UCB: Never waste a good crisis UCB BB
Despite the recent setback with regards to bimekuzimab (Bimzelx) FDA approval, we believe that it is highly likely that the drug will ultimately find US approval. The smaller Belgian player will have to compete with the behemoths in Pharma; but with head-to-head trials confirming Bimzelx’ performance vs Humira (Abbvie), Cosentyx (Novartis) and Stelara (J&J) in psoriasis, we strongly believe in the commercial potential of Bimzelx. The drug will likely see strong adoption in other indications, and we are triggered by the potential in hidradenitis suppurativa. Finally, we believe that the patent cliff for Cimzia will be somewhat further in the horizon than previously estimated. Overall, we consider the recent drop in the stock price as an opportunity and reiterate our € 125 PT and Buy rating.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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