HBM Healthcare Investments reports a compelling 15 percent increase in NAV in the 2024 calendar year

HBM Healthcare Investments closed the calendar year 2024 with a strong performance. Its net asset value (NAV) per share rose by 15 percent to CHF 251.17. By contrast, the share price failed to reflect this good performance, growing only marginally by 0.5 percent to CHF 176.00. The market capitalisation is thus almost 30 percent or more than CHF 500 million below the NAV, which corresponds to practically the entire book value of the portfolio of private companies and thus takes into account neither its value nor its potential for added value.

In addition to listed companies, private companies made a significant contribution to performance (Johnson & Johnson's acquisition of Yellow Jersey Therapeutics and the IPO of Sai Life Sciences in India). In addition, most investment currencies appreciated against the Swiss franc, contributing 6.8%.

The relevant healthcare sector market indices, measured in Swiss francs, also performed positively, but all lagged behind HBM Healthcare Investments (MSCI World Health Care Index +9.9%, Nasdaq Biotechnology Index (NBI) +7.6% and SPDR S&P Biotech (XBI) +9.3%).

Positive results also in the first nine months of the 2024/2025 financial year

The NAV rose by 4.3 percent in the first nine months of the 2024/2025 financial year, resulting in a net profit of around CHF 66 million (previous year: net loss of CHF 157.5 million).

Performance during the period was mainly driven by the aforementioned private companies, while the listed companies were slightly negative. Foreign currencies had no significant impact.

The figures presented here are provisional based on the current status of the work on the financial statements. The final result will be published in the quarterly report on 20 January 2025.