The investment company HBM Healthcare Investments recorded a profit of 96 million francs for the first half of the financial year (ending September), compared with 23 million francs in the previous year. According to a statement released on Friday, the result was mainly due to the strong performance of the listed portfolio companies.

The positive result was achieved despite the strong appreciation of the Swiss franc — nearly 10 percent — against the investment currencies. The main drivers were takeovers and rising share prices among the listed holdings.

The net asset value (NAV) per HBM share increased by 6,1 percent, while the share price rose by 4,0 percent, though it still trades at a 28 percent discount to NAV.

Listed holdings contributed 132 million francs to the value increase, which includes negative currency effects of 101 million francs.

Higher Cash Position

As of September 30, net assets stood at 1,68 billion francs. The share of liquid assets increased to around 8 percent of total assets. Private companies make up 30 percent of the portfolio, while listed companies account for 50 percent.

Three acquisitions had a particularly positive impact:

•Genmab acquired portfolio company Merus for USD 8 billion.

•Roche offered up to USD 3,5 billion for 89Bio.

•SERB Pharma purchased Y-mAbs Therapeutics for USD 412 million.

In addition, positive clinical results from Abivax, Mineralys Therapeutics, Upstream Bio, and UniQure led to significant share price gains.

Private companies, by contrast, had a negative impact of 10 million francs on the result, following currency losses of 38 million francs.

Confident Outlook

In recent weeks, investor interest and confidence in the biopharma sector have noticeably increased, the company said. This has been supported by rising M&A activity, strong clinical trial results, and positive signals regarding tariffs and drug pricing.

HBM Healthcare expects this trend to continue, paving the way for further acquisitions and a cautious reopening of the capital markets for selected initial public offerings (IPOs).