KBC Securities - UCB S.A. (UCB) UCB Bimzelx gets EU nod for HS

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KBC Securities

Thomas Vranken

UCB Bimzelx gets EU nod for HS

UCB obtained EU regulatory approval for Bimzelx in HS, marking the first global approval in this hard-to-treat indication. Based on the Phase 3 data, we see a strong reason to play for Bimzelx in the HS space and anticipate approx. € 650m peak sales next decade.

22/04/2024 1 EN

Underlying

UCB S.A.

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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BE0003739530 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Thomas Vranken

Other Reports on these Companies

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Benelux Morning Notes

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May 3, 2024 May 3, 2024 1 EN

KBC Securities

Morning Notes : ARCAD NA, DIE BB, FUR NA, TESB BB, TINC BB, UCB BB

: ARCAD NA, DIE BB, FUR NA, TESB BB, TINC BB, UCB BB

April 30, 2024 April 30, 2024 1 EN

KBC Securities

UCB Model update: UCB's five growth drivers into the next decade

UCB is entering a next stage of growth as it turns the page on the loss of exclusivity of several of its mature assets. The new chapter will focus strongly on five growth drivers: Bimzelx, Rystiggo, Zilbrysq, Fintepla and Evenity. Jointly, these assets could deliver significant topline growth and margin improvements in the coming years. We have conducted an extensive update of our model to incorporate these new dynamics. Our DCF-based valuation points to a fair value of € 143 per share (previously € 110), while we maintain our Accumulate rating.

April 30, 2024 April 30, 2024 1 EN

Morning Notes : MITRA BB, PNL NA, TWEKA NA, UMI BB

: MITRA BB, PNL NA, TWEKA NA, UMI BB

30m 30m 1 EN

Wim Hoste

Wim Hoste

Ontex Conference call feedback

Below are the highlights from the conference call. Ontex posted stronger than expected 1Q results, with 4% LFL revenue growth and adjusted EBITDA that increased by 30% y/y, beating our and consensus forecasts by respectively 9% and 8%. FY guidance of an adjusted EBITDA range of 11-12% is maintained, with 1Q margin already firmly within the range (11.5%). The balance sheet is gradually strengthening with net debt/EBITDA down 0.5x sequentially to 2.8x. On the back of the much improved earnings momentum, solid growth prospects/ambitions in North America and the attractive intrinsic forward valuat...

May 3, 2024 May 3, 2024 1 EN

Michiel Declercq

Michiel Declercq

bpost 1Q24 Conference call feedback

1Q24 sales decreased 5.3% to € 993m, or 3.2% below CSS expectations driven by soft results in N-A. Although the 1Q24 adj. EBIT of € 62.1m came in below expectations (kbcse: € 71.6m, css: € 69.7m), we want to highlight that the adj. EBIT was impacted by € 7.7m in M&A costs related to the Staci acquisition. Excluding this effect, profitability was in line with expectations driven by solid cost savings in E-logistics. Additionally, bpost mentioned that it does not expect any restructuring costs in Flanders. Although we believe the outcome of the press distribution is better than expected, visibi...

May 3, 2024 May 3, 2024 1 EN

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UCB Bimzelx gets EU nod for HS

We are a financial services provider for several types of professional clients, each with distinct needs.

Benelux Morning Notes

Morning Notes : ARCAD NA, DIE BB, FUR NA, TESB BB, TINC BB, UCB BB

UCB Model update: UCB's five growth drivers into the next decade

Morning Notes : MITRA BB, PNL NA, TWEKA NA, UMI BB

Ontex Conference call feedback

bpost 1Q24 Conference call feedback

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