Bb Biotech Ag Namen-Akt (BBAGF) Q4 2025 Earnings Call

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WEBVTT 00:00:01.057 -- 00:00:06.582 We saw a strong outperformance of our portfolio and share price versus the NBI benchmark 00:00:06.582 -- 00:00:10.585 by executing our investment strategy and our investment process. 00:00:10.585 -- 00:00:13.948 This was mainly driven by stock selection versus allocation. 00:00:13.948 -- 00:00:16.029 Biotech market stabilized 00:00:16.029 -- 00:00:19.952 after the April tariffs shock and there was a return back to fundamentals. 00:00:19.952 -- 00:00:24.956 Our portfolio was well positioned because of the focus on late stage clinical and early 00:00:24.956 -- 00:00:27.377 commercial stories. 00:00:34.367 -- 00:00:38.729 So it was less allocation, it was more stock selection in our case. 00:00:38.729 -- 00:00:43.071 Some of our mid-caps emerged to larger mid-caps, even large caps. 00:00:43.071 -- 00:00:48.114 Our RNA plays delivered greatly, Ionis and Alun during the year. 00:00:48.114 -- 00:00:54.656 And then we had a couple of takeouts based on our new investments that we had made. 00:01:01.820 -- 00:01:07.143 Well, it tells us that the patent cliff that Big Pharma is facing with the larger companies 00:01:07.143 -- 00:01:10.866 is very, very large over the next five to ten years. 00:01:10.866 -- 00:01:14.368 And there is a strong need for external innovation. 00:01:14.368 -- 00:01:18.070 And that can happen through licensing, but it can happen through acquisition also. 00:01:18.070 -- 00:01:21.592 And we see that if there is a large patent cliff within the next four to five years, 00:01:21.592 -- 00:01:26.876 then those acquisitions have to happen more in the late stage clinical or early commercial 00:01:26.876 -- 00:01:28.478 realm. 00:01:28.478 -- 00:01:33.264 There is scarcity value. There are not an infinite amount of companie...