PFM Health Sciences, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), PFM Health Sciences, LP reported 66 stock positions worth $1.2 billion. Its top holding was Eli Lilly (LLY) at 14.8% of the portfolio, followed by Tenet Healthcare (THC, 8.1%) and Axsome Therapeutics (AXSM, 5.6%). Compared with Q2 2025, it opened 23 new positions, sold out of 12, added to 16 and reduced 23. The biggest buy was United Therapeutics (UTHR, shares +163%) and the biggest sale Eli Lilly (LLY, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001442756
- Portfolio Value
- $1.2B (Q3 2025)
- SEC Filing
- 0001442756-25-000007 ↗ filed Nov 14, 2025
Holdings Value
Holdings 66 stocks · $1.2B
| LLY Eli Lilly & Co. | 14.85% | 225,139 | $171.8M | Reduce -16.0% |
| THC Tenet Healthcare Corp. | 8.10% | 461,654 | $93.7M | Reduce -7.5% |
| AXSM Axsome Therapeutics Inc. | 5.57% | 530,332 | $64.4M | Add +9.8% |
| MCK McKesson Corp. | 4.83% | 72,313 | $55.9M | No change |
| PEN Penumbra Inc. | 4.27% | 195,085 | $49.4M | Add +17.3% |
| UTHR United Therapeutics Corp. | 3.47% | 95,650 | $40.1M | Add +162.8% |
| ISRG Intuitive Surgical Inc. | 2.99% | 77,403 | $34.6M | Reduce -13.0% |
| EW Edwards Lifesciences Corp. | 2.56% | 381,324 | $29.7M | Reduce -2.9% |
| ASND Ascendis Pharma A/S | 2.50% | 145,311 | $28.9M | Reduce -34.5% |
| HCA HCA Healthcare Inc. | 2.42% | 65,773 | $28.0M | Reduce -9.0% |
| CVS CVS Health Corp. | 2.26% | 346,679 | $26.1M | Reduce -27.6% |
| COR Cencora Inc. | 2.17% | 80,493 | $25.2M | Add +51.1% |
| OM Outset Medical Inc. | 2.11% | 1,729,921 | $24.4M | Add +3.9% |
| UHS Universal Health Services-B | 2.05% | 116,260 | $23.8M | New |
| ICLR Icon PLC | 2.02% | 133,683 | $23.4M | Add +51.6% |
| CNC Centene Corp. | 1.77% | 574,360 | $20.5M | New |
| MRK Merck & Co. Inc. | 1.72% | 236,468 | $19.8M | New |
| ELV Elevance Health Inc. | 1.70% | 60,776 | $19.6M | New |
| NTRA Natera Inc. | 1.61% | 115,596 | $18.6M | Add +14.2% |
| ADMA Adma Biologics Inc. | 1.50% | 1,181,011 | $17.3M | New |
| NEO Neogenomics Inc. | 1.47% | 2,208,530 | $17.0M | Add +186.8% |
| BBIO Bridgebio Pharma Inc. | 1.47% | 327,174 | $17.0M | Reduce -37.3% |
| SLNO Soleno Therapeutics Inc. | 1.42% | 243,401 | $16.5M | Reduce -40.2% |
| CNTA Centessa Pharmaceuticals Ltd. | 1.40% | 666,196 | $16.2M | Add +93.1% |
| OSCR Oscar Health Inc. Class A | 1.34% | 820,642 | $15.5M | Add +11.7% |
| RVMD Revolution Medicines Inc. | 1.34% | 331,069 | $15.5M | New |
| VERA Vera Therapeutics Inc. | 1.29% | 513,685 | $14.9M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.22% | 21,210 | $14.1M | Add +23.8% |
| INDV Indivior Ltd. | 1.17% | 561,526 | $13.5M | Reduce -58.6% |
| VEEV Veeva Systems Inc. Class A | 1.07% | 41,503 | $12.4M | New |
| MRUS Merus NV | 1.06% | 130,742 | $12.3M | Reduce -28.9% |
| AKRO Akero Therapeutics Inc. | 1.02% | 248,079 | $11.8M | Reduce -6.8% |
| REGN Regeneron Pharmaceuticals | 0.97% | 19,890 | $11.2M | New |
| IRTC Irhythm Holdings Inc. | 0.97% | 64,998 | $11.2M | Reduce -26.3% |
| CMPS Compass Pathways PLC | 0.82% | 1,662,836 | $9.5M | Reduce -6.5% |
| WAT Waters Corp. | 0.80% | 30,751 | $9.2M | Reduce -28.6% |
| VRNA Verona Pharma Ltd. | 0.74% | 80,416 | $8.6M | No change |
| INBX Inhibrx Biosciences Inc. | 0.70% | 239,644 | $8.1M | Reduce -1.9% |
| NBIX Neurocrine Biosciences Inc. | 0.69% | 57,246 | $8.0M | Add +346.5% |
| TEVA Teva Pharmaceutical-SP ADR | 0.62% | 356,818 | $7.2M | Reduce -71.2% |
| ARQT Arcutis Biotherapeutics Inc. | 0.59% | 360,460 | $6.8M | Reduce -61.0% |
