Ladies and gentlemen, welcome to the BB Biotech full year 2025 analyst conference call and live webcast. I am Sandra, the Chorus Call operator. I would like to remind you that all participants have been listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference will not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to Rachael Burri, Head of Investor Relations. Please go ahead. Thank you very much, Sandra. Good morning, everyone, and welcome to BB Biotech's analyst conference call and webcast for our full year 2025 results. I'm pleased to be joined by Christian Koch, Head, BB Biotech team. Over the next approximately 25 minutes, we will walk you through our 2025 performance, portfolio developments, and strategic positioning. Afterwards, we will open the floor for your questions and ensure there is sufficient time for Q&A. We are particularly pleased to welcome you in this slightly refreshed format. In parallel with the publication of our results, we have also relaunched our website in a new and more streamlined design. The full annual report, today's press release, and this presentation are all available online, and we encourage you to take a look. Let's have a look at the key figures on slide four. 2025 was a year of clear and measurable financial progress for BB Biotech. We generated a net profit of CHF 578 million for the full year, compared to CHF 76 million in 2024. In the fourth quarter alone, net profit reached CHF 472 million, underlining the strong momentum into year-end. From a share price perspective, we delivered a significant total return across currencies. This represents a clear outperformance versus the Nasdaq Biotechnology Index, particularly in US dollar terms. Currency movements contributed positively to the US dollar performance, but even in local currency, we achieved strong double-digit returns, supported by underlying portfolio execution. The net asset value increased by 26.5% in Swiss francs, demonstrating solid value creation at the portfolio level. Importantly, performance translated into an improved market perception. The discount to the net asset value narrowed from 15.2% at the end of 2024 to 10.8% at year-end 2025. Since beginning of 2026, we have seen a further tightening, with the discount currently at approximately 8%, reflecting continued confidence in both portfolio and our positioning. Overall, 2025 shows that disciplined capital allocation, exposure to structural M&A, and a catalyst-rich portfolio can generate attractive returns across market cycles. With that overview of the financial results, I will now hand over to Christian, who will walk you through the main performance drivers and the portfolio developments behind these numbers. Welcome, also, from my side. This slide shows you the top ten performing portfolio holdings in 2025. That's ranked by individual share price performance, not by contribution and weight. What stands out here is the breadth of the performance, I can say. Ionis delivered a gain here of over 120%, but several other large positions, such as Revolution Medicines or Alnylam, almost doubled. Other smaller positions, such as Relay, for example, also doubled, and several others posted returns well above 50%. I think the common denominator here behind these moves was execution and progress. On the one side, clinical readouts, regulatory approvals, and then we also had some strategic transactions. Those were all key performance drivers. In several cases, milestones significantly de-risked programs or confirmed the commercial, commercial potential, and that led to meaningful re-ratings. What's important is that the performance came from a mix of established long-term core holdings that we had and more recently initiated new positions. I think that reflects both the strength of our high conviction core, that is, of course, also shifting, as well as our ability to identify new opportunities at attractive entry points. On this slide, we see, I think, the mental model that we have around the S-curve as a structural framework for sizing, timing, and risk control. It guides how we build, scale, exit, and reduce positions across the biotech life cycle. We initiate positions based on clear scientific conviction, of course, and defined return expectations. As assets move from early development at the bottom of the S-curve into late stage and commercialization, we adjust the exposure based on validation and, of course, based on risk reward. In 2025, the portfolio shifted further towards clinically mature assets on the steeper part of the S-curve, increasing visibility and reducing binary risk for us. At the same time, on a selective basis, we added investments in Q4, which include Amicus, which was acquired shortly after taking exposure... but also companies such as Nuvalent, Krystal, Jade, Maze, and Tango. Some of these are positioned earlier on the curve. In those cases, we saw differentiated science and asymmetric upside based on valuation. This framework allows us to have disciplined exits and capital recycling, and ensures continuous alignment to our long-term value creation endeavor. The slideshow highlights how our capital allocation is supported by our proprietary platform, we termed BioCarta. It's a fully integrated digital backbone. It's not a collection of tools. It's really a hosted web app where our data lake is connected to. It supports our entire investment process, which is more and more digitalized. All investments are assessed through structured scenario analysis in that framework. We model base, upside, downside cases per event, but also for the overall cases, and apply probability-weighted valuation to ensure disciplined entry and exits and pricing. Our risk assessment is fully integrated into that framework. Position, size, and capital allocation are aligned with clinical maturity, liquidity, and downside risks and other factors that we deem important in that system. BioCarta enables continuous portfolio monitoring, and what's important is it is a learning system with a Bayesian framework in the future. As new clinical data, regulatory milestones, or market dynamics emerge, the assumptions are systematically reassessed. The objective here is consistency and transparency in