BB Biotech AG

In July BB Biotech’s share price increased by 10.3% in CHF, and the Net Asset Value (NAV) increased by 8.7% in USD, while the Nasdaq Biotechnology Index (NBI) was up by 5.5% in USD.

We experienced more positive sentiment in the biotech sector in July and noted several positive updates from portfolio companies, including Argenx, one of BB Biotech’s core holdings, which significantly exceeded its Q2 expectations.

On July 25, BB Biotech published its results for H1 2025. After a turbulent start to the year, BB Biotech delivered a resilient Q2: its share price and NAV both outperformed the NBI, supported by key milestones across several portfolio companies. Strategic acquirers continued to pursue innovative assets. In June, Sanofi announced a USD 9.5 bn takeover bid for Blueprint Medicines, a new BB Biotech holding, highlighting how breakthrough science can attract meaningful premiums even in a cautious environment.

In April and May, the downward trend from Q1 continued. Macroeconomic concerns and a weakening USD (USD vs. CHF: –10.2% in Q2) pushed BB Biotech’s NAV to a new year-to-date low in CHF. In June, however, there was an equally dynamic recovery, supported by strong clinical trial data and Sanofi’s takeover offer for Blueprint Medicines. Market sentiment shifted from caution to guarded optimism. Negative news flow subsided, and fundamental factors came back into focus. In USD, NAV rose by 5.8%, outperforming the NBI by 5.9%. In CHF, however, this translated into a decline of 5.1%, and in EUR into a decline of 2.8%. Consequently, BB Biotech reported a net loss of CHF 100 mn for Q2, compared with a net loss of CHF 87 mn in the same quarter of the previous year. Improved market sentiment led to a reduction of the discount to NAV from 14.1% at the end of March to 10.5% at the end of June.

The full interim report of BB Biotech for Q2 2025 is available here: https://report.bbbiotech.ch/Q225/en/

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

Neurocrine Biosciences (+8.8%, in US dollars) announced positive Q2 results on July 30. Ingrezza net product sales for Q2 2025 were?USD 624 mn, reflecting 15% sequential growth over Q1 2025 and 8% growth yoy. Crenessity net product sales for Q2 2025 were?USD 53 mn?and included 664 total new patient enrollment start forms, reflecting strong patient demand, with 76% reimbursement coverage for dispensed scripts.

Ionis (+9.8%, in US dollars) announced positive Q2 results on July 30. Revenue doubled in Q2 2025 and increased nearly 70% in H1 compared to the same period last year, driven by the continued successful launch of Tryngolza and increased royalty and R&D revenue. Operating expenses increased by single digits in Q2 and H1 2025 compared to the same periods last year, primarily due to investments related to commercialization efforts for flagship programs within Ionis’s expanding late-stage pipeline.

Argenx (+26.5%, in US dollars) announced Q2 results on July 31 that significantly beat market expectations. Total operating income for Q1 and Q2 saw a substantial yoy increase, nearly doubling compared to the same periods in 2024. Product net sales of the company’s autoimmune disease therapies experienced strong growth and nearly doubled relative to the prior year, reflecting continued commercial momentum and successful market expansion.