- Nachrichtendetail
-
26.04.2024 07:00:30 - dpa-AFX: EQS-News: BB Biotech presents solid first-quarter results; biotech stock market impacted by shifting views on interest rates (english)
BB Biotech presents solid first-quarter results; biotech stock market
impacted by shifting views on interest rates
EQS-News: BB BIOTECH AG / Key word(s): Interim Report
BB Biotech presents solid first-quarter results; biotech stock market
impacted by shifting views on interest rates
26.04.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Media release as at April 26, 2024
Portfolio of BB Biotech AG as at March 31, 2024
BB Biotech presents solid first-quarter results; biotech stock market
impacted by shifting views on interest rates
Investor sentiment in the biotech space continues to be shaped by the
general interest rate environment. Biotechnology stocks traded higher early
in the year before retreating on worries of tighter monetary policy from the
Federal Reserve. Nevertheless, for BB Biotech investors, the first quarter
of 2024 ended with a pleasing performance of 11.3% in CHF and 7.6% in EUR
including the dividend payout of CHF 2.00 per share. The portfolio's total
return (NAV) stood at 11.2% in CHF, 6.3% in EUR, and 3.8% in USD, which was
slightly ahead of BB Biotech's benchmark. BB Biotech's performance was
boosted by a weaker Swiss franc versus the US dollar. Net profit for the
first quarter of 2024 amounted to CHF 260 mn (net loss of CHF 254 mn in
prior-year quarter). The investment level of 114.1% is at the high end of
the defined range, which reflects the investment management team's
optimistic outlook for the sector.
Equity markets climbed to new record highs during the first quarter of 2024.
The healthcare sector as a whole ended the quarter in positive territory,
bolstered by solid earnings announcements and the sustained momentum of
companies leading the fight against the obesity epidemic. The biotechnology
sector was unable to keep pace with the broader healthcare sector due to
concerns that monetary policy would not be eased as early as expected. This
underperformance was slightly offset by several smaller M&A transactions and
the ongoing recovery by small caps from their lows of last year.
The BB Biotech share achieved a positive quarterly return of 11.3% in CHF
and 7.6% in EUR, inclusive of a dividend payment of CHF 2.00 per share. The
portfolio's total return was 11.2% in CHF, 6.3% in EUR, and 3.8% in USD,
surpassing the NBI Index. The devaluation of the Swiss franc gave the
portfolio a strong boost in the first quarter of 2024. Net gain for the
first quarter of 2024 amounted to CHF 260 mn, a stark contrast to a net loss
of CHF 254 mn during the same period in 2023.
At the Annual General Meeting Dr. Thomas von Planta was elected as the new
Chairman of the Board of Directors, taking over from Dr. Erich Hunziker, who
after 13 years opted not to seek re-election. Camilla Soenderby was elected
as a new member of the Board. The shareholders also re-elected existing
Board members Dr. Clive Meanwell, Laura Hamill, Dr. Pearl Huang, and Prof.
Dr. Mads Krogsgaard Thomsen for another one-year term.
First-quarter portfolio activity
In the first quarter, portfolio adjustments primarily involved capitalizing
on gains from larger, established long-term holdings. Profit-taking
activities targeted mid-to-larger entities such as Vertex, Argenx, Ionis,
Intra-Cellular, Moderna, and Neurocrine, alongside minor tactical sales,
generating a substantial cash influx of USD 166 mn. The quarter's capital
expenditures included CHF 110 mn for dividend payouts and USD 70 mn for
bolstering existing smaller positions and establishing a new stake in
Annexon. Annexon, a clinical-stage company focused on developing therapeutic
candidates aimed at the complement system to tackle severe autoimmune
disorders. BB Biotech engaged in capital increases for Celldex and Esperion.
Further portfolio enhancements involved additions to Sage and Generation
Bio, and profits from Crispr Therapeutics were reallocated to Beam
Therapeutics.
