BB Biotech’s share price return in Q1/26 outperformed the Nasdaq Biotech Index across CHF, EUR and USD despite a small drop in NAV and a net loss of CHF 21m, below the Q1/25 loss of CHF 241m thanks to stronger portfolio positioning and a supportive market backdrop. Q1 saw 11 new investments and the first meaningful large-cap adds. The NAV discount fell to 6.9% on improved investor sentiment and increasing recognition of the repositioned portfolio.
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