DEERFIELD MANAGEMENT COMPANY, L.P.

13F filer, CIK 1009258, New York, NY

DEERFIELD MANAGEMENT COMPANY, L.P. reported $5,280,006,191 across 106 holdings for the quarter ended 2024-12-31, in a 13F-HR filed 2025-02-14. Its ten largest share positions make up 53.77% of the portfolio.

Filed 2025-02-14 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:55 UTC13F-HR 0001213900-25-014236

Period: 2024-12-31
Reported value: $5.28B
Holdings: 106
Top 10 weight: 53.77%
New: 23
Sold out: 360

Part of the filer group DEERFIELD MANAGEMENT COMPANY, L.P.

Deerfield UGP, LLC

How groups are built

Largest buys vs the previous quarter

Security	Shares change	Approx. value
NAMSadded	+3,412,590	$87.7M
DVAXadded	+5,172,263	$66M
OSCRadded	+3,983,325	$53.5M
LEGNnew	+1,551,718	$50.5M
INDIVIOR PLCadded	+3,790,518	$47.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
NUVLreduced	-2,000,000	-$157M
KURAexited	-5,411,571	-$106M
CPRXreduced	-3,096,623	-$64.6M
NBIXreduced	-454,590	-$62.1M
WAYreduced	-1,656,744	-$60.8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2024

