Morning Notes : BAR BB, UCB BB, MAAT FP, ONWD BB

: BAR BB, UCB BB, MAAT FP, ONWD BB

Floridienne S.A.: 1 director

A director at Floridienne S.A. sold 2,000 shares at 510.000EUR and the significance rating of the trade was 100/100. 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 clear...

Morning Notes : NEXTA BB, PNL NA, UCB BB

: NEXTA BB, PNL NA, UCB BB

UCB Early-stage Parkinson's efforts tremble

UCB's efforts into the neurodegenerative space prove a tough nut to crack, as a Phase 2a study in early Parkinson's disease missed its primary and secondary endpoints. Oral small molecule minzasolmin was designed to address alpha-synuclein misfolding, one of the hallmarks of Parkinson's, but failed to show efficacy in the ORCHESTRA trial. We currently do not yet have strong hypotheses on the reasons of the failure (mechanism of action/drug/trial-related), but minza represented less than 1% of ou...

UCB : Strategic review in China, focus on new sources of growth

UCB : Revue stratégique en Chine, focus sur ses relais de croissance

Morning Notes : OPTI BB, DIE BB, CMBT BB, GLPG NA, HYL BB, UCB BB, CTP...

: OPTI BB, DIE BB, CMBT BB, GLPG NA, HYL BB, UCB BB, CTPNV NA

UCB A peek under the hood of UCB's pipeline

We issue a new company note with an update on Bimzelx in HS and selected pipeline assets dapimap and UCB1381 & UCB9741 in atopic dermatitis. Dapimap recently concluded its first of two Phase 3 trials in systemic lupus erythematosus (SLE), while we expect Phase 2 results for the atopic dermatitis franchise at the upcoming FY24 update in February. Overall, our analysis confirms UCB's strong pipeline and its potential to drive significant growth in the coming years. The company's strategic focus on...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/02/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/12/2024

Floridienne Strong 9M24 mainly thanks to successful integration of Bio...

We increased our FY24 numbers substantially as Floridienne recorded strong growth in 9M24 y/y as 9M24 sales came in at € 502.4m (+25% y/y), and 9M24 EBITDA was €84.9m (+€35.9m y/y) and a 9M24 net result came in at € 17.1m (+€8.0m y/y). Floridienne indicated that this was mainly thanks to the dynamism of its historical activities and the successful integration of Biotrop. The Foot Division is succeeding in increasing its profitability. BioFirst is growing significantly on its historical market of...

Benelux Morning Notes

Ahold Delhaize: Walmart 3Q24/25 results. IBA: Rhodotron contract to equip a sterilization facility in Mexico. NEPI Rockcastle: Sound operational momentum. UCB: Final approval for Bimzelx in the United States

Morning Notes : ARGX BB, GIMB BB, IBAB BB, UCB BB, CTPNV NA

: ARGX BB, GIMB BB, IBAB BB, UCB BB, CTPNV NA

UCB FIRST LOOK: FDA gives 5/5 with Bimzelx' new approval in HS

UCB has received a 5th nod for Bimzelx as hidradenitis suppurativa joins the fray of approved indications. We see an important role for Bimzelx in this emerging disease space with clear potential to become standard of care over time given its clear outperformance over Novartis' Cosentyx in the clinic. We reiterate our € 173 TP and Accumulate rating.

UCB FIRST LOOK: First takes on dapimap's Ph3 results in SLE

UCB shared first insights into the Phase 3 data on dapimap in SLE, which appear generally favourable with a 14.6% BICLA benefit after 48 weeks vs. SoC. The data also shows a steroid tapering effect and reduction in flares, while suggesting possible outperformance vs. current market leader Benlysta (GSK). Dapimap is co-developed with Biogen and will be continued in a second Ph3 study. We reiterate our € 173 TP and Accumulate rating.

Morning Notes : GREEN BB, SEQUA BB, UCB BB, AZE BB, ONWD BB

: GREEN BB, SEQUA BB, UCB BB, AZE BB, ONWD BB

UCB/The gift that keeps on giving/BUY

We reiterate our BUY rating on UCB and increase our target price from €180 to €212. After almost a year on the ING Benelux Favourites List, we believe it is an opportune time to remove UCB as we view our upside as more risky than in the past as it is increasingly weighted towards UCB's development pipeline. Nonetheless, we remain confident in UCB's equity story, driven by INGF €6bn peak sales for Bimzelx, a continued strong performance of secondary growth engines Evenity and Rystiggo, as well as...

Benelux Morning Notes

Adecco: 3Q24 miss; stabilising trends in 3Q24 and into 4Q24; accelerating cost savings. B&S Group: 3Q24 preview - liquor bottoming into 4Q24? Coca-Cola Europacific Partners: Almost the real thing. D'Ieteren: Belgian October car registrations down 5.5%, VW down 11%. Kinepolis: Oct US/Canada box office at 59% of pre Covid level, France recovery to 78%. Recticel: 3Q24 compares well with Kingspan. Renewi: 1H25 preview - battling cost inflation with self help. Syensqo: Slight beat on 3Q...

Morning Notes : UCB BB, SHUR BB, SYENS BB

: UCB BB, SHUR BB, SYENS BB

Morning Notes : PNL NA, UCB BB

: PNL NA, UCB BB