ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/31/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 31/07/2025

Syensqo : Continuing to face challenging end markets

argenx 1H25 conference call feedback

argenx reported 1H25 results today, with Vyvgart sales showing a solid CSS beat. In this note you can find our main takeaways from the conference call. ARGX-119 phase 3 in CMS - argenx emphasized that they currently have 3 assets in phase 3 development with the advancement of ARGX-119 to phase 3 in Congenital Myasthenic Syndrome (CMS). ARGX-119 targets MuSK in the neuromuscular junction and is advanced in CMS, an ultra-rare disease. This allows for a small trial with dense monitoring of patients so argenx will understand the biology well before advancing it to broader trials in ALS and SMA. Th...

UCB 1H25 conference call feedback

UCB reported 1H25 results this morning with a clear beat on CSS. In this note we summarise our key takeaways from the conference call with management.

Titan 1H25 results show underlying strength, despite US headwinds

Titan reported resilient 1H25 results with EBITDA up 2% y/y, which was about 1% better than our forecast. We continue to remain optimistic on TITAN's prospects in the US and remind that only one third of Titan America's sales is imported in the US (with future tariff rate settled at 15%). Additionally, the US remains a net-import market in which c. 24% of consumption is imported, implying that, over the short to medium-term, local production alone will not allow to suffice demand. In light of the attractive valuation, we reiterate our Accumulate rating and € 45 target price. Analys call at 15h...