reports
- Michiel Declercq
- Thibault Leneeuw
- Thomas Vranken
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
UCB Bimzelx launch tracker
Our Bimzelx launch tracker tool keeps an eye on the ongoing commercialization of Bimzelx in the US by looking at total prescriptions (TRx). Our latest figure for week 20 points to 886 TRx, up 42% versus last week's result affected by incomplete 3rd-party reporting, and up 19% on a 4-week rolling basis. Altogether, we see a smooth ramp-up for Bimzelx in its first months since launch.
- Thomas Vranken
UCB Bimzelx launch tracker
Our Bimzelx launch tracker tool keeps an eye on the ongoing commercialization of Bimzelx in the US by looking at total prescriptions (TRx). Our latest figure for week 19 was still affected by incomplete 3rd-party reporting but points to 623 TRx, up 11% versus last week's result and up 13% on a 4-week rolling basis. Altogether, we see a smooth ramp-up for Bimzelx in its first months since launch.
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
In this publication we update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 26 April 2023, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune.
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
UCB CHMP for Bimzelx in HS
UCB obtained a positive CHMP opinion for Bimzelx in HS, bringing it one step closer to EU approval in the course of the coming months. Based on the Phase 3 data, we see a strong reason to play for Bimzelx in the HS space and anticipate approx. € 650m peak sales next decade. We reiterate our € 110 TP and Accumulate rating.
- David Seynnaeve
- PhD
UCB - Positive CHMP opinion for Bimzelx for HS
*This morning, UCB announced that the CHMP issued a positive opinion for Bimzelx for the treatment of hidradenitis suppurativa (HS). The European Commission (EC) will decide on approval within 60 days.*We model HS as the 2nd biggest indication for Bimzelx, with close to EUR 1bn in peak sales, after plaque psoriasis, with the EU making up about 25% of peak sales. We consider Bimzelx well positioned for the HS market due to its superiority vs. Novartis' Cosentyx based on Ph3 datasets. Moonlak...
- Thomas Vranken
UCB Bimzelx launch tracker
Our Bimzelx launch tracker tool keeps an eye on the ongoing commercialization of Bimzelx in the US by looking at total prescriptions (TRx). Our latest figure for week 16 points to 476 TRx, up 29% versus last week's result affected by incomplete 3rd-party reporting, and up 1% on a 4-week rolling basis. Altogether, we see a smooth ramp-up for Bimzelx in its first months since launch. € 110 TP and Accumulate rating reiterated.
- ING Helpdesk
- Guy Sips
- Thomas Vranken
- Wim Hoste
- Thomas Vranken
UCB Bime maintains impressive efficacy in PsO at 4 years
At the recent AAD meeting, UCB presented its 4-year pooled data for Bimzelx in PsO and commented in a capital markets briefing. Bimzelx shows high maintenance levels with 88.0% PASI90 and 72.6% PASI100 after 4y at FDA approved dosing and clean safety. We see the consistent high PASI100 as differentiator vs. other IL17 drugs, and maintain our Accumulate/TP € 110.
- Thomas Vranken
UCB Bimzelx launch tracker
Our Bimzelx launch tracker tool keeps an eye on the ongoing commercialization of Bimzelx in the US by looking at total prescriptions (TRx). Our latest figure for week 15 points to 368 TRx, down 22% versus last week's result caused by incomplete 3rd-party reporting, and down 4% on a 4-week rolling basis. Altogether, we nevertheless see a smooth ramp-up for Bimzelx in its first months since launch. € 110 TP and Accumulate rating reiterated.
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Thomas Vranken
UCB Additional Bimzelx post-hoc analyses in HS
Additional post-hoc analyses for bimekizumab in its Ph 3 trials for hidradenitis suppurativa show sustained improvements in skin pain and draining tunnel count. Beyond the earlier reported HiSCR endpoints, bime confirms its clinical relevance across the spectrum. We maintain a €110 TP and adopt an Accumulate rating (previously Buy).
- David Seynnaeve
- PhD
UCB - Post-FY23 model revisions and future outlook
*In light of the FY23 result, most notably revealing strong Bimzelx and Evenity contributions, we have updated several of our model inputs. In line with guidance, we now expect EUR 5.6bn (in line with BB CSS) and EUR 6.2bn (-2.5% vs. BB CSS) in revenue for '24 and '25, respectively. On top, we included estimates related to 1/ hidradenitis suppurativa (HS) indication for Bimzelx (1st approvals expected this year) resulting in Bimzelx peak sales > EUR 4bn and 2/ most advanced (P3) pipeli...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update March 2024 : Replacing UCB by Tubize
We replace UCB by Tubize in our KBC Securities Dynamic Top Pick List. Over the past few weeks, UCB has seen a strong rally in its share price, markedly outperforming the BEL-20 index. The rally came on the back of renewed investor confidence in its flagship product Bimzelx, which gained FDA approval for psoriasis in October 2023 albeit with unexpected warnings and precautions. In the meantime, we see that commercial traction is growing in line with our expectations, as phyicians and caregivers ...
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- David Vagman
- CFA
- Maxime Stranart
UCB/Increased confidence in key growth engines/BUY
We reiterate our BUY rating and increase our target price from €114 to €140. We were very confident on UCB going into the results, and the company managed to overdeliver once more. We believe this release has shown a lot of positives for UCB's long-term growth prospect, with (1) Bimzelx's conservative assumption on the potential of the HS market; (2) the material beat on Evenity EBIT contribution once more; and (3) the patent extension on Fintepla to 2033F. This leads us to materially increase o...
- Thomas Vranken
UCB Investment in IMIDomics
UCB announces a strategic equity investment in US-based IMIDomics, a US-based private biotech dedicated to immune-mediated inflammatory diseases. Although no financial details were given, we see natural synergies between UCB and IMIDomics. € 110 TP and Buy rating re-iterated.
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