UCB: H1 results above consenus but be careful for H2
UCB: (SELL, Fair Value EUR66 (-8%))H1 results above consenus but be careful for H2
UCB has published H1 results which are globally above the consensus. Cimzia ales are up 11% (cer). Operationnal costs have not increased significantly as expected. The increase will be seen in H2 mainly in R&D to support the pipeline. If the group reiterates its FY 2018 guidance we remains cautious over the mid/long term perspectives. Generics and overcrowded market for bimekizumab are of particular concerns for us.
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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