DEERFIELD MANAGEMENT COMPANY, L.P.

1. Portfolio Overview

Deerfield Management Company, L.P. reported a significant contraction in portfolio value for the quarter ending September 30, 2025, with total assets under management (AUM) decreasing by 29.6%, falling from $5.51 billion to $3.88 billion. This reduction is not solely attributable to market performance but indicates substantial active portfolio restructuring. The firm currently holds 92 positions, suggesting a focused strategy that balances high-conviction core holdings...