reports
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update April 2026: Adding Fagron
The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continues unabated. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. KBC macro-econimists have hiked the inflation expectation for 2026 from 1.9% to 3.3%. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We continue our defensive stance in our Benelux Dyna...
FAGR FAGRON SA
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Jacob Mekhael
MaaT Pharma FY25 update confirms mid-2026 EMA decision timing for MaaT...
MaaT reported FY25 results which show increasing revenues from MaaT013's early access program (only billable in France) of € 4.5m (FY24: € 3.2m) in aGvHD. In addition, the company confirmed its cash runway guidance to August 2026, which funds the company beyond the expected EMA regulatory decision for MaaT013 in aGvHD expected in mid-2026. Pipeline wise, we note that a few timelines have shifted, with phase 2 data for MaaT013 + checkpoint inhibitors in metastatic melanoma now expected in 1H26 (v...
- Jacob Mekhael
UCB Kygevvi receives EC approval in ultra-rare disease TK2d
UCB announced that the European Commission approved Kygevvi (doxecitine and doxribtimine) under exceptional circumstances as the first and only treatment for paediatric and adult patients with genetically confirmed thymidine kinase 2 deficiency (TK2d) with an age of symptom onset on or before 12 years. The approval comes after the positive CHMP opinion announced in February 2026. Beyond the EU, the product received FDA approval in the US in 4Q25. € 284 TP and BUY maintained.
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Wim Lewi
- Jacob Mekhael
UCB New Bimzelx data in HS and PsO at AAD 2026
UCB presented updated data for Bimzelx in hidradenitis suppurativa (HS) and psoriasis (PsO) at the AAD conference, held 27–31 March. In HS, data showing better outcomes in patients with lower disease duration and severity makes the case for earlier treatment with Bimzelx, further supporting the drug's continued commercial uptake. In PsO, we're encouraged to see high rates of complete skin clearance up to 4 years in patients that stopped and re-started treatment, which should help UCB capture re-...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- David Vagman
- CFA
- Maxime Stranart
UCB/EmBOLDened by Bimzelx/BUY
We reiterate our BUY rating but cut our target price from €310 to €306, reflecting an increased equity risk premium due to the war in Iran. We continue to view UCB as a unique growth story in the industry, as we model core EPS to grow at c.30% CAGR over 2024-30F thanks to the continued growth of key blockbusters Bimzelx and Evenity. Next to these, we remain confident in UCB's long-term growth strategy with assets like Galvokimig, which continues to show efficacy data optically superior to other ...
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Jacob Mekhael
UCB Picks Georgia site for planned US manufacturing facility
Yesterday after market close, UCB announced that it has selected Gwinnett County, Georgia as the location for its new US biologics manufacturing facility. Once operational, the facility is expected to produce recently approved and future pipeline complex biologics 24/7 primarily for the US market. This project is expected to generate approx. $5bn in total economic impact, creating around 330 permanent highly skilled jobs, and more than 1000 construction jobs. Approx. 62% of the company's FY25 ne...
- Thomas Couvreur
Hybrid Software Group Record year with further growth into 2026 expect...
Revenues for the year come in below expectations, mainly due to the subdued start to the year. Bottom-line numbers also below expectations, but to a significant extend explained by negative FX impact, which should largely normalize going forward. While overall 2025 was a record year for HYSG, we expect solid growth into 2026 with potentially some further upside from M&A when the large cash balance is put to work. We reiterate our Buy recommendation and the €5.5 TP.
- ING Helpdesk
Benelux Morning Notes
AEGON: Launch of Aegon Insurance Asset Management Company in China (tidying up). Basic-Fit: Solid final FY25; strong membership ingrowth in 1Q26 comfort on energy prices. CVC Capital Partners: Steady delivery. D'Ieteren: 2H25 beat on Auto, Belron delivering, PBT group guidance 7% below. UCB: Bimzelx demonstrates superiority to Skyrizi. Wereldhave: c.€5.6m acquisition of supermarket in Ville2, full ownership of the centre
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Jacob Mekhael
UCB Bimzelx shows superiority vs. Skyrizi in head to head PsA trial
UCB announced positive topline data from the BE BOLD trial assessing Bimzelx (IL-17 A/F antibody) vs. Skyrizi (IL-23 antibody) in adults living with active psoriatic arthritis (PsA), where Bimzelx demonstrated statistically significant superiority over Skyrizi in the ACR50 primary endpoint at week 16. This positive readout is an important development for Bimzelx given the PsA market is the second largest after PsO. IL-23 has gained more share vs. 1L-17 in PsA to date, however, today's topline re...
- Dominic Rose
- Naresh Chouhan
Intron Health - AI Impact on Pharma - Thematic (20pgs) - Winners/Loser...
Our Big Pharma AI thesis is the result of ~25 interviews with industry execs & >100hrs of research. We show ~10% of OPEX could be saved by AI within a few years & conclude the recent sector rally is wholly justified & could run further. We assess the winners & losers from AI adoption and discuss in detail some of the short, mid & long-term consequences. We evaluate the various AI use cases and quantify the potential benefit they may have. We break down SG&A & R&D activities & show where AI is im...
- BC-bc user
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Thomas Couvreur
Hybrid Software Group Stronger pipeline & cost efficiencies triggering...
As of 2Q25-3Q25 HYSG saw a significantly improved environment, resulting in an uptick of organic growth. Expecting solid 4Q25 results and a positive short term pipeline, we increased our FY26 expected revenues by 6%, with continued growth going forward. Operational leverage is increasingly evident, with cost efficiencies driving broadbased EBITDA strength and supporting sustainable margins above 25%, trending toward 28% longer term. Limited macro risks, a selective bolton M&A strategy backed by ...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update March 2026: Removing Aedifica – Adding Pr...
The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continue into 2027. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. The highly anticipated AI productivity gains also will have to transpire sooner or later or a US market correction becomes unavoidable. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We...
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Jacob Mekhael
UCB In-licenses preclinical bispecific TCE for B-cell autoimmune disea...
UCB and Antengene entered into an exclusive worldwide license agreement to further develop, manufacture and commercialize ATG-201, a preclinical CD19/CD3 bispecific T-cell engager. UCB will pay $ 80m in upfront and near-term milestone payments, development and commercial milestones of up to approx. $ 1.1bn, and royalties on future sales. ATG-201, being a bispecific T-cell engager, builds on UCB's autoimmune expertise, and given its potential to address a broad set of B-cell driven autoimmune dis...
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