International Biotechnology Trust PLC · LSE:IBT
International Biotechnology Trust — FY2025 Earnings Presentation
34 slides from International Biotechnology Trust's earnings presentation, November 2025
Slide 1: International Biotechnology Trust Annual Results 2025
International Biotechnology Trust Annual Results 2025 Marketing material for professional clients only.
Slide 2: Agenda
Agenda 01 Schroders team 02 Results & performance 03 Sector fundamentals 04 Investment process 05 Appendix 2
Slide 3: Trust overview
International Biotechnology Trust – established May 1994 Trust overview Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Exchange r
Slide 4: Long term industry experience – lead investors since 2021
Long term industry experience – lead investors since 2021 Scientific and financial expertise with over 30 years combined experience at IBT Ailsa Craig Marek Poszepczynski Lead Investment Manager, BSc Lead Investment Manager, MSc – IBT co-lead manager at Schroders, November 2023–present – IBT co-lead
Slide 5: Results & performance
Schroders Results & performance
Slide 6: Annual results summary: outperformance, NAV, yield, discount
Annual results summary 12 months to 31 August 2025 IBT outperformed benchmark during FY24/25 Summary • Outperformance over 1, 3, 5 and 10 years to 31 August 2025¹ • 4th consecutive fiscal year of outperformance² • IBT NAV up 0.7% (quoted up 3.8%) vs negative return of reference index –6.0% • IBT sha
Slide 7: Annual results summary: portfolio and outlook
Annual results summary 12 months to 31 August 2025 5 acquisitions in period under review, 9 acquisitions this calendar year Portfolio • Five M&A transactions during the period under review, 5 more since fiscal year end • Marinus (Immedica), Intra-cellular (J&J), Blueprint (Sanofi), SpringWorks (Merc
Slide 8: IBT share price and NAV since August 2024
IBT share price and NAV since August 2024 Strong recovery since the April low which has continued since the FY end Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back
Slide 9: Fund risk considerations
Fund risk considerations – Capital erosion: Where fees are charged to capital instead of income, or a fixed distribution amount is paid regardless of the Company’s performance, there is the potential that performance or capital value may be eroded. – Concentration risk: The Company may be concentrat
Slide 10: Sector fundamentals
Schroders Sector fundamentals
Slide 11: NASDAQ Biotech Index outperforming S&P 500 YTD
NASDAQ Biotech Index outperforming S&P 500 YTD Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Exchange rate changes may cause the
Slide 12: Biotech equity financing – a key indicator of sector health
Biotech equity financing – a key indicator of sector health Follow -ons still healthy Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invest
Slide 13: Major biopharma patent expiries
Major biopharma patent expiries Threat increasing during second half of the decade Worldwide sales ($bn) % Retail sales at Patent Risk 120 8.0% 7.0% 100 6.7% 6.6% 6.0% 80 5.5% 5.1% 4.9% 5.0% 4.6% 4.5% 4.3% 60 4.2% 4.0% 4.0% 3.4% 3.4% 100 3.0% 40 2.4% 2.4% 74 2.6% 2.0% 59 60 2.0% 51 48 48 52 20 40 45
Slide 14: Number of drugs approved
Biotech, >70% of drugs emanate from biotech 34x approvals to date, with 9x more PDUFAs before YE25 60 59 55 53 51 51 48 50 45 46 Number of drugs approved 41 40 37 30 27 22 20 10 % from biotech 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Biotech Pharma Source: FDA.gov (novel NDA/BLA
Slide 15: Politics is reshaping the industry
Politics is reshaping the industry New administration changes to have clarity soon? NIH FDA MFN Pharma Tariffs – Funding cuts – Staffing cuts – Most Favoured Nation – Manufacturing steps – New company formation – Changing the rule book – Deals with Pharma – Persistent headlines – Longer term impact
Slide 16: Investment Process
Schroders Investment Process
Slide 17: Investment process overview
Investment process overview Three pillar approach Macro considerations Idea generation Risk mitigation – micro – Business cycle – Investor and medical conferences – Binary events – Interest rates – Equity and internal research – Valuation sensitive and Key Opinion Leaders – Sub-segment asset allocat
Slide 18: Performance driven by four key factors
Performance driven by four key factors Navigating the fund through varying cycles Performance Impact Macro 1 Gearing & Financial considerations Macro and political backdrop provides subsector Small vs large caps information if sub sector allocation allocation Therapeutic and stage 2 Disease area & C
