20.01.2017
BB BIOTECH AG CH0038389992
DGAP-News: BB Biotech weathers a challenging past year - portfolio performs well in in the volatile fourth quarter of 2016
DGAP-News: BB BIOTECH AG / Key word(s): Quarterly / Interim Statement
BB Biotech weathers a challenging past year - portfolio performs well in in
the volatile fourth quarter of 2016 (news with additional features)
20.01.2017 / 07:00
The issuer is solely responsible for the content of this announcement.
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Media release as of January 20, 2017
Portfolio of BB Biotech AG as of December 31, 2016
BB Biotech weathers a challenging past year - portfolio performs well in in
the volatile fourth quarter of 2016
5% dividend yield maintained - BB Biotech management is very confident
about the sector's prospects
in 2017
With a total return of 0.3% in CHF and 1.9% in EUR, BB Biotech weathered
the storm of a challenging 2016 for biotechnology investors. Share price
performance was substantially influenced by the discount resolution. The
portfolio closed the year at -19.1% in CHF, at -17.6% in EUR and -20.6% in
USD - slightly ahead of the Nasdaq Biotech Index. The fourth quarter 2016
was buffeted by initial positive moves following the US presidential
election before the focus turned back to the topic of healthcare costs and
drug price inflation. Despite all this, BB Biotech continued to strengthen
its market position and is proposing a regular dividend of CHF 2.75 per
share.
The US presidential election added to the volatility in the biotech equity
markets
While broad benchmarks extended 2016 gains in the fourth quarter, the
Nasdaq Biotech Index (NBI) lost ground in the same period. Gyrations before
and immediately after the US presidential election led to market volatility
and the year closed with large cap biotechnology companies trading close to
an all-time price/earnings multiple low, mid caps and small caps suffering
even more value depreciation. None of these events bore any relationship to
technology or company fundamentals.
The fourth quarter reflected the whole of 2016. Fourth quarter total
returns for the NBI was -8.3% vs the S&P 500 at +3.8% and the Dow Jones
Index at +8.7%. Full year 2016 total returns looked similar, with the
Nasdaq Biotech Index (NBI) closing at -21.3%, the S&P 500 Index at +11.9%
and the Dow Jones Index at +16.5% (in USD).
BB Biotech's development in the fourth quarter and FY 2016
BB Biotech's share price rebounded in the fourth quarter (+ 10.4% in CHF,
+12.8% in EUR and +5.5% in USD). This was driven by a combination of US
dollar appreciation and discount resolution. For the full year 2016,
BB Biotech's total return was +0.3% in CHF, +1.9% in EUR and -1.4% in USD.
During the fourth quarter of 2016, the portfolio (-0.8% in CHF, +1.4% in
EUR and -5.5% in USD) showed less decline than the NBI. For the full year,
the portfolio total return was -19.1% in CHF, -17.6% in EUR and -20.6% in
USD. Consolidated but not yet audited fourth quarter data for BB Biotech
record a net loss of CHF 24 mn versus last year's quarter gain of CHF 511
mn. Consolidated but not yet audited full year 2016 data, showed a net loss
of CHF 802 mn versus a full year net profit of CHF 653 mn for 2015.
A proposed dividend of CHF 2.75 per share
The Board of Directors will propose a regular dividend of CHF 2.75 per
share at the general assembly on 16 March 2017. This is consistent with a
5% dividend yield applied to the average share price in December 2016, as
described in the dividend policy introduced in 2013.
Portfolio adjustments in the fourth quarter
In the fourth quarter, the position in Actelion was trimmed as the shares
showed strong price performance associated with the Johnson & Johnson
interactions. In the large cap holdings, positions in Alexion and Novo
Nordisk were increased. Positions in smaller cap companies such as Intra-
Cellular, Macrogenics, Juno and Agios were also increased. Shareholdings in
Cempra were sold following the disappointing FDA advisory panel which
discussed Solithromycin's liver toxicity. The company subsequently received
a complete response letter. A position was opened in Myovant, a company
developing the GnRH receptor antagonist, Relugolix for endometriosis,
uterine fibroids and advanced prostate cancer.
Outlook - exciting 2017 as storms subside
2017 will bring an acceleration of important product approvals and
milestone read-for the industry and BB Biotech's portfolio. The launch of
Spinraza for SMA patients, Niraparib for ovarian cancer patients and
targeted cell-based cancer therapies are key examples in BB Biotech's
portfolio.
With biotechnology valuations at very attractive levels, more acquisitions
by large players, including pharmaceutical firms, are expected. Actions of
the incoming presidential administration in the US may accelerate this
likely trend - and BB Biotech expects investors to follow suit. Repeal and
rework of the Affordable Care Act (ACA) will be front and center throughout
the year, and there may be choppy reactions to possible drug price controls
or moderation in the US.
