# EDGAR Filing Document

**Accession Number:** 0001442756
**File Stem:** 0001442756-26-000001
**Filing Date:** 2026-2
**Character Count:** 12609
**Document Hash:** 2726d7495992d6a546e1e56c98ad6199
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001442756-26-000001.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001442756-26-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PFM Health Sciences, LP
- **CENTRAL INDEX KEY:** 0001442756

**ORGANIZATION NAME:**
- **EIN:** 262000428
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13169
- **FILM NUMBER:** 26641526

**BUSINESS ADDRESS:**
- **STREET 1:** 50 CALIFORNIA STREET
- **STREET 2:** SUITE 2650
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 415-281-1000

**MAIL ADDRESS:**
- **STREET 1:** 50 CALIFORNIA STREET
- **STREET 2:** SUITE 2650
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Partner Fund Management, L.P.
- **DATE OF NAME CHANGE:** 20080812

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** PFM Health Sciences LP<br>**Address:** 50 CALIFORNIA STREET<br>SUITE 2650<br>SAN FRANCISCO, CA 94111

**Form 13F File Number:** 028-13169

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Darren Mooney<br>**Title:** Chief Compliance Officer<br>**Phone:** 415-281-1000

**Signature, Place, and Date of Signing:**

/s/Darren Mooney  San Francisco, CA  02-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 78

