Continuing to outperform the benchmark

BB Biotech (BION) delivered strong 2025 results, with NAV increasing 26.5% (in Swiss franc terms), comfortably outperforming BION’s benchmark, the Nasdaq Biotech Index (NBI), which gained 16.6% over the same period. Performance was underpinned by the portfolio’s concentrated exposure to innovative mid-cap biotechs with differentiated pipelines, with five portfolio companies acquired by large pharmaceutical companies in the year, directly validating BION’s stock selection approach. The proposed dividend of CHF2.25 per share for 2025 also represents a 25% step-up on the prior year. The managers remain confident in the long-term outlook for the sector, with M&A activity expected to remain a structural performance driver as large pharmaceuti...