Substantial pipeline progress at several portfolio companies offsets rate-related market volatility

Global equity indices climbed to new record highs during the second quarter, driven by just a few mega tech stocks, but investors continued to shun the healthcare sector. BB Biotech’s shares closed the period 12.0% lower in CHF and 11.3% lower in EUR. A net loss of CHF 87 mn was incurred in the second quarter compared to a net loss of CHF 13 mn in the prior-year period. Nevertheless, a net profit of CHF 173 mn was generated during the first half of 2024 compared to a net loss of CHF 267 mn in the same period of 2023. BB Biotech expects strong news flow from many of its portfolio companies in the second half of the year. Many of its portfolio companies have been able to strengthen their financial position and have reached key milestones.