Thematic - 2026 Outlook - "5 More Years" (55pgs)

For access to the full note, please contact Naresh Chouhan ( ) With EU Pharma (ex-Novo) now having reached decade high valuations vs EuroStoxx600, we believe the sector has broken out & the sustainability of the growth profile will now generate continued strong performance. Consensus 5yr sales & EPS CAGR’s stand at 4% & 7% for 15x 2026 PE. We show there is upside to this from underestimated pipelines where cons. rarely fully models “monster” drugs & from M&A which we expect to be strong at JPM ...

Morning Notes : ASM NA, MAAT FP

: ASM NA, MAAT FP

MaaT Pharma Final Xervyteg phase 3 data confirm strong survival outcom...

MaaT reported the final results from the phase 3 (ARES) trial of Xervyteg (MaaT013, microbiome therapy, enema formulation) in aGvHD at the American Society of Hematology (ASH) conference, being held 6-9 December 2025. The final OS results from the phase 3 (ARES) trial of MaaT013 coming in at 54% at 1 year confirm the previously reported 54% probability of survival that was shared with the topline readout in January 2025. We believe this brings a significant benefit vs. the 15% 1-year OS reported...

Morning Notes : ABI BB, AGS BB, GLPG NA, IBAB BB, UCB BB

: ABI BB, AGS BB, GLPG NA, IBAB BB, UCB BB

UCB Detailed results from Fintepla in CDD strengthen epilepsy franchis...

UCB presented detailed results of the positive phase 3 GEMZ study with Fintepla in CDKL5 deficiency disorder (CDD). The drug showed an estimated 52.7% median reduction in countable motor seizure frequency (CMSF) compared with placebo during a 14 week titration and maintenance period and a favourable safety profile. We view this as highly encouraging in this refractory epilepsy population. Given the infantile onset of CDD, we will be curious to see as of which age, patients could be included in t...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 12/05/2025

UCB : Upgrade de la guidance 2025 dans l’attente de plus d’éléments co...

UCB : 2025 guidance upgrade pending more details on profitability tren...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/12/2025

Benelux Morning Notes

Ahold Delhaize: Peer Kroger 3Q25 results Kinepolis: Warner and Netflix enter exclusive deal negotiations UCB: FY25 guidance raised on Bimzelx's exceptional performance

Morning Notes : UCB BB

: UCB BB

UCB Announces another FY25 guidance upgrade

UCB announced an additional upgrade to its FY25 financial guidance, where it now expects revenue to exceed € 7.6b, representing +24% y/y (previously at least € 7b), and adj. EBITDA margin to be higher than 31% (previously at least 30%). This is the company's second guidance upgrade this year and shows that UCB's commercial momentum continues its upward trajectory supported by its 5 key growth drivers, including lead product Bimzelx which saw strong momentum in HS, as well as a favourable payer m...

Morning Notes : AGFB BB, AKZA NA, GBLB BB, UMI BB, MAAT FP

: AGFB BB, AKZA NA, GBLB BB, UMI BB, MAAT FP

MaaT Pharma Model update post € 9.1m capital raise

MaaT announced the completion of a capital raise of € 9.1m (at a 9% discount to closing price prior to deal announcement), and expects to use the net proceeds of € 8.7m to fund Xervyteg commercialisation preparation in Europe, advance MaaT033 development, and prepare for a pivotal US study of Xervyteg in 2026. This capital raise unlocks a € 6m EIB tranche, extending the company's cash runway to August 2026. Upon anticipated EU approval of Xervyteg in mid-2026, MaaT is eligible to receive a € 12m...

MaaT Pharma Launches capital increase for gross proceeds of € 9m &#x07...

MaaT announced the launch of a capital increase through a private placement with qualified investors and retail investors. The company intends to raise € 9m, the funds will extend the runway to summer 2026 (previously February 2026). MaaT plans to use the proceeds to fund the company's development and commercialization of Xervyteg. Trading will be suspended until at least November 14 after market close. We view this raise as a positive and reiterate our BUY rating and € 17 TP.

Morning Notes : HOMI BB, HYL BB, IVA FP, NEXTA BB, RET BB, MAAT FP

: HOMI BB, HYL BB, IVA FP, NEXTA BB, RET BB, MAAT FP

UCB SA: 1 director

A director at UCB SA bought 200 shares at 216.000EUR and the significance rating of the trade was 54/100. 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 ...

Morning Notes : ABN NA, CRBN NA, ENX FP, GBLB BB, PROX BB, UCB BB

: ABN NA, CRBN NA, ENX FP, GBLB BB, PROX BB, UCB BB

UCB/Bimzelx, the best-in-disease drug in HS/BUY

We reiterate our BUY rating on UCB and increase our target price from €238 to €257 on higher expected peak sales for Bimzelx, after Moonlake's weaker-than-expected P3 results in Hidradenitis Suppurativa, as well as the successful approval of UCB's Kygevi in TK2d. We continue to view UCB's risk/reward balance as favourable, with the group pipeline accounting for only 6% of Enterprise Value. Despite some concerns regarding Bimzelx's growth trajectory over the past month, compounded by data collect...

Benelux Morning Notes

Ahold Delhaize: Strong beat driven by one-offs Alfen: Bull bear fight continues bpost: 3Q25 results in line with INGF but miss vs consensus, FY25 outlook fine-tuned to top-end CM.com: Takeover offer from Bird Coca-Cola Europacific Partners: Refreshing D'Ieteren: Belron peer Driven Brands 3Q25 talks of lower Q4, choppiness in Collision and Direct Repair Exor: Ferrari reassures with strong 3Q25, improved guidance KPN: Strategy update reassures, largely in line, with solid cash returns expec...