Bb Biotech Ag Namen-Akt

2025 saw a big re-rating of the biotech industry which paused in Q1 and now we've seen a re-acceleration of performance in the biotech sector that has been mainly driven by a continued cadence of acquisitions as well as early in the quarter at least some clinical updates specifically for our portfolio the outperformance to the index was driven by Revolution Medicines Our new position, Oruca, as well as Relay Therapeutics. And it was a mixture of clinical updates and competitive profiles that led to that contribution. Well, it's clear if I look at the statistical data that we have that M&A does not predict biotech returns. Further, if we look at the capability of predicting M&A likelihood, this looks, according to our statistical framework, to be random. And therefore, for our diligence process, these are lenses that we apply, such as strategic fit, but they should definitely not dominate the process. Needless to say, we've had five M&As last year, and now three this year, with the latest a couple of days ago, Klinetics. And so these eight acquisitions alone to illustrate how strong the M&A drive is due to the patent cycle that is emerging here for Big Pharma. That is almost a fifth of acquisitions since the inception of BB Biotech over 32 years ago. I would say it changes everything. We've been on that journey for six or seven years. with the agentic AI perspective, of course, more of the last one to two years. We set out to build an operating system that I think we will complete this year that doesn't just encompass tools, but that they're really operating in an environment of one operating system with literally all functions. We've seen the early fruit of transferring slowly into a system such as that. by the increased productivity. So you're seeing, I think, for multiple quarters now, 10 plus new investments versus, I think, prior it was 1 to 2. And it looks like we don't have a loss of depth or quality of the diligence. So we could see that continue, but increased productivity and more investments doesn't mean higher returns. So we're going to set out to prove that over time, of course. I think there is a big step there that's going to come on going to a total operating system versus something that is still in between the classical approach and that future. Well, there's a couple of different perspectives. I think the industry is now in good shape. Valuations are becoming challenging in some scopes. We have to stretch along the whole I'm confident that we've really built a very strong organization that is on the way of this AI transformation. We are going to approach the midterm elections in the US in early Q4. That will be an important milestone or catalyst that we will have to manage around. And then from there on, depending on the scenario of the outcome, it could be an interesting setup for the two years following into the next election. Finally, thank you to all shareholders for supporting us and letting us go on this journey to create value for shareholders in the mid to long term. And thank you, of course, to our whole team, the research analysts that are continuously driving new ideas, finding Interesting science, interesting developments, we can invest in interesting companies, be it the operations people who are keeping the machine room running, be it communications that are actually helping with this little take, and our AI team, last but definitely not least, that is helping us to gain a really long-term edge here versus the general