BB Biotech AG reported its Q2 2025 financial results, highlighting a net loss of CHF 100 million, a deterioration compared to the CHF 87 million net loss in Q2 2024. The company's NAV increased by 5.8% in USD, outperforming the Nasdaq Biotech Index $(NBI.AU)$ by 5.9 percentage points, but fell by 5.1% in CHF and 2.8% in EUR due to currency effects. The share price increased by 10.2% in USD, while it decreased by 1.1% in CHF and increased by 0.8% in EUR. The discount to NAV tightened to 10.5% by the end of Q2. BB Biotech's portfolio saw significant progress, with multiple companies achieving clinical, regulatory, and commercial milestones, reinforcing the company's innovation strategy. A notable development was Sanofi's USD 9.5 billion acquisition bid for Blueprint Medicines, a new holding for BB Biotech. The portfolio remained steady with 23 companies, with increased investments in Immunocore, Akero Therapeutics, Edgewise Therapeutics, and Scholar Rock, while exiting Esperion Therapeutics. The company is preparing for four product launches and several Phase III read-outs in the second half of the year. The macroeconomic environment showed signs of stabilization, with moderating inflation and steady policy rates supporting market sentiment. However, the US healthcare sector faced challenges due to ongoing debates over drug pricing, manufacturing reshoring, and FDA leadership changes. Despite these challenges, strategic acquisitions in the sector continued, underscoring the value of innovative assets.