Strategic reallocation of portfolio assets progressing

In the third quarter of 2024, stock markets remained volatile. The recent rate cut by the US central bank has improved the market dynamics for the biotechnology sector because lower interest rates typically increase the flow of investment capital into growth sectors such as biotech. BB Biotech AG shares showed a return of –9.2.% in CHF and –6.7% in EUR for the third quarter of 2024. The portfolio’s total return during this period was –6.6% in CHF, –4.4% in EUR, and –0.6% in USD. BB Biotech closed the third quarter with a net loss of CHF 157 mn. At the nine-month mark, BB Biotech showed a net profit of CHF 16 mn compared to a net loss of CHF 316 mn in the first nine months of 2023. Gains on the sale of several portfolio investments enabled new investments in faster-growing companies with promising drugs and pipeline assets.