reports
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ING Helpdesk
- Jacob Mekhael
Galapagos Updated NHL phase 1/2 GLPG5101 data at EHA shows decentralis...
Galapagos will present new data from the ongoing Phase 1/2 (ATALANTA-1) study of GLPG5101 (CD19 CAR-T) at the European Hematology Association (EHA) Congress, being held 12-15 June. The results demonstrate POC for a 7 day vein-vein de-centralised CAR-T manufacturing process. Combined with the previously reported safety differentiation, we believe this could support strategic discussions as the company is exploring such options for its cell therapy business. We reiterate our Buy rating and € 37 TP...
- Jacob Mekhael
MaaT Pharma Updated MaaT013 aGvHD EAP data at EHA shows consistent out...
MaaT reported updated early access program (EAP) results for MaaT013 (microbiome therapy, enema formulation) in aGvHD at EHA, being held 12-15 June. The data, which was previously shared in the abstract last month, shows that the response rates and overall survival observed in the steroid refractory and ruxulitinib resistant subset of patients (n=70) are in line with what was observed in the phase 3 ARES trial. In our view, this points to the consistency of outcomes with MaaT013 in this patient ...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Wim Lewi
Dollar Weakness The impact on our Benelux Coverage
In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SIP SIPEF GROUP
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
ROYAL VOPAK NV
AALB AALBERTS N.V.
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
BAR BARCO NV
FUR FUGRO NV
DSFIR KONINKLIJKE DSM N.V.
AGN AEGON N.V.
SYENS SYENSQO
- Michiel Declercq
Proximus Sells stake in Be-Mobile, raises divestment target from € 500...
This morning, Proximus announced that it has reached a binding agreement with Arrive to sell its 92.7% stake in Be-Mobile. The transaction is based on an enterprise value of Be-Mobile of € 170m and implies a FY24 EV/EBITDA multiple of 12.1x, with closing expected in 2H25. Following this transaction, Proximus will have achieved its € 500m divestment program two years ahead of the initial 2027 target and is now raising its overall asset disposal ambition to € 600m. We reiterate our Accumulate rati...
- Guy Sips
Agfa Radiology in the fog, But HealthCare IT has a clear cloud vision
We have revised our model following a soft 1Q25 performance in Radiology Solutions, contrasted by continued strong momentum in Agfa's HealthCare IT division—fuelled by growing customer adoption of its cloud-based technologies. While the Digital Printing Solutions equipment segment faced headwinds from ongoing economic uncertainty, and demand for Agfa's Zirfon membranes for green hydrogen production slowed in Europe and North America, the company maintains a positive long-term outlook for both bu...
- Thomas Vranken
UCB FIRST LOOK: Expansion of US biologics manufacturing capacity
UCB has announced plans to build a new state-of-the-art biologics manufacturing facility in the US, which today accounts for 55% of its revenues. The investment, estimated at $ 2bn over 6–7 years, is expected to generate a $ 5bn economic impact, including 300 permanent and > 500 construction jobs. This move aligns UCB with other major pharma players expanding US operations and may help mitigate risks from potential US import tariffs on pharmaceuticals. Additionally, UCB will strengthen its partn...
Galapagos to Present New ATALANTA-1 CAR-T Data at EHA 2025, Highlighti...
Galapagos to Present New ATALANTA-1 CAR-T Data at EHA 2025, Highlighting Low Toxicity and Rapid, Decentralized Delivery of Fresh, Early-Memory-Enriched GLPG5101 in R/R NHL Data reported from the ongoing ATALANTA-1 Phase 1/2 study in a heavily pretreated relapsed refractory non-Hodgkin’s Lymphoma (R/R NHL) patient population demonstrate low rates of high-grade toxicities Of the 64 patients enrolled, 61 received treatment, resulting in a 5% attrition rate, significantly lower than industry benchmarks. 95% of patients were infused with fresh, stem-like early memory CD19 CAR-T cell...
Galapagos zal nieuwe ATALANTA-1 CAR-T data presenteren op EHA 2025, me...
