BB Biotech AG
New innovative drugs and technologies are powering sustainable momentum in the biotech sector
Focus on profitable companies and small and mid-cap companies with strong pipelines
Attractive dividend policy; Dividend payment of 5% p.a.
BB Biotech aims to achieve an average annual double-digit return over the long term, thus outperforming the broad market indices by a significant margin. BB Biotech invests worldwide in fast growing companies developing and marketing innovative biotech drugs.
Indexed performance (as at: 29.11.2023)
Share price: CHF 38.45 (28.11.2023)
NAV: CHF 38.20 (28.11.2023)
Rolling performance (28.11.2023)
|28.11.2022 - 28.11.2023||-31.36%||-20.75%||-16.27%|
|26.11.2021 - 28.11.2022||-19.69%||-9.98%||-9.17%|
|27.11.2020 - 26.11.2021||17.79%||-3.04%||9.60%|
|28.11.2019 - 27.11.2020||7.57%||12.73%||9.49%|
Annualized performance (28.11.2023)
|Since Inception p.a.||10.06%||10.03%||8.53%|
Cumulative performance (28.11.2023)
Facts & Key figures
BB Biotech invests worldwide in fast growing companies developing and marketing innovative biotech drugs. At least 90% of its shareholdings must be in listed companies, while always holding more than 50% of its assets in equity investments. The target portfolio of BB Biotech will generally consist of 20 to 35 participations. Large positions will be taken in five to eight companies, the top holdings. Together they will account for no more than two-thirds of the portfolio and no single position will have a weighting greater than 25% of portfolio investments. Due to their substantial portfolio weighting, the top holdings should be generating both revenues and income. The portfolio’s smaller participations are companies with promising drug candidates in their R&D pipelines. Investments are selected according to a thorough, multi-level due diligence process, with a particular focus placed on the analysis of financial parameters, the respective competitive environment, the development pipeline, the patent portfolio, and end-client perception. ESG factors are taken into consideration while implementing the aforementioned investment objectives.Show moreShow less
Investment suitability & Risk
|Investment Manager||Bellevue Asset Management AG|
|Custodian||Bank Julius Bär AG|
|Fund Administrator||Bellevue Asset Management AG|
|Year end closing||31. Dec|
|Bloomberg||BION SW Equity|
|Legal form||Incorporate company|
|SFDR category||Article 8|
Key data (31.10.2023, base currency CHF)
|No. of positions||29|
Portfolio as at 30.09.2023
Breakdown by sector
Benefits & Risks
- Unique opportunity for European investors to access the global biotech sector, a non-cyclical growth industry that is strongly supported by increasing demand, driven by demographic trends and life style changes.
- New innovative drugs and technologies are powering sustainable momentum in the biotech sector.
- Focus on a diversified portfolio of profitable companies as well as small and midcap companies with strong pipelines.
- Management Team with strong scientific and medical expertise. Renowned Board of Directors.
- Attractive dividend policy; Dividend payment of 5% p.a.
- BB Biotech invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
- Biotech equities can be subject to sudden substantial price movements owning to market, sector or company factors.
- BB Biotech invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- The price investors pay or receive, like other listed shares, is determined by supply and demand and may be at a discount or premium to the underlying net asset value of the Company.
- BB Biotech may take a leverage of up to 15%, which may lead to even higher price movements compared to the underlying market.
Review / Outlook
BB Biotech reported its third quarter results on October 20 showing a net loss for the period ending on September 30 2023 of CHF 316 mn, compared to a net loss of CHF 323 mn during the same period in 2022. The continued careful positioning of the investment management team was maintained during the third quarter and no major changes were made to the portfolio. In addition to slight profit-taking on larger positions in the portfolio, BB Biotech participated in the USD 40 mn private placement of Molecular Templates offering in mid-July, allowing the company to fund its pipeline into 2024. Furthermore the investment management team increased their stake in Relay, Celldex, Macrogenics and Sage in the open market in the third quarter. The full third quarter announcement can be read on www.bbbiotech.com.
Please find below selected highlights from a few of BB Biotech´s portfolio companies:
Revolution Medicine (-28.5%, in USD) announced on October 13 encouraging preliminary clinical data for RMC-6236 and RMC-6291 from the respective Phase I/Ib studies. On October 22 the company announced promising anti-tumor and safety data for RMC-6236, its RAS inhibitor, in patients with previously treated the non-small cell lung cancer and pancreatic ductal adenocarcinoma across several dose levels and KRAS genotypes.
Alnylam (-14.3%, in USD) announced on October 9 that the FDA has issued a complete response letter in response to the company’s supplemental new drug application for patisiran for the treatment of the cardiomyopathy of transthyretin-mediated amyloidosis (ATTR-CM). The complete response letter indicated that clinical meaningfulness of patisiran’s treatment effects for AATR-CM had not been established, and therefore, the new drug application for patisiran could not be approved in its present form.
Neurocrine Biosciences (-1.4%, in USD) announced on October 5 positive topline data from the phase III CAHtalyst Pediatric Study evalutating the efficacy, safety, and tolerability of crinecerfont in children and adolescents with classic congenital adrenal hyperplasia (CAH) due to 21-hydroxylase deficiency.
Past performance is not a reliable indicator of future results and can be misleading. Changes in the rate of exchange may have an adverse effect on prices and incomes. All performance figures reflect the reinvestment of dividends and do not take into account the commissions and costs incurred on the issue and redemption of shares, if any. The reference benchmark is used for performance comparison purposes only (dividend reinvested). No benchmark is directly identical to the investment company, thus the performance of a benchmark is not a reliable indicator of future performance of BB Biotech it is compared to. There can be no assurance that a return will be achieved or that a substantial loss of capital will not be incurred.Show moreShow less