HBM Healthcare Investments Half-Year Report Shows Modest Gains Despite Currency Challenges

HBM Healthcare Investments AG reported a profit of CHF 23 million for the first half of the 2024/2025 financial year, ending on 30 September 2024. The net asset value per share increased by 1.5 percent, with the share price rising by 1.7 percent. Contributions came from both private and public portfolio companies. However, adverse currency movements negatively impacted the performance by nearly 5 percent, despite partial hedging of the US dollar against the Swiss franc.

The public companies' portfolio experienced a net increase of CHF 22 million. Notable upward movements included Cathay Biotech and Harmony Biosciences, each contributing CHF 8 million, supported by China's economic measures and strong sales of Wakix®. However, companies like Pacira BioSciences and ALX Oncology faced declines.

Private companies added CHF 28 million, notably Johnson & Johnson’s acquisition of Yellow Jersey Therapeutics, which contributed CHF 59 million. Although some valuations decreased following IPOs, such as Alumis Therapeutics and Fangzhou, others like Swixx BioPharma continued to grow.

The asset allocation saw a shift, with public companies now at 49 percent, including those formerly private, and private companies reduced to 32 percent of assets.