IN BRIEF: Biotech Growth Trust underperforms against annual benchmark

Biotech Growth Trust PLC - London-based investor in global biotechnology companies - Net asset value per share at March 31, end of financial year, falls 34% to 957.8 pence from 1,446.4p a year ago. Nasdaq Biotechnology Index, its benchmark, fell 7.4% during period. Biotech Growth underperformed benchmark. "Following the very strong results of the previous year, this has been a difficult year for the company," says Chair Andrew Joy.

"The principal driver has been the very significant divergence in performance affecting all sectors, but particularly those with a technology base, including biotech, between large capitalisation stocks and smaller capitalisation ones. This represents a reversal in the long trend of recent decades," he adds.

For financial year 2022, firm records GBP206.0 million loss on fair value investments versus gains of GBP221.1 million a year ago. Regarding future outlook, "there are a number of potential catalysts that could lead to a recovery in the biotechnology sector this year and into the future," Biotech Growth adds.

Current stock price: 821.17 pence, up 1.4% on Wednesday

12-month change: down 39%

By Tom Budszus; tombudszus@alliancenews.com

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