Share positions as resolved from 13F-HR 0001213900-25-014236, largest first. % of portfolio is the value over $5,256,971,191, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
NUVLNUVALENT INC	17,991,024	$1.41B	26.79%	-2,000,000	Timeline
VTRSVIATRIS INC	23,996,036	$299M	5.68%	+3,013	Timeline
CNCCENTENE CORP DEL	2,671,921	$162M	3.08%	+19,732	Timeline
OSCROSCAR HEALTH INC	11,835,000	$159M	3.03%	+3,983,325	Timeline
RVMDREVOLUTION MEDICINES INC	3,258,332	$143M	2.71%	+345,640	Timeline
MERUS N VMERUS N V	2,972,787	$125M	2.38%	-435,752
WAYWAYSTAR HLDG CORP	3,295,260	$121M	2.3%	-1,656,744	Timeline
NBIXNEUROCRINE BIOSCIENCES INC	862,000	$118M	2.24%	-454,590	Timeline
SPRYARS PHARMACEUTICALS INC	10,514,657	$111M	2.11%	-563,270	Timeline
NAMSNEWAMSTERDAM PHARMA COMPANY	4,314,340	$111M	2.11%	+3,412,590	Timeline
INDIVIOR PLCINDIVIOR PLC	8,883,160	$110M	2.1%	+3,790,518
AHCOADAPTHEALTH CORP	9,711,410	$92.5M	1.76%	0	Timeline
ALHCALIGNMENT HEALTHCARE INC	7,304,302	$82.2M	1.56%	-3,550,683	Timeline
LRMRLARIMAR THERAPEUTICS INC	21,231,974	$82.2M	1.56%	0	Timeline
BKDBROOKDALE SR LIVING INC	15,612,264	$78.5M	1.49%	0	Timeline
IDYAIDEAYA BIOSCIENCES INC	2,736,000	$70.3M	1.34%	+142,000	Timeline
EMBCEMBECTA CORP	3,270,535	$67.5M	1.28%	+540,192	Timeline
DVAXDYNAVAX TECHNOLOGIES CORP	5,193,823	$66.3M	1.26%	+5,172,263	Timeline
CPRXCATALYST PHARMACEUTICALS INC	3,133,011	$65.4M	1.24%	-3,096,623	Timeline
ACHACCENDRA HEALTH INC	4,911,979	$64.2M	1.22%	0	Timeline
BCRXBIOCRYST PHARMACEUTICALS INC	8,144,442	$61.2M	1.17%	+8,638	Timeline
BAXBAXTER INTL INC	1,923,100	$56.1M	1.07%	0	Timeline
EWTXEDGEWISE THERAPEUTICS INC	2,078,509	$55.5M	1.06%	+297,503	Timeline
LEGNLEGEND BIOTECH CORP	1,551,718	$50.5M	0.96%	new	Timeline
BIOBIO RAD LABS INC	151,644	$49.8M	0.95%	+69	Timeline
CNMDCONMED CORP	611,964	$41.9M	0.8%	-2,926	Timeline
CGEMCULLINAN THERAPEUTICS INC	3,379,399	$41.2M	0.78%	+99,399	Timeline
EHABENHABIT INC	5,010,972	$39.1M	0.74%	+13,226	Timeline
LKFTLAKEFRONT BIOTHERAPEUTICS NV	1,411,000	$38.8M	0.74%	0	Timeline
PHVSPHARVARIS N V	2,017,464	$38.7M	0.74%	-14,236	Timeline
IRONDISC MEDICINE INC	600,515	$38.1M	0.72%	-422,750	Timeline
ALNYALNYLAM PHARMACEUTICALS INC	145,191	$34.2M	0.65%	+191	Timeline
DAWNDAY ONE BIOPHARMACEUTICALS I	2,596,033	$32.9M	0.63%	-21,680	Timeline
PHRPHREESIA INC	1,271,832	$32M	0.61%	+727,384	Timeline
BCAXBICARA THERAPEUTICS INC	1,795,174	$31.3M	0.59%	0	Timeline
DCGODOCGO INC	7,195,956	$30.5M	0.58%	-1,870,182	Timeline
INMDINMODE LTD	1,578,708	$26.4M	0.5%	0	Timeline
SVRASAVARA INC	7,964,000	$24.4M	0.47%	+1,498,223	Timeline
CGONCG ONCOLOGY INC	851,593	$24.4M	0.46%	+898	Timeline
KYMRKYMERA THERAPEUTICS INC	593,000	$23.9M	0.45%	new	Timeline
MREOMEREO BIOPHARMA GROUP PLC	6,710,429	$23.5M	0.45%	0	Timeline
TXG10X GENOMICS INC	1,497,000	$21.5M	0.41%	-11,943	Timeline
LNTHLANTHEUS HLDGS INC	240,218	$21.5M	0.41%	0	Timeline
COGTCOGENT BIOSCIENCES INC	2,631,000	$20.5M	0.39%	-1,113,263	Timeline
SEPNSEPTERNA INC	861,814	$19.7M	0.38%	new	Timeline
NVSTENVISTA HOLDINGS CORPORATION	1,018,415	$19.6M	0.37%	+998,248	Timeline
PCVXVAXCYTE INC	225,000	$18.4M	0.35%	0	Timeline
