Lowering Our UCB FVE to EUR 67 and Moat Trend to Stable With Updated Cimzia Outlook
We are lowering our fair value estimate for UCB, a central nervous system and immunology drug developer, to EUR 67 per share from EUR 70 to account for our updated outlook for Cimzia sales. Cimzia is the company’s lead immunology drug, which is approved in rheumatoid arthritis, psoriatic arthritis, and Crohn's disease, and faces steeper branded and biosimilar competition, in our view. While we are maintaining our no-moat rating, we are downgrading our moat trend rating to stable from positive. W...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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