Investment ProfessionalsBB Biotech AG
ISIN-No.: CH0038389992
YTD: 6.21%
Active share: 78.16
Anzahl Positionen: 26
New innovative drugs and technologies are powering sustainable momentum in the biotech sector
Focus on profitable companies and small and mid-cap companies with strong pipelines
Attractive dividend policy; Dividend payment of 5% p.a.
Indexed performance (as at: 21.02.2025)
Share price: CHF 37.60 (20.02.2025)
NAV: CHF 42.90 (20.02.2025)
Rolling performance (21.02.2025)
| Share Price | NAV | Benchmark | |
| 20.02.2024 - 20.02.2025 | -19.46% | -2.48% | 7.98% |
| 20.02.2023 - 20.02.2024 | -9.77% | 2.15% | -1.13% |
| 18.02.2022 - 20.02.2023 | -7.33% | 6.34% | 8.65% |
| 18.02.2021 - 18.02.2022 | -23.72% | -34.55% | -20.53% |
Annualized performance (21.02.2025)
| Share Price | NAV | Benchmark | |
| 1 year | -19.46% | -2.48% | 7.98% |
| 3 years | -12.34% | 1.94% | 5.07% |
| 5 years | -5.95% | -1.58% | 2.47% |
| 10 years | 1.12% | 1.27% | 2.90% |
| Since Inception p.a. | 9.71% | 10.18% | 8.97% |
Cumulative performance (21.02.2025)
| Share Price | NAV | Benchmark | |
| 1M | -0.66% | -0.58% | 4.96% |
| YTD | 6.21% | 2.75% | 5.84% |
| 1 year | -19.46% | -2.48% | 7.98% |
| 3 years | -32.65% | 5.94% | 15.99% |
| 5 years | -26.40% | -7.66% | 12.97% |
| 10 years | 11.83% | 13.48% | 33.03% |
| Since Inception | 1'718.30% | 1'973.44% | 1'369.29% |
Annual performance
| Share Price | NAV | Benchmark | |
| 2024 | -13.53% | 2.97% | 7.56% |
| 2023 | -18.15% | -7.39% | -4.79% |
| 2022 | -24.29% | -11.00% | -9.09% |
| 2021 | 8.34% | -11.45% | 2.98% |
Facts & Key figures
Investment Focus
BB Biotech actively invests worldwide in fast growing companies developing and marketing innovative biotech drugs. At least 90% of its shareholdings must be in listed companies, while always holding more than 50% of its assets in equity investments. Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
| Investment Manager | Bellevue Asset Management AG |
| Custodian | Bank Julius Bär AG |
| Fund Administrator | Bellevue Asset Management AG |
| Auditor | Deloitte AG |
| Launch date | 09.11.1993 |
| Year end closing | 31. Dec |
| Management Fee | 1.10% |
| ISIN number | CH0038389992 |
| Valor number | 3838999 |
| Bloomberg | BION SW Equity |
| WKN | A0NFN3 |
Legal Information
| Legal form | Incorporate company |
| SFDR category | Article 8 |
Key data (31.01.2025, base currency CHF)
| Beta | 1.33 |
| Volatility | 31.97 |
| Tracking error | 14.73 |
| Active share | 78.16 |
| Correlation | 0.92 |
| Sharpe ratio | 0.25 |
| Information ratio | 0.22 |
| Jensen's alpha | 1.89 |
| No. of positions | 26 |
Portfolio as at 31.12.2024
Positions
Market capitalization
Breakdown by sector
Currency
Benefits & Risks
Benefits
- Unique opportunity for European investors to access the global biotech sector, a non-cyclical growth industry that is strongly supported by increasing demand, driven by demographic trends and life style changes.
- New innovative drugs and technologies are powering sustainable momentum in the biotech sector.
- Focus on a diversified portfolio of profitable companies as well as small and midcap companies with strong pipelines.
- Management Team with strong scientific and medical expertise. Renowned Board of Directors.
- Attractive dividend policy; Dividend payment of 5% p.a.
Risks
- BB Biotech actively invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
- Biotech equities can be subject to sudden substantial price movements owning to market, sector or company factors.
- BB Biotech invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- The price investors pay or receive, like other listed shares, is determined by supply and demand and may be at a discount or premium to the underlying net asset value of the Company.
- BB Biotech may take a leverage of up to 15%, which may lead to even higher price movements compared to the underlying market.
Review / Outlook
The investment management team attended the annual JP Morgan Healthcare Conference in San Francisco in early January. This was a great opportunity to meet with the management team of most of the portfolio companies as well as new potential investment candidates.
A big topic during the conference was Johnson & Johnson’s USD 14.6 bn acquisition of Intra-Cellular Therapies, one of BB Biotech’s core holdings. This transaction validates our investment thesis and underscores the ongoing need for innovation in neuropsychiatry.
On January 24, BB Biotech published consolidated figures (unaudited) for the fourth quarter 2024. BB Biotech AG reported gains in the fourth quarter of approximately CHF 60 mn which reflects the share price movement of the companies held in the portfolio.
On January 24, BB Biotech also announced that the Board of Directors will propose a regular dividend of CHF 1.80 per share at the annual general meeting on March 19 corresponding to 5% of the average share price of December 2024, consistent with the dividend policy introduced in 2013.
The complete annual report will be published on February 21 2025.
We have highlighted some of the latest news from our portfolio companies below.
Vertex (+14.6%, in USD) announced on January 30 that FDA has approved JOURNAVX™ (suzetrigine) for the treatment of adults with moderate-to-severe acute pain. JOURNAVX is an effective, well-tolerated medicine without evidence of addictive potential indicated for use across all types of moderate-to-severe acute pain.This marks an important milestone for Vertex and will be an important part of their commercial business going forward.
Intra-Cellular Therapies (+52.2%, in USD) announced on January 13 that they have entered into a definitive agreement under which Johnson & Johnson will acquire all outstanding shares of Intra-Cellular Therapies for USD 132.00 per share in cash for a total equity value of approximately USD 14.6 bn. The acquisition price represents a premium of approximately 40%. BB Biotech have been shareholders of Intra-Cellular for many years and made significant returns on this investment.
Sage Therapeutics (+33.5%, in USD) confirmed on January 10 that Biogen has submitted to the company an unsolicited, nonbinding proposal to acquire all of the outstanding shares of Sage Therapeutics not already owned by Biogen for USD 7.22 per share. The Board of Directors of Sage will carefully review and evaluate the proposal made by Biogen to determine the course of action that it believes is in the best interest of the company and ist shareholders.
We believe that 2025 will include multiple catalysts and positive momentum for the sector and for our portfolio companies, including product launches, important clinical trial results and M&A activity. The positive momentum in 2025 was highlighted by the acquisition of one of our core holdings, Intra-Cellular Therapies, by Johnson & Johnson. The transaction not only delivers a strong absolute and relative return but also enhances our ability to reinvest in new opportunities while maintaining sustainable shareholder returns through our dividend.
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