PFM Health Sciences, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), PFM Health Sciences, LP reported 76 stock positions worth $972.6 million. Its top holding was Tenet Healthcare (THC) at 8.1% of the portfolio, followed by Eli Lilly (LLY, 7.5%) and Axsome Therapeutics (AXSM, 4.7%). Compared with Q3 2025, it opened 30 new positions, sold out of 20, added to 13 and reduced 33. The biggest buy was a new position in Glaukos (GKOS) and the biggest sale Eli Lilly (LLY, shares −70%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001442756
- Portfolio Value
- $972.6M (Q4 2025)
- SEC Filing
- 0001442756-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 76 stocks · $972.6M
| THC Tenet Healthcare Corp. | 8.13% | 397,767 | $79.0M | Reduce -13.8% |
| LLY Eli Lilly & Co. | 7.55% | 68,289 | $73.4M | Reduce -69.7% |
| AXSM Axsome Therapeutics Inc. | 4.72% | 251,562 | $45.9M | Reduce -52.6% |
| PEN Penumbra Inc. | 4.64% | 145,171 | $45.1M | Reduce -25.6% |
| ASND Ascendis Pharma A/S | 3.90% | 177,685 | $37.9M | Add +22.3% |
| UTHR United Therapeutics Corp. | 3.39% | 67,743 | $33.0M | Reduce -29.2% |
| CNC Centene Corp. | 3.07% | 725,424 | $29.9M | Add +26.3% |
| BBIO Bridgebio Pharma Inc. | 2.41% | 306,506 | $23.4M | Reduce -6.3% |
| ADMA Adma Biologics Inc. | 2.38% | 1,270,894 | $23.2M | Add +7.6% |
| NBIX Neurocrine Biosciences Inc. | 2.38% | 163,197 | $23.1M | Add +185.1% |
| GKOS Glaukos Corp. | 2.34% | 201,676 | $22.8M | New |
| TMO Thermo Fisher Scientific Inc. | 2.26% | 37,915 | $22.0M | Add +1538.5% |
| EW Edwards Lifesciences Corp. | 2.16% | 246,835 | $21.0M | Reduce -35.3% |
| ICLR Icon PLC | 2.16% | 115,336 | $21.0M | Reduce -13.7% |
| INBX Inhibrx Biosciences Inc. | 2.16% | 265,517 | $21.0M | Add +10.8% |
| MDT Medtronic PLC | 2.11% | 213,796 | $20.5M | New |
| NEO Neogenomics Inc. | 2.05% | 1,694,051 | $19.9M | Reduce -23.3% |
| MRK Merck & Co. Inc. | 2.03% | 187,834 | $19.8M | Reduce -20.6% |
| AMRX Amneal Pharmaceuticals Inc. | 1.90% | 1,465,480 | $18.5M | Add +311.9% |
| SYK Stryker Corp. | 1.84% | 50,852 | $17.9M | New |
| UNH Unitedhealth Group Inc. | 1.72% | 50,539 | $16.7M | New |
| WAT Waters Corp. | 1.69% | 43,208 | $16.4M | Add +40.5% |
| DXCM Dexcom Inc. | 1.55% | 227,357 | $15.1M | New |
| CNTA Centessa Pharmaceuticals Ltd. | 1.52% | 591,601 | $14.8M | Reduce -11.2% |
| INDV Indivior Ltd. | 1.33% | 360,695 | $12.9M | Reduce -35.8% |
| CAH Cardinal Health Inc. | 1.32% | 62,341 | $12.8M | New |
| UHS Universal Health Services-B | 1.29% | 57,409 | $12.5M | Reduce -50.6% |
| TFX Teleflex Inc. | 1.28% | 102,395 | $12.5M | New |
| RVMD Revolution Medicines Inc. | 1.24% | 151,453 | $12.1M | Reduce -54.3% |
| SLNO Soleno Therapeutics Inc. | 1.18% | 247,893 | $11.5M | Add +1.9% |
| PRAX Praxis Precision Medicines I | 0.94% | 31,163 | $9.2M | Reduce -48.6% |
| ISRG Intuitive Surgical Inc. | 0.90% | 15,410 | $8.7M | Reduce -80.1% |
| GILD Gilead Sciences Inc. | 0.90% | 71,018 | $8.7M | New |
| JAZZ Jazz Pharmaceuticals PLC | 0.88% | 50,511 | $8.6M | New |
| CVS CVS Health Corp. | 0.88% | 107,767 | $8.6M | Reduce -68.9% |
