HBM Healthcare Investments Reports Moderate Growth Despite Currency Challenges

HBM Healthcare Investments AG released its half-year financial report as of 30 September 2024, highlighting a profit of CHF 23 million. The net asset value per share (NAV) improved by 1.5%, while the share price increased by 1.7%. Both private and public portfolio companies contributed significantly to these gains. However, unfavorable currency movements negatively impacted performance by nearly 5%, with partial hedging of the US dollar against the Swiss franc providing some relief.

In the public companies' portfolio, Cathay Biotech and Harmony Biosciences each contributed CHF 8 million in profit, aided by economic measures and robust sales, respectively. BioInvent and Insmed also contributed positively. On the private side, Johnson & Johnson's acquisition of Yellow Jersey Therapeutics added CHF 59 million to earnings, though some private company valuations saw necessary adjustments.

The sale of certain private assets reduced their portfolio share to 32%, while public companies rose to 49%. Looking ahead, the sector saw tentative improvement despite mixed market conditions, partly due to geopolitical uncertainties. Details are available in the investor presentation on HBM's website.