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Zurich (awp) – The holding company HBM Healthcare Investments recorded a net loss of 158 million Swiss francs in the first nine months of the 2023/24 financial year (April to December), in line with the warning from the beginning of January. due to negative exchange rate effects and value adjustments.
In the third quarter alone, HBM suffered a loss of 87 million, the company announced in a press release on Monday. The net asset value (NAV) fell by 5.1% to 225.03 Swiss francs within three months. Over nine months, NAV fell by 8.7%.
Between April and December, the dollar lost 8.1% against the franc, the euro lost 6.4% and the yuan lost 11.0%, largely explaining the poor performance of the Zug-based company’s assets.
Listed companies weighed on the nine-month result by 30 million francs and unlisted companies by 96 million francs, of which 47 million were due to currency fluctuations and 49 million due to impairments related to new financing and missed operational targets.
Sales of Immunogen to Abbvie, Chinool Therapeutics to Novartis and Prometheus Biosciences to Merck raised $27 million. In India, the portfolio companies benefited from a dynamic environment and generated 17 million despite the devaluation of the rupee against the Swiss franc.
The company writes that the 2024 calendar year got off to a good start. “Overall, we see signs of improving market conditions,” the statement said. However, volatility should remain relevant.
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