reports
- Olga Smolentseva
- Martial Descoutures
- Shirihane Kouadri
UCB : Covid pushes back approval review of bimekizumab
>Approval of bimekizumab postponed - We learned at the weekend that the FDA was postponing approval of bimekizumab in the treatment of moderate to severe psoriasis.The FDA has indicated that it was unable to conduct the inspections of European facilities where bimekizumab is produced, which is a mandatory prerequisite to approval on the US market. The explanation given is to blame the travel restrictions associated with Covid. According to the company, the FDA ...
- Martial Descoutures
- Shirihane Kouadri
UCB : La COVID-19 décale la revue d’approbation de bimekizumab
>Décalage de l’approbation de bimekizumab - Nous apprenions ce week-end que la FDA décalait l’approbation de bimekizumab dans le traitement du psoriasis modéré à sévère. La FDA n’a pas été en mesure d’inspecter les installations européennes de fabrication du bimekizumab qui est un prérequis obligatoire avant une approbation sur le marché américain. L’explication émise est à mettre à la charge des restrictions de voyage liées au COVID-19. Selon la société, la FD...
- Guy Sips
- Lenny Van Steenhuyse
- Olivier Vandewoude
- Thomas Vranken
- Wido Jongman
UCB UCB S.A. (Health Care)
RET RETAIL ESTATES (Real Estate)
- David Vagman
- CFA
- Maxime Stranart
UCB/Strong 1H21 with 19% beat on Core EPS/BUY
We reiterate our BUY rating and increase our target price to €130 on UCB after a strong 1H21 which saw the company posting a beat of 19% on Core EPS. Although the share price has increased c.8% since 29 July, we believe this does not reflect fully such results, nor does it reflect UCB's (1) short-term financial performance, with expected double-digit Core EPS CAGR over 2020-23F, and; (2) its long-term pipeline, especially Bimekizumab, which we continue believing can be a game changer for the gro...
- Martial Descoutures
- Shirihane Kouadri
UCB : Ahead of its 2021 guidance, H2 21 focused on clinical developmen...
>A very solid H1 2021 - UCB has published a very good H1 2021, 3.5% above consensus forecasts for revenues and 4% above for underlying EBITDA, 10% above forecasts for EPS. Revenues were up 7% at constant forex driven by the persistently strong momentum on the group’s core products with Vimpat (+9% at cc), Cimzia (+11%) and Keppra (+23%). It is the sales of the latter that explain the main difference with expectations. Keppra was boosted notably by sales in Japan where...
- Martial Descoutures
- Shirihane Kouadri
UCB : Une avance sur sa guidance 2021, un S2 21 tournée autour de la c...
>Un très solide S1 21 - UCB publie un très bon S1 2021, 3.5% au-dessus des attentes sur les revenus, 4% au-dessus de l’EBITDA courant et 10% au-dessus des attentes sur le BPA. Les revenus progressent de 7% à changes constants tirés par le momentum toujours fort des produits Core du groupe avec Vimpat (+9% à tcc), Cimzia (+11%) et Keppra (+23%). Ce sont les ventes de ce dernier qui expliquent la principale différence avec les attentes. Keppra a notamment été boosté par...
- David Vagman
- CFA
- Maxime Stranart
UCB/Preview: Strong 1H21 ahead, 4Q21 trials are key/BUY
We reiterate our BUY on UCB and increase our target price from €120 to €125 following the re-rating of our sample of EU Pharma Midcaps, which are now trading at 21.9x Norm. PER 2021F, vs 14.7x for UCB, despite double-digit core EPS CAGR over 2020-23F and significantly higher R&D investments. Our Embedded Value remains unchanged at €129 per share, as we remain convinced by Bimzelx game changer potential. UCB will report its 1H21 results on 29 July, and we expect strong core EPS growth at +9.7% th...
- Martial Descoutures
- Sebastien Malafosse
UCB : Bimekizumab on the right track
>Bimekizumab: positive recommendation from CHMP in psoriasis - UCB’s share price gained +3% last Friday (after trading was momentarily suspended) following the positive recommendation from the EMA’s Committee for Medicinal Products for Human Use (CHMP) for bimekizumab in the treatment of moderate to severe plaque psoriasis. We are not surprised by this verdict which is more a confirmation of our opinion on its clinical development. To recap, the phase III data (BE SUR...
