Company: BSTZ
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196080
Chunk: 16

Company: BlackRock Science & Technology Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 16
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 sentiment around Danish pharmaceutical company Novo Nordisk sentiment was negatively impacted after clinical trial results for its new weight loss drug Cagrisema failed to show superior efficacy relative to competitor Eli Lilly’s treatment, raising questions on the drug’s commercialization prospects. In addition, Eli Lilly’s weight-loss drugs Zepbound and Mounjaro have been gaining market share over Novo Nordisk’s Wegovy and Ozempic. At Novo Nordisk’s current low valuation, we believe that there is more potential for positive growth. Texas Instruments, the U.S. semiconductor company, detracted as the Fund exited the stock in April 2025 on the view that trade tensions and tariffs between China and the U.S. would weigh on the company’s results given that a significant portion of its revenues are derived from China. The company subsequently posted an earnings beat and announced a sizeable capital expenditure initiative, leading the stock higher. Diageo plc., the British multinational alcoholic beverages company, has been affected by tariff-related concerns, with approximately 45% of its U.S. sales originating from production in Mexico or Canada, primarily

12 2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025 (continued) BlackRock Enhanced International Dividend Trust (BGY) driven by Tequila. Diageo anticipates a significant earnings headwind from tariffs and withdrew its medium-term guidance due to ongoing macroeconomic and geopolitical uncertainties in key markets. Given softening industry-wide sales and a new management team in the early days of executing its strategy, the Fund exited the position. Stock selection in energy and materials contributed to relative performance over the period, along with an underweight to consumer discretionary. In terms of individual contributors, shares of Spanish multinational financial services firm Banco Bilbao Vizcaya Argentaria were supported by investor confidence in European banks and optimism around its proposed merger with Sabadell, which is expected to enhance efficiency and scale. Strong fourth quarter 2024 results and upward earnings revisions further lifted sentiment with respect to the stock alongside broad strength in European financials. General Electric Co., a U.S. aerospace and defense firm, outperformed on strong quarterly results and favorable structural tailwinds. The company reported robust earnings and raised its full-year guidance, driven by strong order momentum. A limited availability of new aircraft has led airlines to extend the life of older fleets, fueling increased demand for maintenance and aftermarket services, a segment in which General Electric holds a leading market position. Shares