reports
- Guy Sips
Materialise Transferring RapidFit business to its management team (MBO...
Materialise announced that it will transfer its RapidFit activities to the current management team, after which RapidFit will continue as an independent company under the same name and leadership. The activities were part of Materialise's Manufacturing division, and the transaction marks another step in the group's strategy to sharpen its focus on profitable activities. As a standalone company, RapidFit will benefit from greater focus and flexibility, enabling faster decision-making, closer pr...
- Guy Sips
Miko Acquisition of “Roast & Ground” in UK office coffee supply segmen...
Miko announced the acquisition of Roast & Ground, active in the office coffee supply segment in the UK mainly in the London business community. The acquisition underscores the importance of office coffee within the Miko Group. By integrating Roast & Ground, Miko can further expand its market position in the UK and realize economies of scale.
- 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.
- Jacob Mekhael
Inventiva FY25 results narrow lani phase 3 MASH readout timing to 4Q26
Inventiva's FY25 results come with narrowed timeline guidance for the topline results from the phase 3 (NATiV3) trial of lanifibranor in MASH which is expected in 4Q26 (previously 2H26). We believe this readout is de-risked by strong phase 2b data, and with oral dosing and clean safety (limited GI side effects), lanifibranor is well positioned to capture a meaningful share of the MASH commercial opportunity. Inventiva confirmed its cash runway guidance to middle of 1Q27, beyond the key milestone...
- Jacob Mekhael
Galapagos Signs agreement with Gilead on T-cell Engager in autoimmune ...
Galapagos announced that, following Gilead entering into a definitive agreement to acquire Ouro Medicines for $1,675m in cash consideration, and up to $500m in contingent milestone payments, Galapagos and Gilead have now entered into a binding agreement to collaborate on advancing gamgertamig (BCMAxCD3 T cell engager) in autoimmune diseases. This agreement comes after the companies announced their advanced discussions on the collaboration last week. Economically, Galapagos is effectively co-fina...
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Lewi
- Mathijs Geerts Danau
Onward Medical FY25 results: commercial execution continues
Onward's FY25 update shows solid commercial execution, although results came in slightly below expectations. The company sold 117 ARC-EX devices (KBCSe: 128) and generated € 5.4m in revenue (VA CSS: € 6.7m). However, we note that the ARC-EX system is now available in over 80 US rehabilitation centers (around 25% of specialized centers) representing solid market penetration for its first year. The company expects an acceleration of ARC-EX uptake in 2026 thanks to the home use label with particula...
- Guy Sips
Agfa Model update after strong 4Q25 recovery, but structural headwinds...
We updated our model (€ 1.0 Target Price maintained) after Agfa delivered a clearly improved 4Q25, with adj. EBITDA up 28% y/y to € 39m and FCF of € 44m, bringing FY25 FCF to a positive € 35m. This late-year rebound partly masks a challenging FY25, which remained dominated by structural pressure in Radiology, the dilutive impact of the ongoing cloud transition in HealthCare IT, and rising uncertainty linked to silver price volatility. Agfa remains confident in the strategic direction of its “Gro...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Wim Lewi
- Jacob Mekhael
Autolus FY25 in line with expectations, phase 1 Aucatzyl data in MS by...
Autolus reported FY25 results in line with expectations with Aucatzyl sales amounting to $ 74.3m, in line with CSS. Management re-iterated FY26 guidance of $ 120-$ 135m in Aucatzyl sales (includes US and UK revenue), which we think is within reach (KBCSe FY26: $ 146.5m) given the strong initial demand and positive real world experience as demonstrated by the ROCCA dataset. In the pipeline, phase 1 data for Aucatzyl in progressive MS by YE26 could provide upside and pique interest from potential ...
- 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
- Kristof Samoy
- Livio Luyten
- Thomas Couvreur
- Wim Hoste
- Wim Hoste
IBA FIRST LOOK: FY25 REBIT +58%, FY26 guidance of at least 17% growth
IBA reported solid FY25 results, with revenues up 24% to € 620m (kbcse: € 614m), driven by an accelerated backlog conversion and good order intake. However, gross profit margins still contracted by 150bps to 32.2%, driven by negative mix effects from legacy lower margin PT contracts. Nevertheless, as this was already anticipated, the FY25 REBIT of € 27.4m came in above the guidance of at least € 25m and was in line with our forecast. The 2026 guidance calls for a REBIT of at least € 32m (kbcse: ...
- Wim Hoste
Tessenderlo Feedback FY25 results conference call
Below are the highlights of the FY25 results conference call. Tessenderlo's FY25 adjusted EBITDA increased by 8.5% to 288.1m, which was 3% below our forecast and 6% below consensus. FY26 guidance calls for adjusted EBITDA in line with 2025 which is also below our and consensus forecasts. Despite the difficult macro economic environment, we remind that the company is generating sizeable FCF which was until recently used to regularly buy back own shares. We consider valuation to be attractive enou...
- Jacob Mekhael
Hyloris FY25 results hold no major surprises
Hyloris reported FY25 results with a cash position of € 13.8m (YE24: € 23.6m), and revenue of € 7.2m (FY24: € 8.5m), driven by increased royalties but offset by lower milestone payments. Hyloris is yet to receive income related to commercialisation of Maxigesic IV in the US as the launch has been paused and restarted. The company did not provide specific cash runway guidance, but believes it has funding for development and strategic growth. € 6 TP and Hold maintained.
- Wim Hoste
Tessenderlo FIRST LOOK: FY25 EBITDA and FY26 guidance slight miss
Tessenderlo's FY25 adjusted EBITDA increased by 8.5% to 288.1m, which was 3% below our forecast and 6% below consensus. FY26 guidance calls for adjusted EBITDA in line with 2025 which is also below our and consensus forecasts. Despite the difficult macro economic environment, we remind that the company is using its solid balance sheet and FCF to regularly buy back own shares. We consider valuation to be attractive enough from maintaining our Accumulate rating with target price maintained at € 28...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Guy Sips
Amoéba Capital increase via a private placement (11.4% at € 0.75)
Amoéba closed a capital increase via a private placement, carried out through an accelerated book-building process. They placed 8,897,973 new shares at a price of €0.75 per share for a total amount of €6,673,480, representing 11.43% of its share capital following the transaction. As a result (based on the higher number of share and taking into account the cash inflow) we lower our Target Price to € 1.4 but maintain our Buy rating.
- Livio Luyten
Bois Sauvage Full Jeff de Bruges ownership marks start of accelerated ...
A bitter past with a sweet future is what we wrote in Aug'25, and that sugary upside is now straight ahead. Bois Sauvage's new strategy marks a decisive refocusing on its high-quality Chocolate Group as the clear growth engine, while streamlining the rest of the portfolio. Chocolate delivered another solid performance in FY25 with revenue exceeding €300m (+7.5%) and EBITDA (ex-IFRS 16) up 5% to €56.2m despite volatile cocoa prices. The upcoming full ownership of Jeff de Bruges will unlock strate...
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