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one of the leading biotech investors

SHAREHOLDER LETTER

Divergent biotech equity markets in 2022

The year 2022 saw volatile market conditions for global equity and bond markets, with substantial stepwise increases in central bank rates, led by the US Federal Reserve Bank. Flight from growth into value sectors and into diversified, large, profitable companies was a major theme for 2022. In the heterogenous biotechnology sector, large cap companies gained value throughout 2022 whereas pipeline-dependent small and mid cap companies experienced significant corrections.

Performance

BB BIOTECH (SIX)

CHF 55.20

31.12.2022

Share Price Performance YTD

-24.3%

Market capitalisation

CHF 3.1 bn

Net Asset Value (NAV)

CHF 49.00

BB BIOTECH (XETRA)

EUR 56.70

31.12.2022

Share Price Performance YTD

-19.0%

Market capitalisation

EUR 3.1 bn

Net Asset Value (NAV)

EUR 49.50

BB BIOTECH (STAR)

EUR 56.50

31.12.2022

Share Price Performance YTD

-19.6%

Market capitalisation

EUR 3.1 bn

Net Asset Value (NAV)

EUR 49.50

Video update
«We expect M&A activity to increase in the coming quarters.»

Large cap biotech stocks performed much better than small and mid caps last year. Will this development continue or is a change in sight? Will M&A activity increase again this year and which indications and technologies will be in particular focus? These and other questions are explored in the video update with Dr. Daniel Koller, Head of the Investment Management Team.

Biotech Outlook
2023: numerous catalysts for the biotech sector

Technological progress is the basis for the transformation of many disease areas, with mRNA, siRNA and ASO-based drugs playing a particularly important role. Antibody drug conjugates or gene therapies are also in the focus of interest, where important development steps are expected. Last but not least, M&A activities and partnerships are likely to increase.

ESG
Sustainability Report

Sustainability is an important factor in BB Biotech’s business strategy. It is a key component in ensuring our long-term success while creating added value for all our shareholders and other stakeholders. We seek to achieve growth while also taking into account the needs of the environment and society. As an investment company, we are in a position to promote sustainable development for the benefit of all our stakeholders.

Portfolio

Ionis Pharmaceuticals

11.0%

31.12.2022

Argenx SE

10.2%

31.12.2022

Neurocrine Biosciences

9.9%

31.12.2022

Moderna

8.2%

31.12.2022

Vertex Pharmaceuticals

8.1%

31.12.2022

Incyte

7.0%

31.12.2022

Alnylam Pharmaceuticals

6.4%

31.12.2022

Intra-Cellular Therapies

5.3%

31.12.2022

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Further information

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