- Martial Descoutures
- Sebastien Malafosse
UCB : Bimekizumab sur de bons rails
>Bimekizumab : CHMP positif dans le psoriasis - Le cours d’UCB progressait de +3% vendredi dernier (après une suspension momentanée du cours) à la suite d’une recommandation positive du Comité des médicaments à usage humain (CHMP) de l’EMA pour bimekizumab dans le traitement du psoriasis en plaques modéré à sévère. Nous ne voyons pas ce verdict comme une surprise mais plutôt comme la confirmation de notre opinion sur son développement clinique. Pour rappel, les résul...
- Jean-Jacques Le Fur
Ucb SA: 1 director
A director at Ucb SA bought 251 shares at 78.408EUR and the significance rating of the trade was 52/100. 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 company's directors over the last two years clearly showing C...
- Alan Vandenberghe
- Lenny Van Steenhuyse
- Ruben Devos
- Wim Hoste
Morning Note: ABI BB, ASM NA, HYL BB, MELE BB, ONTEX BB, UCB BB
AB InBev: Preview 1Q: easier comparables to support growth ASM International: 15-20% EPS upgrade, TP raised to € 290 Hyloris: US commercial partner for Maxigesic Melexis: Raised FY21 outlook, supply chain under strain Ontex: Shifting gears to accelerate transformation UCB: Lilly leaves psoriasis, bime PDUFA date fixed
ASM ASM INTERNATIONAL N.V. (Health Care)
ONTEX ONTEX GROUP NV (Financial Services)
MELE MELEXIS N.V. (Technology)
ABE AB EFFECTENBETEILIGUNGEN AG
HYL HYLORIS PHARMACEUTICALS
- Jean-Jacques Le Fur
- Bart Cuypers
- Lenny Van Steenhuyse
- Ruben Devos
- Thomas Couvreur
BOKA Koninklijke Bos... (Industrial Goods & Services) ... (+4)
BOKA KONINKLIJKE BOSKALIS WESTMINSTER N.V. (Industrial Goods & Services)
UCB UCB S.A. (Health Care)
ASML ASML HOLDING N.V. (Technology)
- Jean-Jacques Le Fur
UCB: Negative phase II results for zilucoplan in IMNM | BUY | EUR133 V...
UCB - BUY | EUR133 VS. EUR135 (+59%) Negative phase II results for zilucoplan in IMNM No efficacy of zilucoplan in this disease IMNM was not a major indication for zilucoplan We expected peak sales of only EUR300m The largest opportunity is in gMG Buy reiterated – TP decreased to EUR133/share
- Sebastien Malafosse
- Martial Descoutures
UCB : Bimekizumab main stake for 2021
>2021: a year of top- and bottom-line growth - 2020 was a dynamic year for UCB in terms of revenue growth (+8% at constant currency (cc)). Even though the decline in profitability (EBITDA margin at 26.9% vs 29.1%) resulted in a virtually stable core EPS vs 2019 (-2% on a cc basis), ultimately, UCB fared better than its 2020 expectations. Above all, UCB proposes attractive 2021 targets that are above the consensus, with revenues of € 5.45-5.65bn and core EPS of between...
- Sebastien Malafosse
- Martial Descoutures
UCB : Bimekizumab enjeu principal de 2021
>2021 : année de croissance top et bottom line - 2020 aura été une année dynamique pour UCB au niveau de la croissance de ses revenus (+8% à changes constants). Même si le tassement de la profitabilité (marge d’EBITDA à 26,9% vs 29,1%) a conduit à un BPA Core quasi stable vs 2019 (-2% à cc), au final UCB fait mieux que ses attentes 2020. Surtout UCB propose des objectifs 2021 attractifs et supérieurs au consensus avec notamment des revenus à 5.45-5.65 Md€ et un BPA Co...
- Jean-Jacques Le Fur
- Sebastien Malafosse
- Martial Descoutures
UCB : H2 2020 ahead of expectations, 2021 guidance clearly positive
>H2 ahead of expectations, UCB beats its 2020 targets - UCB has reported its results for 2020. If we focus on H2 we are clearly above market expectations. H2 revenues are 3.9% above consensus, recurring EBITDA is in line and core EPS is 20% above. Year-on-year revenue growth is still dynamic at 8% at constant currency (cc). The EBITDA margin contracted to 26.9 vs 29.1% a year earlier due to sustained growth in marketing costs (launches) and especially R&D (+24...
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