| SNY Sanofi-ADR | 0.88% | 176,413 | $8.5M | New |
| IQV Iqvia Holdings Inc. | 0.88% | 37,852 | $8.5M | New |
| ITGR Integer Holdings Corp. | 0.86% | 106,585 | $8.4M | New |
| COO The Cooper Cos Inc. | 0.85% | 100,802 | $8.3M | Add +35.5% |
| VEEV Veeva Systems Inc. Class A | 0.75% | 32,489 | $7.3M | Reduce -21.7% |
| OSCR Oscar Health Inc. Class A | 0.74% | 499,837 | $7.2M | Reduce -39.1% |
| BLLN Billiontoone Inc. Class A | 0.74% | 87,547 | $7.2M | New |
| CGON CG Oncology Inc. | 0.70% | 163,967 | $6.8M | Add +3.9% |
| VKTX Viking Therapeutics Inc. | 0.68% | 188,956 | $6.6M | Add +3.0% |
| ALGN Align Technology Inc. | 0.68% | 42,304 | $6.6M | New |
| HCA HCA Healthcare Inc. | 0.67% | 13,865 | $6.5M | Reduce -78.9% |
| PSNL Personalis Inc. | 0.66% | 805,817 | $6.4M | New |
| VERA Vera Therapeutics Inc. | 0.56% | 107,690 | $5.5M | Reduce -79.0% |
| CMPS Compass Pathways PLC | 0.55% | 779,618 | $5.4M | Reduce -53.1% |
| SNDX Syndax Pharmaceuticals Inc. | 0.52% | 242,967 | $5.1M | Reduce -5.3% |
| GPCR Structure Therapeutics Inc. | 0.49% | 68,248 | $4.7M | Reduce -40.7% |
| ELAN Elanco Animal Health Inc. | 0.48% | 207,311 | $4.7M | New |
| BTSG Brightspring Health Services | 0.46% | 118,525 | $4.4M | New |
| RYTM Rhythm Pharmaceuticals Inc. | 0.44% | 40,210 | $4.3M | Reduce -16.5% |
| ABVX Abivax SA-ADR | 0.44% | 31,878 | $4.3M | New |
| MDGL Madrigal Pharmaceuticals Inc. | 0.43% | 7,258 | $4.2M | New |
| DNTH Dianthus Therapeutics Inc. | 0.42% | 99,576 | $4.1M | Add +46.8% |
| MOH Molina Healthcare Inc. | 0.41% | 22,802 | $4.0M | New |
| CLDX Celldex Therapeutics Inc. | 0.37% | 133,161 | $3.6M | New |
| MDLN Medline Inc. Class A | 0.37% | 85,000 | $3.6M | New |
| ARGX Argenx SE - ADR | 0.36% | 4,202 | $3.5M | Reduce -34.4% |
| BLTE Belite Bio Inc. - ADR | 0.33% | 19,823 | $3.2M | New |
| FTRE Fortrea Holdings Inc. | 0.29% | 165,439 | $2.9M | New |
| MBX MBX Biosciences Inc. | 0.26% | 79,310 | $2.5M | Reduce -64.2% |
| CGEM Cullinan Therapeutics Inc. | 0.24% | 227,003 | $2.3M | New |
| TARS Tarsus Pharmaceuticals Inc. | 0.23% | 27,338 | $2.2M | New |
| OM Outset Medical Inc. | 0.20% | 530,796 | $2.0M | Reduce -69.3% |
| MLYS Mineralys Therapeutics Inc. | 0.18% | 47,637 | $1.7M | New |
| AMLX Amylyx Pharmaceuticals Inc. | 0.17% | 134,549 | $1.6M | Reduce -69.2% |
| CRBU Caribou Biosciences Inc. | 0.16% | 957,787 | $1.5M | Reduce -29.5% |
| QURE Uniqure NV | 0.10% | 39,499 | $945K | Reduce -14.8% |
| TECX Tectonic Therapeutic Inc. | 0.09% | 42,724 | $891K | New |
| IRON Disc Medicine Inc. | 0.09% | 11,002 | $874K | Reduce -66.2% |
| RZLT Rezolute Inc. | 0.05% | 206,265 | $487K | Reduce -54.4% |
| NPCE Neuropace Inc. | 0.02% | 11,329 | $175K | New |
| TMCI Treace Medical Concepts Inc. | 0.01% | 50,000 | $123K | New |
Options reported separately and not counted above: CNC calls ($15.3M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $15.1M (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 | 10,655,000 | $15.1M | Reduce -7.5% |
Total filed on the 13F, all lines: $987.7M.