Portfolio milestones for the first quarter 2024
Biotech markets remained volatile during the first quarter of 2024. Large
portfolio positions such as Alnylam and Ionis lost value due to delays in
major clinical trial readouts. Alnylam pushed back the publication of
results from its HELIOS B trial of vutrisiran, which was met with mixed
reactions. Similarly, Intra-Cellular Therapies shares were marked down after
the company postponed the publication of data from its Phase III trial of
Caplyta in major depressive disorder to April. The company finally announced
positive Phase III topline results on April 16, which led to a recovery of
the short-term share price losses.
On the other hand, several smaller positions in the portfolio recovered from
their previous lows as they reported further progress towards significant
milestones. Portfolio positions that are trading at a steep discount still
offer considerable upside. One example here is Macrogenics, which made a
positive contribution to the increase in NAV during the first quarter of
2024. It will soon publish pivotal Phase II data for vobra duo, an
anti-B7-H3 ADC currently being evaluated in patients with prostate cancer.
There were also product approvals and label expansions during the period
under review. Casgevy was approved in the US for the treatment of
transfusion-dependent beta-thalassemia, for example, and Vyvgart's label in
Japan was expanded to include primary immune thrombocytopenia.
Outlook for the remainder of 2024
Central bank interest rate decisions continue to be a pivotal short-term
factor influencing biotech investments. As demonstrated in the first
quarter, any adjustment in the timelines and extent of potential rate cuts
significantly affects valuations, especially for small and mid cap companies
poised to invest heavily in drug development, with revenues and profits
anticipated only a few years down the line, assuming everything proceeds as
planned.
Despite the challenging environment, the companies in BB Biotech's portfolio
are very sound and they continue to make good progress. Significant news
flow is expected over the course of the year: Alnylam will publish Phase III
HELIOS-B results for vutrisiran in TTR cardiomyopathy patients. Agios is
expected to publish ENERGIZE-T results for Pyrukynd in transfusion-dependent
alpha- and beta-thalassemia patients. Macrogenics will give an update on its
Phase II TAMARACK trial of vobra duo in metastatic castration-resistant
prostate cancer patients. Revolution Medicines is expected to publish data
on RMC-6236, a multi KRAS inhibitor. Moderna's RSV vaccine mRNA-1345 should
be granted approval during the second quarter of 2024, in time for the start
of the fall vaccination season.
The US healthcare system's focus on cost control, particularly with the
implementation of the Inflation Reduction Act (IRA), will become more
pronounced in fall 2024 as the negotiated discounts for the first ten drugs
set for discounting in 2026/27 are announced. Additionally, with the US
presidential election approaching, new healthcare proposals are expected to
emerge.
Capital market conditions for biotech companies with attractive product
pipelines have improved. Funding activity by pipeline companies that have
made significant progress on the R&D front has increased, for example. After
the challenges of the post-pandemic years, investors are once again willing
to support pipeline companies, enabling them to pursue their development
independently. While activity in the secondary market has already picked up,
there have been few biotech IPOs so far this year.
The interim report as at March 31, 2024, is available under
report.bbbiotech.ch/Q124 or www.bbbiotech.com.
For further information:
Investor Relations
Bellevue Asset Management AG, Seestrasse 16, 8700 Küsnacht, Switzerland,
tel. +41 44 267 67 00
Dr. Silvia Siegfried-Schanz, ssc@bellevue.ch
Maria-Grazia Alderuccio, mga@bellevue.ch
Claude Mikkelsen, cmi@bellevue.ch
Media Relations
Bellevue Asset Management AG, Seestrasse 16, 8700 Küsnacht, Switzerland,
tel. +41 44 267 67 00
Tanja Chicherio, tch@bellevue.ch
TE Communications AG, St. Leonhard-Strasse 45, 9001 St. Gallen, Switzerland,
tel. +41 79 423 22 28
Thomas Egger, teg@te-communications.ch
www.bbbiotech.com
Company profile
BB Biotech AG is an investment company with its registered office in
Schaffhausen/Switzerland and listed on the Swiss and German stock exchanges.
