HBM Healthcare Investments Ltd

Latest Results (05.03.2026):

HBM Healthcare Investments Ltd — quarter ended 30 June 2025 (Q1 2025/2026): the company reported a weak quarter driven mainly by currency moves. NAV per share fell 8.4% to CHF 216.35, producing a net loss of CHF 140.1 million (basic EPS –CHF 20.85) and net assets of CHF 1,450.5 million. In investment currencies the portfolio rose modestly (+0.5%), but the strong Swiss franc caused an overall negative result.

Quarter snapshot

NAV movement: NAV per share declined 8.4% in Q1 to CHF 216.35. Group net result for the period was a loss of CHF 140.1m (EPS –CHF 20.85). The HBMN share fell 5.5% in the quarter to CHF 171.00, trading at a c.21% discount to NAV.

Currency impact

HBM reports the portfolio rose 0.5% in investment currencies, but currency translation (notably USD –10.3%, CNY –9.2%, INR –10.7%) reduced performance by ~8.9% in CHF and pushed results into negative territory.

Private portfolio performance

Private companies (33% of assets) produced positive operational results in investment currencies but suffered an overall impairment of CHF 33m after CHF 40m of negative FX effects. No new private investments; CHF 7m deployed as follow‑on financing.

Public portfolio and clinical news

Public holdings (48% of assets) lost value (CHF ~79m) largely from currency moves (CHF ~83m). Operationally several portfolio companies reported positive clinical progress: Merus (promising phase II interim data), ArriVent (completed phase III recruitment; positive phase Ib interim data), and Mineralys (positive phase II/III data for lorundrostat).

Major transaction: Dren‑0201 / Sanofi

Sale/completion: HBM received USD 44m in cash from Sanofi for Dren‑0201 and retains contingent consideration of up to USD 114m tied to clinical/regulatory milestones.

Balance sheet, cash and allocation

Net assets CHF 1,450.5m; total investments CHF 1,464m. Group cash and cash equivalents roughly CHF 90m (combined parent + subsidiary). Asset mix: 33% private, 26% public-from-private, 22% public, 10% funds, ~5% cash. Currency exposure remains USD‑heavy (53%).

Shareholder distributions and capital actions

The Shareholders’ Meeting approved distribution per share CHF 7.50 (CHF 4.90 ordinary dividend + CHF 2.60 par value repayment); payments were scheduled for early July 2025. A capital reduction/cancellation of treasury shares was authorised and a new share buy‑back programme for July 2025–July 2028 was approved.

Outlook

Management expects continued market volatility (geopolitical, tariffs, pricing discussions, FX) but anticipates positive portfolio milestones and increased M&A momentum in H2 2025. HBM remains focused on selective, long‑term value investments.