UCB announced the first 2-year follow-up data with Bimzelx in hidradenitis suppurativa (HS). The data appears largely favourable in our view, with deepening responses across the various HiSCR endpoints. We believe Bimzelx is set to become the new standard of care in HS (pending FDA approval), and reiterate our €168 TP and Accumulate rating.
In our last note we highlighted that ASML was relative cheap in a costly sector. Over the past months multiples in the sector contracted and the premium of ASML increased. Nevertheless, is the premium of ASML still relative low. Therefore, we expect that ASML will outperform the sector. Furthermore, we see upside based on 2025 multiples and our DCF based valuation is in line with the current valuation. We increase our rating from Hold to Accumulate as we expect ASML to outperform the sector and ...
Ekopak published 1H24 results that came in a tad below expectations. Still the disruptive engineering company has its transformation in full swing paving the way for sizeable growth beyond 2024. It is integrating GWE and centralising local engineering, production & supporting services in new corporate facilities in Ghent. The major positive surprise from the release was the announcement that -following lengthy negotiations over the past years- Waterkracht will be operational as of late 2026. As...
This conference booklet is your guide to our Life Sciences Conference set to take place on Thursday, 26 September 2024 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or join pitch sessions with the following companies and their top management: Public: AUTOLUS | GALAPAGOS | HYLORIS | INVENTIVA | MAAT PHARMA | ONWARD MEDICAL | SEQUANA MEDICAL | UCB | ZEALAND PHARMA Private: CONFO TX | MRM HEALTH | PANTERA | SKYLINE DX
Iberdrola is the strategic benchmark in the universe of integrated utilities. Since 2001, the group has pursued a resilient strategy of profitable growth (renewables and networks), geographic expansion and attractive shareholder returns (TSR average annual of 17.9%). But based on the strong share's performance and the low residual upside on our target price of € 15.30, we have lowered our rating to Neutral vs Outperform. - ...
UCB presents additional post-hoc analyses of its 4-year pooled data for Bimzelx in PsO. Bimzelx sustains high efficacy with 87.9% PASI90 and 72.4% PASI100 in year-1 responders after 4y. Furthermore, Bimzelx also showed >70% PASI90 and >40% PASI100 after nearly 4y in patients who did not respond to Humira, Cosentyx or Stelara. We see the consistent high PASI100 as differentiator for Bimzelx, setting the benchmark for future therapies. We reiterate our € 168 TP and Accumulate rating.
Iberdrola est la référence stratégique dans le secteur des utilities intégrées. Depuis 2001, le groupe poursuit une stratégie résiliente de croissance rentable (renouvelable et réseaux), d’expansion géographique et de rémunération attractive des actionnaires (TSR annuel moyen 17.9%). Toutefois, la forte performance du titre et le faible potentiel résiduel à notre objectif de cours de 15.3 €, nous amènent à abaisser l’opinion à Neutre vs Surperformance. - ...
>First phase III study of DPZ shows positive results… - UCB and Biogen yesterday published the headline results from the phase III PHOENYCS GO study evaluating dapirolizumab pegol (DPZ) in people with moderate to severe systemic lupus erythematosus. DPZ, in addition to standard treatment, met its primary endpoint by demonstrating an improvement in disease activity (BICLA test score, a standard assessment in Lupus) after 48 weeks. In addition, clinical improvements wer...
>La première phase III de DPZ ressort positive… - UCB et Biogen publiaient hier les résultats headlines de l'étude de Phase 3 PHOENYCS GO évaluant dapirolizumab pegol (DPZ) chez des personnes atteintes d'un lupus érythémateux systémique modéré à sévère. DPZ, en plus du traitement standard, a atteint son critère d'évaluation primaire en démontrant une amélioration de l'activité de la maladie (score test BICLA, évaluation standard dans le Lupus) après 48 semaines. De pl...
UCB announced positive topline results for the first of two Phase 3 trials for anti-CD40L dapimap in systemic lupus erythematosus (SLE). SLE is a debilitating autoimmune disease, characterized by flares that could lead to organ damage. While we currently do not have topline data yet, dapimap is set to compete against GSK's Benlysta and AstraZeneca's Saphnelo and could eventually reach just below $ 1bn peak sales according to our preliminary analysis. We currently value dapimap at € 1.70 p.s., an...
The FDA has extended its Bimzelx approval to include PsA, nr-axSpA and AS. The move follows earlier EU and Japan approvals, and widens the spectrum of Bimzelx addressable patients in the US. We anticipate € 3.8bn peak sales for Bimzelx, of which € 900m from PsA and € 450m from axSpA (nr-axSpA and AS). We raise our TP from € 161 to € 168 and move from Hold to Accumulate to anticipate additional commercial momentum.
We publish today our comprehensive quarterly bible: 224 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.
Holcim Europe could ultimately be the most appealing equity story of the Holcim group’s spin-off project. We think that, for the group’s new management, the distribution of an exceptionally high dividend will be the favoured means for a rapid revaluation of Holcim Europe. We estimate it at CHF 2.0-2.2 for a dividend yield of 7-8% at the current price. We think that under the aegis of Miljan Gutovic, the new CEO, a significant refocusing of Holcim Europe’s assets will be implemented i...
Holcim Europe pourrait finalement être « l’equity story » la plus attractive du projet de scission du groupe Holcim. Nous pensons que la distribution d’un dividende exceptionnellement élevé constituera, pour le nouveau management du groupe, le moyen privilégié pour une revalorisation rapide de Holcim Europe. Nous l’estimons entre 2.0 CHF et 2.2 CHF soit un dividende yield de 7/8% au cours actuel. Sous la houlette de Miljan Gutovic, le nouveau CEO, un recentrage important des actifs de...
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