Portfolio Sells Q3 2025 → Q4 2025
| LLY Eli Lilly & Co. | Reduce -69.7% | 7.55% | −7.30 |
| MCK McKesson Corp. | Sold out | 0.00% | −4.83 |
| COR Cencora Inc. | Sold out | 0.00% | −2.17 |
| ISRG Intuitive Surgical Inc. | Reduce -80.1% | 0.90% | −2.09 |
| OM Outset Medical Inc. | Reduce -69.3% | 0.20% | −1.91 |
| HCA HCA Healthcare Inc. | Reduce -78.9% | 0.67% | −1.76 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −1.70 |
| NTRA Natera Inc. | Sold out | 0.00% | −1.61 |
| CVS CVS Health Corp. | Reduce -68.9% | 0.88% | −1.38 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −1.22 |
| MRUS Merus NV | Sold out | 0.00% | −1.06 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −1.02 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.97 |
| IRTC Irhythm Holdings Inc. | Sold out | 0.00% | −0.97 |
| AXSM Axsome Therapeutics Inc. | Reduce -52.6% | 4.72% | −0.84 |
| UHS Universal Health Services-B | Reduce -50.6% | 1.29% | −0.77 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.74 |
| VERA Vera Therapeutics Inc. | Reduce -79.0% | 0.56% | −0.73 |
| TEVA Teva Pharmaceutical-SP ADR | Sold out | 0.00% | −0.62 |
| OSCR Oscar Health Inc. Class A | Reduce -39.1% | 0.74% | −0.60 |
| ARQT Arcutis Biotherapeutics Inc. | Sold out | 0.00% | −0.59 |
| WST West Pharmaceutical Services | Sold out | 0.00% | −0.42 |
| AZN Astrazeneca PLC-Spons ADR | Sold out | 0.00% | −0.41 |
| EW Edwards Lifesciences Corp. | Reduce -35.3% | 2.16% | −0.40 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -69.2% | 0.17% | −0.35 |
| VEEV Veeva Systems Inc. Class A | Reduce -21.7% | 0.75% | −0.32 |
| RZLT Rezolute Inc. | Reduce -54.4% | 0.05% | −0.32 |
| ELVN Enliven Therapeutics Inc. | Sold out | 0.00% | −0.28 |
| CMPS Compass Pathways PLC | Reduce -53.1% | 0.55% | −0.27 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −0.24 |
| QURE Uniqure NV | Reduce -14.8% | 0.10% | −0.14 |
| CRBU Caribou Biosciences Inc. | Reduce -29.5% | 0.16% | −0.12 |
| HIMS Hims & Hers Health Inc. | Sold out | 0.00% | −0.11 |
| IRON Disc Medicine Inc. | Reduce -66.2% | 0.09% | −0.10 |
| RVMD Revolution Medicines Inc. | Reduce -54.3% | 1.24% | −0.10 |
| HUM Humana Inc. | Sold out | 0.00% | −0.08 |
| MBX MBX Biosciences Inc. | Reduce -64.2% | 0.26% | −0.08 |
| MIND MEDICINE MINDMED INC | Sold out | 0.00% | −0.08 |
| UTHR United Therapeutics Corp. | Reduce -29.2% | 3.39% | −0.07 |
| HOWL Werewolf Therapeutics Inc. | Sold out | 0.00% | −0.07 |
| ARGX Argenx SE - ADR | Reduce -34.4% | 0.36% | −0.04 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -16.5% | 0.44% | +0.02 |
| THC Tenet Healthcare Corp. | Reduce -13.8% | 8.13% | +0.03 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -11.2% | 1.52% | +0.13 |
| ICLR Icon PLC | Reduce -13.7% | 2.16% | +0.14 |
| INDV Indivior Ltd. | Reduce -35.8% | 1.33% | +0.16 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -5.3% | 0.52% | +0.18 |
| GPCR Structure Therapeutics Inc. | Reduce -40.7% | 0.49% | +0.21 |
| MRK Merck & Co. Inc. | Reduce -20.6% | 2.03% | +0.32 |
