International Biotechnology Trust PLC (IBT:LSE) reported strong performance for the year ended 31 August 2025, marking its fourth consecutive fiscal year of outperformance versus the NASDAQ Biotech Index. The fund achieved a total NAV per share return of 0.7% and a 3.8% return from its quoted portfolio, compared with a 6% decline in the benchmark. The trust maintained a 4.7% dividend yield and narrowed its share price discount from 11.3% to 8.9%, supported by over 3 million shares repurchased during the period. Co-lead fund managers Elsa and Marek highlighted five M&A transactions in the fiscal year and nine in the calendar year, reinforcing optimism for continued consolidation in the biotech sector. They noted that the reduction of management fees on the quoted portfolio to 65 basis points further enhances shareholder value. The managers discussed strategic gearing during sector lows in April, capitalising on recovery momentum and M&A activity. Approximately half the portfolio is invested in clinically de-risked assets, with an increased focus on rare diseases and smaller-cap biotech companies offering attractive valuations and acquisition potential. IBT’s diversified, actively managed portfolio is designed to capture upside in late-stage biotech while mitigating binary event risk. The trust’s positive outlook is underpinned by sector fundamentals, including a $100 billion patent cliff facing major pharma by 2028, driving acquisition demand. Backed by Schroders and over three decades of biotech investment expertise, IBT continues to deliver consistent NAV growth, stable yield, and defensive exposure to innovation-driven life sciences opportunities.