UCB 1H24 results show clear beat, path to growth has started
UCB's product sales land well ahead of consensus now that it is gaining steam across its 5 growth drivers, and especially Bimzelx. The launches require a massive opex uptake, however the company shows a clear beat on adj. EBITDA and EPS expectations. Mgmt. now points to upper end of FY24 guidance, and we adjust to a € 159 TP (prev. € 143), maintain Accumulate.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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