UCB - Solid FY23 showing strong BIMZELX® uptake
*UCB reported FY23 results this morning: revenue in line with guidance, beat vs. DPe and BB CSS. Adj EBITDA margin higher than guidance and beat vs. DPe and BB CSS. Bimzelx® net sales revenues beat DPe and BB CSS. Cimzia® stable.*2024 guidance implies revenue growth but lower EBITDA margin vs. 2023 mostly due to direct-to-consumer (DTC) marketing campaign in the US for BIMZELX®. 2025 guidance reiterated.*Based on these results and reiterated guidance, we will revise our estimates upwards. Buy rating reiterated. We consider UCB to be well positioned for a period of growth in the years to come.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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