | 1.42% | 53,287 | $16.0M | New |
| MASI Masimo Corp. | 1.41% | 94,451 | $15.9M | New |
| OSCR Oscar Health Inc. Class A | 1.40% | 735,033 | $15.8M | Reduce -14.6% |
| WAT Waters Corp. | 1.34% | 43,089 | $15.0M | Reduce -16.9% |
| AKRO Akero Therapeutics Inc. | 1.26% | 266,167 | $14.2M | New |
| HOLX Hologic Inc. | 1.23% | 211,986 | $13.8M | New |
| IRTC Irhythm Holdings Inc. | 1.21% | 88,157 | $13.6M | New |
| ARQT Arcutis Biotherapeutics Inc. | 1.15% | 923,375 | $12.9M | New |
| ICLR Icon PLC | 1.14% | 88,181 | $12.8M | Add +114.9% |
| UNH Unitedhealth Group Inc. | 0.96% | 34,623 | $10.8M | Reduce -3.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.94% | 17,129 | $10.6M | New |
| UTHR United Therapeutics Corp. | 0.93% | 36,391 | $10.5M | New |
| BMRN Biomarin Pharmaceutical Inc. | 0.87% | 178,319 | $9.8M | New |
| MRUS Merus NV | 0.86% | 183,882 | $9.7M | New |
| VRNA Verona Pharma Ltd. | 0.68% | 80,416 | $7.6M | New |
| ABBV Abbvie Inc. | 0.67% | 40,782 | $7.6M | Reduce -87.7% |
| BPMC Blueprint Medicines Corp. | 0.55% | 48,444 | $6.2M | Add +4.3% |
| NEO Neogenomics Inc. | 0.50% | 770,038 | $5.6M | Add +31.5% |
| CMPS Compass Pathways PLC | 0.44% | 1,779,259 | $5.0M | Add +294.3% |
| AMLX Amylyx Pharmaceuticals Inc. | 0.42% | 732,256 | $4.7M | Reduce -12.2% |
| CNTA Centessa Pharmaceuticals Ltd. | 0.40% | 344,972 | $4.5M | Reduce -39.5% |
| ARGX Argenx SE - ADR | 0.35% | 7,237 | $4.0M | Reduce -89.5% |
| PRAX Praxis Precision Medicines I | 0.32% | 84,713 | $3.6M | Reduce -47.3% |
| INBX Inhibrx Biosciences Inc. | 0.31% | 244,261 | $3.5M | Reduce -44.4% |
| IOBTQ Io Biotech Inc. | 0.24% | 1,972,073 | $2.7M | Reduce -15.8% |
| QURE Uniqure NV | 0.22% | 174,331 | $2.4M | Reduce -70.9% |
| RZLT Rezolute Inc. | 0.17% | 434,134 | $1.9M | New |
| CRBU Caribou Biosciences Inc. | 0.15% | 1,358,831 | $1.7M | Reduce -45.8% |
| IRON Disc Medicine Inc. | 0.14% | 30,799 | $1.6M | New |
| NBIX Neurocrine Biosciences Inc. | 0.14% | 12,821 | $1.6M | New |
| ERAS Erasca Inc. | 0.12% | 1,072,224 | $1.4M | Reduce -69.3% |
| GPCR Structure Therapeutics Inc. | 0.10% | 56,594 | $1.2M | Add +40.1% |
| VKTX Viking Therapeutics Inc. | 0.09% | 37,729 | $1000K | New |
| SGMT Sagimet Biosciences Inc. Class A | 0.06% | 90,000 | $686K | Reduce -86.1% |
| HOWL Werewolf Therapeutics Inc. | 0.04% | 401,110 | $437K | Reduce -84.0% |
Options reported separately and not counted above: UNH puts ($20.3M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $28.8M (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 | $28.8M | No change |
Total filed on the 13F, all lines: $1.2B.
