BB Biotech AG (BION) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of BB Biotech AG CHF 155, price CHF 51.50, upside +200.0%, quality 80 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range CHF 24.00 – CHF 70.66 · fair‑value band CHF 83.08 – CHF 304.08 · the CHF 51.50 price screens below the CHF 154.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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BB Biotech AG is an equity fund launched and managed by Bellevue Asset Management AG. The fund invests in the public equity markets across the globe. It primarily invests in stocks of companies that are engaged in medications and diagnostics based on modern biotechnology. The fund employs a fundamental analysis to create its portfolio.
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BB Biotech AG is an equity fund launched and managed by Bellevue Asset Management AG. The fund invests in the public equity markets across the globe. It primarily invests in stocks of companies that are engaged in medications and diagnostics based on modern biotechnology. The fund employs a fundamental analysis to create its portfolio. BB Biotech AG was formed on November 09, 1993 and is domiciled in Switzerland.
Stock analysis
BB Biotech AG (BION) currently trades at CHF 51.50, while our model-based Fair Value estimate is CHF 154.50, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of CHF 487.04 per share, and 17 of the 22 models we run sit above the CHF 51.50 price.
Bear case: the Dividend Discount group reads lowest at CHF 27.01, and 5 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: CHF 83.08 (bear) to CHF 304.08 (bull), the price of CHF 51.50 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 80/100 (high quality), in the Healthcare sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
BB Biotech AG reported revenue of CHF 587M in FY2025 versus −CHF 396M in FY2021. Reported net income was CHF 578M in FY2025.
Key figures
Market cap CHF 3.1B · P/E ratio 2.1 · P/S ratio 2.02 · EPS (TTM) CHF 25.10 · Dividend yield 4.4% · Net margin 98.5% · Return on equity 54.8% · Return on assets (EBIT) 0.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at 200%, BION screens cheaper than that median.
Fair Value models
Bear CHF 83.08Fair Value CHF 154.50Bull CHF 304.08
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (CHF 16.71 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+425.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.4%
Start year 2020 (pandemic). Over 10 years: −1.2% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
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’12
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+1.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.2%
Dividend (yield on the price)4.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−3% vs −6%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.99% → 100%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 18.9%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−7.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about −8.0% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 651 stocks
Beats the industry median on 11/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score80 · Top 25%
Fair Value upside+200% · Top 25%
Profitability
Return on equity (TTM)55% · Top 25%
Return on assets26% · Top 25%
Net margin (TTM)127% · Top 25%
Operating margin (TTM)98% · Top 25%
Growth and dividend
Dividend yield (TTM)4.4% · Top 25%
Valuation Multiplesvs Biotechnology median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "BB Biotech AG Fair Value". https://www.fairvalue-calculator.com/stock/BION
Frequently asked questions
Is BB Biotech AG (BION) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of CHF 154.50 versus a price of CHF 51.50, about +200% upside (undervalued).
What is the fair value of BION?
Our model-based fair value for BB Biotech AG is CHF 154.50 (as of Sep 23, 2026), built from audited fundamentals. The current price: CHF 51.50.
What is the quality score of BION?
BB Biotech AG has a Quality Score of 80/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for BB Biotech AG (BION)?
Our model-based price target is the fair value of CHF 154.50 (as of Sep 23, 2026) from 22 valuation models. Cautious scenario CHF 83.08, optimistic scenario CHF 304.08. It is a calculation from audited fundamentals, not an analyst target.
What is the BB Biotech AG stock forecast for 2026?
Our models put fair value at CHF 154.50, about +200% upside versus a price of CHF 51.50 (undervalued). Cautious scenario CHF 83.08, optimistic scenario CHF 304.08. The calculation is refreshed regularly with new filings.
What is the revenue of BB Biotech AG (BION)?
BB Biotech AG reported trailing-twelve-month revenue of about CHF 1.1B (latest available figure, as of Sep 23, 2026).
Does BB Biotech AG pay a dividend?
BB Biotech AG currently shows a dividend yield of about 4.37% relative to its recent price (as of Sep 23, 2026).
What growth is priced into BB Biotech AG (BION)?