Despite these transitional events which will be attentively followed as
always, BB Biotech remains strongly convinced that the future of the
biotechnology industry is bright. The sector will further demonstrate its
strength as a source of innovation - and notwithstanding short-term
uncertainties from political changes, the Investment Team believes these
sources will be converted into substantial value for patients, care
providers, the healthcare system at large and, of course, investors which
includes BB Biotech shareholders. BB Biotech looks forward to an exciting
2017 and remains dedicated to finding, analyzing and investing in leading-
edge biotechnology firms with exciting news flow and robust growth
prospects.
The complete annual report as of December 31, 2016 will be published on
February 17, 2017.
For further information:
Investor Relations
Bellevue Asset Management AG, Seestrasse 16, 8700 Küsnacht, Switzerland,
tel. +41 44 267 67 00
Dr. Silvia Schanz, [email protected]
Maria-Grazia Iten-Alderuccio, [email protected]
Claude Mikkelsen, [email protected]
Media Relations
Bellevue Asset Management AG, Seestrasse 16, 8700 Küsnacht, Switzerland,
tel. +41 44 267 67 00
Tanja Chicherio, [email protected]
b-public AG, Pfingstweidstrasse 6, 8005 Zürich, Switzerland, tel. +41 79
423 22 28
Thomas Egger, [email protected]
www.bbbiotech.com
Company profile
BB Biotech invests in companies in the fast growing market of biotechnology
and is one of the world's largest investors in this sector. BB Biotech is
listed in Switzerland, Germany and Italy. Its investments are focused on
listed companies that are developing and commercializing novel medical
treatments and cures. BB Biotech's investment selection process is guided
by the fundamental research and analysis of physicians and molecular
biologists. Its Board of Directors has many years of experience in industry
and science.
Disclaimer
This release contains forward-looking statements and expectations as well
as assessments, beliefs and assumptions. Such statements are based on the
current expectations of BB Biotech, its directors and officers, and are,
therefore, subject to risks and uncertainties that may change over time. As
actual developments may significantly differ, BB Biotech and its directors
and officers accept no responsibility in that regard. All forward-looking
statements included in this release are made only as of the date of this
release and BB Biotech and its directors and officers assume no obligation
to update any forward-looking statements as a result of new information,
future events or other factors.
Composition of BB Biotech's portfolio as of December 31, 2016
(in % of securities, rounded values)
Celgene 12.7% Incyte 12.4% Ionis Pharmaceuticals 10.5% Actelion 8.1% Gilead 6.3% Radius Health 5.3% Alexion Pharmaceuticals 4.8% Tesaro 4.2% Neurocrine Biosciencies 3.9% Agios Pharmaceuticals 3.7% Novo Nordisk 3.5% Vertex Pharmaceuticals 3.3% Regeneron Pharmaceuticals 2.9% Halozyme Therapeutics 2.4% Swedish Orphan Biovitrum 1.7% Sage Therapeutics 1.7% Alnylam Pharmaceuticals 1.4% Myovant Sciences 1.3% Macrogenics 1.2% Kite Pharma 1.1% Juno Therapeutics 1.1% Alder Biopharmaceuticals 1.1% Intercept Pharmaceuticals 0.9% Intra-Cellular Therapies 0.8% Probiodrug 0.6% Prothena Corp. 0.5% AveXis 0.5% Esperion Therapeutics 0.5% Cidara Therapeutics 0.3% Novavax 0.3% PTC Therapeutics 0.2% Puma Biotechnology 0.2% Achillion Pharmaceuticals 0.2% Radius Health warrants 04/23/2018 0.1% Radius Health warrants 02/19/2019 0.1% Merck & Co Inc Contingent Value Rights - 0.0% ex Trius/Cubist Total securities CHF 3 205.9 mn Other assets CHF 20.4 mn Other payables CHF (223.2) mn Total shareholders' equity CHF 3 003.0 mn Treasury shares (in % of company) 1) 0.0%1) Corresponds to the total of all own shares held including the second trading line --------------------------------------------------------------------------- Additional features: Document: http://n.eqs.com/c/fncls.ssp?u=CDFNRVHHBK Document title: Media release --------------------------------------------------------------------------- 20.01.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: BB BIOTECH AG Schwertstrasse 6 8200 Schaffhausen Switzerland Phone: +41 52 624 08 45 Fax: +41 1 267 67 01 E-mail: [email protected] Internet: www.bbbiotech.ch ISIN: CH0038389992 WKN: A0NFN3 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart; SIX End of News DGAP News Service --------------------------------------------------------------------------- 537873 20.01.2017
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