BB Biotech (BION) Q3 2025 earnings summary

Executive summary

• Achieved strong Q3 2025 results, with share price up 20.0% in CHF and NAV up 24.0%, both significantly outperforming the Nasdaq Biotechnology Index after a volatile first half and benefiting from improved macroeconomic conditions and sector momentum.

• Net profit for Q3 2025 reached CHF 448 mn, reversing a CHF 157 mn loss in Q3 2024, driven by operational execution, robust portfolio performance, M&A activity, and lower interest rates.

• Portfolio focused on high-conviction, mid-cap innovators, with active rotation and disciplined capital allocation; number of holdings reduced from 23 to 21.

• Included in the SPI ESG Index, reflecting commitment to responsible investing and governance.

• Portfolio companies delivered key clinical, regulatory, and commercial milestones, with Ionis Pharmaceuticals, Alnylam, and Revolution Medicines leading progress.

Financial highlights

• Net profit for the nine months ended September 30, 2025: CHF 106.4 mn, compared to CHF 75.9 mn in the prior year period.

• NAV at period end: CHF 2,307.1 mn; market capitalization: CHF 2,008.3 mn.

• Share price at period end: CHF 36.25 (EUR 38.50); NAV per share: CHF 41.85.

• Share price increased 20.0% in CHF, 20.1% in EUR, and 19.5% in USD compared to Q3 2024.

• NAV rose 24.0% in CHF and EUR, and 23.5% in USD, outperforming the NBI by 7.9 percentage points.

Outlook and guidance

• Macroeconomic backdrop improving with US Federal Reserve rate cuts and expectations for further easing in 2026.

• Portfolio positioned for upcoming regulatory approvals and late-stage clinical catalysts in Q4 2025 and 2026, especially in RNA-based medicines and rare diseases.

• Biotech valuations remain attractive, with fundamentals strengthening and capital conditions improving.