Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB

After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...

Benelux Morning Notes

Flow Traders: Preview 4Q25 / Kinepolis: January reassures with US box office revenue up 14% YoY, France visitors up 15% YoY / Lotus Bakeries: Peer Mondelez 4Q25 results / MICC: Peer Mondelez 4Q25 results / RELX / Wolters Kluwer: Anthropic moves into Legal / Signify: Analyst lunch highlights / TomTom: 4Q25 results, bridging a gap / UCB: Evenity sales exceeded US$2.1bn in FY25 as per Amgen

Morning Notes : AKZA NA, ELI BB, MELE BB, UCB BB, ONWD BB

: AKZA NA, ELI BB, MELE BB, UCB BB, ONWD BB

UCB Presents supportive three-year Bimzelx data in HS at EHSF

UCB announced that three-year data from the BE HEARD trials for Bimzelx in moderate to severe HS will be presented at the Conference of the European Hidradenitis Suppurativa Foundation EHSF, being held 4–6 February in Malta. The data show high rates of total HS resolution at 3 years, high rates of improvement from moderate or severe HS to mild disease, as well as strong draining tunnel resolution. This continues to highlight Bimzelx' benefit in this patient group, which we believe will further d...

Morning Notes : AKZA NA, KIN BB, UCB BB, XIOR BB

: AKZA NA, KIN BB, UCB BB, XIOR BB

UCB Model update ahead of FY25 results

Following the second guidance upgrade for FY25 (announced 5 December 2025), we update our UCB model ahead of FY25 results. UCB now expects revenue to exceed €7.6bn, representing +24% y/y (previously at least €7bn). The upgraded guidance reflects - next to the continued growth of Rystiggo, Zilbrysq, Fintepla and Evenity – strong performance of Bimzelx, including a strong momentum in hidradenitis suppurativa (HS) and a favourable payer mix in the US. Our model update increases Bimzelx FY25 sales t...

Morning Notes : HEIA NA, UCB BB

: HEIA NA, UCB BB

UCB Kygevvi receives positive CHMP opinion in ultra-rare disease TK2d

Friday during trading hours, UCB announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion recommending the granting of marketing authorisation under exceptional circumstances for Kygevvi (doxecitine and doxribtimine) for the treatment of pediatric and adult patients with genetically confirmed thymidine kinase 2 deficiency (TK2d) with an age of symptom onset on or before 12 years. Following the positive CHMP opinion...

Benelux Morning Notes

Ahold Delhaize: Conditional approval for the acquisition of Delfood / Bekaert: Acquires Bridgestone's €80m tyre cord business in China and Thailand / KPN: In-line Q4, 2026 guidance, cash returns / NSI: Results in line, further vacancy weighing on 2026 and cautious tone on new developments / UCB: Cimzia included in Medicare's price negotiations for 2028

Azelis/Trimming estimates on ‘softer-for-longer' view/BUY

We trim our estimates as we expect the challenging macro environment, as experienced in 3Q25, to extend into 4Q25 and 1H26. Our lower target price of €14 per share (from €19), reflects our lower estimates and de-rated peer multiples. We maintain our BUY recommendation.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 01/23/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 23/01/2026

Azelis Group NV : The pressures remain unabated (Q4 25 preview)

UCB/Bimzelx continues its exceptional launch/BUY

We reiterate our BUY rating and raise our target price from €257 to €310. UCB finished the year strongly, after upgrading its guidance for a second time in FY25. This upgraded guidance was mainly driven by an exceptional performance for Bimzelx, the group's key growth engine and which continues to surprise to the upside. This gives us comfort into our peak sales of €8.5bn for Bimzelx by 2032F, especially as the performance of Bimzelx in Hidradenitis Suppurativa remains strong. Alongside Bimzelx,...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 01/20/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 20/01/2026

IMCD GROUP : FUD takes hold of the narrative

UCB - Highest Conviction Long (BUY, TP EUR300, 13pgs)

Deeper analysis on Bimzelx pricing means UCB is now our highest conviction long (Roche & AZN have had big moves). We show that: 1) Bimzelx ’26 pricing concerns are overdone, 2) 55% US volume growth in 2026 is likely, 3) Consensus is likely too low for H225 on US Bimzelx (pricing is likely +ive vs H125), 4) Guidance is likely in-line with cons. & 5) H225 has 2 upside drivers, with BE-BOLD boosting rheum volumes & one big payor likely unlocking HS access. Our proprietary product-by-product model s...

Morning Notes : DIE BB, GBLB BB, NEXTA BB, CTPNV NA, FAST NA, JDEP NA

: DIE BB, GBLB BB, NEXTA BB, CTPNV NA, FAST NA, JDEP NA

UCB SA: 2 directors

Two Directors at UCB SA bought/sold after exercising options 3,500 shares at between 254.270EUR and 255.491EUR. The significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the compa...