reports
- Dominic Rose
- Naresh Chouhan
UCB - Highest Conviction Long (BUY, TP EUR300, 13pgs)
Deeper analysis on Bimzelx pricing means UCB is now our highest conviction long (Roche & AZN have had big moves). We show that: 1) Bimzelx ’26 pricing concerns are overdone, 2) 55% US volume growth in 2026 is likely, 3) Consensus is likely too low for H225 on US Bimzelx (pricing is likely +ive vs H125), 4) Guidance is likely in-line with cons. & 5) H225 has 2 upside drivers, with BE-BOLD boosting rheum volumes & one big payor likely unlocking HS access. Our proprietary product-by-product model s...
- Guy Sips
- Jacob Mekhael
- Jacob Mekhael
Onward Medical ARX-EX launch broadens, key ARC-IM data due 2H26 (model...
Onward enters 2026 with increased commercial momentum following FDA clearance for ARC-EX home use in SCI patients in November 2025, which expands access beyond clinics and is expected to accelerate adoption. Meanwhile, the company is advancing its implantable program, with ARC-IM interim data from the pivotal Empower BP trial in SCI patients with blood pressure instability expected in 2H26—an important catalyst that could accelerate development timelines. We roll over our model to 2026, adjustin...
UCB SA: 2 directors
Two Directors at UCB SA bought/sold after exercising options 3,500 shares at between 254.270EUR and 255.491EUR. The significance rating of the trade was 75/100. 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 compa...
- Jacob Mekhael
UCB Reiterates recently upgraded FY25 guidance
UCB highlighted its 2025 achievements, and reiterated its recently upgraded FY25 guidance (5 December 2025). This was the company's second guidance upgrade in 2025 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. This is further supported by Bimzelx reaching over 100K patients worldwide. Looking ahead, Bimzelx' expanded access in 2026 to include 36m additional covered li...
- Jacob Mekhael
Autolus Aucatzyl launch success, FY25 preliminary revenue in line with...
Yesterday before US market opens, Autolus announced preliminary unaudited 4Q25 and FY25 net product sales of Aucatzyl (obe-cel, CD19 CAR-T), and provided a business update. $ 75m in FY25 Aucatzyl sales is in line with CSS ($ 75.9m) and ahead of our estimate of $ 72.5m. We believe this figure makes Aucatzyl's first year on the market a success, and we view FY26 guidance of $ 120-135m as within reach. Pipeline wise, we look forward to initial data from the phase 1 trial of Aucatzyl in the difficul...
- Mathijs Geerts Danau
Pharvaris Business update narrows topline prophylactic phase 3 data to...
Pharvaris provided a business update, which comes with narrowed guidance for the topline data from the phase 3 (CHAPTER-3) trial of deucrictibant in HAE prophylaxis, now expected in 3Q26 (previously 2H26). We're confident going into this readout, which we believe has a high probability of success based on the strong efficacy shown in phase 2. With the NDA filing in the on-demand setting on track for 1H26, and another phase 3 ongoing in AAE-C1INH, the product is set to address the broadest group ...
- Jacob Mekhael
- Livio Luyten
- Mathijs Geerts Danau
- Wim Hoste
- Mathijs Geerts Danau
mdxhealth FIRST LOOK: FY25 highlights show revenue in line with guidan...
Mdxhealth provides insights into key FY25 parameters, with preliminary revenue landing at $ 109m (VA CSS: $ 108.5m) and YE cash at $ 29m (VA CSS: $ 34.5m). Revenue guidance for FY26 is set at a narrow yet ambitious range of $ 137-140m, implying a 26-28% y/y increase. Additionally, mdxhealth managed to amend the Exact Sciences payouts to be more back-end loaded bringing some ease to the cash position. We believe that mdxhealth is well-positioned for growth in 2026 now that the commercial engine i...
MDxHealth Reports Preliminary Fourth Quarter and Full Year 2025 Revenu...
MDxHealth Reports Preliminary Fourth Quarter and Full Year 2025 Revenues, Issues 2026 Revenue Guidance, and Amends Earnout Terms with Exact Sciences MDxHealth Reports Preliminary Fourth Quarter and Full Year 2025 Revenues, Issues 2026 Revenue Guidance, and Amends Earnout Terms with Exact Sciences IRVINE, CA – January 12, 2026 () – MDxHealth SA (NASDAQ: MDXH) (the "Company" or "mdxhealth"), a leading precision diagnostics company, today reported preliminary fourth quarter and full year 2025 revenues and issued 2026 revenue guidance. The Company expects to report fourth quarter and full yea...
Autolus Therapeutics Announces Preliminary Unaudited Fourth Quarter an...