our decision-making to increase the learning capacity of both the team in collaboration with our platform. This process discipline strengthens risk control on the one side and allows us to scale conviction where validation increases. Another differentiating element for BB Biotech is our structural market cap positioning. We have been deliberately overweight in the mid-cap innovators in the 5-30 billion range. This segment sits at the steepest part of the biotech cycle, depending on which macro environment we are. Companies typically here have clinical validation, improved visibility, and increased strategic relevance. At the same time, we do have some select large cap exposure that we continuously evaluate, that anchor the portfolio with established franchises, and a balance sheet strength. We've reduced through 2025 our exposure into very early-stage small caps, but, we can still be opportunistic when we see something that makes sense and, sizes appropriately. Overall, that reflects our focus on risk-adjusted returns, capital efficiency, and controlled volatility. The positioning differentiated us from the benchmark here, and that supports a selective, fundamental-driven value creation in the long term, we believe. Let me briefly frame the broader biotech backdrop, in which our 2025 performance was delivered. After that valuation reset from 2021 to 2024, we believe that the most acute phase is largely behind us. The financing conditions have stabilized to a certain degree. Sentiment had improved in 2025, and the investor focus had clearly shifted back to fundamentals. Importantly, we believe the ground drivers, the structural drivers for the sector, they really remain intact. The upcoming patent cliff and the need for external innovation, among the big players continues to support strategic demand, and that demand is mainly for clinically mature or even commercial differentiated assets. At the same time, entering 2026, this is no longer really a beta-driven market. Differentiation, clinical validation, and execution quality are increasingly determining performance dispersion. In other words, we believe that we are entering or operating in a more selective environment now, which favors active managers with a disciplined process and strong fundamental conviction, both considering the macro environments that we're going into, as well as the stock selection and stock picking processes. Let me turn to the structural M&A backdrop and how we are positioned within it. The industry context is pretty clear. The upcoming patent cliffs is driving a sustained need for external innovation in the large biopharma players. Their balance sheets remain strong, and acquisitions of differentiated late-stage assets have become a structural growth lever for these companies. Our portfolio is deliberately aligned with these priorities. We have been focusing a lot on clinically mature, strategically relevant assets that fit directly into big pharma and big biotech's pipeline needs. In 2025, five of our portfolio companies were acquired: Intra-Cellular Therapies, Blueprint Medicines, Akero Therapeutics, Avidity Biosciences, as well as Amicus Therapeutics. I think that validates both our positioning and our discipline selection process. Importantly, this was not opportunistic. We did not invest because of M&A. That was basically a side effect that happened, these had strong underlying fundamental investment cases. I think overall, that reflects our consistent approach of in identifying innovation ahead of strategic demand, positioning capital where clinical maturity and strategic relevance intersect. Turning to 2026, we see a catalyst-rich year ahead... reflecting the increasing clinical maturity also of our portfolio. I think over recent years, we have just deliberately increased exposure to phase III and registrational stage assets, particularly across a couple of therapeutic areas. The portfolio is built around validated mechanisms, scalable platforms, where we think clinical progress can translate into both commercial upside and then also strategic relevance. On the right side, you see a couple of select milestones that illustrate that depth. For example, Revolution Medicines. We're expecting really the foundational phase III data in second-line pancreatic cancer within days and weeks. Argenx has a fee, has multiple phase III results this year for their Vyvgart franchise. Our neural holding, Viridian, is advancing phase, the phase III reveal data that will come out in thyroid eye disease. Ionis is preparing and focused on their commercial launch for, of Trigalza in severe hypertriglyceridemia. Vertex, as well as our other and new investments that we've made in the autoimmune, renal space, are focusing on clinical progress, approval, and even launch this year and next year, in this fairly widespread rare disease around autoimmune kidney. Overall, 2026 is not really dependent on single binary events, but supported by a very diversified set of high-impact milestones across core positions of ours. Many thanks, Christian. We would like to conclude with how our long-term strategy translate into tangible shareholder returns. For full year 2025, we are proposing a dividend of 2.25 CHF per share, consistent with our established payout policy and reflecting the strong earnings performance. In addition, we launch a new share buyback program of up to 10% over three years, providing further flexibility in capital allocation and supporting discount management. At the same time, governance and sustainability remain an integral to our approach, as reflected in our inclusion in the SPI ESG Index. Overall, our objective is clear: discipline, long-term investing, combined with consistent capital return and active balance sheet management for our shareholders. To summarize, 2025 was defined by disciplined execution, structural industry tailwinds, and a catalyst-rich portfolio that positions us well for sustainable long-term value creation. With that, we would now be happy to take your questions. I will hand back to the operator to open the line for Q&A. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume of the webcast while asking a question. Anyone who has a question may press star and one at this time. Our first question comes from Aydin Akar from Edison Group. Please go ahead. Good morning. Nice to see the updates today, and thank you very much for taking my question. My first one is really looking at the J.P. Morgan conference at the start of this year. I think it says it was a very quiet start to the year. Just keen to hear your thoughts on how this sort of sets the tone for M&A for the year ahead. Yeah, great. I can, I'll take that question. Really, I think, there's been a development for J.P. Morgan over the years. I think, or our impression is that it's become less important for financial markets. It still is very important for the industry and very important for us investors to be there to do our groundwork diligence work. But the expectations build up over the last decade, that has subdued a little bit regarding transactions. And one observation is that actually in that time period, if you look at it historically, there's not that many transactions that happened at J.P. Morgan exactly, but the expectations were built up very high. And we saw similar things this year with one or two very large transaction rumors floating. That doesn't mean that they didn't happen now. It doesn't mean they will happen over the next weeks and months. Typically, we see that the actual transactions build more towards Q2, Q3, Q4 from that. We see J.P. Morgan more as a starting point and accelerator of conversations for transactions. Excellent. Thank you. My second and final question was just asking if you could perhaps expand on how BB Biotech uses agentic AI and how this differentiates it from other healthcare-focused investment companies. Yeah, just in capacity, what we can say, so my background is a PhD in machine learning in drug discovery by chance. I think we decided to go on that journey to use digitalization, machine learning, and AI, and then as a last instance, agentic frameworks for AI since five years. I think that dramatically accelerated two years ago, and we are building out and staffing our team that we actually have as many AI engineer scientists as investment analysts. I think that is special. I haven't seen any other biotech investor that has the equal component of that, of that. They're increasingly working together on the one side, so across every element of diligence. But importantly, the big mandate for the AI team is to build out this platform, a digital platform, BioCarta, and that's where if we measure everything, we can deploy agents for various purposes. What we're looking to build over the mid to long term is a operating system that is an interplay to capitalize on the main structural advantage that BB Biotech has as an investment company, and that is time arbitrage. That we can interplay, remove human bias and interplay between the five-year IRR structural benefit of BB Biotech and the shorter term, catalyst-driven second view. And for that, we need to build a platform like this, and many AI components and AI agents can help, both in building the platform but also operating in it. The human component will remain very, very important to guide and validate every part of that, right? From macro layers, down to individual case layers, down to individual catalysts and, you know, understanding financial markets better. It is gonna be a core for us in the future, and we're increasingly-- we're increasing our investments in that space. At the same time, we don't know the timeline of how this one will accelerate, so we have to be a little bit careful on seeing and validating how the performance of these systems can emerge. We'll increasingly communicate on that with different formats over time. Okay, that's very insightful. Thank you. And, congratulations again on the recent progress. Thank you. As a reminder, if you wish to register for a question, please press Star followed by one. The next question comes from Nicolas Pauillac from Kepler Cheuvreux. Please go ahead. Hi, thanks for taking my question, and congrats on the strong results. Maybe two questions on my end. The first one is what I was looking at the portfolio change, and it looks like you did a lot of new investment over Q4. Could you come back a bit on that? And maybe also would be nice to remind or update us on what's the usual timeline to catalyst, let's say, that you are looking for when you're taking these new stakes. Or in other words, are we to expect like significant news flow from this new investment over the next like quarter, two quarters, et c.? So that would be my first question. And then I also saw that you took this new stake in a new private company. So also curious to a bit of insight into that and, are we to think or estimate that we-- you are looking more actively looking into this late stage private company kind of deals, or it's just purely optimistic at least? Yeah, sure thing. Mm-hmm. We'll take that. So in the portfolio, yeah, that's a good observation. So if we think about that time arbitrage structural component again, on the. If you think about it, you can do two things, right? Either, sell stock or buy stock. On the profit-taking side, that is that we're seeing a lot of positioning happen before events happen, so close to events we can lock in profits. If we wanna add there, that probably is if we, time arbitrate by looking at stories before the market starts becoming interesting about it. Typically, that's a range of one to three months for biotech nowadays. Can extend sometimes to six months and sometimes to 12 months. So that's a little bit of the guidance framework that we're using operationally, that the milestones don't have to happen within a quarter or two, 'cause then time arbitrage is not really possible anymore. That doesn't mean that we do it when we're really high conviction on something. But typically, if we can find foundational fundamental stories that appeal to us from the risk-reward, and then the catalyst risk rewards look favorable as well, and typically that happens more if the next milestone is not within the next one or two quarters. So we've done some new investments in Q3. We've done some early in Q4. Quite a couple of them can already give you as a lookout that we've already done some new investments now early in