The net loss at BB Biotech for the first three months of 2026 amounted to 21 million francs. This represents a significant improvement compared with the loss of 241 million in the first quarter of 2025, the company said in a statement on Friday. This reflects a «stronger portfolio positioning as well as more favorable market conditions.»

The loss was attributed to a combination of portfolio rebalancing and market timing effects. A small number of positions experienced share price reactions following clinical updates that came in slightly below market expectations, it added.

Positive Return on the Share Price

Over the course of the quarter, the share generated a total return of +4,1 percent in francs, +5,2 percent in euro and +3,2 percent in dollar. BB Biotech thus outperformed the Nasdaq Biotechnology Index (NBI) in all three currencies, the statement said.

The discount of the share price to net asset value (NAV) narrowed to 6,9 percent at the end of March, compared with 10,8 percent at the end of 2025.

Active Repositioning of the Portfolio

The quarter was marked by active repositioning of the portfolio. This led to a more diversified portfolio and a clearer balance between short-term catalysts and long-term opportunities.

BB Biotech made eleven new investments in the areas of oncology, rare diseases, immunology and cardiometabolic medicine. As a result, the portfolio was expanded from 24 to 30 positions. The investment guidelines were broadened from 20–35 to 20–50 listed positions.

Terns Pharmaceuticals, an investment made in the first quarter, was acquired by Merck on March 25, 2026. The transaction underscores the continued strong strategic demand for innovative biotech companies and had a positive impact on the quarterly result.

The investment company points to global trade uncertainty, shifting geopolitical dynamics and increased volatility in equity markets. «In this environment, the biotech sector proved comparatively resilient, supported by ongoing M&A activity and solid business performance among large-cap biopharma companies,» it added.