BB Biotech reports a loss for the first three months of 2023

BB Biotech AG (SWX: BION) ended 3.0% down on Friday after reporting a loss for the first three months of 2023.

BB Biotech’s loss narrowed year-on-year

The investment firm that focuses exclusively on biotechnology says it lost CHF 254 million ($284.45 million) in the first quarter.

In the same period last year, though, it had reported an even bigger CHF 300 million of loss. The Swiss company said in its letter to shareholders:

BB Biotech ended the quarter with 28 names on its portfolio. Over 1/3^rd of them are profitable companies. Versus its year-to-date high, “BION” is down about 20% at writing.

BB Biotech paid a dividend last month

The stock market news arrives about a month after BB Biotech held its annual general meeting where shareholders approved CHF 2.85 gross a share of dividend.

BB Biotech ended the first quarter of this year with investment level near 114%. The letter to shareholders reads:

BB Biotech expects companies on its portfolio to boost shareholder returns as they continue to hit regulatory and commercialisation milestones. Being an investment company, how “BION” performs is directly related to the biotech stocks it holds.