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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  BB Biotech AG    BION   CH0038389992


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PRESS RELEASE: BB BIOTECH AG: Vaccines leading the way out of the pandemic - increased dividend of CHF 3.60 proposed

01/22/2021 | 01:07am EST
DGAP-News: BB BIOTECH AG / Key word(s): Annual Results/Dividend 
BB BIOTECH AG: Vaccines leading the way out of the pandemic - increased dividend of CHF 3.60 proposed 
2021-01-22 / 07:00 
The issuer is solely responsible for the content of this announcement. 
Media release as of January 22, 2021 
Portfolio of BB Biotech AG as of December 31, 2020 
Vaccines leading the way out of the pandemic - increased dividend of CHF 3.60 proposed 
BB Biotech performed well in 2020 in a volatile market environment. The biotech sector made significant strides, 
leading the effort against the SARS-CoV-2 virus pandemic through approved mRNA vaccines and therapeutic antibodies. M&A 
activity picked up substantially in H2 2020, further driving solid performance as the year came to a close. The fourth 
quarter alone drove a portfolio gain of 20.6% in CHF, 20.4% in EUR and 25.5% in USD for BB Biotech - reflecting a net 
gain of CHF 665 mn. In parallel, the share price appreciated by 10.9% in CHF and 9.0% in EUR. BB Biotech exited four 
holdings and added three new holdings in the last three months of 2020. For the full year, total share return was 19.3% 
in CHF and 18.1% in EUR, slightly behind the portfolio performance of 24.3% in CHF, 24.8% in EUR and 35.9% in USD. The 
net gain for BB Biotech in 2020 was CHF 691 mn. In line with the stated dividend policy of past years, the Board of 
Directors' dividend proposal at the Annual General Meeting on March 18, 2021 will be an ordinary dividend of CHF 3.60 
per share - which corresponds to a 5% return on the volume-weighted average closing price of BB Biotech shares in 
December of 2020. 
During the last quarter of the year major global equity indices extended their 2020 gains. Many markets achieved new 
all-time highs even though the SARS-CoV-2 infection rates reaccelerated in the final weeks of 2020. The Dow Jones 
(+9.7% in USD), the Dax (+3.5% in EUR), and the SPI (+3.8% in CHF) indices all showed gains for the year with the 
technology dominated Nasdaq Composite outperforming (+45.1% in USD) the broader equity markets. The Nasdaq Biotech 
Index (NBI) rallied into the year-end, resulting in a 2020 total return of 26.4% in USD and a significant 
outperformance of the broader markets. 
Although the SARS-CoV-2 situation remained front and center for regulatory authorities in 2020, an impressive number of 
drug approvals was achieved by the US FDA - releasing 13 new drugs in the fourth quarter 2020, driving the total drug 
approvals to 53 for 2020. Additionally, two SARS-CoV-2 prophylactic vaccines and multiple drugs received emergency use 
authorization (EUA) during 2020. 
For 2020, BB Biotech's total share return of 19.3% in CHF and 18.1% in EUR was slightly below the underlying portfolio 
performance. Weakening of the USD versus the CHF and EUR throughout the year created additional headwind for CHF and 
Euro-denominated performance. The portfolio Net Asset Value (NAV) gained 24.3% in CHF, 24.8% in EUR and 35.9% in USD. 
For the fourth quarter, BB Biotech's share price was up 10.9% in CHF and 9.0% in EUR. 
BB Biotech shares were unable to track the portfolio's upward trend. BB Biotech's Net Asset Value (NAV) for the same 
period tracked NBI index gains - increasing 20.6% in CHF, 20.4% in EUR and 25.5% in USD. 
The consolidated, but not yet audited fourth quarter 2020 data for BB Biotech indicates a net gain of CHF 665 mn versus 
2019 fourth quarter net gain of CHF 505 mn. The consolidated, but not yet audited full year 2020 data showed a net gain 
of CHF 691 mn compared to a net gain of CHF 677 mn for 2019. 
Annual General Meeting on March 18, 2021 
At the scheduled upcoming Annual General Meeting, all five existing board members will stand for re-election by the 
shareholders on March 18, 2021. The Board of Directors will propose a regular dividend of CHF 3.60 per share at the AGM 
on March 18, 2021. Applied to the average share price of December 2020 and consistent with the dividend policy 
introduced in 2013, this corresponds to a 5% dividend yield. 
Portfolio adjustments in the fourth quarter 2020 
In the fourth quarter, BB Biotech exited four holdings: Myokardia was acquired by Bristol-Myers Squibb at USD 225 per 
share, valuing the company at USD 13.1 bn. The position was tendered in November, generating approximately USD 248 mn 
in cash for the portfolio, and a profit of more than USD 205 mn for the investment cycle. The positions in G1 
Therapeutics, Intercept and Sangamo were sold because the investment case for these stocks was no longer viable. 
During the fourth quarter, profits were also taken on investments including Halozyme, Moderna, Myovant, Crispr 
Therapeutics and Scholar Rock. The cash was reinvested in targets associated with the strategic portfolio reallocation 
- focusing on smaller and mid cap portfolio companies. BB Biotech took advantage of market conditions by investing more 
in Molecular Templates, Arvinas, Generation Bio and Relay Therapeutics. 
Three new investments were made in the fourth quarter - Mersana, Biogen and Beam Therapeutics. Mersana is a company 
which focuses on antibody drug conjugates, with the company's lead program, XMT-1536 in clinical development for 
ovarian cancer. The basis for a tactical investment in Biogen was provided by the FDA reviewing Division medical 
reviewer's highly positive stance toward Biogen's aducanumab for Alzheimer's disease despite reservations from the FDA 
statistical reviewers and the overwhelmingly negative vote of an FDA advisory panel. The final action of the Agency on 
aducanumab in the face of these conflicting viewpoints will be consequential for the entire biotech sector. A position 
in Beam Therapeutics was initiated to increase BB Biotech's portfolio exposure to the genetic medicine field. Beam 
Therapeutics utilizes base editing - a technology that allows for a specific corrective nucleotide change without 
cutting the genome. Beam's lead programs are being developed for hemoglobinopathies such as sickle cell disease and 
beta thalassemia as well as for liver diseases such as alpha-1 antitrypsin deficiency. 
Outlook for 2021 with exciting sector fundamentals and expected transaction momentum to continue - even in a new 
political US environment 
BB Biotech believes that 2021 will include the successful first wave of the roll-out of SARS-CoV-2 vaccines, led by 
Moderna's mRNA-1273 and Pfizer/Biontech's bnt162b2. Further, subsequent approval of adenovirus-vector based vaccines 
and traditional recombinant protein subunit vaccines are expected. It also anticipates that the industry will continue 
to deliver significant technology progress and new products that address important unmet medical needs. The BB Biotech 
investment team's asset allocation will continue to focus on established areas - such as orphan diseases, oncology and 
neurological indications - and also on rapidly emerging technologies which promise the best therapeutic profile and 
economic value. 
Set against exciting technological developments, the stance of the US government regarding healthcare access and 
healthcare costs will be of importance. The new administration of President Elect Biden includes HHS Secretary nominee 
Xavier Becerra, currently serving as attorney general of California. Mr. Becerra is well-known for his defense of the 
Affordable Care Act. The Administration will also include Jeffrey D. Zients, an entrepreneur and management consultant 
who served as the head of President Obama's National Economic Council, as coronavirus czar in the White House. The 
nominations for FDA and CMS leadership have not yet been made. In view of the tied Senate with a deciding vote from 
Vice President Elect Harris, and narrowly Democratic House, President Elect Biden may be pressed to push on with reform 
of drug pricing. But in a year in which their major focus is to get the SARS-CoV-2 pandemic under control, the emphasis 
is likely to be on improving access to care (including vaccines) and supporting those with inadequate insurance, rather 
than chopping cancer or rare disease drug prices. BB Biotech believes the new Administration and Congress are aware of 
the astonishing value, health improvements and hope being created by the biotechnology sector. 
With some areas in the biotech sector such as genetic medicines currently attracting significant investor attention, 
which drove valuations impressively in 2H 2020, BB Biotech continues to see attractive valuations for select smaller 
and mid cap biotech firms. Further, M&A activity picked up in the second half of 2020 and will likely continue in the 
sector in 2021. The takeover of Alexion by Astra-Zeneca for USD 39 bn demonstrates that larger cap firms may also be at 
play at these valuation levels. Remote deal making has become a normal approach so social distancing and lockdowns are 
unlikely to limit strategic activities in the biotech sector. 
BB Biotech's long-term horizon makes it an effective investor and partner for many biotechnology firms - and the 
investment team believes that the growth case for biotechnology and the company itself is as compelling as ever. This 
means management is confident it can continue to offer potentially sector-leading returns moving forward. The 
investment team anticipates that 2021 will be another banner year for new products worldwide and looks forward to more 
exciting news flow from its portfolio companies. 
The complete annual report as of December 31, 2020, will be published on February 19, 2021. 
For further information: 
Investor Relations 
Bellevue Asset Management AG, Seestrasse 16, 8700 Küsnacht, Switzerland, tel. +41 44 267 67 00 
Dr. Silvia Siegfried-Schanz, ssc@bellevue.ch 
Maria-Grazia Iten-Alderuccio, mga@bellevue.ch 
Claude Mikkelsen, cmi@bellevue.ch 
Media Relations 
Bellevue Asset Management AG, Seestrasse 16, 8700 Küsnacht, Switzerland, tel. +41 44 267 67 00 
Tanja Chicherio, tch@bellevue.ch 
TE Communications AG, Bleichestrasse 11, 9000 St. Gallen, Switzerland, tel. +41 79 423 22 28 

