HBM Healthcare Investments Ltd

Latest Results (20.01.2026):

HBM Healthcare Investments Ltd — quarter ended 30 June 2025 (Q1 of the 2025/2026 financial year): the company reported a quarterly net loss of CHF 140.1 million as NAV per share fell to CHF 216.35. Although the underlying portfolio rose 0.5% in investment currencies, strong appreciation of the Swiss franc versus major investment currencies drove the negative headline result.

Financial headline

Net result for the quarter: –CHF 140.1 million. NAV per share: CHF 216.35 (30.6.2025). Basic earnings per share (quarter): –CHF 20.85. Share price at period end: CHF 171.00 (quarter decline: –5.5%).

NAV movement & drivers

Portfolio value increased +0.5% in investment currencies, but currency effects (notably USD –10.3% vs CHF) reduced performance by c. 8.9% in reporting currency, driving the NAV decline of –8.4% for the quarter.

Private vs public portfolio

Investments in private companies and funds totaled CHF 686.9m (private CHF 526.9m; funds CHF 160.0m). Public companies stood at CHF 777.4m. Private portfolio saw a positive operational quarter in local currencies but recorded an overall impairment of CHF 33m after CHF 40m adverse FX effects; public holdings fell CHF 79m (CHF 83m FX headwind).

Significant portfolio events

Sanofi completed acquisition of Dren‑0201 (spin‑off from Dren Bio) in the quarter, giving HBM an immediate cash inflow of USD 44m plus up to USD 114m contingent on milestones. Swixx BioPharma / Swixx Healthcare increased in value (CHF +11m). Odyssey Therapeutics down‑round reduced HBM’s valuation by CHF 10m. Several public portfolio companies reported positive clinical data (e.g., Merus, ArriVent, Mineralys).

Cash, distributions and liquidity

Group net assets: CHF 1,450.5m. Cash and cash equivalents (group) CHF 90.3m (parent cash CHF 55.9m; subsidiary cash CHF 34.4m). The Shareholders’ Meeting approved a distribution of CHF 7.50 per share (CHF 4.90 ordinary dividend + CHF 2.60 par value repayment); cash distributions to be paid 4 July 2025.

Asset allocation & commitments

Asset mix (30.6.2025): 33% private companies, 26% public (from private), 22% public companies, 10% funds, 5% cash. Currency exposure remains USD‑weighted (53% in USD) and thus sensitive to FX moves. Outstanding investment commitments were modest (CHF 11.2m).

Capital structure & buybacks

Shares outstanding: 6.704m. The company holds treasury shares and implemented buybacks; the 2022 buy‑back expired 27 June 2025 and the Shareholders’ Meeting authorized a new buy‑back (to cancel shares) starting 4 July 2025. Financial liability: one listed straight bond CHF 100m (coupon 1.125%) maturing July 2027; carrying amount ~CHF 99.6m.

Outlook

Management expects continued market uncertainty (geopolitics, drug‑pricing debates, currency volatility) but anticipates operational progress across private holdings, upcoming study readouts and increasing M&A momentum in H2 2025. HBM remains disciplined and selectively focused on long‑term value investments.