reports
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Wim Lewi
- Jacob Mekhael
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...
- Baptiste Salaville
- Bruno Cavalier
- Konrad Zomer
SU SCHNEIDER ELECTRIC SE
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
EL ESSILORLUXOTTICA SA
WKL WOLTERS KLUWER NV
BRBY BURBERRY GROUP PLC
KER KERING SA
BAS BASF SE
UCB UCB S.A.
01913 PRADA S.P.A.
MONC MONCLER SPA
YPSN YPSOMED HOLDING AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
PUIG PUIG BRANDS
- Baptiste Salaville
- Bruno Cavalier
- Konrad Zomer
SU SCHNEIDER ELECTRIC SE
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
EL ESSILORLUXOTTICA SA
WKL WOLTERS KLUWER NV
BRBY BURBERRY GROUP PLC
KER KERING SA
BAS BASF SE
UCB UCB S.A.
01913 PRADA S.P.A.
MONC MONCLER SPA
YPSN YPSOMED HOLDING AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
PUIG PUIG BRANDS
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Mathijs Geerts Danau
- Michiel Declercq
- Wim Lewi
- Jacob Mekhael
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, ...
- ING Helpdesk
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
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
Ackermans & van Haaren invests 22 million euros in VKC Nuts
Ackermans & van Haaren invests 22 million euros in VKC Nuts Dear shareholder, Dear Madam, Dear Sir, Ackermans & van Haaren (AvH) has entered into an agreement to invest 22 million euros in VKC Nuts Private Limited (VKC Nuts), a leading family business in the fast-growing nuts and dried fruits sector in India. Upon closing of this investment, which is expected in the fourth quarter of this year, AvH will hold a 16.6% stake in VKC Nuts and be represented on its board of directors. Please find attached the full press release. Best regards Ackermans & van Haaren Attachment ...
Ackermans & van Haaren investit 22 millions d'euros dans VKC Nuts
Ackermans & van Haaren investit 22 millions d'euros dans VKC Nuts Cher actionnaire, Monsieur, Madame, Ackermans & van Haaren (AvH) a conclu un accord en vue d’investir 22 millions d’euros dans VKC Nuts Private Limited (VKC Nuts), une entreprise familiale leader du marché dans le secteur en forte croissance des fruits à coque et fruits secs en Inde. À l’issue de cette opération, dont le closing est attendu au quatrième trimestre de cette année, AvH détiendra une participation de 16,6 % dans VKC Nuts et sera représentée au sein de son conseil d’administration. Veuillez trouver ci-joint l...
Ackermans & van Haaren investeert 22 miljoen euro in VKC Nuts
Ackermans & van Haaren investeert 22 miljoen euro in VKC Nuts Geachte aandeelhouder, Geachte mevrouw, geachte heer, Ackermans & van Haaren (AvH) heeft een overeenkomst gesloten om 22 miljoen euro te investeren in VKC Nuts Private Limited (VKC Nuts), een toonaangevende familiale onderneming op de snelgroeiende Indiase markt voor noten en gedroogd fruit. Na afronding van deze investering, die wordt verwacht in het vierde kwartaal van dit jaar, zal AvH een belang van 16,6% verwerven in VKC Nuts en vertegenwoordigd zijn in de raad van bestuur. Gelieve bijgevoegd het volledige persbericht t...
- Jacob Mekhael
- Mathijs Geerts Danau
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.
ARGAN: S&P MAINTAINED THE “INVESTMENT GRADE” STATUS WITH A “BBB-” RAT...
ARGAN: S&P MAINTAINED THE “INVESTMENT GRADE” STATUS WITH A “BBB-” RATING AND A “STABLE” OUTLOOK Presse release – Neuilly-sur-Seine, Wednesday, September 24, 2025 – 8.30 am ARGAN: S&P maintained the “Investment Grade” status with a “BBB-” rating and a “stable” outlook Following the press release1 indicating the withdrawal of the CARAT portfolio from the market by ARGAN, S&P Global Ratings published a bulletin stating that it considers ARGAN’s level of indebtedness to be consistent with its current rating, namely a long-term issuer rating of 'BBB-' with a 'Stable' outlook. The bulletin ...
ARGAN : S&P MAINTIENT LE STATUT « INVESTMENT GRADE » AVEC UNE NOTE « ...
ARGAN : S&P MAINTIENT LE STATUT « INVESTMENT GRADE » AVEC UNE NOTE « BBB- » ET UNE PERSPECTIVE « STABLE » Communiqué de presse – Neuilly-sur-Seine, mercredi 24 septembre 2025 – 8h30 ARGAN : S&P maintient le statut « Investment Grade » avec une note « BBB- » et une perspective « stable » Suite au communiqué de presse1 indiquant le retrait du marché du portefeuille CARAT par ARGAN, S&P Global Ratings a publié un bulletin de note précisant juger le niveau d’endettement d’ARGAN en adéquation avec la notation actuelle, à savoir une note émetteur long terme « BBB- » avec une perspective « St...
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
ODDO : From caution to confidence, feedback from EPRA Conference in St...
Last week’s EPRA conference provided cautious optimism on listed European real estate. The segment offers a mix of risks and opportunities, with discounted valuations presenting attractive entry points. We downgrade Care Property Invest (Underperform vs Neutral, TP €12 vs €13.5); we lower our TPs for British Land, Landsec, Shurgard, and Xior Student Housing; we raise our TPs for URW, Wereldhave and VGP. In conclusion we favour logistics, retail, Spain, and CEE for growth, and Switzerland remains...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Roy Külter
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
GLJ GRENKE AG
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
GNFT GENFIT SA
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
POSR POZAVAROVALNICA SAVA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
MEDCL MEDINCELL SA
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
TUI TUI AG
SHUR SHURGARD SELF STORAGE LIMITED
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