RXRXRECURSION PHARMACEUTICALS IN	2,315,000	$15.6M	0.3%	0	Timeline
FHTXFOGHORN THERAPEUTICS INC	3,255,514	$15.4M	0.29%	+227,628	Timeline
IRTCIRHYTHM HOLDINGS INC	156,012	$14.1M	0.27%	new	Timeline
CHIMERIX INC COMCHIMERIX INC COM	3,771,342	$13.1M	0.25%	new
CONCONCENTRA GROUP HOLDINGS PAR	650,000	$12.9M	0.24%	0	Timeline
ZBIOZENAS BIOPHARMA INC	1,562,942	$12.8M	0.24%	0	Timeline
ACCOLADE INCACCOLADE INC	3,475,000	$11.9M	0.23%	0
THRDTHIRD HARMONIC BIO INC	1,019,700	$10.5M	0.2%	new	Timeline
SYRESPYRE THERAPEUTICS INC	450,000	$10.5M	0.2%	new	Timeline
LUNGPULMONX CORP	1,534,763	$10.4M	0.2%	new	Timeline
DYNDYNE THERAPEUTICS INC	435,653	$10.3M	0.2%	0	Timeline
NGNENEUROGENE INC	448,145	$10.2M	0.19%	new	Timeline
GPCRSTRUCTURE THERAPEUTICS INC	373,407	$10.1M	0.19%	-471,000	Timeline
CATXPERSPECTIVE THERAPEUTICS INC	2,938,754	$9.37M	0.18%	+120,991	Timeline
FATEFATE THERAPEUTICS INC	3,555,871	$5.87M	0.11%	0	Timeline
NKTXNKARTA INC	2,155,000	$5.37M	0.1%	0	Timeline
CRVSCORVUS PHARMACEUTICALS INC	1,000,000	$5.35M	0.1%	new	Timeline
CALCCALCIMEDICA INC	1,300,000	$4.6M	0.09%	+300,000	Timeline
HILLEVAX INCHILLEVAX INC	1,882,654	$3.9M	0.07%	0
SINGULAR GENOMICS SYSTEMS INSINGULAR GENOMICS SYSTEMS IN	166,162	$3.23M	0.06%	0
ANNXANNEXON INC	583,913	$3M	0.06%	0	Timeline
ALECALECTOR INC	1,066,962	$2.02M	0.04%	+11,770	Timeline
NAMSWNEWAMSTERDAM PHARMA COMPANY	92,787	$1.32M	0.03%	0	Timeline
BIOMX INCBIOMX INC	1,787,610	$1.31M	0.02%	0
VTYXVENTYX BIOSCIENCES INC	534,737	$1.17M	0.02%	-6,180,764	Timeline
TWSTTWIST BIOSCIENCE CORP	23,827	$1.11M	0.02%	+403	Timeline
STLNSTARLING ONCOLOGY INC	3,360,052	$1.04M	0.02%	0	Timeline
QSIAWQUANTUM SI INC	333,333	$417K	0.01%	0	Timeline
HUMHUMANA INC	917	$233K	<0.01%	new	Timeline
GISGENERAL MILLS INC	3,455	$220K	<0.01%	new	Timeline
ENLINK MIDSTREAM LLCENLINK MIDSTREAM LLC	10,257	$145K	<0.01%	new
HNSTHONEST CO INC	20,171	$140K	<0.01%	-177,585	Timeline
EBSEMERGENT BIOSOLUTIONS INC	14,058	$134K	<0.01%	-61,584	Timeline
HTLDHEARTLAND EXPRESS INC	11,547	$130K	<0.01%	-56,281	Timeline
UISUNISYS CORP	15,627	$98.9K	<0.01%	new	Timeline
BUTTERFLY NETWORK INCBUTTERFLY NETWORK INC	733,333	$93.2K	<0.01%	0
EGYVAALCO ENERGY INC	20,897	$91.3K	<0.01%	new	Timeline
HANESBRANDS INCHANESBRANDS INC	10,619	$86.4K	<0.01%	-72,619
GNWGENWORTH FINL INC	11,307	$79K	<0.01%	-36,686	Timeline
ECVTECOVYST INC	10,317	$78.8K	<0.01%	new	Timeline
CERSCERUS CORP	50,305	$77.5K	<0.01%	new	Timeline
EQCEQUITY COMMONWEALTH	43,258	$76.6K	<0.01%	new	Timeline
ACCOACCO BRANDS CORP	14,557	$76.4K	<0.01%	-89,348	Timeline
OSURORASURE TECHNOLOGIES INC	20,898	$75.4K	<0.01%	-140,914	Timeline
NUSNU SKIN ENTERPRISES INC	10,194	$70.2K	<0.01%	-126,951	Timeline
GDRXGOODRX HLDGS INC	11,990	$55.8K	<0.01%	new	Timeline
NUVBNUVATION BIO INC	20,166	$53.6K	<0.01%	new	Timeline
BRCCBRC INC	15,029	$47.6K	<0.01%	new	Timeline
NUVATION BIO INCNUVATION BIO INC	166,666	$38.3K	<0.01%	0
DHCDIVERSIFIED HEALTHCARE TR	15,845	$36.4K	<0.01%	new	Timeline
STLNWSTARLING ONCOLOGY INC	1,250,000	$6.5K	<0.01%	0	Timeline
SRZNWSURROZEN INC	166,666	$3.57K	<0.01%	0	Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

