UCB - Post-FY23 model revisions and future outlook
*In light of the FY23 result, most notably revealing strong Bimzelx and Evenity contributions, we have updated several of our model inputs. In line with guidance, we now expect EUR 5.6bn (in line with BB CSS) and EUR 6.2bn (-2.5% vs. BB CSS) in revenue for '24 and '25, respectively. On top, we included estimates related to 1/ hidradenitis suppurativa (HS) indication for Bimzelx (1st approvals expected this year) resulting in Bimzelx peak sales > EUR 4bn and 2/ most advanced (P3) pipeline programs with '24 readouts.*As a result, we see room to bump our TP to EUR 132.4 (+30%,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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