Galapagos zal nieuwe ATALANTA-1 CAR-T data presenteren op EHA 2025, met lage toxiciteit en snelle, gedecentraliseerde toediening van vers, early-memory-verrijkt GLPG5101 bij R/R NHL Gegevens uit de lopende ATALANTA-1 fase 1/2-studie bij een zwaar voorbehandelde patiëntengroep met recidief/refractair non-Hodgkinlymfoom (R/R NHL) tonen lage percentages van hooggradige toxiciteiten aan Van de 64 ingeschreven patiënten werden er 61 behandeld, wat resulteerde in een uitvalpercentage van 5%, aanzienlijk lager dan de benchmarks. 95% van de patiënten werd geïnfuseerd met verse,...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
UCB FIRS LOOK: Add'l Phase 3 data support dapirolizumab's potential in...
UCB and Biogen presented additional Phase 3 data showing that dapirolizumab pegol (DZP, anti-CD40L) significantly improves fatigue and disease activity in patients with moderate-to-severe systemic lupus erythematosus (SLE). Beyond the positive topline readout in Nov '24, DZP showed superior results over standard care in multiple fatigue and disease remission measures. Accumulate/€214 TP confirmed.
- Thomas Vranken
UCB 3-year PsA and axSpA data at EULAR 2025 confirm Bimzelx' efficacy
At EULAR 2025, UCB presented three-year data for Bimzelx, demonstrating sustained efficacy and inflammation control in psoriatic arthritis (PsA) and axial spondyloarthritis (axSpA). In PsA, both biologic-naïve (53.2%) and TNFa-refractory patients (55.2%) maintained strong ACR50 responses and showed high rates of joint and skin symptom resolution. In axSpA, patients with both radiographic and non-radiographic forms sustained ASAS40 responses and low disease activity. These results highlight Bimze...
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Vranken
- Dominic Rose
- Naresh Chouhan
UCB - “Bim’ Me Up Scotty” – INITIATION (BUY, TP EUR215, 54pgs)
We initiate with a BUY due to our proprietary Contribution Analysis showing that the UCB EBITDA margin should explode by ~1500bps to ~45% by 2030. This leaves us 23% above consensus EBITDA. Interestingly, Cimzia is the biggest driver of our 5% above cons. 2030 sales as a result of our analysis showing that ~80% of TRx’s are women & this cohort is stable. We show that Bimzelx pricing could fall as much as 30% by 2030 due to rebates & mix but we are still in-line with consensus. There are still ma...
- Michiel Declercq
- Wim Hoste
- Michiel Declercq
bpost Ambitious targets, but uncertainty remains
During the CMD on June 3rd, bpost announced its strategic ambitions for the 2024–2027 period. While the 2027 outlook came in well above our estimates, we note that most of the projected Adj. EBIT growth is expected to be back-end loaded, as the group continues to face challenges in 2025 and 2026. Nonetheless, we believe management made a good impression. We were particularly encouraged by the launch of Radial's new fast-track offering in the U.S., with initial customer onboardings trending ahead...
- ING Helpdesk
Benelux Morning Notes
Ageas: Reinsurance partnership with TRIGLAV, taking QS on Italian motor direct insurance Belgian Telecoms: Digi introduces a new mobile subscription at €3. Kinepolis: Box office in US/Canada up 76% YoY while France visitors were down 25%. NN Group & ASR: Dutch coalition collapse not affecting Dutch Pension Reform. SBM Offshore: Farewell Aseng after 13.5 years of service. Events Calendar
PROX PROXIMUS SA DE DROIT PUBLIC
SBMO SBM OFFSHORE NV
AGS AGEAS SA/NV
PHIA KONINKLIJKE PHILIPS N.V.
WKL WOLTERS KLUWER NV
ASM ASM INTERNATIONAL N.V.
ASRNL ASR NEDERLAND NV
LIGHT SIGNIFY NV
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ASML ASML HOLDING NV
TKWY JUST EAT TAKEAWAY.COM N.V.
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
TOM2 TOMTOM NV
PRX PROSUS N.V. CLASS N
DSC1 DUTCH STAR C SHAR
BAR BARCO NV
FAST FASTNED
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
Benelux Local Champions Feedback document
Below our feedback notes written at the occasion of our annual Benelux Local Champions Conference that took place on 27 May 2025 at our historic building at Grand Place Brussels. This event offered the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR: ACKERMANS & VAN HAAREN | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMICORE
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