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

Benelux Morning Notes

ASML: Chinese advanced DUV machine on trial; Azelis: Muddling through 2025 PostNL: CMD - new strategy and ambitions for 2028; Proximus: New CEO of Proximus Global announced Syensqo: CEO succession; UCB: Brivekimig (Sanofi) P2a results in Hidradenitis Suppurativa

Benelux Morning Notes

Ageas: Highlights ING Benelux Conference London. Alfen: Highlights from ING Benelux Conference London. Arcadis: Highlights ING Benelux Conference London. ASR: Highlights ING Benelux Conference London. BAM: Highlights ING Benelux Conference London. Basic-Fit: Highlights ING Benelux Conference London. CTP: Highlights from ING Benelux Conference London. DEME Group: Highlights ING Benelux Conference London. Fugro: Highlights ING Benelux Conference London. Heijmans: Highlights ING Bene...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/05/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/09/2025

Morning Notes : ATEB BB, COMB BB, EXM BB, SOF BB

: ATEB BB, COMB BB, EXM BB, SOF BB

TKH GROUP NV : CMD Preview – Cautious targets expected. Lowering estim...

UCB - Quantifying the MoonLake Risk

UCB is our highest conviction BUY despite the imminent HS Phase 3 readout from MoonLake. We show the NPV downside is likely MSD, that ~40% of Bim sales are unaffected by sonelokimab & that UCB will out-muscle MoonLake across many domains. Our analysis of the HS data shows that background antibiotic use will need to be considered & that the drugs look very similar. However, UCB’s ~$5bn rebate wall, the >€1bn higher M&S spend than Moonlake & the L-T safety data all protect Bim’, as will the psoria...

Morning Notes : CRBN NA, DIE BB, DSFIR NA, UCB BB, EKOP BB, CTPNV NA, ...

: CRBN NA, DIE BB, DSFIR NA, UCB BB, EKOP BB, CTPNV NA, JDEP NA

UCB PREVIEW: Upcoming phase 3 data from Bimzelx competitor in HS

Upcoming phase 3 data from Bimzelx competitor, sonelokimab (IL17A/F nanobody), in HS is expected in September. In this note, we preview the readout and outline a few potential scenarios, highlighting the potential upside/downside for UCB's stock. While the stock may take a hit if sonelokimab shows a numerical difference on the primary endpoint, this will depend on the extent of the delta, and we see more limited downside if the numerical difference is on the smaller end, particularly in the cont...

UCB SA: 1 director

A director at UCB SA bought 143 shares at 199.570EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing ...

UCB To present on epilepsy portfolio at the International Epilepsy Con...

UCB will present 26 abstracts from its epilepsy portfolio at the International Epilepsy Congress (IEC) in Lisbon, being held 30 August – 3 September. As well as qualitative and caregiver studies, the presentations will include a combined open label extension study of 412 DS and LGS patients who took part in Fintepla (fenfluramine) studies, and shows no new or unexpected safety signals with long-term sustained benefit, which we view as supportive of Fintepla's benefit in this patient population. ...

Morning Notes : ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BT...

: ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BTLS BB, ECMPA NA

Morning Notes : COMB BB, CFEB BB, CMBT BB, IBAB BB, IMMO BB

: COMB BB, CFEB BB, CMBT BB, IBAB BB, IMMO BB

Bois Sauvage A Bitter Past With A Sweet Future

Bois Sauvage's Chocolate Group has delivered consistent results over the last years. In FY24, sales were up 6.7% to €283.6m and EBITDA rose 11.6% to €68.2m. This despite cocoa and butter price pressures. We forecast an uptick in fair value for the division, driven by the continued sales growth. In addition, topping out cocoa prices offer a catalyst for improved margins in FY27. The stake in Berenberg's commission driven business is expected to grow as well, supported by expanding sector multiple...

Morning Notes : AGS BB, AGFB BB, IVA FP, RET BB, TWEKA NA, VAN BB, NXF...

: AGS BB, AGFB BB, IVA FP, RET BB, TWEKA NA, VAN BB, NXFIL NA, IMCD NA