BB Biotech AG

The share price of BB Biotech increased by 9.6% in CHF in November, while the company’s net asset value (NAV) rose by 9.0% in USD. The Nasdaq Biotechnology Index (NBI) closed 8.5% higher in USD.

In November the biotech sector operated against a broadly stable macroeconomic backdrop. Healthcare equities continued to recover as the NBI extended its positive trend. Solid clinical progress and a constructive regulatory environment supported sentiment. Despite the recent rebound, valuations across healthcare remain near multi-year lows. The sector traded throughout the year at a historically large discount compared to global equities, and its weight in the S&P 500 was close to the lowest level in the past 20 years. These conditions create attractive entry opportunities for pharma and biotechnology, supported by cautious market expectations and a compelling long-term opportunity set.

The Jefferies London Healthcare Conference, held from 17 to 20 November in London, added further momentum. Management teams and investors highlighted the resilience of the innovation cycle, the steady pace of regulatory reviews and the strategic relevance of late-stage assets. Discussions underscored that high-quality clinical data, clear regulatory visibility and differentiated platforms remain the primary drivers of capital allocation. Strategic buyers continue to show selective interest in programs with well-defined value inflection points, reinforcing the constructive tone across the sector.

Overall, November was shaped by stable monetary policy settings in the US and Europe, active regulatory workflows and a concentrated flow of company updates during one of the industry’s key annual conferences. Against this backdrop, BB Biotech remains well positioned with a focused portfolio of innovative companies and continues to capture alpha from the sector’s improving fundamentals and sustained innovation momentum.

Selected highlights in November from BB Biotech’s portfolio companies:

Scholar Rock Holding (+49%, in USD) recorded a strong share price increase during the month following positive regulatory and clinical momentum for its muscle-targeted therapy platform. Investor optimism strengthened after the company reported further progress in its engagement with regulators and reaffirmed its expected timelines for the apitegromab submission process. The continued recognition of apitegromab’s phase III efficacy profile, combined with improving visibility on next steps, contributed to renewed confidence in the company’s outlook.

Ionis Pharmaceuticals (+11%, in USD) strengthened its position in neurology with positive pivotal results for zilganersen in Alexander disease. The trial demonstrated clinically meaningful improvements in functional mobility and supported plans for a US regulatory submission in early 2026. These data highlight the potential of Ionis’ antisense technology to deliver first-in-class treatments for severe neurodegenerative conditions and contributed to sustained investor interest.

Revolution Medicines (+32%, in USD) recorded a strong month, supported by continued confidence in its RAS-targeted oncology pipeline. Investors reacted positively to the company’s clinical progress across multiple RAS(ON) inhibitors as well as the visibility provided during the Jefferies London Healthcare Conference. The breadth and maturity of the development program remained a central focus, reinforcing the company’s position as one of the leading innovators in precision oncology.

Agios Pharmaceuticals (-32%, in USD) reported top-line results from its phase III study of mitapivat in sickle cell disease. The trial met one of its two co-primary endpoints by improving haemoglobin levels in patients aged 16 and older. However, it did not achieve a statistically significant reduction in vaso-occlusive pain crises, a key clinical outcome in this condition. The mixed efficacy profile led to a sharp decline in the share price, as investors reassessed the commercial potential of mitapivat in this broader indication.