| CGON CG Oncology Inc. | 0.55% | 157,874 | $6.4M | New |
| AMLX Amylyx Pharmaceuticals Inc. | 0.51% | 436,156 | $5.9M | Reduce -40.4% |
| COO The Cooper Cos Inc. | 0.44% | 74,363 | $5.1M | New |
| RYTM Rhythm Pharmaceuticals Inc. | 0.42% | 48,162 | $4.9M | New |
| VKTX Viking Therapeutics Inc. | 0.42% | 183,538 | $4.8M | Add +386.5% |
| WST West Pharmaceutical Services | 0.42% | 18,365 | $4.8M | New |
| AZN Astrazeneca PLC-Spons ADR | 0.41% | 61,795 | $4.7M | New |
| ARGX Argenx SE - ADR | 0.41% | 6,403 | $4.7M | Reduce -11.5% |
| RZLT Rezolute Inc. | 0.37% | 452,733 | $4.3M | Add +4.3% |
| SNDX Syndax Pharmaceuticals Inc. | 0.34% | 256,488 | $3.9M | New |
| MBX MBX Biosciences Inc. | 0.34% | 221,505 | $3.9M | New |
| AMRX Amneal Pharmaceuticals Inc. | 0.31% | 355,818 | $3.6M | New |
| GPCR Structure Therapeutics Inc. | 0.28% | 115,073 | $3.2M | Add +103.3% |
| PRAX Praxis Precision Medicines I | 0.28% | 60,578 | $3.2M | Reduce -28.5% |
| ELVN Enliven Therapeutics Inc. | 0.28% | 156,463 | $3.2M | New |
| CRBU Caribou Biosciences Inc. | 0.27% | 1,358,831 | $3.2M | No change |
| BSX Boston Scientific Corp. | 0.24% | 28,648 | $2.8M | New |
| QURE Uniqure NV | 0.23% | 46,353 | $2.7M | Reduce -73.4% |
| DNTH Dianthus Therapeutics Inc. | 0.23% | 67,840 | $2.7M | New |
| IRON Disc Medicine Inc. | 0.19% | 32,539 | $2.2M | Add +5.7% |
| HIMS Hims & Hers Health Inc. | 0.11% | 22,915 | $1.3M | New |
| TMO Thermo Fisher Scientific Inc. | 0.10% | 2,314 | $1.1M | New |
| HUM Humana Inc. | 0.08% | 3,648 | $949K | Reduce -96.7% |
| MIND MEDICINE MINDMED INC | 0.08% | 75,138 | $886K | New |
| HOWL Werewolf Therapeutics Inc. | 0.07% | 401,110 | $790K | No change |
Options reported separately and not counted above: XBI calls ($71.9M), HUM calls ($28.6M), IWM puts ($13.7M), BSX calls ($11.9M), LQDA puts ($1.7M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $15.7M (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 | 11,515,000 | $15.7M | Reduce -49.9% |
Total filed on the 13F, all lines: $1.2B.
Portfolio Sells Q2 2025 → Q3 2025
| LLY Eli Lilly & Co. | Reduce -16.0% | 14.85% | −3.72 |
| DHR Danaher Corp. | Sold out | 0.00% | −2.83 |
| HUM Humana Inc. | Reduce -96.7% | 0.08% | −2.30 |
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −2.27 |
| ALNY Alnylam Pharmaceuticals Inc. | Sold out | 0.00% | −2.09 |
| SLNO Soleno Therapeutics Inc. | Reduce -40.2% | 1.42% | −1.61 |
| MASI Masimo Corp. | Sold out | 0.00% | −1.41 |
| ISRG Intuitive Surgical Inc. | Reduce -13.0% | 2.99% | −1.30 |
| HOLX Hologic Inc. | Sold out | 0.00% | −1.23 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -71.2% | 0.62% | −1.22 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.96 |
| ASND Ascendis Pharma A/S | Reduce -34.5% | 2.50% | −0.90 |
| BMRN Biomarin Pharmaceutical Inc. | Sold out | 0.00% | −0.87 |
| CVS CVS Health Corp. | Reduce -27.6% | 2.26% | −0.68 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −0.67 |
| INDV Indivior Ltd. | Reduce -58.6% | 1.17% | −0.61 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -61.0% | 0.59% | −0.56 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −0.55 |
| WAT Waters Corp. | Reduce -28.6% | 0.80% | −0.54 |
| BBIO Bridgebio Pharma Inc. | Reduce -37.3% | 1.47% | −0.53 |
| AKRO Akero Therapeutics Inc. | Reduce -6.8% | 1.02% | −0.24 |
| IOBTQ Io Biotech Inc. | Sold out | 0.00% | −0.24 |
| IRTC Irhythm Holdings Inc. | Reduce -26.3% | 0.97% | −0.24 |
| EW Edwards Lifesciences Corp. | Reduce -2.9% | 2.56% | −0.16 |
