BB Biotech Reports Narrowed After-Tax Losses in Q2


BB Biotech, the Swiss biotechnology investor, announced on Friday that it has significantly reduced its losses from investments, resulting in a narrowed after-tax loss for the second quarter. The company reported a loss of 13.5 million Swiss francs ($15.5 million), compared to 233.1 million Swiss francs in the same period last year.

BB Biotech’s net losses from securities for the quarter amounted to 3.1 million Swiss francs, down from 22.2 million Swiss francs in the previous year. Meanwhile, the company’s net asset value as of June 30 stood at 2.26 billion Swiss francs, a decrease from 2.69 billion Swiss francs in the previous year.

Despite recent takeover activities in the biotech industry, BB Biotech stated that its investment performance in 2023 has not been significantly impacted. However, the company remains optimistic about participating in future mergers and acquisitions.

In light of low trading volumes, BB Biotech has decided to delist its shares from the Milan Stock Exchange. This decision is pending approval from Italian regulators and will not affect the company’s listings on the SIX Swiss Exchange and the Frankfurt Stock Exchange.

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