UCB Benefits From Label Expansion in Immunology and Epilepsy; Maintaining EUR 72 FVE
Our thesis remains unchanged for UCB, which reported 6% total revenue growth in the first half compared with last year after adjusting for currency headwinds. We are maintaining our EUR 72 fair value estimate and reiterating our no-moat and stable moat trend ratings.While Cimzia sales came in softer than we expected, this was offset by a slower-than-expected decline in Keppra, the firm's maturing epilepsy product. Furthermore, future Cimzia sales, which accounted for one third of total sales in...
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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