reports
- Dominic Rose
- Naresh Chouhan
Thematic - 2026 Outlook - "5 More Years" (55pgs)
For access to the full note, please contact Naresh Chouhan ( ) With EU Pharma (ex-Novo) now having reached decade high valuations vs EuroStoxx600, we believe the sector has broken out & the sustainability of the growth profile will now generate continued strong performance. Consensus 5yr sales & EPS CAGR’s stand at 4% & 7% for 15x 2026 PE. We show there is upside to this from underestimated pipelines where cons. rarely fully models “monster” drugs & from M&A which we expect to be strong at JPM ...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Mathijs Geerts Danau
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Mathijs Geerts Danau
UCB Detailed results from Fintepla in CDD strengthen epilepsy franchis...
UCB presented detailed results of the positive phase 3 GEMZ study with Fintepla in CDKL5 deficiency disorder (CDD). The drug showed an estimated 52.7% median reduction in countable motor seizure frequency (CMSF) compared with placebo during a 14 week titration and maintenance period and a favourable safety profile. We view this as highly encouraging in this refractory epilepsy population. Given the infantile onset of CDD, we will be curious to see as of which age, patients could be included in t...
- Ahmed Ben Salem
- Baptiste Salaville
- Oddo Sustainability Team
- Martial Descoutures
- Martial Descoutures
- Ahmed Ben Salem
- Baptiste Salaville
- Oddo Sustainability Team
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Lewi
- Jacob Mekhael
UCB Announces another FY25 guidance upgrade
UCB announced an additional upgrade to its FY25 financial guidance, where it now expects revenue to exceed € 7.6b, representing +24% y/y (previously at least € 7b), and adj. EBITDA margin to be higher than 31% (previously at least 30%). This is the company's second guidance upgrade this year and shows that UCB's commercial momentum continues its upward trajectory supported by its 5 key growth drivers, including lead product Bimzelx which saw strong momentum in HS, as well as a favourable payer m...
- Emira Sagaama
- Rok Stibric
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: 3Q TU mostly in line, better inflows, markets support AuMs. Ahold Delhaize: Peer Walmart 3Q25/26 results. Bekaert: Soft 3Q25 update, FY guidance further toned down. Corbion: Evolution, not revolution. Universal Music Group: Peer Warner Music 11% revenue and 8% OIBDA beat
- Emira Sagaama
- Rok Stibric
- Hilde Van Boxstael
- Livio Luyten
- Wim Hoste
- Wim Lewi
- Thijs Berkelder
Ackermans & van Haaren Trading Update 3Q2025: Excellent results of cor...
Ackermans & van Haaren Trading Update 3Q2025: Excellent results of core participations, FY2025 Outlook confirmed Dear shareholder, Dear Madam, Dear Sir, Ackermans & van Haaren has published its trading update for the third quarter of 2025: Excellent third quarter results of core participationsAvH's strong outlook for the full year 2025 confirmedNet cash position of 437 million euros please find attached our press release. Best regards Ackermans & van Haaren Attachment
Ackermans & van Haaren trading update 3T2025: excellents résultats des...
Ackermans & van Haaren trading update 3T2025: excellents résultats des participations principales, perspectives 2025 confirmées Cher actionnaire, Monsieur, Madame, Ackermans & van Haaren a publié un trading update concernant le troisième trimestre 2025: Excellents résultats des participations principales au troisième trimestreConfirmation des perspectives solides pour l'ensemble de l'année 2025Position de trésorerie nette de 437 million d'euros veuillez trouver ci-joint notre communiqué. Meilleures salutations, Ackermans & van Haaren Pièce jointe ...
Ackermans & van Haaren Trading Update 3Q25: uitstekende resultaten van...
Ackermans & van Haaren Trading Update 3Q25: uitstekende resultaten van de kernparticipaties, FY2025 vooruitzichten bevestigd Geachte aandeelhouder, Geachte mevrouw, geachte heer, Ackermans & van Haaren publiceert een trading update over het derde kwartaal van 2025: Uitstekende resultaten van de kernparticipaties in het derde kwartaalAvH bevestigt de sterke vooruitzichten voor het volledige jaar 2025Netto kaspositie van 437 miljoen euro gelieve bijgevoegd ons persbericht te vinden. Met vriendelijke groeten, Ackermans & van Haaren Bijlage ...
- Livio Luyten
Quest for Growth Pivot to Underperforming VC portfolio undermines our ...
Quest for growth has decided to reduce its exposure to public equity in favour of private equity. The announced €18.7m capital reduction will be financed by selling part of the quoted portfolio. This also shrinks the already small €137m NAV, and defeats the purpose of a listed holding that should be compounding. We believe this reduces the investment case for QfG as it cuts (retail) investors access to an experienced investment team with a public equity track record. The listed portfolio deliver...
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