«2025 was a year of clear, profitable progress,» said Christian Koch, Head of the BB Biotech Team, during a webcast on Friday. In particular, the company saw strong momentum toward the end of the year.

Performance was driven by a number of strategic core holdings. The top ten performing investments gained between 126 percent and 37 percent in value in 2025, Koch emphasized.

The company has further refined its organizational structure in a targeted manner to strengthen disciplined execution and research expertise in an increasingly selective biotech investment environment. Koch pointed, for example, to the expansion of the US investment platform. This increases the company’s presence in the world’s most important biotech market and improves access to management teams, clinical insights, and deal flow.

Patent Cliff Fuels Interest

The environment is supportive. Expiring patents — the so-called patent cliff — are expected to drive large biopharmaceutical companies toward acquisitions. Substantial patent expirations are looming in the coming years. Several hundred billion dollar in revenue are at risk from patent expirations by the mid-2030s. This is creating a growing need to strengthen pipelines through external innovation. Companies are also well capitalized, providing ample room for acquisitions.

Valuation normalization and improved visibility on late-stage assets are also creating a more constructive transaction environment, the company said.

For 2026, Koch expects a number of catalyst moments. He also highlighted upcoming late-stage clinical, regulatory, and commercial milestones at companies such as Revolution Medicines, Argenx, Viridian, Ionis, and Vertex.

Investor Relations head Rachel Burri also described the narrowing gap between the company’s net asset value (NAV) and its share price as a positive signal. Since the beginning of the year, this discount has narrowed to around 8 percent, down from 10,8 percent at the end of 2025.