UCB S.A. Overview
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Employees (approx., company boilerplate) | — | 9,000 | 9,000 |
Note: UCB communicates headcount as "approximately 9,000" (2024) and "more than 9,000" (2025).
UCB is a Brussels-headquartered, family-anchored global biopharmaceutical company focused exclusively on severe diseases of the immune system and the central nervous system. Over two decades it has transformed from a diversified chemicals-and-pharma conglomerate into a pure-play specialty biopharma, and over the past three years from a CNS/epilepsy-led franchise into an immunology-led growth company. Its flagship, BIMZELX (bimekizumab), the first and only approved dual IL-17A/IL-17F inhibitor, became UCB's largest product in 2025 (€2.23bn net sales) and carries a company peak-sales ambition of at least €7bn, with protection to 2037. Alongside BIMZELX, four further "growth drivers" — FINTEPLA, RYSTIGGO, ZILBRYSQ and EVENITY — generated more than €3.3bn combined in 2025. With 2025 revenue of €7.74bn (+26%), adjusted EBITDA of €2.64bn and no major loss of exclusivity until 2033, UCB is one of Europe's fastest-growing mid-cap pharmaceutical companies, now layering next-generation modalities (T-cell engagers, cell therapy) through acquisitions.
Company's own description
In its FY2025 and HY2026 disclosures, UCB describes itself as a global biopharmaceutical company focused on discovering and developing innovative medicines and solutions to transform the lives of people living with severe diseases of the immune system or the central nervous system. The IAR 2025 (Note 1) characterises the group as focused on severe diseases in two main therapeutic areas, neurology and immunology, and confirms that the group operates as a single reportable segment, "Biopharmaceuticals" (IAR 2025, Note 3.5), with the Executive Committee as chief operating decision maker.
Independent characterisation
UCB is a vertically integrated, research-based specialty biopharma that:
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Discovers antibodies and other modalities in-house (with a heritage in antibody engineering from Celltech, acquired 2004) and increasingly in-licenses or acquires novel modalities (bispecific/multispecific T-cell engagers from Antengene and Candid; regenerative neural cell therapy from Neurona).
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Develops through global Phase 1–4 programmes, with a late-stage Phase 3 success rate the company cited at 86% in mid-2025 (UCB IR blog, 31 Jul 2025).
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Manufactures biologics and small molecules in an owned network in Belgium (Braine-l'Alleud bioplant and gene therapy facility), Switzerland and elsewhere, supplemented by U.S. contract manufacturers, with a new U.S. biologics campus under development in Georgia.
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Commercialises directly in ~40 countries, with the United States now its dominant market (63% of 2025 net sales before hedging), and through partners in selected geographies (Amgen/Astellas for EVENITY; Nippon Shinyaku for FINTEPLA in Japan; Biogen co-development for dapirolizumab pegol).
Business model and revenue model
| Revenue stream (FY2025) | EUR Mn | % of revenue | Nature |
|---|---|---|---|
| Net sales (products) | 7,388 | 95.4 | Product revenue net of rebates, chargebacks, Medicaid/Medicare deductions |
| Royalty income and fees | 88 | 1.1 | Licensing of antibody IP ("Biotechnology IP" €54m) and other royalties (€34m) |
| Other revenue | 265 | 3.4 | Contract manufacturing for buyers of divested brands (€184m) plus R&D partner payments and milestones (€81m) |
| Total revenue | 7,741 | 100.0 | — |
UCB's revenue model is overwhelmingly product sales of prescription medicines sold to wholesalers, specialty pharmacies, hospitals and government/payer channels. Supplementary revenue streams are:
Source: IAR 2025, sections 1.5–1.6.
A distinctive feature is that the EVENITY (romosozumab) collaboration with Amgen is mostly not captured in revenue: UCB books only European net sales (€137m in 2025), while its share of worldwide net earnings outside Europe is booked in "other operating income" (€632m in 2025, €379m in H1 2026). This makes EVENITY a far larger profit contributor than its revenue line suggests.
There is no subscription or service revenue of note; digital/patient-support services (e.g., UCBCares) are cost centres supporting product sales.
Value chain position
UCB sits at the originator end of the pharmaceutical value chain: target discovery → molecule engineering → clinical development → regulatory → manufacturing → commercialisation. It is a price-setter for patented specialty products but a price-taker vis-à-vis U.S. pharmacy benefit managers (PBMs), Medicaid and European HTA/reimbursement bodies. Gross-to-net management is a core competency, as illustrated by the H1 2026 favourable gross-to-net accrual adjustment and the H2 2026 net price pressure flagged for BIMZELX after a major PBM moved it to first-line coverage effective 1 June 2026 (HY2026 call, as summarised by GuruFocus).
