How We Invest

13F FILER • JULIAN AND FELIX BAKER

Baker Bros. Advisors

Julian and Felix Baker — BAKER BROS. ADVISORS LP

No writing by this manager has been read and indexed yet, so this page carries the filings only. Holdings come straight from the Form 13F-HR on EDGAR.

84

Positions

$20.0B

Reported Value

72.8%

In Top 10

—

Claims Indexed

Largest reported positions

BAKER BROS. ADVISORS LP • CIK 0001263508 • 2026-06-30 • FILED 2026-08-14

WHAT CHANGED THIS QUARTER

In its Q2 2026 13F, filed Aug 14, 2026, Baker Bros. Advisors reported 84 positions worth $19.9B in US-listed stock. The largest stock position is Incyte Corporation at 17.5% of the reported book, and the ten largest lines of any type make up 72.8% of it.

It opened 8 new positions, and exited 8, the largest stock exits being Abivax S.a. ($97.5M last quarter), Spyre Therapeutics, Inc. ($50.4M last quarter) and Centessa Pharmaceuticals Plc ($26.6M last quarter).

Among positions it already held, the biggest increases by share count were Relay Therapeutics, Inc. (+144%), Celldex Therapeutics, Inc. (+78%) and Ideaya Biosciences, Inc. (+27%), and the biggest cuts were Edgewise Therapeutics, Inc. (−44%), Immatics N.v. (−13%) and Summit Therapeutics Inc. (−10%).

Largest reported positions, quarter ended 2026-06-30
IssuerValueWeightShares QoQ
Incyte Corporation$3.5B17.5%+0%
BeOne Medicines Ltd.$2.5B12.6%0%
Revolution Medicines, Inc.$2.1B10.7%+20%
Madrigal Pharmaceuticals, Inc.$1.2B5.8%+0%
ACADIA Pharmaceuticals Inc.$1.1B5.4%0%
Kymera Therapeutics, Inc.$992.7M5.0%—
Insmed Incorporated$937.8M4.7%+19%
Celcuity Inc.$828.2M4.2%—
Kodiak Sciences Inc.$776.1M3.9%—
Rhythm Pharmaceuticals, Inc.$622.3M3.1%—
Praxis Precision Medicines, Inc.$587.0M2.9%—
Alkermes plc$524.6M2.6%—
Summit Therapeutics Inc.$477.7M2.4%-10%
GRAIL, Inc.$275.0M1.4%—
AbCellera Biologics Inc.$259.1M1.3%+9%
Immunovant, Inc.$209.4M1.1%-0%
IDEAYA Biosciences, Inc.$186.7M0.9%+27%
Kiniksa Pharmaceuticals International, plc$181.3M0.9%+0%
Roivant Sciences Ltd.$166.9M0.8%-3%
Arrowhead Pharmaceuticals, Inc.$162.4M0.8%—

20 of 84 positions. $69.2M of the reported value is Section 13(f) debt — convertible notes and the like — which the form covers alongside equities. A 13F covers long US-listed positions at a quarter end only — no shorts, leverage, cash, ordinary bonds or private holdings — and is 45 days old on publication.

EXITS

  • Abivax S.a.$97.5M last quarter
  • Spyre Therapeutics, Inc.$50.4M last quarter
  • Centessa Pharmaceuticals Plc$26.6M last quarter
  • Immunocore Holdings Plc$22.1M last quarter
  • Contineum Therapeutics, Inc.$18.6M last quarter

QUESTIONS PEOPLE ASK

What are Baker Bros. Advisors' largest holdings?

OPEN
As of Jun 30, 2026, the three largest stock positions are Incyte Corporation (17.5%), Beone Medicines Ltd. (12.6%) and Revolution Medicines, Inc. (10.7%), together 40.8% of the reported book.

How big is Baker Bros. Advisors' 13F portfolio?

OPEN
The Q2 2026 13F, filed Aug 14, 2026, reports 84 positions worth $20.0B. The ten largest make up 72.8% of it.

What did Baker Bros. Advisors buy and sell in Q2 2026?

OPEN
It opened 8 new positions, and exited 8, the largest stock exits being Abivax S.a. ($97.5M last quarter), Spyre Therapeutics, Inc. ($50.4M last quarter) and Centessa Pharmaceuticals Plc ($26.6M last quarter). Among positions it already held, the biggest increases by share count were Relay Therapeutics, Inc. (+144%), Celldex Therapeutics, Inc. (+78%) and Ideaya Biosciences, Inc. (+27%), and the biggest cuts were Edgewise Therapeutics, Inc. (−44%), Immatics N.v. (−13%) and Summit Therapeutics Inc. (−10%).

When is Baker Bros. Advisors' next 13F due?

OPEN
The Q3 2026 13F is due Nov 16, 2026. Forty-five days after the quarter ends is November 14, 2026 (Saturday), so the deadline moves to the next business day. Julian and Felix Baker's filing usually lands close to the deadline.

Filers with overlapping books