It has invested in innovative drug developers headquartered primarily in the
US and Western Europe. BB Biotech is one of the world's largest investors in
this sector. The competent Board of Directors with its long-standing
experience set the investment strategy and guidelines. Investment decisions
are taken by the experienced investment management team of Bellevue Asset
Management AG based on their extensive investment research.
Disclaimer
This release contains forward-looking statements and expectations as well as
assessments, beliefs and assumptions. Such statements are based on the
current expectations of BB Biotech, its directors and officers, and are,
therefore, subject to risks and uncertainties that may change over time. As
actual developments may significantly differ, BB Biotech and its directors
and officers accept no responsibility in that regard. All forward-looking
statements included in this release are made only as of the date of this
release and BB Biotech and its directors and officers assume no obligation
to update any forward-looking statements as a result of new information,
future events or other factors.
Composition of BB Biotech's portfolio as at March 31, 2024
(in % of securities, rounded values)
Radius Health - CVR 0.0%
Total securities CHF 2 822.2 mn
Net Asset Value CHF 2 474.0 mn
1) Unlisted company
---------------------------------------------------------------------------
26.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1889677 26.04.2024 CET/CEST
impacted by shifting views on interest rates
EQS-News: BB BIOTECH AG / Key word(s): Interim Report
BB Biotech presents solid first-quarter results; biotech stock market
impacted by shifting views on interest rates
26.04.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Media release as at April 26, 2024
Portfolio of BB Biotech AG as at March 31, 2024
BB Biotech presents solid first-quarter results; biotech stock market
impacted by shifting views on interest rates
Investor sentiment in the biotech space continues to be shaped by the
general interest rate environment. Biotechnology stocks traded higher early
in the year before retreating on worries of tighter monetary policy from the
Federal Reserve. Nevertheless, for BB Biotech investors, the first quarter
of 2024 ended with a pleasing performance of 11.3% in CHF and 7.6% in EUR
including the dividend payout of CHF 2.00 per share. The portfolio's total
return (NAV) stood at 11.2% in CHF, 6.3% in EUR, and 3.8% in USD, which was
slightly ahead of BB Biotech's benchmark. BB Biotech's performance was
boosted by a weaker Swiss franc versus the US dollar. Net profit for the
first quarter of 2024 amounted to CHF 260 mn (net loss of CHF 254 mn in
prior-year quarter). The investment level of 114.1% is at the high end of
the defined range, which reflects the investment management team's
optimistic outlook for the sector.
Equity markets climbed to new record highs during the first quarter of 2024.
The healthcare sector as a whole ended the quarter in positive territory,
bolstered by solid earnings announcements and the sustained momentum of
companies leading the fight against the obesity epidemic. The biotechnology
sector was unable to keep pace with the broader healthcare sector due to
concerns that monetary policy would not be eased as early as expected. This
underperformance was slightly offset by several smaller M&A transactions and
the ongoing recovery by small caps from their lows of last year.
The BB Biotech share achieved a positive quarterly return of 11.3% in CHF
and 7.6% in EUR, inclusive of a dividend payment of CHF 2.00 per share. The
portfolio's total return was 11.2% in CHF, 6.3% in EUR, and 3.8% in USD,
surpassing the NBI Index. The devaluation of the Swiss franc gave the
portfolio a strong boost in the first quarter of 2024. Net gain for the
first quarter of 2024 amounted to CHF 260 mn, a stark contrast to a net loss
of CHF 254 mn during the same period in 2023.
At the Annual General Meeting Dr. Thomas von Planta was elected as the new
Chairman of the Board of Directors, taking over from Dr. Erich Hunziker, who
after 13 years opted not to seek re-election. Camilla Soenderby was elected
as a new member of the Board. The shareholders also re-elected existing
Board members Dr. Clive Meanwell, Laura Hamill, Dr. Pearl Huang, and Prof.
Dr. Mads Krogsgaard Thomsen for another one-year term.
