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.
We reiterate our BUY on UCB and increase our target price from €120 to €125 following the re-rating of our sample of EU Pharma Midcaps, which are now trading at 21.9x Norm. PER 2021F, vs 14.7x for UCB, despite double-digit core EPS CAGR over 2020-23F and significantly higher R&D investments. Our Embedded Value remains unchanged at €129 per share, as we remain convinced by Bimzelx game changer potential. UCB will report its 1H21 results on 29 July, and we expect strong core EPS growth at +9.7% thanks to the continued growth of blockbusters Cimzia and Vimpat, whilst Evenity's sales growth in the...
>Bimekizumab: positive recommendation from CHMP in psoriasis - UCB’s share price gained +3% last Friday (after trading was momentarily suspended) following the positive recommendation from the EMA’s Committee for Medicinal Products for Human Use (CHMP) for bimekizumab in the treatment of moderate to severe plaque psoriasis. We are not surprised by this verdict which is more a confirmation of our opinion on its clinical development. To recap, the phase III data (BE SUR...
>Bimekizumab : CHMP positif dans le psoriasis - Le cours d’UCB progressait de +3% vendredi dernier (après une suspension momentanée du cours) à la suite d’une recommandation positive du Comité des médicaments à usage humain (CHMP) de l’EMA pour bimekizumab dans le traitement du psoriasis en plaques modéré à sévère. Nous ne voyons pas ce verdict comme une surprise mais plutôt comme la confirmation de notre opinion sur son développement clinique. Pour rappel, les résul...
INDRA SISTEMAS - BUY | EUR12 VS. EUR11 (+50%) Outstanding quarter and guidance revised upwards We reiterate our Buy rating and raise our TP to EUR12 from EUR11 Outstanding Q2 growth was driven by T&D and Public administration FY21 guidance has been raised Deleveraging the balance sheet paves the way to use more cash
DASSAULT SYSTÈMES - BUY | EUR51.48(+15%) Improved visibility comforts our confidence in sustainable growth We reiterate our Buy rating and raise our TP to EUR51 from EUR43 Net staff hiring will be the key for the operating margin this year Revenue growth acceleration looks sustainable
EDENRED - Conviction BUY Top Picks | EUR56(+15%) Strong H1 results and FY guidance upgraded Pleasant surprise on top line even better than expected… …as on EBITDA allowing management to revised upwards its FY guidance Growth profile that definitely enhanced during the pandemic
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