Customer types and end-markets
| Customer / payer type | Relevance |
|---|---|
| Specialist physicians (dermatologists, rheumatologists, neurologists, epileptologists, neuromuscular specialists, osteoporosis specialists) | Prescribers for all core products |
| U.S. specialty pharmacies, wholesalers, PBMs, commercial insurers | Largest channel; U.S. = €4.61bn net sales in 2025 |
| U.S. government programmes (Medicaid, Medicare) | Material — Jefferies (Oct 2025) estimated Medicaid at ~27% of the BIMZELX patient base vs ~10% industry average (third-party estimate) |
| European national/regional health systems and hospitals | €1.76bn net sales in 2025 |
| Japanese health system (NHI price list) | €315m net sales in 2025 |
| International markets (Canada, LatAm, APAC ex-Japan, Turkey, etc.) | €612m net sales in 2025 |
| Pharma partners and acquirers of divested brands | Contract manufacturing and royalties |
End-markets served: immuno-dermatology (psoriasis, hidradenitis suppurativa), rheumatology (psoriatic arthritis, axial spondyloarthritis, rheumatoid arthritis), gastroenterology (Crohn's disease, U.S. only for CIMZIA), epilepsy and rare epileptic syndromes (Dravet, Lennox-Gastaut, CDKL5 deficiency disorder), generalised myasthenia gravis, rare mitochondrial disease (TK2 deficiency), postmenopausal osteoporosis (EVENITY, Europe), Parkinson's disease and restless legs (NEUPRO), and allergy (ZYRTEC/XYZAL, established brands).
Strategy
Stated strategic themes (paraphrased from FY2025 IAR, FY2025 and HY2026 releases, HY2026 call)
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Patient value and differentiated innovation — focus on severe immunological and neurological diseases where UCB can deliver clearly differentiated outcomes (e.g., four head-to-head superiority wins for BIMZELX).
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"Delivering today, shaping tomorrow" — maximise the five growth drivers (BIMZELX, FINTEPLA, RYSTIGGO, ZILBRYSQ, EVENITY) while building the next growth phase.
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Moving toward remission and disease modification — the CEO's HY2026 framing: invest in technologies that may move beyond symptom control (B-cell depletion/immune reset via T-cell engagers; regenerative neural cell therapy in epilepsy).
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Inorganic innovation strategy — complement internal R&D with targeted acquisitions and licences (Antengene, Neurona, Candid, IMIDomics in H1 2026), and a "platform-based" approach to B-cell-mediated autoimmunity across multiple targets (CD19 and BCMA).
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Lifecycle expansion of existing assets — new indications (PPP, paediatrics, CDKL5, Rett syndrome, ocular MG, MOGAD).
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Data-driven R&D — building what UCB describes as a human-data-driven platform in immune-mediated diseases (IMIDomics); AI partnerships (XtalPi/Ailux XtalFold, January 2025; Domino Data Lab, May 2025).
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Supply resilience and U.S. presence — digital-first, AI- and automation-enabled U.S. biologics plant in Georgia; scale-up of U.S. CMOs, partly in response to U.S. tariff and MFN policy risk.
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Disciplined capital allocation and transparency — move to constant-exchange-rate guidance from 2026; maintain conservative leverage; progressive dividend.
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Sustainability embedded in strategy — access to medicines (78% patient access to reimbursement in 2025), climate targets, top-tier ESG ratings.
Strategic initiatives in the last 24 months
| Date | Initiative | Type | Detail |
|---|---|---|---|
| Jan 2025 | XtalFold AI licence (Ailux Biologics/XtalPi) | Technology partnership | AI-based biologics structure prediction for discovery and engineering |
| May 2025 | Domino Data Lab collaboration | Technology partnership | Modernised statistical computing environment for clinical development |
| Jun 2025 | U.S. biologics manufacturing investment | Capex / supply chain | ~US$5bn estimated economic impact; later located in Georgia |
| 2,025 | Three paediatric BIMZELX Phase 3s; BE SEEN PPP Phase 3 | Lifecycle | Readouts 2027–2028 |
| Dec 2025 | Galvokimig Phase 2b in atopic dermatitis | Pipeline | 52-week results 2028 |
| 2025–2026 | Portfolio prioritisation: donzakimig deprioritised despite meeting Ph2a endpoint | Portfolio discipline | Resources redirected to galvokimig |
| 2,026 | Move to CER guidance | Financial transparency | — |
| Mar 2026 | Antengene ATG-201 licence | Inorganic innovation | CD19×CD3 TCE; US$80m upfront/near-term, >US$1.1bn milestones |
| Mar 2026 | Share Repurchase Program 2026 | Capital return | To cover employee LTI plans |
| Mar–Oct 2026 | Georgia biologics campus | Capex | ~US$2bn investment; ~330 permanent jobs |
| Apr–Jun 2026 | Neurona acquisition | Inorganic innovation; regenerative medicine | US$650m upfront + up to US$500m milestones |
| May 2026 | IMIDomics Patient Insight Business | Data/R&D capability | Terms not disclosed |
| May–Jun 2026 | Candid Therapeutics acquisition | Inorganic innovation | US$2bn upfront + up to US$200m milestones |
| Q2–Q3 2026 | New Phase 3s: rozanolixizumab oMG; fenfluramine Rett; Phase 2s: galvokimig COPD and NCFB | Pipeline expansion | — |
| H1 2027 (planned) | Rezanecel Phase 3 (EPIC) in drug-resistant MTLE; bepranemab signal-confirming Phase 2 | Pipeline | — |
| End-2026 (planned) | Cizutamig Phase 2 in MG and SARD-ILD | Pipeline | — |
Cost programmes: UCB has not announced a formal group-wide cost-reduction programme with quantified targets in the last 24 months; G&A rose 20% in H1 2026 due to accelerated digital transformation across the value chain.