Security	Type	Amount	Value	Change
ESTAESTABLISHMENT LABS HLDGS INC COMMON STOCK	put	500,000	$23M	new

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

Security	Type	Amount	Value	Change
INTEGRA LIFESCIENCES HLDGS CINTEGRA LIFESCIENCES HLDGS C NOTE 0.500% 8/1	principal	174,364,000	$168M	0
ACCOLADE INCACCOLADE INC NOTE 0.500% 4/0	principal	132,598,000	$124M	0
ALNYLAM PHARMACEUTICALS INCALNYLAM PHARMACEUTICALS INC NOTE 1.000% 9/1	principal	110,000,000	$117M	+10,000,000
MIRUM PHARMACEUTICALS INCMIRUM PHARMACEUTICALS INC NOTE 4.000% 5/0	principal	70,000,000	$107M	0
ALPHATEC HLDGS INCALPHATEC HLDGS INC NOTE 0.750% 8/0	principal	49,500,000	$46.7M	-68,000,000
LANTHEUS HLDGS INCLANTHEUS HLDGS INC Convertible	principal	25,255,000	$33.7M	0

Sold out in Q4 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

The largest 100 of 360. All 360

Security	Shares before	Value before	Type
KURAKURA ONCOLOGY INC	5,411,571	$106M	shares
SGRYSURGERY PARTNERS INC	1,780,287	$57.4M	shares
CVSCVS HEALTH CORP	874,800	$55M	shares
PACSPACS GROUP INC	663,851	$26.5M	shares
PODDINSULET CORP	109,600	$25.5M	shares
BNTXBIONTECH SE	174,500	$20.7M	shares
AUTLAUTOLUS THERAPEUTICS LTD	3,639,000	$13.2M	shares
TNGXTANGO THERAPEUTICS INC	1,540,000	$11.9M	shares
PRLDPRELUDE THERAPEUTICS INC	3,766,120	$7.8M	shares
KYTXKYVERNA THERAPEUTICS INC	918,892	$4.49M	shares
INSMINSMED INC	52,861	$3.86M	shares
PRMEPRIME MEDICINE INC	896,960	$3.47M	shares
AEROVATE THERAPEUTICS INCAEROVATE THERAPEUTICS INC	1,411,608	$2.95M	shares
MLABMESA LABS INC	19,664	$2.55M	shares
AINALBANY INTL CORP	26,848	$2.39M	shares
FTREFORTREA HLDGS INC	105,470	$2.11M	shares
NVDANVIDIA CORPORATION	16,318	$1.98M	shares
CENTCENTRAL GARDEN & PET CO	53,827	$1.96M	shares
AFCGADVANCED FLOWER CAP INC	191,162	$1.95M	shares
OTTROTTER TAIL CORP	22,452	$1.75M	shares
WSOWATSCO INC	3,401	$1.67M	shares
DFINDONNELLEY FINL SOLUTIONS INC	24,968	$1.64M	shares
UAAUNDER ARMOUR INC	184,457	$1.64M	shares
LOWLOWES COS INC	5,913	$1.6M	shares
FBNCFIRST BANCORP N C	38,451	$1.6M	shares
OXMOXFORD INDS INC	18,184	$1.58M	shares
PREMIER INCPREMIER INC	78,878	$1.58M	shares
IEXIDEX CORP	7,106	$1.52M	shares
BDXBECTON DICKINSON & CO	6,312	$1.52M	shares
PRVAPRIVIA HEALTH GROUP INC	79,941	$1.46M	shares
BYRNBYRNA TECHNOLOGIES INC	85,037	$1.44M	shares
ANDEANDERSONS INC	28,632	$1.44M	shares
MMSMAXIMUS INC	15,377	$1.43M	shares
ODFLOLD DOMINION FREIGHT LINE IN	7,199	$1.43M	shares
JOEST JOE CO	24,428	$1.42M	shares
WEAVWEAVE COMMUNICATIONS INC	108,555	$1.39M	shares
EXASEXACT SCIENCES CORP	20,341	$1.39M	shares
IDXXIDEXX LABS INC	2,643	$1.34M	shares
USNAUSANA HEALTH SCIENCES INC	34,136	$1.29M	shares
LFMDLIFEMD INC	241,329	$1.26M	shares
SUTRO BIOPHARMA INCSUTRO BIOPHARMA INC	359,919	$1.25M	shares