Autolus Therapeutics Announces Preliminary Unaudited Fourth Quarter and Full Year 2025 Net Product Revenue, Pipeline Advancements and Outlook for 2026 Company expects preliminary unaudited AUCATZYL® net product revenue of approximately $24 million for the fourth quarter of 2025 and approximately $75 million for the full year of 2025Autolus anticipates full year 2026 AUCATZYL® net product revenue of $120 million to $135 millionIndependent real-world AUCATZYL® data from ROCCA consortium confirm high level of clinical activity with favorable safety profile Focus for 2026 is: Driving AUCATZYL®...
Pharvaris Outlines 2026 Strategic Priorities
Pharvaris Outlines 2026 Strategic Priorities Topline data from CHAPTER-3, a pivotal study of deucrictibant for prophylactic treatment of HAE attacks, anticipated in 3Q2026Preparation of NDA dossier of deucrictibant for on-demand treatment of HAE attacks ongoing; timeline remains on-track for filing in 1H2026Recruitment ongoing in CREAATE, a pivotal study of deucrictibant for the prophylactic and on-demand treatment of AAE-C1INH attacksEstimated cash runway into 1H2027 ZUG, Switzerland, Jan. 12, 2026 (GLOBE NEWSWIRE) -- (Nasdaq: PHVS), a late-stage biopharmaceutical company developing ...
- Hilde Van Boxstael
- Mathijs Geerts Danau
- Wim Lewi
- Jacob Mekhael
Zealand Pharma Enters agreement with DCAI to use AI supercomputer for ...
Zealand announced that it entered into an agreement with DCAI to use Gefion AI supercomputer to accelerate drug discovery and support its Metabolic Frontier 2030 strategy, to deliver five launches, +10 clinical pipeline programs, and industry-leading cycle times from idea to clinic by 2030.The platform supports advanced characterization, simulation, and generative AI modelling for drug discovery and design. Financial terms were not disclosed. DKK 1,120 TP and BUY maintained.
Zealand Pharma enters agreement with DCAI to use Gefion AI supercomput...
Zealand Pharma enters agreement with DCAI to use Gefion AI supercomputer to accelerate drug discovery and support Metabolic Frontier 2030 strategy Press release – No. 2 / 2026 Zealand Pharma enters agreement with DCAI to use Gefion AI supercomputer to accelerate drug discovery and support Metabolic Frontier 2030 strategy Access to Gefion, Denmark’s flagship AI supercomputer, gives Zealand Pharma access to unprecedented computational power, enabling large-scale modeling, prediction, and optimization of drug candidatesAgreement will support Zealand Pharma’s Metabolic Frontier 2030 strategy ...
- Jacob Mekhael
mdxhealth Collaboration with Oxford could further validate GPS in pros...
Yesterday before US market opens, mdxhealth announced the next major phase of its collaboration with the University of Oxford: the initiation of Genomic Prostate Score (GPS) testing in the landmark UK ProtecT trial (Prostate Testing for Cancer and Treatment). This study is designed to establish GPS as the first genomic classifier supported by randomised clinical trial evidence in an Active Surveillance cohort, further validating the clinical utility of GPS in predicting prostate cancer progressi...
- Jacob Mekhael
Autolus To assess feasibility of Cellares' platform for CAR-T manufact...
Yesterday before US market opens, Autolus announced that it will assess the feasibility of Cellares' Cell Shuttle platform to complement its commercial manufacturing operations at the Nucleus facility in the UK. This evaluation could open the door for Autolus to expand its manufacturing to meet future demand from the larger autoimmune indications, which would likely require more than the 2000 batches per year capacity that the existing Nucleus facility is able to produce. $ 9 TP and BUY maintain...
- Jacob Mekhael
- Livio Luyten
Autolus Therapeutics to Evaluate Automated Manufacturing of AUCATZYL® ...
Autolus Therapeutics to Evaluate Automated Manufacturing of AUCATZYL® (obe-cel) on the Cellares Cell Shuttle™ Platform Autolus will evaluate Cellares’ fully automated, high-throughput manufacturing platform in preparation for expansion into new indications SOUTH SAN FRANCISCO, Calif. and LONDON, Jan. 06, 2026 (GLOBE NEWSWIRE) -- Autolus Therapeutics plc (Nasdaq: AUTL), a commercial-stage biopharmaceutical company developing, manufacturing and delivering next-generation programmed T cell therapies, and Cellares Corp, the first Integrated Development and Manufacturing Organization (IDMO),...
Mdxhealth and University of Oxford to validate GPS test in largest ran...
Mdxhealth and University of Oxford to validate GPS test in largest randomized trial of treatment effectiveness in patients with localized prostate cancer Mdxhealth and University of Oxford to validate GPS test in largest randomized trial of treatment effectiveness in patients with localized prostate cancer IRVINE, CA – January XX, 2026 () – Mdxhealth SA (NASDAQ: MDXH) (the “Company” or “mdxhealth”), a leading precision diagnostics company, today announced the next major phase of its collaboration with the University of Oxford: the initiation of Genomic Prostate Score (GPS) testing in the l...
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