Q1. And then many of them will have milestones maybe mid-year, but the ones that we did earlier can also have some milestones, for example, in Q2. Viridian is one of those examples where we're waiting for the phase III results, that will be coming, I think, in Q2. That's on the first question. The second question is on our new private holding that we have there. So that is, the company is actually Damora, but it's only a temporary private company because there's a reverse merger agreed into, from Damora into Galecto. And for accounting reasons, we hold these Galecto shares, and it's a reverse IPO, so de facto, it is a public company. But I think it closes within the next weeks here, and then it will be a public position. Where this is coming from is that, already last year, we saw that the autoimmune kidney space is incredibly interesting. It's a very, very large market, very large chronic disease market that is unserved. We had exposure through Vertex in that, and we evaluated which are the companies that are very interesting in that space. Can't tell you the numbers that people are ranging, is $20 billion-$30 billion, the market size. And so, we did an investment in that autoimmune space with a couple of players. And in an analogy to that, 'cause we identified there that the best agents were long-acting antibodies, and we saw a similar technology for one of the competing companies for our investment in Insight. Insight was a very long-term holding and kind of reinvented what they were strong in, is myeloproliferative diseases or neoplasms. They entered a new cascade with a target called mutCALR, and by focusing on that target, it looks like there is early endeavors of having a disease-modifying treatment. Beyond drugifying and creating a large market on that side. We identified that there was a heightened market, market expectations and valuations as Insight stock rose there, and there are some liabilities to that program. We looked at the similar technology that we saw in the autoimmune kidney space with these very long-acting antibodies, so-called YTE modifications. We found a company there that is built on a similar technology as we saw in the autoimmune kidney disease field that was still private, but was looking to reverse the IPO, and that was Damora. The ticker that you can find in our portfolio list there is Galecto for the moment. That's a little bit broader scope there for the private company. We think this is the best, likely the best, program for mutCALR. It's a little bit earlier than what's out there, but I think the player that's now operating in that new disease-modifying treatments for myelofibrosis, for example, and essential example of cytopenia, they're plowing the way there in establishing this new category, and this is likely the best-in-class option for it. Okay, yeah. Super. Thanks for the insight. And maybe if I can squeeze a quick follow-up just on kind of your preferences when it comes to therapeutic areas. I was looking at the portfolio and it looks kind of very high exposure to immunology and oncology. I guess that's the two main things. Not a lot into like the big obesity trend. Is it that you think it's already way too high prices and maybe not super attractive reward anymore, or it's just that you didn't find any interesting targets? Yeah, so what I can say is it's, it's, of course, this is the full year results. What you're seeing, it's already shifted a bit. The oncology exposure was a lot driven by Revolution Medicines, and there were M&A rumors there. So when part of that is priced in, we obviously also capitalize on those parts. So the oncology exposure, we're aware of it, we manage that risk. The immunology is similar to that, that is mainly driven by argenx and the position, and the position size that we have there. And you, you can see that we've started reducing those top core positions and size because we've seen many opportunities also, with similar risk rewards in the middle of the portfolio. We- Okay. On the- Sorry. Yeah. On the obesity side, etc., we're interested in all the therapeutic areas. That's clear, and we're looking for, like, where the puck is gonna go, not where it is currently. In obesity, especially, we focused on the energy expenditure side, which is becoming attractive now. I think we have one of the leading companies in that space on the private side. We have some exposure with Wave on the INHBE target, which is more a, a on the muscle building side, if you want. On the incretin side or peptide side, it's difficult to establish, or find a differentiated player there in that market. That's a more nuanced discussion, but we are very, very aware and have done some cardiovascular investments in the broader scope here with Akero, etc., and remain very interested in that space. We also remain very interested in neurology, and through our RNA exposures, we have exposure into that. One area where we're also interested in is psychiatry, but that's inherently higher risk in that space, but very high unmet needs, so we're trying to balance all of those. Infectious disease as a therapeutic area has been more problematic with the political situation, but what I can share is we've even identified an interesting provision there in early Q1 now, so we're definitely not excluding those spaces. We're carefully tracking both the unmet need and the pharmacoeconomic flow in those therapeutic areas, as well as the competitive density. So we see fields like autoimmune becoming increasingly competitive dense, which then can narrow returns. Something similar happened to oncology ten years ago, I would say. Being pre-positioned for those development is important. And for that also, our platform and system can help us in the future. Okay, yes. Super. Thanks for all these insights, and congrats again. Thank you. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Rachael Burri for any closing remarks. Many thanks, Sandra, and thank you very much for your time and continued interest in BB Biotech. We appreciate your engagement and look forward to staying in close dialogue. I'm wishing everyone a successful wrap-up of the week and a nice weekend ahead. Many thanks. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.