COLLCOLLEGIUM PHARMACEUTICAL INC	31,696	$1.22M	shares
MMM3M CO	8,875	$1.21M	shares
LEALEAR CORP	11,067	$1.21M	shares
DHILDIAMOND HILL INVT GROUP INC	7,404	$1.2M	shares
NVAXNOVAVAX INC	92,597	$1.17M	shares
LTHLIFE TIME GROUP HOLDINGS INC	47,343	$1.16M	shares
MATVMATIV HOLDINGS INC	68,020	$1.16M	shares
ARCBARCBEST CORP	10,614	$1.15M	shares
MNKDMANNKIND CORP	182,776	$1.15M	shares
AMPLAMPLITUDE INC	127,474	$1.14M	shares
SAMBOSTON BEER INC	3,876	$1.12M	shares
ACHCACADIA HEALTHCARE COMPANY IN	17,673	$1.12M	shares
DTDYNATRACE INC	20,722	$1.11M	shares
HTOH2O AMERICA	19,014	$1.1M	shares
TTTRANE TECHNOLOGIES PLC	2,799	$1.09M	shares
HNRGHALLADOR ENERGY COMPANY	112,711	$1.06M	shares
EDCONSOLIDATED EDISON INC	10,098	$1.05M	shares
JCIJOHNSON CONTROLS INTERNATION	13,530	$1.05M	shares
SCSSTEELCASE INC-CLASS A	77,692	$1.05M	shares
CNXCCONCENTRIX CORP	20,438	$1.05M	shares
HCKTHACKETT GROUP INC	39,550	$1.04M	shares
PLABPHOTRONICS INC	41,813	$1.04M	shares
VEEVVEEVA SYS INC	4,854	$1.02M	shares
ABSIABSCI CORPORATION	265,382	$1.01M	shares
BBDCBARINGS BDC INC	102,058	$1M	shares
UPBDUPBOUND GROUP INC	31,004	$992K	shares
EYENATIONAL VISION HLDGS INC	90,091	$983K	shares
GPNGLOBAL PMTS INC	9,580	$981K	shares
WAFDWAFD INC	28,005	$976K	shares
NTNXNUTANIX INC	16,429	$973K	shares
AMEDISYS INCAMEDISYS INC	10,072	$972K	shares
KLICKULICKE & SOFFA INDS INC	21,531	$972K	shares
XELXCEL ENERGY INC	14,782	$965K	shares
HQYHEALTHEQUITY INC	11,781	$964K	shares
CDNACAREDX INC	30,871	$964K	shares
MRKMERCK & CO INC	8,482	$963K	shares
BANCBANC OF CALIFORNIA INC	65,140	$960K	shares
ZSZSCALER INC	5,600	$957K	shares
HLIOHELIOS TECHNOLOGIES INC	19,995	$954K	shares
PACIFIC PREMIER BANCORP INCPACIFIC PREMIER BANCORP INC	37,705	$949K	shares
GRCGORMAN RUPP CO	24,253	$945K	shares
ADBEADOBE INC	1,823	$944K	shares
COFCAPITAL ONE FINL CORP	6,291	$942K	shares
ADMAADMA BIOLOGICS INC	47,016	$940K	shares
CRSCARPENTER TECHNOLOGY CORP	5,864	$936K	shares
ALGALAMO GROUP INC	5,148	$927K	shares
PETIQ INCPETIQ INC	30,082	$926K	shares
TECHBIO-TECHNE CORP	11,531	$922K	shares
DBRGDIGITALBRIDGE GROUP INC	64,839	$916K	shares
TRDAENTRADA THERAPEUTICS INC	57,331	$916K	shares
CAREMAX INCCAREMAX INC	530,232	$901K	shares
MUMICRON TECHNOLOGY INC	8,627	$895K	shares
CFGCITIZENS FINL GROUP INC	21,678	$890K	shares
SMPLSIMPLY GOOD FOODS CO	25,494	$886K	shares
MRCYMERCURY SYS INC	23,851	$882K	shares
VLTOVERALTO CORP	7,814	$874K	shares
MAXMEDIAALPHA INC	48,093	$871K	shares
SWKSTANLEY BLACK & DECKER INC	7,879	$868K	shares
CAHCARDINAL HEALTH INC	7,849	$867K	shares

How Q4 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001213900-25-014236	base		2025-02-14	acceptance time not in the bulk data set	2026-10-07 18:25:55 UTC