Un bon maintien des coûts - NEUTRE - OC 83€
La société publie ce matin ses résultats semestriels qui se révèlent en ligne avec les attentes en ventes, mais nettement au-dessus en termes de BNA (+10% supérieur au consensus). Les ventes restent principalement conduites par CVN en hausse de +19%, ce qui correspond aujourd’hui à plus de 50% des ventes totales du groupe. Keppra continue sa décroissance à –7%, avec toutefois une forte résilience sur le marché européen. Avec des ratios SG&A et R&D de respectivement 22,3% et 22,7%, le BNA S1 16 ressort à 1,72€ c’est-à -dire +10% au-dessus des attentes. Malgré ce bon S1, UCB confirme sa guidance pour cette année, c’est-à -dire des revenus compris entre 4,0 et 4,1Mds€ (4,1Mds€ selon Invest), un EBITDA entre 970 et 1 010m€ (vs 985m€) et un Core EPS entre 2,90 et 3,20€ (vs 3,11€). Nous maintenons notre recommandation à NEUTRE. Conférence téléphonique à 14h CET.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 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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