For today's price to be fair in a discounted-cash-flow model, BB Biotech AG would have to grow free cash flow by -7.5 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -3.4 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of BION use?
Our models discount BB Biotech AG at 8.7 %: a base by market capitalisation (mid), damped by beta 0.66, country premium for Switzerland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For BB Biotech AG that is -7.5 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has BB Biotech AG (BION) delivered so far?
Over the past 5 years revenue at BB Biotech AG grew -3.4 % a year. The price currently implies -7.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of BB Biotech AG (BION) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into BB Biotech AG (-7.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of BB Biotech AG (BION)?
The free-cash-flow yield on the price is 10.88 %: that much free cash flow BB Biotech AG produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of BB Biotech AG (BION)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BB Biotech AG it is CHF 154.50 per share (as of Sep 23, 2026), against a price of CHF 51.50. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is BB Biotech AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, BION trades below its calculated fair value: price CHF 51.50, fair value CHF 154.50, a gap of about +200% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BION?
No. The price is what the market pays today (CHF 51.50); the fair value is what the company's own numbers justify (CHF 154.50). For BB Biotech AG the two are CHF 103.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is BB Biotech AG worth?
The market values BB Biotech AG at about CHF 3.1B (market capitalisation, as of Sep 23, 2026). Per share that is CHF 51.50; our models calculate a fair value of CHF 154.50 per share.
What do the bullish and bearish scenarios say about BION?
Our models span a range for BB Biotech AG: cautious scenario CHF 83.08, base CHF 154.50, optimistic CHF 304.08 per share (as of Sep 23, 2026, price CHF 51.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BION?
BB Biotech AG trades at a price-to-earnings ratio of 2.1 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 154.50 is built from several models across several years. Other multiples: P/B 1.4, P/S 3.6, EV/EBITDA 6.4.
How solid is the balance sheet of BB Biotech AG (BION)?
Balance-sheet figures for BB Biotech AG (as of Sep 23, 2026): return on equity 54.8%. They feed the Quality Score of 80/100, which measures business quality independently of the share price.
How far is BION from its 52-week high?
BB Biotech AG trades at CHF 51.50, about 9% below its 52-week high of CHF 56.80 and 53% above the low of CHF 33.65 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 154.50 is for.
Which stocks are comparable to BB Biotech AG?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is BB Biotech AG stock attractive at the current price?
The data as of Sep 23, 2026: price CHF 51.50, calculated fair value CHF 154.50 (+200%), Quality Score 80/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BION calculated?
We run BB Biotech AG through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of CHF 154.50, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. BB Biotech AG currently trades 200 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of BB Biotech AG (BION)?
The closing price on Sep 23, 2026 was CHF 51.50. Our model-based fair value is CHF 154.50, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BB Biotech AG right now?
The rarer combination: high quality (80/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (CHF 83.08). The market is more pessimistic than our downside scenario. The model range is unusually wide (CHF 83.08 to CHF 304.08). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of BB Biotech AG (BION) come from?
Earnings per share at BB Biotech AG grew −10.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share −10.4 %, EBIT margin −0.3 %, tax rate +0.0 %, residual (interest, one-offs) −0.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of BB Biotech AG
How large is the market capitalisation of BB Biotech AG (BION)?
The market capitalisation of BB Biotech AG is CHF 3.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of BB Biotech AG (BION)?
The price-to-sales ratio of BB Biotech AG is 2.02 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of BB Biotech AG (BION)?
Earnings per share at BB Biotech AG are CHF 25.10 (price ÷ EPS = P/E 2.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of BB Biotech AG (BION)?
The dividend yield of BB Biotech AG is 4.4% (payout 9.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of BB Biotech AG (BION)?
The net margin of BB Biotech AG is 98.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of BB Biotech AG (BION)?
The return on equity (ROE) of BB Biotech AG is 54.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of BB Biotech AG (BION)?
On an EBIT basis the return on assets of BB Biotech AG is 0.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of BB Biotech AG (BION)?
The operating margin of BB Biotech AG is 97.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast are earnings growing at BB Biotech AG (BION)?
Earnings per share at BB Biotech AG are growing +692% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does BB Biotech AG (BION) hold?
BB Biotech AG holds more cash than debt, CHF 98.2M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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