First-quarter portfolio activity
In the first quarter, portfolio adjustments primarily involved capitalizing
on gains from larger, established long-term holdings. Profit-taking
activities targeted mid-to-larger entities such as Vertex, Argenx, Ionis,
Intra-Cellular, Moderna, and Neurocrine, alongside minor tactical sales,
generating a substantial cash influx of USD 166 mn. The quarter's capital
expenditures included CHF 110 mn for dividend payouts and USD 70 mn for
bolstering existing smaller positions and establishing a new stake in
Annexon. Annexon, a clinical-stage company focused on developing therapeutic
candidates aimed at the complement system to tackle severe autoimmune
disorders. BB Biotech engaged in capital increases for Celldex and Esperion.
Further portfolio enhancements involved additions to Sage and Generation
Bio, and profits from Crispr Therapeutics were reallocated to Beam
Therapeutics.
Portfolio milestones for the first quarter 2024
Biotech markets remained volatile during the first quarter of 2024. Large
portfolio positions such as Alnylam and Ionis lost value due to delays in
major clinical trial readouts. Alnylam pushed back the publication of
results from its HELIOS B trial of vutrisiran, which was met with mixed
reactions. Similarly, Intra-Cellular Therapies shares were marked down after
the company postponed the publication of data from its Phase III trial of
Caplyta in major depressive disorder to April. The company finally announced
positive Phase III topline results on April 16, which led to a recovery of
the short-term share price losses.
On the other hand, several smaller positions in the portfolio recovered from
their previous lows as they reported further progress towards significant
milestones. Portfolio positions that are trading at a steep discount still
offer considerable upside. One example here is Macrogenics, which made a
positive contribution to the increase in NAV during the first quarter of
2024. It will soon publish pivotal Phase II data for vobra duo, an
anti-B7-H3 ADC currently being evaluated in patients with prostate cancer.
There were also product approvals and label expansions during the period
under review. Casgevy was approved in the US for the treatment of
transfusion-dependent beta-thalassemia, for example, and Vyvgart's label in
Japan was expanded to include primary immune thrombocytopenia.
Outlook for the remainder of 2024
Central bank interest rate decisions continue to be a pivotal short-term
factor influencing biotech investments. As demonstrated in the first
quarter, any adjustment in the timelines and extent of potential rate cuts
significantly affects valuations, especially for small and mid cap companies
poised to invest heavily in drug development, with revenues and profits
anticipated only a few years down the line, assuming everything proceeds as
planned.
Despite the challenging environment, the companies in BB Biotech's portfolio
are very sound and they continue to make good progress. Significant news
flow is expected over the course of the year: Alnylam will publish Phase III
HELIOS-B results for vutrisiran in TTR cardiomyopathy patients. Agios is
expected to publish ENERGIZE-T results for Pyrukynd in transfusion-dependent
alpha- and beta-thalassemia patients. Macrogenics will give an update on its
Phase II TAMARACK trial of vobra duo in metastatic castration-resistant
prostate cancer patients. Revolution Medicines is expected to publish data
on RMC-6236, a multi KRAS inhibitor. Moderna's RSV vaccine mRNA-1345 should
be granted approval during the second quarter of 2024, in time for the start
of the fall vaccination season.
The US healthcare system's focus on cost control, particularly with the
implementation of the Inflation Reduction Act (IRA), will become more
pronounced in fall 2024 as the negotiated discounts for the first ten drugs
set for discounting in 2026/27 are announced. Additionally, with the US
presidential election approaching, new healthcare proposals are expected to
emerge.
Capital market conditions for biotech companies with attractive product
pipelines have improved. Funding activity by pipeline companies that have
made significant progress on the R&D front has increased, for example. After
the challenges of the post-pandemic years, investors are once again willing
to support pipeline companies, enabling them to pursue their development
independently. While activity in the secondary market has already picked up,
there have been few biotech IPOs so far this year.
The interim report as at March 31, 2024, is available under
report.bbbiotech.ch/Q124 or www.bbbiotech.com.
