| BB Biotech AG | |
| Type: | Aktiengesellschaft |
| Traded As: | [1] [2] [3] |
| Foundation: | [4] |
| Location: | Schaffhausen, Switzerland[5] |
| Key People: | Erich Hunziker (Chairman)[6] |
| Industry: | Investments |
| Products: | Investment in biotechnology companies |
| Net Income: | CHF - 357 million(2022)[7] |
| Assets: | CHF 2.578 billion(2022) |
| Homepage: | www.bbbiotech.ch |
BB Biotech AG is a Swiss investment company in the field of biotechnology. Since 1993 it is listed on the SIX Swiss Exchange, since 1997 on the German TecDAX and from 2000 to 2023[8] on the Italian Borsa Italiana.[9] The company invests mainly in the United States and Western Europe[10] and is managed by Bellevue Asset Management, a division of Bellevue Group[11] which accounts for approximately 40% of the Group's assets under management.[12]
As a closed-end fund, with its principal activity of specialised investments in companies operating in biotech sector,[13] [14] BB Biotech is the oldest-established[12] and largest entity of its kind.[11] [15]
BB Biotech's investment strategy covers a long-term time horizon and targets biotechnology firms with either already established products in the marketplace[16] or promising drug candidates in advanced development stages.[17]
Aiming exclusively at human therapeutic companies, the company rules out med-tech, diagnostics and other similar activities[12] and further concentrates on firms developing therapeutic products[13] involving cell, gene and particularly RNA-based technologies.[12]
In contrast to other biotech specialists or hedge funds, Biotech as a long-only investor, does not need to rely on financial instruments to reduce individual stock or market risk.[12]
Primary geographic focus lies on small-to-mid-cap biotech companies headquartered in Western Europe[18] or the United States market[19] as a domicile for the majority of the world’s biotechnology companies,[20] or those listed on Nasdaq.[12]
While benchmarked against the Nasdaq Biotech index (in CHF),[21] [22] the company uses a bottom-up approach[17] based on the fundamental analysis.[12] Its portfolio comprises around 35 companies[14] and includes holdings in Ionis Pharmaceuticals, Moderna, Neurocrine Biosciences, Argenx, Incyte, Vertex Pharmaceuticals, Alexion Pharmaceuticals, Arvinas, Fate Therapeutics, Agios Pharmaceuticals and Halozyme Therapeutics.[23]
Over the decade leading to 2020, it consistently met its own aim to deliver 15% of annual growth in capital[12] including a 5% dividend per year.[11]
BB Biotech AG mainly invests in the fields of oncology, cardiovascular diseases, metabolic diseases, infectious diseases and autoimmune diseases.[14]
The six core investments in the BB Biotech portfolio as of June 30, 2023 included Ionis Pharmaceuticals (13.3%), Argenx (11.7%), Vertex (10.4%), Neurocrine Biosciences (8.5%), Intra-Cellular Therapies (6.9%) and Moderna (6.2%).[24]
Company figures are as follows:[25] [26]
| (figures in millions CHF) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|
| Profit/(Loss) | (356)[27] | (405) | 691 | 677 | (471) | 687 | (802) | 653 | |
| Net asset value | 2'686 | 3'283 | 3'888 | 3'393 | 2'885 | 3'539 | 3'003 | 3'978 | |
| Market capitalization | 3'058 | 4’274 | 4108[28] [29] | 3'670 | 3'235 | 3'576 | 3'053 | 3'463 |