HBM Healthcare Investments (HBMN.SW) posted a quarterly profit of CHF 191 million for the period ended December 2025, taking earnings for the first nine months of the 2025/2026 financial year to CHF 286 million, despite currency headwinds of about CHF 180 million.
Results were driven by a stronger market environment for healthcare and biotech stocks, lifting both public and private portfolios. Net asset value per share rose 18 percent over the nine months, while the share price gained nearly 30 percent, narrowing the discount to NAV to just under 20 percent.
Public investments added CHF 233 million in value over the period, supported by favourable market conditions and positive clinical and regulatory developments at several portfolio companies. Private holdings contributed a net CHF 84 million, led by dividends and the partial sale of Swixx BioPharma, which remains the firm's most successful investment to date.
HBM also added new private investments and increased exposure to select existing holdings. Management expects improving sector conditions to drive further M&A activity and a gradual return of IPOs, with upcoming clinical and regulatory milestones seen as key drivers of future value.
HBMN.SW currently trades at SFr 243.5 or 0.83 percent higher on the Swiss Stock Exchange.
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