London, UK, 7 March 2023
Edison issues review on BB Biotech (BION)
According to BB Biotech's (BION's) investment team, the biotech industry remains in a very good position. Following a sell-off in the last two years, valuations are still close to the levels seen three years ago, reflecting ongoing challenges and despite the fundamental industry strength. In the sector, BION is differentiated from the Nasdaq Biotechnology Index by its concentrated portfolio (c 30 stocks). The investment team anticipates that 2023 will include multiple catalysts for the sector and for BION portfolio companies, including product launches, important clinical trial results, licensing deals and renewed M&A activity. During 2022 the investment manager, Bellevue Asset Management, strengthened the investment team with three new members (two data scientists and one neurologist).
BION's current 19.7% premium to NAV is close to its historical average of c 19% over one year and above 14% over five years. On 20 January 2023 the company announced that the board will propose a regular dividend of CHF2.85 per share at the annual general meeting on 23 March, corresponding to 5% of the average volume weighted share price of December 2022, consistent with the dividend policy introduced in 2013.
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