Management guidance and medium-term targets
| Item | Guidance | Date / source |
|---|---|---|
| FY2026 revenue growth (CER) | Low-teens to mid-teens % (raised from high single-digit to low double-digit) | HY2026, 30 Jul 2026 |
| FY2026 adjusted EBITDA growth (CER) | Mid-teens to low-twenties % (raised from high single-digit to mid-teens after April 2026 narrowing for acquisition costs) | HY2026; HY26 Aide-Mémoire |
| FY2026 adjusted EBITDA growth ex-2025 one-offs (CER) | Mid-twenties to low-thirties % | HY2026 |
| FX sensitivity | If 30 Jun 2026 rates persist: ~−2 ppts on revenue growth; ~−6 ppts on adjusted EBITDA growth | UCB IR Performance page |
| R&D intensity 2026 | ~25% of net sales | HY2026 call (GuruFocus summary) |
| BIMZELX peak sales | ≥ €7bn | Raised 30 Jul 2026 |
| FINTEPLA peak sales | ≥ €800m by 2027 | UCB IR |
| BRIVIACT peak sales | ≥ €600m — achieved in 2024 | UCB IR |
| LOE horizon | No major LOE until 2033 (FINTEPLA U.S.); BIMZELX protected to 2037 | HY2026 call |
| M&A stance | CEO indicated no further M&A planned near-term after four deals in six months | Endpoints News, 30 Jul 2026 |
Products & Services
Net sales by product
| Product net sales (EUR Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| BIMZELX | 148 | 607 | 2,227 |
| CIMZIA | 2,087 | 2,033 | 1,954 |
| EVENITY (Europe only) | 60 | 103 | 137 |
| BRIVIACT | 576 | 686 | 758 |
| KEPPRA (incl. XR / E KEPPRA) | 636 | 582 | 439 |
| FINTEPLA | 226 | 340 | 427 |
| RYSTIGGO | 19 | 202 | 332 |
| VIMPAT | 394 | 329 | 303 |
| ZILBRYSQ | 0 | 72 | 217 |
| NAYZILAM | 94 | 124 | 128 |
| Established brands | 577 | 517 | 373 |
Sources: IAR 2023, IAR 2025 section 1.3.
H1 2026 net sales of key products
| Product | H1 2025 | H1 2026 | YoY actual | YoY CER |
|---|---|---|---|---|
| BIMZELX | 799 | 1,528 | +91% | >+100% |
| CIMZIA | not stated | 954 | −1% | +4% |
| BRIVIACT | not stated | 327 | −13% | −9% |
| FINTEPLA | not stated | 239 | +18% | +24% |
| RYSTIGGO | not stated | 192 | +32% | +40% |
| ZILBRYSQ | 93 | 139 | +49% (computed) | — |
| EVENITY (Europe) | not stated | 88 | +39% | +39% |
| KEPPRA | not stated | 216 | — | — |
Source: UCB HY2026 press release (30 Jul 2026); KEPPRA H1 2026 per UCB investor materials updated 1 Oct 2026 as reported by AD HOC NEWS.