Slide 19: Biotech trades inversely with the US interest rates
Biotech trades inversely with the US interest rates Dislocation between yields and biotech performance Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount
Slide 20: 'Basket approach'
‘Basket approach’ Building baskets of stocks to capture upside but spread risk Central Rare Diseases Emerging M&A Nervous Oncology targets System Rationale – Price protection – Accelerating innovation – Pharma cash pile – Less crowded space – M&A potential – Specialist market – Patent expiries – Hig
Slide 21: M&A – acquisitions since 2020
M&A – 29 acquisitions since 2020 (+ 5 since FY end) 300 # deals: 5 5 6 6 3 4 29 250 10.0 9.5 3.9 * 14.6 n/d * 200 4.8 14.0 3.0 3.5 0.2 13.0 Deal value $bn n/d 6.0 * 0.6 150 28.0 1.0 3.7 * 11.6 259.6 n/d 11.7 221.6 6.7 1.9 208.4 100 11.5 7.2 171.6 39.0 120.4 50 13.1 83.3 21.0 3.7 6.5 0 2020 2021 2022
Slide 22: Biopharma – from discovery to product
Biopharma – from discovery to product Source: Schroders, November 2025. For illustrative purposes only and should not be viewed as a recommendation to buy or sell. 22
Slide 23: Current areas of focus
Current areas of focus Remain nimble to tilt portfolio between buckets depending on conditions 84% 51% 32% US and Canada Revenue Growth or Profitable Rare Diseases Core Therapeutic Areas¹ Pharma pipelines are increasingly chasing the same targets² No. of assets per target over time 2000–2022 10 Rare
Slide 24: Valuations of emerging "Biotech-2.0" look attractive
Valuations of emerging “Biotech -2.0” look attractive IBT positioning versus benchmark in “clinically de -risked” assets As at 30 August 2025 Company Disease area Launch year EV $mn ‘29 Sales $mn ‘29 EV/Sales % NAV % NBI Madrigal Fatty liver disease 2024 8,968 3,880 2.3x 4.2 1.0 Avidity Muscle disea
Slide 25: Current positioning
Current positioning Fund positioning by stage Investment by development stage, total portfolio Quoted portfolio 18% Dev. stage No. of holdings % weight Development 43 49 Development Revenue growth 23 33 49% Revenue growth Profitable 13 18 Profitable 33% Source: Schroders, as at 30 August 2025. For i
Slide 26: IBT top ten quoted positions
IBT top ten quoted positions Positioned the next generation of emerging growth companies As at 30 August 2025 Investment Therapeutics split Market cap £bn Status % of NAV Madrigal Metabolic 7.2 Approved drug 4.4 Avidity Biosciences Rare Diseases 4.4 Soon to file with FDA 4.3 Vera Auto-immune 1.0 Soo
Slide 27: Appendix
Schroders i a) c ® Q a. <
Slide 28: Unquoted Portfolio – 7.7% of investments at August 2025
Unquoted Portfolio – 7.7% of investments at August 2025 Range of 5 –15% of investments, managed by SV Health Investors Past performance may not be indicative of future results. SV Health Investors¹ – >30 year track record 2% 13% SV Fund VI (SVF6) – $4.0bn in historical commitments – 75 exits via IPO
Slide 29: Performance and discount/premium
Performance and discount/premium Active buyback policy Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Exchange rate changes may c
Slide 30: Thank you
Schroders es International as Biotechnology °® Trust Thank you
Slide 31: International Biotechnology Trust's Board of Directors
International Biotechnology Trust’s Board of Directors Experienced and motivated Kate Cornish - Bowden Alexa Henderson Patrick Magee Gillian Elcock Prof. Patrick Maxwell, CBE Chair Chair of Audit Senior Independent Director Independent Director Independent Director Background in Investment Mgmt Comm
Slide 32: Key facts
Key facts Details Website www.schroders.com/IBT Net assets (Cum) GBP £284.8m (as at 30 September 2025) Listing London Stock Exchange Dividend Annual dividend of 4% of net asset value at August year end, and paid semi-annually Ex-div date December 2024 Daily volume 88k shares¹ Sedol 0455934 GB ISIN G
Slide 33: Important information
Important information Marketing material. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Exchange rate changes may cause the valu
Slide 34: Important information
Important information Schroders will be a data controller in respect of your personal data. For information on how Schroders might process your personal data, please view our Privacy Policy available at www.schroders.com/en/privacy-policy or on request should you not have access to this webpage. For
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