Benelux Morning Notes

AB InBev: On Track. UCB: Galvokimig, an opportunity for long-term growth

Morning Notes : AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

: AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

UCB Galvokimig R&D call highlights potential in AD, model update

Yesterday, UCB hosted an R&D call to highlight the phase 2a data for galvokimig from EADV 2025, which showed strong efficacy in atopic dermatitis (AD), with a 52.6% placebo-adjusted EASI75 response at week 12, outperforming other biologics in cross-trial comparison. The KOL highlighted galvokimig's potential for broad positioning across the AD treatment paradigm if the early data is replicated in later stage trials, especially as a monotherapy. We update our model for UCB, which brings us to a n...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 09/29/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/29/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 29/09/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 29/09/2025

Benelux Morning Notes

Kendrion: Divests remaining automotive business. UCB: Competitor Sonelokimab fails to impress in HS

Morning Notes : JEN BB, NEXTA BB, PNL NA, UCB BB, MRUS US

: JEN BB, NEXTA BB, PNL NA, UCB BB, MRUS US

UCB Bimzelx competitor sonelokimab shows mixed phase 3 results in HS

In UCB related news, MoonLake Therapeutics (no coverage) reported topline phase 3 data for Bimzelx competitor, sonelokimab (IL-17A/F nanobody) in hidradenitis suppurativa (HS) that showed mixed results. Averaging both VELA-1 and VELA-2 trials brings us to a 13.5% placebo adjusted HiSCR75 response, which is lower than the 17.5% that Bimzelx showed in BE HEARD I and II, and the approx. 20% delta bar set by MoonLake's management earlier this year. Acknowledging the high placebo response in VELA-2, ...

UCB : Further potential for Bimzelx

UCB : Bimzelx peut encore voir venir

TKH GROUP NV : Massive value creation in the works…if executed well

We upgrade TKH from Neutral to Outperform with a DCF/SOTP based price target of €48 per share. TKH has decided to divest Electrification (EF), Digitization and other non-core units, with the largest divestments expected in the next 6 to 18 months. We estimate the proceeds to be c. € 640m, of which the vast majority will be returned to shareholders via share buy backs. Together with regular dividend of the core activities, this implies a cash return (on average) in the next three years of € 7 per...

Benelux Morning Notes

Aedifica: €21m investment in the development of 3 care homes in Finland. CTP: Highlights from 2-day CMD in Germany. dsm-firmenich: Softly does it. Prosus: Expanding the ecosystem. Randstad: Preliminary preview 3Q25F results due 22 October. TKH Group: Change is coming. UCB: Renewed tariff threat on US branded pharma unlikely to affect UCB

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/25/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 25/09/2025

TKH GROUP NV : CMD outcome: Automation to be core, Electrification to ...

Benelux Morning Notes

Belgian telecoms: Telenet increases its fixed internet speed at unchanged price Colruyt: FY25/26F profitability guidance maintained despite market share loss Corbion: Keep Calm and Carry On Fagron: Acquires UCP, adding to its 503A health and wellness offering in California GBL: Planning ahead to deliver on its promise OCI: Limited details on Orascom merger, sales process for Nitrogen Europe ongoing TKH Group: Mixed emotions Wolters Kluwer: Launches UpToDate Expert AI

Morning Notes : ACKB BB, COLR BB, DSFIR NA, FAGR BB, HYL BB, SEQUA BB,...

: ACKB BB, COLR BB, DSFIR NA, FAGR BB, HYL BB, SEQUA BB, TWEKA NA, DEME BB

Life Sciences Conference 25 Sep 2025

KBC Securities will host its annual life sciences conference on 25 September in Brussels. The event will include 14 exciting companies, both public and private, from the BeNeLux ecosystem and beyond. In this conference note, we provide an overview of the attending companies, as well as an outlook on KBC Securities' life sciences broader coverage.