EQS-Adhoc

HBM Healthcare Investments reports a profit of CHF 756 million for the 2020/2021 financial year; Increase of the proposed cash distribution to a total of CHF 12.50 per share. - Seite 2

The private companies portfolio (including the public companies originating from the portfolio of private companies) increased by a total of CHF 662 million. The increase in value was largely the result of 12 IPOs (BioAtla CHF 94 million, Harmony Biosciences CHF 79 million, Cathay Biotech CHF 76 million, ALX Oncology CHF 49 million, Instil Bio CHF 36 million, others CHF 76 million) and seven acquisitions in the reporting year (Viela Bio, Forbius and Corvidia CHF 22 million each and others CHF 18 million). The total gains from the other revaluations came to CHF 168 million. Of this, CHF 123 million was from changes in market prices of public companies (SpringWorks CHF 49 million, Pacira BioSciences CHF 30 million and others CHF 44 million) and CHF 45 million from write-ups in relation to private companies in line with valuation rules. This figure includes write-downs of CHF 16 million relating to a few smaller investments owing to unsatisfactory trial results. 

The increase in the value of fund investments amounted to CHF 49 million. This was primarily attributable to two funds: HBM Genomics (CHF 23 million, primarily driven by the IPO of Seer) and 6 Dimensions Capital (CHF 19 million, various IPOs and takeover of Viela Bio).

The portfolio of public companies grew by CHF 276 million. The largest contribution of CHF 68 million came from the takeover of Immunomedics by Gilead. Gains were also made by Argenx (CHF 38 million), Rocket Pharmaceuticals and Biohaven Pharmaceuticals (CHF 21 million  each).

The hedging positions for market and foreign currency risks burdened the result with CHF 57 million and CHF 12 million respectively, while the other assets lowered the result by CHF 1 million net.

The management fees of CHF 26 million reflected the increase in net assets and market capitalisation. The large increase in value above the high water mark achieved during the reporting year triggers performance fees of CHF 121 million to the investment advisor and CHF 8 million variable compensation to the Board of Directors. Other operating and financial expenses were stable and came in below CHF 6 million.