For further information:
Investor Relations
Bellevue Asset Management AG, Seestrasse 16, 8700 Küsnacht, Switzerland,
tel. +41 44 267 67 00
Dr. Silvia Siegfried-Schanz, ssc@bellevue.ch
Maria-Grazia Alderuccio, mga@bellevue.ch
Claude Mikkelsen, cmi@bellevue.ch
Media Relations
Bellevue Asset Management AG, Seestrasse 16, 8700 Küsnacht, Switzerland,
tel. +41 44 267 67 00
Tanja Chicherio, tch@bellevue.ch
TE Communications AG, St. Leonhard-Strasse 45, 9001 St. Gallen, Switzerland,
tel. +41 79 423 22 28
Thomas Egger, teg@te-communications.ch
www.bbbiotech.com
Company profile
BB Biotech AG is an investment company with its registered office in
Schaffhausen/Switzerland and listed on the Swiss and German stock exchanges.
It has invested in innovative drug developers headquartered primarily in the
US and Western Europe. BB Biotech is one of the world's largest investors in
this sector. The competent Board of Directors with its long-standing
experience set the investment strategy and guidelines. Investment decisions
are taken by the experienced investment management team of Bellevue Asset
Management AG based on their extensive investment research.
Disclaimer
This release contains forward-looking statements and expectations as well as
assessments, beliefs and assumptions. Such statements are based on the
current expectations of BB Biotech, its directors and officers, and are,
therefore, subject to risks and uncertainties that may change over time. As
actual developments may significantly differ, BB Biotech and its directors
and officers accept no responsibility in that regard. All forward-looking
statements included in this release are made only as of the date of this
release and BB Biotech and its directors and officers assume no obligation
to update any forward-looking statements as a result of new information,
future events or other factors.
Composition of BB Biotech's portfolio as at March 31, 2024
(in % of securities, rounded values)
Ionis Pharmaceuticals 11.4%
Argenx SE 9.7%
Neurocrine Biosciences 9.0%
Vertex Pharmaceuticals 7.7%
Intra-Cellular Therapies 6.2%
Moderna 5.8%
Revolution Medicines 5.2%
Macrogenics 4.7%
Alnylam Pharmaceuticals 4.3%
Incyte 3.9%
Celldex Therapeutics 3.7%
Agios Pharmaceuticals 3.7%
Arvinas 3.1%
Sage Therapeutics 2.7%
Essa Pharma 2.1%
Biohaven 2.0%
Immunocore 2.0%
Relay Therapeutics 1.6%
Exelixis 1.4%
Black Diamond Therapeutics 1.4%
Crispr Therapeutics 1.3%
Beam Therapeutics 1.3%
Scholar Rock Holding 1.2%
Fate Therapeutics 1.1%
Esperion Therapeutics 0.9%
Wave Life Sciences 0.8%
Rivus Pharmaceuticals1) 0.6%
Generation Bio Co. 0.5%
Annexon 0.5%
Molecular Templates 0.1%
Radius Health - CVR 0.0%
Total securities CHF 2 822.2 mn
Other assets CHF 5.8 mn
Other payables CHF (354.0) mn
Net Asset Value CHF 2 474.0 mn
1) Unlisted company
---------------------------------------------------------------------------
26.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: BB BIOTECH AG
Schwertstrasse 6
8200 Schaffhausen
Switzerland
Phone: +41 52 624 08 45
E-mail: info@bbbiotech.com
Internet: www.bbbiotech.ch
ISIN: CH0038389992
WKN: A0NFN3
Listed: Regulated Market in Frankfurt (Prime Standard);
Mailand, SIX
EQS News ID: 1889677
End of News EQS News Service
---------------------------------------------------------------------------
1889677 26.04.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
BB BIOTECH NAM. SF 0,20 | A0NFN3 | Frankfurt | 40,350 | 29.05.24 16:35:05 | -0,700 | -1,71% | 39,900 | 40,950 | 40,500 | 41,050 |