**Form 13F Information Table Value Total:** $1003019673

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABIVAX SA | SPONSORED ADS | 00370M103 | BBG01JLQNZV9 | 4298908 | 31878 | SH |  | DFND |  | 0 | 31878 | 0 |
| ADMA BIOLOGICS INC | COM | 000899104 | BBG002NCK5N4 | 23181107 | 1270894 | SH |  | DFND |  | 0 | 1270894 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 | BBG001SCF1B9 | 6605770 | 42304 | SH |  | DFND |  | 0 | 42304 | 0 |
| AMNEAL PHARMACEUTICALS INC | COM STK CL A | 03168L105 | BBG00462PGH9 | 18465048 | 1465480 | SH |  | DFND |  | 0 | 1465480 | 0 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 | BBG00DP10YW1 | 1625352 | 134549 | SH |  | DFND |  | 0 | 134549 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 | BBG00GHB88Y8 | 3533672 | 4202 | SH |  | DFND |  | 0 | 4202 | 0 |
| ASCENDIS PHARMA A/S | NOTE 2.250% 4/0 | 04351PAD3 |  | 15134895 | 10655000 | PRN |  | DFND |  | 0 | 10655000 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 | BBG007R7VP72 | 37889549 | 177685 | SH |  | DFND |  | 0 | 177685 | 0 |
| AXSOME THERAPEUTICS INC | COM | 05464T104 | BBG00B6G7GM6 | 45945284 | 251562 | SH |  | DFND |  | 0 | 251562 | 0 |
| BELITE BIO INC | SPONSORED ADS | 07782B104 | BBG016LJYTW4 | 3170887 | 19823 | SH |  | DFND |  | 0 | 19823 | 0 |
| BILLIONTOONE INC | CL A | 090168105 | BBG00NR7JXV7 | 7164846 | 87547 | SH |  | DFND |  | 0 | 87547 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 | BBG00P9KDZL5 | 23444644 | 306506 | SH |  | DFND |  | 0 | 306506 | 0 |
| BRIGHTSPRING HEALTH SVCS INC | COM | 10950A106 | BBG0132WL2T0 | 4438761 | 118525 | SH |  | DFND |  | 0 | 118525 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 | BBG001S7PC34 | 12811076 | 62341 | SH |  | DFND |  | 0 | 62341 | 0 |
| CARIBOU BIOSCIENCES INC | COM | 142038108 | BBG008G28LH7 | 1522881 | 957787 | SH |  | DFND |  | 0 | 957787 | 0 |
| CELLDEX THERAPEUTICS INC NEW | COM NEW | 15117B202 | BBG001S7QN20 | 3616653 | 133161 | SH |  | DFND |  | 0 | 133161 | 0 |
| CENTENE CORP DEL | COM | 15135B101 | BBG001S6T7Q8 | 29851198 | 725424 | SH |  | DFND |  | 0 | 725424 | 0 |
| CENTENE CORP DEL | COM | 15135B101 | BBG001S6T7Q8 | 15320145 | 372300 | SH | Call | DFND |  | 0 | 372300 | 0 |
| CENTESSA PHARMACEUTICALS PLC | SPONSORED ADS | 152309100 | BBG01081FC68 | 14795941 | 591601 | SH |  | DFND |  | 0 | 591601 | 0 |
| CG ONCOLOGY INC | COM | 156944100 | BBG00YHKK4R2 | 6807910 | 163967 | SH |  | DFND |  | 0 | 163967 | 0 |
| COMPASS PATHWAYS PLC | SPONSORED ADS | 20451W101 | BBG00X0VY3F8 | 5379364 | 779618 | SH |  | DFND |  | 0 | 779618 | 0 |
| COOPER COS INC | COM | 216648501 | BBG001S5Q1H6 | 8261732 | 100802 | SH |  | DFND |  | 0 | 100802 | 0 |
| CULLINAN THERAPEUTICS INC | COM | 230031106 | BBG00HW2DGR3 | 2349481 | 227003 | SH |  | DFND |  | 0 | 227003 | 0 |
| CVS HEALTH CORP | COM | 126650100 | BBG001S5QBD8 | 8552389 | 107767 | SH |  | DFND |  | 0 | 107767 | 0 |
| DEXCOM INC | COM | 252131107 | BBG001SKZG99 | 15089684 | 227357 | SH |  | DFND |  | 0 | 227357 | 0 |
| DIANTHUS THERAPEUTICS INC | COM | 252828108 | BBG00FB2NQ15 | 4103527 | 99576 | SH |  | DFND |  | 0 | 99576 | 0 |
| DISC MEDICINE INC | COM | 254604101 | BBG00W9MJL04 | 873669 | 11002 | SH |  | DFND |  | 0 | 11002 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 | BBG001SF2288 | 21042684 | 246835 | SH |  | DFND |  | 0 | 246835 | 0 |
| ELANCO ANIMAL HEALTH INC | COM | 28414H103 | BBG00LJYS1R6 | 4691448 | 207311 | SH |  | DFND |  | 0 | 207311 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 73388823 | 68289 | SH |  | DFND |  | 0 | 68289 | 0 |
| FORTREA HLDGS INC | COMMON STOCK | 34965K107 | BBG01GZF9W47 | 2853823 | 165439 | SH |  | DFND |  | 0 | 165439 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG001S6Y1X7 | 8716749 | 71018 | SH |  | DFND |  | 0 | 71018 | 0 |
| GLAUKOS CORP | COM | 377322102 | BBG001T91NX8 | 22771237 | 201676 | SH |  | DFND |  | 0 | 201676 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 | BBG001T8NTY2 | 6473014 | 13865 | SH |  | DFND |  | 0 | 13865 | 0 |
| ICON PLC | SHS | G4705A100 | BBG001SDCL35 | 21016526 | 115336 | SH |  | DFND |  | 0 | 115336 | 0 |
| INDIVIOR PLC | ORD | G4766E116 | BBG003T4KGV1 | 12941737 | 360695 | SH |  | DFND |  | 0 | 360695 | 0 |
| INHIBRX BIOSCIENCES INC | COM | 45720N103 | BBG01MS5QB96 | 20975843 | 265517 | SH |  | DFND |  | 0 | 265517 | 0 |