Portfolio Sells Q1 2025 → Q2 2025
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −4.86 |
| ABBV Abbvie Inc. | Reduce -87.7% | 0.67% | −4.81 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −3.03 |
| ARGX Argenx SE - ADR | Reduce -89.5% | 0.35% | −2.87 |
| UHS Universal Health Services-B | Sold out | 0.00% | −2.31 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −1.66 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −1.56 |
| SNDX Syndax Pharmaceuticals Inc. | Sold out | 0.00% | −0.90 |
| AZN Astrazeneca PLC-Spons ADR | Sold out | 0.00% | −0.87 |
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −0.86 |
| CNC Centene Corp. | Sold out | 0.00% | −0.65 |
| AXSM Axsome Therapeutics Inc. | Reduce -13.2% | 4.48% | −0.64 |
| UNH Unitedhealth Group Inc. | Reduce -3.6% | 0.96% | −0.52 |
| BBIO Bridgebio Pharma Inc. | Reduce -42.5% | 2.00% | −0.48 |
| MCK McKesson Corp. | Reduce -25.8% | 4.71% | −0.47 |
| BHVN Biohaven Ltd. | Sold out | 0.00% | −0.37 |
| SLNO Soleno Therapeutics Inc. | Reduce -31.6% | 3.03% | −0.33 |
| QURE Uniqure NV | Reduce -70.9% | 0.22% | −0.29 |
| PMVP PMV Pharmaceuticals Inc. | Sold out | 0.00% | −0.28 |
| ERAS Erasca Inc. | Reduce -69.3% | 0.12% | −0.26 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.26 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -39.5% | 0.40% | −0.24 |
| XENE Xenon Pharmaceuticals Inc. | Sold out | 0.00% | −0.24 |
| XRT SS SPDR S&P Retail ETF | Sold out | 0.00% | −0.20 |
| INBX Inhibrx Biosciences Inc. | Reduce -44.4% | 0.31% | −0.18 |
| WAT Waters Corp. | Reduce -16.9% | 1.34% | −0.17 |
| PRAX Praxis Precision Medicines I | Reduce -47.3% | 0.32% | −0.16 |
| HOWL Werewolf Therapeutics Inc. | Reduce -84.0% | 0.04% | −0.15 |
| SGMT Sagimet Biosciences Inc. Class A | Reduce -86.1% | 0.06% | −0.11 |
| CAPR Capricor Therapeutics Inc. | Sold out | 0.00% | −0.11 |
| MGX Metagenomi Therapeutics Inc. | Sold out | 0.00% | −0.10 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −0.09 |
| KROS Keros Therapeutics Inc. | Sold out | 0.00% | −0.08 |
| ACLX Arcellx Inc. | Sold out | 0.00% | −0.08 |
| VERV Verve Therapeutics Inc. | Sold out | 0.00% | −0.06 |
| CELC Celcuity Inc. | Sold out | 0.00% | −0.04 |
| IOVA Iovance Biotherapeutics Inc. | Sold out | 0.00% | −0.03 |
| TSBX Turnstone Biologics Corp. | Sold out | 0.00% | −0.03 |
| BOLD Boundless Bio Inc. | Sold out | 0.00% | −0.03 |
| CRBU Caribou Biosciences Inc. | Reduce -45.8% | 0.15% | −0.03 |
| IOBTQ Io Biotech Inc. | Reduce -15.8% | 0.24% | +0.04 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -12.2% | 0.42% | +0.18 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -17.1% | 2.09% | +0.24 |
| HCA HCA Healthcare Inc. | Reduce -6.7% | 2.46% | +0.35 |
| OSCR Oscar Health Inc. Class A | Reduce -14.6% | 1.40% | +0.51 |
| ISRG Intuitive Surgical Inc. | Reduce -4.4% | 4.30% | +0.66 |
| LLY Eli Lilly & Co. | Reduce -2.1% | 18.56% | +0.72 |
| OM Outset Medical Inc. | Reduce -1.3% | 2.84% | +1.37 |
Portfolio Buys Q1 2025 → Q2 2025
| THC Tenet Healthcare Corp. | Add +1.6% | 7.81% | +2.59 |
| TEVA Teva Pharmaceutical-SP ADR | New | 1.84% | +1.84 |
| NTRA Natera Inc. | New | 1.52% | +1.52 |
| COR Cencora Inc. | New | 1.42% | +1.42 |
| MASI Masimo Corp. | New | 1.41% | +1.41 |
| CVS CVS Health Corp. | Add +53.4% | 2.94% | +1.27 |
| AKRO Akero Therapeutics Inc. | New | 1.26% | +1.26 |
| HOLX Hologic Inc. | New | 1.23% | +1.23 |
| IRTC Irhythm Holdings Inc. | New | 1.21% | +1.21 |
| ARQT Arcutis Biotherapeutics Inc. | New | 1.15% | +1.15 |
| ASND Ascendis Pharma A/S | Add +18.6% | 3.40% | +1.10 |
| HUM Humana Inc. | Add +73.2% | 2.38% | +1.06 |
| DHR Danaher Corp. | Add +43.5% | 2.83% | +1.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.94% | +0.94 |
| UTHR United Therapeutics Corp. | New | 0.93% | +0.93 |
| INDV Indivior Ltd. | Add +16.9% | 1.78% | +0.90 |
| BMRN Biomarin Pharmaceutical Inc. | New | 0.87% | +0.87 |
| MRUS Merus NV | New | 0.86% | +0.86 |
| VRNA Verona Pharma Ltd. | New | 0.68% | +0.68 |
| ICLR Icon PLC | Add +114.9% | 1.14% | +0.57 |
| EW Edwards Lifesciences Corp. | Add +3.3% | 2.73% | +0.55 |
| MOH Molina Healthcare Inc. | Add +22.3% | 2.27% | +0.45 |
| CMPS Compass Pathways PLC | Add +294.3% | 0.44% | +0.34 |
| BPMC Blueprint Medicines Corp. | Add +4.3% | 0.55% | +0.23 |
| RZLT Rezolute Inc. | New | 0.17% | +0.17 |
| IRON Disc Medicine Inc. | New | 0.14% | +0.14 |
| NBIX Neurocrine Biosciences Inc. | New | 0.14% | +0.14 |
| VKTX Viking Therapeutics Inc. | New | 0.09% | +0.09 |
| NEO Neogenomics Inc. | Add +31.5% | 0.50% | +0.06 |
| GPCR Structure Therapeutics Inc. | Add +40.1% | 0.10% | +0.05 |
Options Activity Q1 2025 → Q2 2025
| XLV SS Health Care Select Sector | call | Sold out | 429,700 | $62.7Mbefore exit |
| UNH Unitedhealth Group Inc. | put | New | 65,000 | $20.3M |
| XRT SS SPDR S&P Retail ETF | call | Sold out | 157,200 | $10.9Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Sold out | 10,000,000 | $9.3Mbefore exit |
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 |