BB BIOTECH AG publishes its 2009 Annual Report
(Thomson Reuters ONE) -
BB BIOTECH AG / BB BIOTECH AG publishes its 2009 Annual Report processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Press Release of March 4, 2010
Biotechnology industry continues to grow at double-digit rates
BB BIOTECH AG published its Annual Report for 2009 today. The company takes an
overall positive view of the past fiscal year and, in light of the biotech
industry's continued high innovation, above-average growth rates and
historically low valuation, it also looks to 2010 with confidence.
BB BIOTECH AG's share price increased in 2009 by 14.9% in CHF excluding
dividends (EUR +13.9%), which is in line with the strong performance of the
Nasdaq Biotech Index (NBI) and the broader market indices. Net Asset Value (NAV)
was up 5.8% at year-end (in USD incl. dividends). In keeping with the dividend
policy announced in 2004, the Board of Directors will propose a dividend of CHF
3.70 at the General Meeting of Shareholders on March 29. BB BIOTECH's core
participations reported significant achievements in their R&D programs as well
as on the commercial front during the past year. Its investment in the US
company Vertex Pharmaceuticals, the best performing stock in its portfolio,
generated a return of 41% in 2009. Actelion reported another increase in
Tracleer sales, its blockbuster product for PAH (pulmonary arterial
hypertension), but in March 2010, after the close of last year's reporting
period, Actelion announced that Tracleer had missed the primary endpoint in a
study investigating the drug's efficacy in the treatment area of IPF (idiopathic
pulmonary fibrosis).
Targeted expansion of portfolio with highly innovative companies
Over the past several years BB BIOTECH has succeeded in concentrating its
investments even more on fast growing companies with innovative drugs that are
producing better therapeutic results for patients. "Our structure as an
investment company enables a sharper focus on specific investment ideas in the
portfolio," notes Dr. Daniel Koller, Co-Head of the Management Team. A number of
companies with novel drugs were added to the portfolio in 2009, including the
following three names:
Novo Nordisk is a global market leader in the field of diabetes treatment with a
50% share of the insulin market. It reported convincingly strong sales growth as
well as considerable success in developing its product pipeline (new generation
of long-term insulin). According to the World Health Organization (WHO), more
than 175 million people worldwide have diabetes. This population is expected to
grow by 3% to 5% annually due to modern lifestyles.
BB BIOTECH provides young and promising companies with capital so they can
independently finance and commercialize their development programs. One such
company is Probiodrug in Germany. Its pioneering scientific approach to
inhibiting glutamine cyclase in patients with Alzheimer's disease could mark a
major breakthrough in the treatment of this disease, which remains a significant
unmet medical need, and thereby help to curb the spiraling costs of treating
Alzheimer's patients.
Another promising investment made by BB BIOTECH is Micromet. "We are impressed
with Micromet's technology platform for developing bi-specific antibodies for
the treatment of cancer. The positive clinical results achieved by this platform
in treating lymphatic leukemia are very promising," comments Elhan Kosar,
Co-Head of the Management Team.
Outlook
"BB BIOTECH's positive stance on the biotech sector in the coming years is based
on the industry's novel and innovative products and its sustained sales and
profit growth momentum," says Dr. Daniel Koller.
Now is an attractive time to invest in view of historically low valuations
The biotechnology sector continues to display strong innovation and high growth
(estimated annual growth up to 2014: >11%) but the average P/E ratio has
declined to a historically very low level of 17x.
New blockbuster drugs in R&D pipelines
Looking ahead, significant advancements can be expected in most major
therapeutic areas and this offers excellent investment opportunities. A number
of drugs with blockbuster sales potential of more than USD 1 billion are moving
through R&D pipelines. Medical breakthroughs can be expected, especially in the
fight against infectious diseases such as hepatitis C and severe bacterial
infections. No less than 170 million people worldwide are infected with
hepatitis C. Vertex's scheduled launch of Telaprevir in 2011 represents one of
the most significant new drug launches in recent years. Amgen's denosumab for
the treatment of osteoporosis and bone metastases could be another blockbuster
product.
Biotech companies benefit as major pharmaceutical drugs lose patent protection
Major pharmaceutical products are coming off patent and their subsequent
substitution with generics will free up an estimated USD 145 billion a year
between now and 2014. This money can be spent, among other things, on developing
new, innovative drugs and products without pushing up global healthcare costs.
Since large drug companies are also under pressure to replenish their product
pipelines, we can expect more news about licensing agreements and M&A
activities. This means many biotech companies could become interesting takeover
candidates regardless of their stage of development.
Innovative drugs not affected by increasing pressure to contain costs
US healthcare reform has been stalled by the new balance of power in the US
Senate but we expect this legislation to be finalized in 2010. Proposals to
extend health insurance coverage to uninsured US citizens would trigger
additional demand for new drugs. At the same time government officials will
continue to exert pressure on drug prices, restraining drug sales growth
worldwide. Nevertheless, we are confident that bioengineered drugs displaying
better safety and efficacy than conventional therapies will continue to generate
high growth rates and attractive margins going forward. Personalized medicine
will play a key role in this regard; genetic testing and biomarkers can be used
to predict how well patients will respond to specific therapies.
The complete Annual Report 2009 is available on www.bbbiotech.com
For further information
Bellevue Asset Management AG, Seestrasse 16, 8700 Küsnacht/Zurich
Thomas Egger, Media Relations, Tel. +41 44 267 67 09, teg(at)bellevue.ch
Company profile
BB BIOTECH invests in companies in the fast growing market of biotechnology and
is one of the world's largest investors with CHF 1.5 bn asset under management
in this sector. BB BIOTECH is listed in Switzerland, Germany and Italy. Its
investments are focused on listed companies that are developing and
commercializing novel medical treatments and cures. BB BIOTECH's investment
selection process is guided by the fundamental research and analysis of
physicians and molecular biologists. Its Board of Directors has many years of
experience in industry and science.
[HUG#1390728]
--- End of Message ---
BB BIOTECH AG
Vordergasse 3 Schaffhausen Switzerland
WKN: AONFN3;ISIN: CH0038389992;
Press Release BB BIOTECH (PDF): http://hugin.info/130285/R/1390728/348648.pdf
Datum: 04.03.2010 - 07:30 Uhr
Sprache: Deutsch
News-ID 13130
Anzahl Zeichen: 0
contact information:
Town:
Schaffhausen
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 230 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"BB BIOTECH AG publishes its 2009 Annual Report"
steht unter der journalistisch-redaktionellen Verantwortung von
BB BIOTECH AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
