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one of the leading biotech investors

SHAREHOLDER LETTER

US drug pricing legislation drives biotech business to adapt for further innovation

Financial markets remained volatile throughout the third quarter, and the healthcare sector was no exception. The US Inflation Reduction Act (IRA) signed into law in mid-August had an impact on biotech stocks. The IRA establishes a new framework for federal spending on prescription drugs but is not expected to jeopardize US leadership in medical innovation.

Performance

BB BIOTECH (SIX)

CHF 52.70

30.09.2022

Share Price Performance YTD

-27.7%

Market capitalisation

CHF 2.9 bn

Net Asset Value (NAV)

CHF 49.60

BB BIOTECH (XETRA)

EUR 54.30

30.09.2022

Share Price Performance YTD

-22.4%

Market capitalisation

EUR 3.0 bn

Net Asset Value (NAV)

EUR 51.30

BB BIOTECH (STAR)

EUR 54.30

30.09.2022

Share Price Performance YTD

-22.8%

Market capitalisation

EUR 3.0 bn

Net Asset Value (NAV)

EUR 51.30

Portfolio

Ionis Pharmaceuticals

13.3%

30.09.2022

Argenx SE

10.3%

30.09.2022

Neurocrine Biosciences

9.7%

30.09.2022

Vertex Pharmaceuticals

9.0%

30.09.2022

Alnylam Pharmaceuticals

6.0%

30.09.2022

Incyte

5.9%

30.09.2022

Moderna

5.8%

30.09.2022

Intra-Cellular Therapeutics

5.0%

30.09.2022

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