KBC Securities - UCB S.A. (UCB) UCB Reiterates recently upgraded FY25 guidance

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KBC Securities

Jacob Mekhael

UCB Reiterates recently upgraded FY25 guidance

UCB highlighted its 2025 achievements, and reiterated its recently upgraded FY25 guidance (5 December 2025). This was the company's second guidance upgrade in 2025 and shows that UCB's commercial momentum continues its upward trajectory supported by its 5 key growth drivers, including lead product Bimzelx which saw strong momentum in HS. This is further supported by Bimzelx reaching over 100K patients worldwide. Looking ahead, Bimzelx' expanded access in 2026 to include 36m additional covered lives (+25% vs. 2025) should maintain its commercial momentum, and we look forward to the FY25 results for the FY26 guidance. € 270 TP and Accumulate maintained.

13/01/2026 1 EN

Underlying

UCB S.A.

UCB is a global biopharmaceutical company focused on severe diseases in two therapeutic areas, namely central nervous system disorders and immunology. In the area of central nervous system disorders, Co. is focused on advanced Parkinson's disease, epilepsy, restless legs syndrome and epilepsy. In the area of immunology disorders, Co. is focused on rheumatoid arthritis, axial spondyloarthritis, psoriatic arthritis, systemic lupus erythematosus, juvenile idiopathic arthritis, post-menopausal osteoporosis, systemic lupus erythematosus and immunological diseases.

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BE0003739530 Euronext Brussels Belgium

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KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Jacob Mekhael

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UCB Reiterates recently upgraded FY25 guidance

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : ARGX BB, GBLB BB, MDXH BB, ONTEX BB, UCB BB, AUTL US, PHVS US

Thematic - 2026 Outlook - "5 More Years" (55pgs)

Autolus Aucatzyl launch success, FY25 preliminary revenue in line with CSS

argenx Vyvgart sBLA acceptance in seronegative gMG comes with priority review

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