UCB Reports Solid 4Q but Pressures Ahead; Shares Fairly Valued Relative to Our EUR 72 FVE
We are increasing our fair value estimate for UCB to EUR 72 per share from EUR 67 to reflect the time value of money and our updated long-term tax forecast in line with management guidance after fourth-quarter earnings. Robust growth from UCB’s core drug portfolio boosted fourth-quarter results slightly over our estimates and management’s revised top-line guidance for 2017. Stable growth contributions from immunology drug Cimzia and anti-epileptic Vimpat contributed to the firm’s outperformance ...
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