| ERAS Erasca Inc. | Sold out | 0.00% | −0.12 |
| SGMT Sagimet Biosciences Inc. Class A | Sold out | 0.00% | −0.06 |
| PRAX Praxis Precision Medicines I | Reduce -28.5% | 0.28% | −0.04 |
| HCA HCA Healthcare Inc. | Reduce -9.0% | 2.42% | −0.04 |
| QURE Uniqure NV | Reduce -73.4% | 0.23% | +0.02 |
| ARGX Argenx SE - ADR | Reduce -11.5% | 0.41% | +0.05 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -40.4% | 0.51% | +0.10 |
| MRUS Merus NV | Reduce -28.9% | 1.06% | +0.20 |
| THC Tenet Healthcare Corp. | Reduce -7.5% | 8.10% | +0.29 |
| CMPS Compass Pathways PLC | Reduce -6.5% | 0.82% | +0.38 |
| INBX Inhibrx Biosciences Inc. | Reduce -1.9% | 0.70% | +0.39 |
Portfolio Buys Q2 2025 → Q3 2025
| UTHR United Therapeutics Corp. | Add +162.8% | 3.47% | +2.54 |
| UHS Universal Health Services-B | New | 2.05% | +2.05 |
| CNC Centene Corp. | New | 1.77% | +1.77 |
| MRK Merck & Co. Inc. | New | 1.72% | +1.72 |
| ELV Elevance Health Inc. | New | 1.70% | +1.70 |
| ADMA Adma Biologics Inc. | New | 1.50% | +1.50 |
| RVMD Revolution Medicines Inc. | New | 1.34% | +1.34 |
| VERA Vera Therapeutics Inc. | New | 1.29% | +1.29 |
| AXSM Axsome Therapeutics Inc. | Add +9.8% | 5.57% | +1.09 |
| VEEV Veeva Systems Inc. Class A | New | 1.07% | +1.07 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +93.1% | 1.40% | +0.99 |
| NEO Neogenomics Inc. | Add +186.8% | 1.47% | +0.97 |
| REGN Regeneron Pharmaceuticals | New | 0.97% | +0.97 |
| ICLR Icon PLC | Add +51.6% | 2.02% | +0.88 |
| COR Cencora Inc. | Add +51.1% | 2.17% | +0.75 |
| NBIX Neurocrine Biosciences Inc. | Add +346.5% | 0.69% | +0.55 |
| CGON CG Oncology Inc. | New | 0.55% | +0.55 |
| PEN Penumbra Inc. | Add +17.3% | 4.27% | +0.48 |
| COO The Cooper Cos Inc. | New | 0.44% | +0.44 |
| RYTM Rhythm Pharmaceuticals Inc. | New | 0.42% | +0.42 |
| WST West Pharmaceutical Services | New | 0.42% | +0.42 |
| AZN Astrazeneca PLC-Spons ADR | New | 0.41% | +0.41 |
| SNDX Syndax Pharmaceuticals Inc. | New | 0.34% | +0.34 |
| MBX MBX Biosciences Inc. | New | 0.34% | +0.34 |
| VKTX Viking Therapeutics Inc. | Add +386.5% | 0.42% | +0.33 |
| AMRX Amneal Pharmaceuticals Inc. | New | 0.31% | +0.31 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +23.8% | 1.22% | +0.28 |
| ELVN Enliven Therapeutics Inc. | New | 0.28% | +0.28 |
| BSX Boston Scientific Corp. | New | 0.24% | +0.24 |
| DNTH Dianthus Therapeutics Inc. | New | 0.23% | +0.23 |
| RZLT Rezolute Inc. | Add +4.3% | 0.37% | +0.20 |
| GPCR Structure Therapeutics Inc. | Add +103.3% | 0.28% | +0.17 |
| HIMS Hims & Hers Health Inc. | New | 0.11% | +0.11 |
| TMO Thermo Fisher Scientific Inc. | New | 0.10% | +0.10 |
| NTRA Natera Inc. | Add +14.2% | 1.61% | +0.09 |
| MIND MEDICINE MINDMED INC | New | 0.08% | +0.08 |
| IRON Disc Medicine Inc. | Add +5.7% | 0.19% | +0.04 |
| OSCR Oscar Health Inc. Class A | Add +11.7% | 1.34% | −0.06 |
| OM Outset Medical Inc. | Add +3.9% | 2.11% | −0.73 |
Options Activity Q2 2025 → Q3 2025
| XBI SS SPDR S&P Biotech ETF | call | New | 717,400 | $71.9M |
| HUM Humana Inc. | call | New | 110,000 | $28.6M |
| UNH Unitedhealth Group Inc. | put | Sold out | 65,000 | $20.3Mbefore exit |
| IWM iShares Russell 2000 ETF | put | New | 56,700 | $13.7M |
| BSX Boston Scientific Corp. | call | New | 122,000 | $11.9M |
| LQDA Liquidia Corp. | put | New | 76,300 | $1.7M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Reduce -49.9% | 11,515,000 | $15.7M |
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 |