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one of the leading biotech investors

SHAREHOLDER LETTER

BB Biotech Q3 2025: Portfolio outperformance amid early signs of sector recovery

After a volatile first half, BB Biotech delivered a strong third quarter. Our share price and NAV outpaced the Nasdaq Biotechnology Index (NBI), while a sequence of clinical, regulatory, and M&A milestones reinforced the momentum building across the biotechnology sector.

Performance

BB BIOTECH (SIX)

CHF 36.25

30.09.2025

Share Price Performance YTD

8.2%

Market capitalisation

CHF 2.0 bn

Net Asset Value (NAV)

CHF 41.85

BB BIOTECH (XETRA)

EUR 38.50

30.09.2025

Share Price Performance YTD

8.6%

Market capitalisation

EUR 2.1 bn

Net Asset Value (NAV)

EUR 44.75

Portfolio

Ionis Pharmaceuticals

14.6%

30.09.2025

Argenx SE

14.1%

30.09.2025

Revolution Medicines

9.3%

30.09.2025

Neurocrine Biosciences

8.8%

30.09.2025

Alnylam Pharmaceuticals

7.1%

30.09.2025

Vertex Pharmaceuticals

6.4%

30.09.2025

Agios Pharmaceuticals

5.3%

30.09.2025

Incyte

4.4%

30.09.2025

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