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The Swiss stock market continued its upward trend, with the SMI rising 0.5% to 12,420 points, fueled by optimism over potential trade deals and peace talks regarding Ukraine. Sika led the blue-chip gains with a 1.9% increase, while UBS faced pressure amid concerns over stricter capital requirements. VAT Group's shares fell 2.6% as it revised its sales growth outlook for 2025-2029.
UBS warns that rising protectionism may lead Swiss companies to relocate production abroad, potentially undermining the country's long-term growth. A survey reveals that half of larger firms considering new outlets are focused on the U.S., with significant investments announced by Novartis and Roche. Economists predict a slowdown in Swiss growth, forecasting a 1% GDP increase for 2025, down from 1.5%.
Swiss companies are increasingly considering relocation due to rising protectionism and tariffs, with half of exporters exploring new markets. A significant 50% of firms focused on the U.S. view relocation as likely, while only 25% of SMEs are contemplating such moves. UBS warns that these trends could hinder Switzerland's long-term economic growth, which is already projected to slow to 1% in 2025.
Swiss CEOs and board members, including UBS's Sergio Ermotti and Holcim's Jan Jenisch, often receive significantly higher compensation than reported due to undervalued share portfolios. For instance, Ermotti's 2023 earnings could have reached CHF 18.4 million if shares were valued accurately, while Jenisch's total compensation included CHF 48 million, largely from stock options. Roche's Severin Schwan and Nestlé's Mark Schneider also illustrate this trend, with substantial portions of their pay linked to undervalued shares.
Raiffeisen has revised its GDP growth forecast for the Swiss economy downwards due to heightened risks from US tariffs and a strong franc. The bank noted a significant rise in Swiss exports to the USA, particularly in pharmaceuticals, but anticipates a correction following this surge. For 2025, GDP growth is now projected at 0.9%, down from 1.3%, with similar reductions expected for 2026.
Swiss CEOs, including UBS's Sergio Ermotti and Holcim's Jan Jenisch, are criticized for receiving substantial hidden bonuses due to undervalued share packages. Ethos Foundation highlights that these packages are often valued significantly below market rates, inflating actual remuneration over time. For instance, Ermotti's compensation could have reached CHF 18.4 million if shares were valued correctly, while Roche's Severin Schwan also benefits from similar undervaluation practices.
UBS has raised its price target for Alnylam Pharmaceuticals to $349 from $331 while maintaining a Buy rating. Alnylam focuses on developing therapeutics based on RNA interference, with products including AMVUTTRA for hereditary transthyretin-mediated amyloidosis and ONPATTRO for hATTR amyloidosis. The company is also advancing treatments for various conditions, including acute hepatic porphyria and hypercholesterolemia.
UBS Asset Management and IMPACT Real Estate have acquired the former Novartis headquarters in Nuremberg, planning to develop a residential complex with around 415 apartments by 2027. The project emphasizes ESG compliance and sustainable urban development, supported by the City of Nuremberg's Economic Affairs Department. Sparkasse Nürnberg is also involved, highlighting the importance of socially effective residential projects in the region.
Novartis AG, a leading global pharmaceutical company, generates sales primarily from oncology (29.3%), immunology (18.5%), and cardiovascular, renal, and metabolic diseases (17%). With over 30 production sites worldwide by the end of 2024, its sales are geographically distributed as follows: USA (42%), Europe (30.9%), Asia-Africa-Australasia (20%), and Canada and Latin America (7.1%).
Switzerland's pharmaceutical industry is urging the government to develop a strategic plan to maintain its competitiveness amid global challenges like US tariffs and OECD taxation. National Councillor Elisabeth Schneider-Schneiter emphasizes the need for coordinated political efforts rather than financial support, while critics call for a broader examination of policies affecting the sector, including patent protection and tax regulations.
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Swiss stock market rises as UBS faces pressure from potential capital requirements
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