(MORE TO FOLLOW) Dow Jones Newswires

January 22, 2021 01:06 ET (06:06 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
BB BIOTECH AG -2.54% 84.4 Delayed Quote.13.82%
DAX -0.67% 13786.29 Delayed Quote.0.49%
DJ INDUSTRIAL -1.50% 30932.37 Delayed Quote.2.60%
NASDAQ 100 0.63% 12909.443133 Delayed Quote.-0.47%
NASDAQ COMP. 0.56% 13192.345407 Delayed Quote.2.36%
S&P 500 -0.48% 3811.15 Delayed Quote.1.95%
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More news
Sales 2021 0,54 M 0,59 M 0,59 M
Net income 2021 231 M 254 M 254 M
Net cash 2021 73,0 M 80,3 M 80,3 M
P/E ratio 2021 20,2x
Yield 2021 3,90%
Capitalization 4 676 M 5 147 M 5 143 M
EV / Sales 2021 8 516x
EV / Sales 2022 9 581x
Nbr of Employees -
Free-Float 97,2%
Duration : Period :
BB Biotech AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BB BIOTECH AG
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 79,50 CHF
Last Close Price 84,40 CHF
Spread / Highest target 7,82%
Spread / Average Target -5,81%
Spread / Lowest Target -19,4%
EPS Revisions
Managers and Directors
Michael Hutter Head-Finance & Compliance
Erich Hunziker Chairman-Supervisory Board
Daniel Koller Head-Investment Management
Clive A. Meanwell Vice Chairman-Supervisory Board
Thomas von Planta Member-Supervisory Board
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