| INTEGER HLDGS CORP | COM | 45826H109 | BBG001SFBS27 | 8359462 | 106585 | SH |  | DFND |  | 0 | 106585 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG001S7XR78 | 8727608 | 15410 | SH |  | DFND |  | 0 | 15410 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 | BBG00333FZ54 | 8532219 | 37852 | SH |  | DFND |  | 0 | 37852 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 | BBG001SNW8K1 | 8586870 | 50511 | SH |  | DFND |  | 0 | 50511 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 | BBG001SNKQ42 | 4226624 | 7258 | SH |  | DFND |  | 0 | 7258 | 0 |
| MBX BIOSCIENCES INC | COM | 55287L101 | BBG00W7W53N4 | 2501437 | 79310 | SH |  | DFND |  | 0 | 79310 | 0 |
| MEDLINE INC | COM CL A | 58507V107 | BBG01Y6779J5 | 3570000 | 85000 | SH |  | DFND |  | 0 | 85000 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 20537244 | 213796 | SH |  | DFND |  | 0 | 213796 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 19771407 | 187834 | SH |  | DFND |  | 0 | 187834 | 0 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 | BBG00ZXN1GR9 | 1728747 | 47637 | SH |  | DFND |  | 0 | 47637 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 | BBG001SKBQ20 | 3957059 | 22802 | SH |  | DFND |  | 0 | 22802 | 0 |
| NEOGENOMICS INC | COM NEW | 64049M209 | BBG001S9DSY4 | 19922040 | 1694051 | SH |  | DFND |  | 0 | 1694051 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 | BBG001S8W4X9 | 23146231 | 163197 | SH |  | DFND |  | 0 | 163197 | 0 |
| NEUROPACE INC | COM | 641288105 | BBG001V0SVB1 | 174920 | 11329 | SH |  | DFND |  | 0 | 11329 | 0 |
| OSCAR HEALTH INC | CL A | 687793109 | BBG00YMWFVT4 | 7182658 | 499837 | SH |  | DFND |  | 0 | 499837 | 0 |
| OUTSET MED INC | COM NEW | 690145206 | BBG0026ZJTR8 | 1969253 | 530796 | SH |  | DFND |  | 0 | 530796 | 0 |
| PENUMBRA INC | COM | 70975L107 | BBG001TRHPB0 | 45135116 | 145171 | SH |  | DFND |  | 0 | 145171 | 0 |
| PERSONALIS INC | COM | 71535D106 | BBG0027NWBS7 | 6414303 | 805817 | SH |  | DFND |  | 0 | 805817 | 0 |
| PRAXIS PRECISION MEDICINES I | COM NEW | 74006W207 | BBG00W9LF2H4 | 9184983 | 31163 | SH |  | DFND |  | 0 | 31163 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 | BBG00829F4Q7 | 12063231 | 151453 | SH |  | DFND |  | 0 | 151453 | 0 |
| REZOLUTE INC | COM NEW | 76200L309 | BBG001XWWJC0 | 486785 | 206265 | SH |  | DFND |  | 0 | 206265 | 0 |
| RHYTHM PHARMACEUTICALS INC | COM | 76243J105 | BBG007DLZ629 | 4304078 | 40210 | SH |  | DFND |  | 0 | 40210 | 0 |
| SANOFI SA | SPONSORED ADR | 80105N105 | BBG001S5W768 | 8548974 | 176413 | SH |  | DFND |  | 0 | 176413 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 | BBG0024L5B95 | 11477446 | 247893 | SH |  | DFND |  | 0 | 247893 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 | BBG01CBVHMQ6 | 4746648 | 68248 | SH |  | DFND |  | 0 | 68248 | 0 |
| STRYKER CORPORATION | COM | 863667101 | BBG001S8FR03 | 17872952 | 50852 | SH |  | DFND |  | 0 | 50852 | 0 |
| SYNDAX PHARMACEUTICALS INC | COM | 87164F105 | BBG001T92272 | 5104737 | 242967 | SH |  | DFND |  | 0 | 242967 | 0 |
| TARSUS PHARMACEUTICALS INC | COM | 87650L103 | BBG00RB9BNR6 | 2238435 | 27338 | SH |  | DFND |  | 0 | 27338 | 0 |
| TECTONIC THERAPEUTIC INC | COM | 878972108 | BBG00DJ4T7F9 | 891223 | 42724 | SH |  | DFND |  | 0 | 42724 | 0 |
| TELEFLEX INCORPORATED | COM | 879369106 | BBG001S5WNP2 | 12496286 | 102395 | SH |  | DFND |  | 0 | 102395 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 | BBG001S70FY0 | 79044258 | 397767 | SH |  | DFND |  | 0 | 397767 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG001S5WS08 | 21969847 | 37915 | SH |  | DFND |  | 0 | 37915 | 0 |
| TREACE MED CONCEPTS INC | COM | 89455T109 | BBG00GQKR6N3 | 122500 | 50000 | SH |  | DFND |  | 0 | 50000 | 0 |
| UNIQURE NV | SHS | N90064101 | BBG005SSJYG4 | 945211 | 39499 | SH |  | DFND |  | 0 | 39499 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 | BBG001S8RV10 | 33007777 | 67743 | SH |  | DFND |  | 0 | 67743 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 16683429 | 50539 | SH |  | DFND |  | 0 | 50539 | 0 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 | BBG001S6S976 | 12516310 | 57409 | SH |  | DFND |  | 0 | 57409 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 | BBG001TX0CB4 | 7252519 | 32489 | SH |  | DFND |  | 0 | 32489 | 0 |
| VERA THERAPEUTICS INC | CL A | 92337R101 | BBG00Q72WYH2 | 5453422 | 107690 | SH |  | DFND |  | 0 | 107690 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 | BBG006LGV887 | 6647472 | 188956 | SH |  | DFND |  | 0 | 188956 | 0 |
| WATERS CORP | COM | 941848103 | BBG001S8MDG9 | 16411695 | 43208 | SH |  | DFND |  | 0 | 43208 | 0 |

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