HBM Healthcare Investments (HBMN) Q2 2025 earnings summary

Executive summary

• Recorded a profit of CHF 23 million for the first half of 2024/2025, with NAV per share up 1.5% and share price up 1.7% compared to 31 March 2024.

• Private and public companies both contributed positively, though negative currency effects reduced performance by nearly 5%.

• Portfolio remains broadly diversified across geographies, development phases, and therapeutic areas.

Financial highlights

• Net assets stood at CHF 1,664.3 million as of 30 September 2024, down from CHF 1,703.9 million at 31 March 2024.

• Net result for the period was CHF 22.6 million, reversing a CHF -1.1 million loss in the prior half-year.

• Basic earnings per share were CHF 3.30, compared to CHF -0.16 in the previous period.

• NAV per share was CHF 244.34, with a share price of CHF 189.40, reflecting a -22.5% discount.

• Distribution per share was CHF 7.50, with a yield of 3.9%.

Outlook and guidance

• Market sentiment in biotech has improved, but macroeconomic and geopolitical uncertainties persist.

• Upstream Bio's IPO in October 2024 positively impacted NAV; SAI Life Sciences is targeting an IPO in Mumbai.

• Several private companies are ready for strategic transactions, and public companies await key approvals or trial results.