| PEN Penumbra Inc. | Reduce -25.6% | 4.64% | +0.37 |
Portfolio Buys Q3 2025 → Q4 2025
| GKOS Glaukos Corp. | New | 2.34% | +2.34 |
| TMO Thermo Fisher Scientific Inc. | Add +1538.5% | 2.26% | +2.16 |
| MDT Medtronic PLC | New | 2.11% | +2.11 |
| SYK Stryker Corp. | New | 1.84% | +1.84 |
| UNH Unitedhealth Group Inc. | New | 1.72% | +1.72 |
| NBIX Neurocrine Biosciences Inc. | Add +185.1% | 2.38% | +1.69 |
| AMRX Amneal Pharmaceuticals Inc. | Add +311.9% | 1.90% | +1.59 |
| DXCM Dexcom Inc. | New | 1.55% | +1.55 |
| INBX Inhibrx Biosciences Inc. | Add +10.8% | 2.16% | +1.46 |
| ASND Ascendis Pharma A/S | Add +22.3% | 3.90% | +1.40 |
| CAH Cardinal Health Inc. | New | 1.32% | +1.32 |
| CNC Centene Corp. | Add +26.3% | 3.07% | +1.30 |
| TFX Teleflex Inc. | New | 1.28% | +1.28 |
| GILD Gilead Sciences Inc. | New | 0.90% | +0.90 |
| WAT Waters Corp. | Add +40.5% | 1.69% | +0.89 |
| ADMA Adma Biologics Inc. | Add +7.6% | 2.38% | +0.89 |
| JAZZ Jazz Pharmaceuticals PLC | New | 0.88% | +0.88 |
| SNY Sanofi-ADR | New | 0.88% | +0.88 |
| IQV Iqvia Holdings Inc. | New | 0.88% | +0.88 |
| ITGR Integer Holdings Corp. | New | 0.86% | +0.86 |
| BLLN Billiontoone Inc. Class A | New | 0.74% | +0.74 |
| ALGN Align Technology Inc. | New | 0.68% | +0.68 |
| PSNL Personalis Inc. | New | 0.66% | +0.66 |
| ELAN Elanco Animal Health Inc. | New | 0.48% | +0.48 |
| BTSG Brightspring Health Services | New | 0.46% | +0.46 |
| ABVX Abivax SA-ADR | New | 0.44% | +0.44 |
| MDGL Madrigal Pharmaceuticals Inc. | New | 0.43% | +0.43 |
| COO The Cooper Cos Inc. | Add +35.5% | 0.85% | +0.41 |
| MOH Molina Healthcare Inc. | New | 0.41% | +0.41 |
| CLDX Celldex Therapeutics Inc. | New | 0.37% | +0.37 |
| MDLN Medline Inc. Class A | New | 0.37% | +0.37 |
| BLTE Belite Bio Inc. - ADR | New | 0.33% | +0.33 |
| FTRE Fortrea Holdings Inc. | New | 0.29% | +0.29 |
| VKTX Viking Therapeutics Inc. | Add +3.0% | 0.68% | +0.27 |
| CGEM Cullinan Therapeutics Inc. | New | 0.24% | +0.24 |
| TARS Tarsus Pharmaceuticals Inc. | New | 0.23% | +0.23 |
| DNTH Dianthus Therapeutics Inc. | Add +46.8% | 0.42% | +0.19 |
| MLYS Mineralys Therapeutics Inc. | New | 0.18% | +0.18 |
| CGON CG Oncology Inc. | Add +3.9% | 0.70% | +0.15 |
| TECX Tectonic Therapeutic Inc. | New | 0.09% | +0.09 |
| NPCE Neuropace Inc. | New | 0.02% | +0.02 |
| TMCI Treace Medical Concepts Inc. | New | 0.01% | +0.01 |
| SLNO Soleno Therapeutics Inc. | Add +1.9% | 1.18% | −0.24 |
Options Activity Q3 2025 → Q4 2025
| XBI SS SPDR S&P Biotech ETF | call | Sold out | 717,400 | $71.9Mbefore exit |
| HUM Humana Inc. | call | Sold out | 110,000 | $28.6Mbefore exit |
| CNC Centene Corp. | call | New | 372,300 | $15.3M |
| IWM iShares Russell 2000 ETF | put | Sold out | 56,700 | $13.7Mbefore exit |
| BSX Boston Scientific Corp. | call | Sold out | 122,000 | $11.9Mbefore exit |
| LQDA Liquidia Corp. | put | Sold out | 76,300 | $1.7Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Reduce -7.5% | 10,655,000 | $15.1M |
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 |