BB Biotech (BION) Q3 2026 earnings summary

Executive summary

• Q3 NAV return was 5.6% in CHF and share-price return was 6.5%; 9M NAV return was 23.0%, below the NBI’s 31.8%.

• Net profit was CHF 175.0 million in Q3 and CHF 604.8 million for 9M 2026.

• ~CHF 280 million of proceeds from two completed acquisitions was redeployed; 12 positions were added and eight exited, leaving 43 holdings.

Financial highlights

• Q3 net profit was CHF 175.0 million versus CHF 447.6 million in Q3 2025; 9M net profit was CHF 604.8 million versus CHF 106.4 million.

• 9M operating income was CHF 637.3 million, including CHF 616.0 million in securities gains; profit before tax was CHF 604.9 million.

• 9M earnings per share were CHF 10.97 versus CHF 1.94 in 9M 2025; diluted EPS was also CHF 10.97.

• NAV was CHF 3,259.5 million at September 30, up from CHF 2,778.8 million at December 31, 2025; NAV per share was CHF 59.10.

Outlook and guidance

• Q4 milestones include empasiprubart, ORKA-001 and litifilimab data, plus US decisions on ivonescimab, BBP-418, povetacicept and anito-cel; FDA outcomes are not assured.

• Since quarter-end, Vaxcyte reported positive pivotal Phase III results for its 31-valent pneumococcal vaccine candidate.

• The annual dividend yield target is 3–5% from FY 2026, with the first payment expected in spring 2027; share buybacks complement the policy.

• Valuation declines without deterioration in clinical prospects may present selective opportunities; portfolio exposure may increase as evidence and valuations warrant.