Un S2 plus « challenging » - NEUTRE - OC 78€ (vs 83€)
La société publiait ses résultats trimestriels qui se révélaient nettement supérieurs aux attentes. Malgré un bon S1 en termes de marge le groupe n’a pas relevé sa guidance annuelle. En effet le S2 risque d’être plus compétitif avec des coûts de R&D qui devraient significativement augmenter (lancement de Bimekizumab en phase IIb). Après avoir ajusté principalement nos attentes de frais R&D, nous ressortons dans le bas de la fourchette de guidance d’EBITDA à 969m€ (guidance entre 970 et 1 010m€) pour un Core BNA de 3,02€ (guidance entre 2,90 et 3,20€). Nous abaissons notre objectif de cours de 83€ à 78€ intégrant également la mise à jour de notre WACC qui passe de 7,1% à 7,5%. Dans un contexte d’incertitude qui plane sur Vimpat, nous maintenons notre recommandation à NEUTRE.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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