Benelux Morning Notes

GBL: €1.7bn of GBL Capital assets sold at 9% discount; PostNL: 3Q25 results miss due to more negative mix Parcels; FY25 outlook reiterated but challenging; UCB: Bimzelx's prescription data confusion

Morning Notes : GBLB BB, PNL NA, UCB BB, AZE BB, IMCD NA

: GBLB BB, PNL NA, UCB BB, AZE BB, IMCD NA

UCB TRx noise aside, fundamentals remain strong

UCB's Bimzelx is well-positioned with strong 3-year data in HS and competitive performance across PsO, PsA, and axSpA, supporting our peak sales estimate of €5.9b by 2030. Despite premium forward P/E multiples, UCB's projected EPS CAGR (2025–2029), being >3x that of peers, means UCB continues to be an attractive name to own. Earlier in the pipeline, our deep dive into the atopic dermatitis (AD) landscape shows that phase 2a data for galovokimig is promising, with plans to advance to phase 2b. Ac...

Abivax: 1 director

A director at Abivax sold 1,200,000 shares at 94.085EUR 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 clearly show...

Benelux Morning Notes

AB InBev: The interim is back. Arcadis: Slow return to organic growth, FCF disappoints. Ayvens: Keeping its promise. dsm-firmenich: Waiting for Godot. D'Ieteren: Boyd prelim 3Q25, $1.3bn M&A deal, NYSE listing, $780m capital increase. Flow Traders: Down but not out. Ontex: FY25F guidance confirmed despite a modestly softer 3Q25. Recticel: Weak 3Q25 but comforting outlook. Shell plc: Solid story with cash continuing to come in strongly. TKH Group: Preview - subsea remains in foc...

UCB Supportive 3-year data for Bimzelx in PsA and axSpA at ACR 2025

UCB announced new 3-year data for Bimzelx in adults with active psoriatic arthritis (PsA) and axial spondyloarthritis (axSpA) at ACR 2025. The results show sustained responses in both patient groups, and appear competitive vs. other biologics e.g. Cosentyx in cross-trial comparison. Overall supportive data that should maintain Bimzelx' commercial momentum. ACCUMULATE maintained.

Morning Notes : BAR BB, BFIT NA, EXM BB, HYL BB, UCB BB, JDEP NA, MRUS...

: BAR BB, BFIT NA, EXM BB, HYL BB, UCB BB, JDEP NA, MRUS US

UCB SA: 1 director

A director at UCB SA bought 70 shares at 250.000EUR and the significance rating of the trade was 52/100. 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 C...

UCB - Slowing Bimzelx Momentum - D/G to Hold ( TP EUR 250 [270], 14pgs...

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Morning Notes : ASM NA, UCB BB, SHUR BB

: ASM NA, UCB BB, SHUR BB

UCB Publishes Fintepla LGS open-label extension results in journal

UCB announced that the final analysis of an open-label extension (OLE) study on Fintepla (fenfluramine) in Lennox-Gastaut syndrome (LGS) was published in the Epilepsy and Behavior journal. This follows previous presentations at a medical conference and highlights the long-term sustained benefit and lack of new or unexpected safety signals, which we view as supportive of Fintepla's benefit in this patient population. For reference, Fintepla is one of UCB's 5 growth drivers, and we estimate peak s...

UCB Publishes pyrimidine nucleo(s)(t)ide therapy results in TK2d in jo...

UCB announced the publication of results from a multicenter retrospective chart review study of pyrimidine nucleo(s)(t)ide therapy in patients with thymidine kinase 2 deficiency (TK2d) in Neurology, which are in line with previous reports of the positive outcomes on survival and functional outcomes presented at a medical conference earlier this year. Note that TK2d is an ultra-rare genetic mitochondrial disease with no approved therapies, and has a prevalence of 1.64 per 1m people. Doxecitine an...

Morning Notes : UCB BB, VGP BB, ONWD BB

: UCB BB, VGP BB, ONWD BB

Benelux Morning Notes

AB InBev: On Track. UCB: Galvokimig, an opportunity for long-term growth

Morning Notes : AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

: AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

Wedbush Morning Call - Sep 30 2025 6:56AM

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...