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one of the leading biotech investors

SHAREHOLDER LETTER

2024: navigating challenges and seizing opportunities

2024 marked the early stages of biotech’s structural recovery. Investor focus is shifting back to fundamentals, with clinical and regulatory progress driving renewed momentum. Broader sector tailwinds fueled benchmark performance and a NAV gain in the final quarter of the year, positioning the portfolio for continued growth in 2025.

Performance

BB BIOTECH (SIX)

CHF 35.40

31.12.2024

Share Price Performance YTD

-13.5%

Market capitalisation

CHF 2.0 bn

Net Asset Value (NAV)

CHF 41.75

BB BIOTECH (XETRA)

EUR 37.45

31.12.2024

Share Price Performance YTD

-14.1%

Market capitalisation

EUR 2.1 bn

Net Asset Value (NAV)

EUR 44.40

Portfolio Update 2024
Substantial fundamental progress in the portfolio throughout 2024

In 2024, BB Biotech’s portfolio advanced through critical clinical and regulatory milestones, reflecting both opportunities and challenges. The final quarter brought particularly strong performance from smaller positions, reinforcing confidence in the long-term investment strategy.

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

Argenx SE

13.7%

31.12.2024

Ionis Pharmaceuticals

10.3%

31.12.2024

Neurocrine Biosciences

9.4%

31.12.2024

Intra-Cellular Therapies

7.6%

31.12.2024

Revolution Medicines

7.2%

31.12.2024

Vertex Pharmaceuticals

7.2%

31.12.2024

Alnylam Pharmaceuticals

6.7%

31.12.2024

Incyte

5.6%

31.12.2024

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