UCB FIRST LOOK: FY23 results reflect dawn of new growth phase
As UCB accelerates its new product launches, revenues return to growth in 2H23 and FY23 margins were ahead of expectations. FY24 revenue guidance of € 5.5-5.7bn is in line with € 5.6bn CSS, reflecting further increases by growth drivers Bimzelx, Zilbrysq, Rystiggo, Fintepla and Evenity. 2025 guidance stays on course with € 6.0bn in revenue and low/mid-30s adj. EBITDA margins (lower end). € 110 TP and Buy rating maintained.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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