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-yearCopy link to section
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:
A strong start to the year was followed by a sell off among smaller and mid-cap companies. Fund flows into biotechnology – a crucial indicator – remained negative.
BB Biotech ended the quarter with 28 names on its portfolio. Over 1/3rd of them are profitable companies. Versus its year-to-date high, “BION” is down about 20% at writing.
BB Biotech paid a dividend last monthCopy link to section
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.
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BB Biotech ended the first quarter of this year with investment level near 114%. The letter to shareholders reads:
Continued high investment level reflects the management team’s positive stance that many companies are attractively valued after the correction of the last two years in the biotech sector.
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.