Near-Term Boost not Enough to Offset Our Tempered Long-Term Out for UCB; Maintaining EUR 67 FVE
We are maintaining our EUR 67 per share fair value estimate for UCB following a brief trading update. Stronger-than-expected sales growth over the past nine months (9% year over year) prompted management to raise full-year guidance for revenue and recurring EBITDA to EUR 4.4 billion-EUR 4.5 billion and EUR 1.25 billion-EUR 1.35 billion, respectively. We tweaked our 2017 product estimates, but the effect was not material to our fair value estimate. We are encouraged by the solid sales growth from...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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