KBC Securities - UCB S.A. (UCB) UCB JJ and Amgen data drops at AAD 2025

Report

KBC Securities

Thomas Vranken

UCB J&J and Amgen data drops at AAD 2025

At the American Academy of Dermatology (AAD) 2025 conference, UCB presented strong 5-year follow-up data for Bimzelx in plaque psoriasis and 2-year follow-up in hidradenitis suppurativa. Meanwhile, Johnson & Johnson also announced Phase 3 data for its oral drug icotrokinra in psoriasis, showing promising results and planning further trials. In addition, Amgen reported positive Phase 3 results for rocatinlimab in atopic dermatitis. These developments highlight significant advancements in dermatological treatments, with potential market impacts and increased competition. We retain our confidence in UCB's products and pipeline, and reiterate our € 214 TP/Accumulate rating.

11/03/2025 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.

See profile

BE0003739530 Euronext Brussels Belgium

Provider

KBC Securities

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

See profile

Analysts

Thomas Vranken

Other Reports on these Companies

KBC Securities

Morning Notes : AGFB BB, DIE BB, DECB BB, KIN BB, UCB BB, BTLS BB

: AGFB BB, DIE BB, DECB BB, KIN BB, UCB BB, BTLS BB

March 11, 2025 March 11, 2025 1 EN

KBC Securities

Morning Notes : CFEB BB, UCB BB

: CFEB BB, UCB BB

March 10, 2025 March 10, 2025 1 EN

Basic-Fit Strategy shift: giving up growth for FCF

Basic-Fit reports FY24 results below our expectations. The underlying EBITDA less rent came in at EUR 312.9m vs EUR 319.7m KBCSe. The difference comes from higher employee expenses driven by more 24/7 openings in France in 2H24. On a net results basis the expectations were not met due to 10% higher financing costs. Both the expansion and maintenance capex per club are higher than initially guided. The higher maintenance capex impacted the FCF per share at EUR 2.36 vs EUR 2.60-2.95 guided (EUR 2.64 KBCSe). For FY25/26 Basic-Fit comes with a strategy shift to open less clubs. This saves them app...

54m 54m 1 EN

Jacob Mekhael

Jacob Mekhael

MaaT Pharma MaaT013 PIP approval clears path for MAA submission in June 2025

MaaT announced that the European Medicines Agency (EMA) Pediatric Committee (PDCO) has approved the pediatric investigation plan (PIP) for MaaT013 for the treatment of acute Graft-versus-Host Disease (aGvHD). The approval of the pediatric investigation plan (PIP) for MaaT013 in aGvHD is a positive step for the company as an approved PIP is a prerequisite for filing a marketing authorization application (MAA). As such, MaaT is on track to submit the MAA for MaaT013 in Europe in June 2025, which means the product could be approved by late 2026. We reiterate our € 18 TP and BUY rating.

1h / 3m 1h / 3m 1 EN

Lynn Hautekeete

Lynn Hautekeete

Immobel Likely at the trough, but still reliant on bank financing

We revisit our model on Immobel after the FY24 results and the dividend cut. The dividend cut was necessary given the short term debt maturities. We expect 2025 to be a recovery year from the trough in FY24 margins, with slightly lower asset sales versus FY24. A cash recovery from the EUR 18.0m building permit from the Proximus towers could be a short term trigger for the stock. We think it is likely but nothing is confirmed. In FY25, Immobel needs to pay back a EUR 50.0m bond which is covered by the EUR 209.0m net cash position at YE24. The company does continue however to be reliant on the ...

1h / 8m 1h / 8m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

UCB J&J and Amgen data drops at AAD 2025

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

Morning Notes : AGFB BB, DIE BB, DECB BB, KIN BB, UCB BB, BTLS BB

Morning Notes : CFEB BB, UCB BB

Basic-Fit Strategy shift: giving up growth for FCF

MaaT Pharma MaaT013 PIP approval clears path for MAA submission in June 2025

Immobel Likely at the trough, but still reliant on bank financing

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe