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...

CFE : Opportunity to cash in on Deep C - Vietnam

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

ODDO BHF SECURITIES LARGE CAPS 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

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

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.

Morning Notes : ASM NA, HEIA NA, RET BB, UCB BB, XIOR BB

: ASM NA, HEIA NA, RET BB, UCB BB, XIOR BB

UCB Bimzelx 3-year HS data R&D call takeaways

Yesterday, UCB hosted an R&D call to dive into the 3-year data for Bimzelx in hidradenitis suppurativa (HS), presented last week at EADV 2025, which showed sustained or deepening HiSCR responses. Draining tunnel count continued to decline, improving quality of life, with DLQI 0/1 responses continuing to increase up to 148 weeks. KOLs John Ingram and Amit Garg favoured Bimzelx over other therapies incl. IL-17, citing its depth of response and real-world efficacy, and highlighted the need for earl...

UCB Galvokimig shows strong responses in atopic dermatitis at EADV 202...

UCB announced new 12-week efficacy and 18-week safety data from the phase 1/2a first-in-patient trial for galvokimig (IL-13, IL-17A and IL-17F antibody) in moderate-to-severe atopic dermatitis, to be presented at EADV 2025. The results showed a 52.6% placebo adjusted response on the primary endpoint of =75% improvement from baseline in Eczema Area and Severity Index (EASI75). We view this as competitive compared to other phase 2 trials in atopic dermatitis, and highlight competitor Dupixent's $ ...

Morning Notes : NEXTA BB, SOF BB, UCB BB, BTLS BB, ONWD BB, EXO NA

: NEXTA BB, SOF BB, UCB BB, BTLS BB, ONWD BB, EXO NA

Benelux Morning Notes

B&S: Sarabel launches recommended all cash offer; Belgian Telecoms: Digi confirms possible minority stake disposal in Spain; market test for Flanders cooperation agreement due any time; Exor: Great companies outperforming the benchmark; PostNL: Feedback on Capital Markets Day event 2025 - new strategy and ambitions 2028; UCB: Encouraging P2a data for Galvokimig in Atopic Dermatitis; Wolters Kluwer: Accelerating share buyback programme and good start to 2H25

UCB Supportive Bimzelx datasets in HS and PsO at EADV 2025

UCB presented updated results for Bimzelx at EADV 2025, with 3-year data showing sustained and deepening responses in HS and 4-year sustained remission in PsO and potential to reduce risk of disease progression to PsA. We continue to view the datasets as supportive of Bimxelx' potential in those indications, and are reflected in the strong commercial uptake to date. We reiterate our € 214 TP and ACCUMULATE rating.

Morning Notes : PNL NA, UCB BB, MAAT FP, DEME BB, SYENS BB

: PNL NA, UCB BB, MAAT FP, DEME BB, SYENS BB