HBM Healthcare Investments (HBMN) Q1 2027 earnings summary

Executive summary

• Q1 FY2026/27 net result was CHF 238.319m versus a CHF 140.052m loss a year earlier; NAV per share rose 13.0%, adjusted for the dividend.

• Net assets reached CHF 2,020.1m at 30 June 2026; performance reflected broad contributions from private and public holdings.

Financial highlights

• NAV per share was CHF 306.20 at 30 June 2026, versus CHF 278.87 at 31 March 2026; basic EPS was CHF 36.08 versus negative CHF 20.85.

• Share price rose 8.9% to CHF 236.00, a 22.9% discount to NAV at quarter-end.

• Total assets were CHF 2,189.0m; cash was CHF 8.3m on the parent balance sheet and CHF 267.3m within subsidiary net assets.

Segment performance

• Public holdings contributed CHF 183m, with gains across holdings including ArriVent, Argenx, Biohaven, Harmony Biosciences and Natera.

• Private holdings contributed CHF 105m; Dren Bio’s financing round drove a CHF 71m positive valuation effect, while Parabilis Medicines and Odyssey Therapeutics IPOs added CHF 19m combined.

• Curevo Vaccine’s acquisition by Eli Lilly generated a CHF 32m capital gain; the transaction completed in July after quarter-end. Impairment losses of CHF 22m affected NiKang, Arrakis and Antiva.

• Fund values increased CHF 2m after currency effects; private holdings were 25% of assets following the Swixx BioPharma partial sale.