Swiss investment company BB Biotech has made a profit again after posting a one-billion-franc loss for the same quarter last year.
Schaffhausen-based BB Biotech swung to a profit of 375 million Swiss francs in the first quarter, from a 1.2 billion franc loss in the same period last year. The share price advanced 7.1 percent in francs and 7.1 percent in euro, Biotech announced Friday.
The currency hit was 1.9 percent, as the dollar fell against the franc. The board confirmed the continuation of its dividend policy introduced in 2013, that pays out a regular dividend calculated as 5 percent of the previous December average share price.
The share buyback program begun in last April continues. Profits were realized in the core shareholdings of Incyte, Celgene and Actelion. With the generated cash, BB Biotech increased its holdings in Novo Nordisk, Ionis Pharmaceuticals and numerous mid-cap investments.