Immunology portfolio — product by product
BIMZELX (bimekizumab) — Humanised monoclonal antibody; first and only approved inhibitor of both IL-17A and IL-17F. Indications: moderate-to-severe plaque psoriasis (PSO), active psoriatic arthritis (PsA), ankylosing spondylitis (AS), non-radiographic axial spondyloarthritis (nr-axSpA), and moderate-to-severe hidradenitis suppurativa (HS). First approval: EU, August 2021 (PSO); U.S. PSO October 2023; U.S. PsA/AS/nr-axSpA September 2024; U.S. HS November 2024. Available in >50 countries. Devices include a 320 mg/2 mL autoinjector (Japan approval January 2025). Patients: >116,000 by end-2025, >135,000 by mid-2026. Indication mix: FY2025 — PSO 53%, HS 28%, PsA/AS/nr-axSpA 19%; H1 2026 — PSO 45%, HS 33%, PsA/axSpA 22%. Evidence: four head-to-head superiority studies in psoriatic disease, most recently BE BOLD vs risankizumab (SKYRIZI) in PsA on ACR50 (topline March 2026; presented at EULAR June 2026). Three-year HS data (30 Sep 2026) showed complete inflammatory-lesion resolution in 47.4% of patients treated earlier after diagnosis vs 33.3% with longer diagnostic history (as reported by BFM Bourse). Ongoing development: Phase 3 in palmoplantar pustulosis (BE SEEN, readout 2028); paediatric Phase 3s in HS (H1 2027), psoriasis vs ustekinumab (H2 2027), and JPsA/ERA (2028). Pricing: list price not disclosed by UCB; Jefferies (Oct 2025) estimated U.S. per-patient net price ~6× Europe. Exclusivity: protected until 2037 (HY2026 call). Peak-sales ambition: at least €7bn (raised July 2026).
CIMZIA (certolizumab pegol) — PEGylated, Fc-free anti-TNF Fab' fragment. Indications: rheumatoid arthritis, PsA, axSpA (AS and nr-axSpA), plaque psoriasis, and Crohn's disease (U.S.; not approved for Crohn's in EU). Differentiation: minimal placental transfer due to the Fc-free structure — positioned for women of childbearing age and for RA patients with high rheumatoid factor. Patients: >180,000 (2023). Patent status: expired U.S. February 2024, EU October 2024; Japan expiry 2026. No biosimilar competition today and none expected near-term due to manufacturing barriers (company statement, FY2025 and HY2026). Japan: co-promotion with partner ended April 2025; UCB books in-market sales from H2 2025.
EVENITY (romosozumab) — Sclerostin-inhibiting monoclonal antibody (bone builder) for severe postmenopausal osteoporosis at high risk of fracture. Partnered with Amgen (global) and Astellas (Japan). Launched 2019. Women treated: >1.3 million since launch (end-2025). UCB books European net sales (€137m FY2025); worldwide net earnings contribution in other operating income (€632m FY2025, +32%; €379m H1 2026, +34%).
Neurology portfolio — product by product
BRIVIACT (brivaracetam) — SV2A ligand anti-seizure medication for partial-onset seizures (monotherapy and adjunctive; IV and oral). Approved 2016 (EU/U.S.); Japan June 2024. Exceeded its "≥€600m" peak-sales target in 2024. FY2025 €758m (+11%). Loss of exclusivity: U.S. February 2026; EU August 2026. H1 2026 €327m (−13%).
KEPPRA / KEPPRA XR / E KEPPRA (levetiracetam) — Foundational SV2A anti-seizure drug, generic in the U.S./EU for >10 years and in Japan since January 2022. FY2025 €439m (−25%; −7% CER ex-divestitures following the China disposal).
VIMPAT (lacosamide) — Anti-seizure medication; generic in U.S. (March 2022), EU (September 2022) and Japan (December 2025). FY2025 €303m.
FINTEPLA (fenfluramine) — Oral solution for seizures associated with Dravet syndrome and Lennox-Gastaut syndrome (LGS); acquired with Zogenix (March 2022). Patients: >14,000 (end-2025). Filed for CDKL5 deficiency disorder (FDA March 2026; EMA May 2026) following positive GEMZ Phase 3 (June 2025). Phase 3 in Rett syndrome initiated in 2026 (topline 2029). Japan partner: Nippon Shinyaku books in-market sales. U.S. LOE: Q4 2033 following a 2023 patent settlement (IAR 2023). Peak-sales guidance: ≥€800m by 2027.
NAYZILAM (midazolam) Nasal Spray CIV — Rescue treatment for seizure clusters (U.S.). FY2025 €128m (+3%).
RYSTIGGO (rozanolixizumab) — Subcutaneous anti-FcRn monoclonal antibody for generalised myasthenia gravis (anti-AChR or anti-MuSK antibody positive). FDA approval June 2023; Japan September 2023; EU January 2024. Self-administration approvals (EU January 2025; Japan May 2025) via syringe pump or manual push. Patients: >2,400 (end-2025). FY2025 €332m (+65%). Additional Phase 3s: MOGAD (cosMOG, fully recruited, topline H2 2027) and ocular MG (initiated Q2 2026, topline 2029).
ZILBRYSQ (zilucoplan) — Once-daily subcutaneous peptide C5 complement inhibitor for anti-AChR antibody-positive gMG; self-administered. FDA approval October 2023; EU December 2023; Japan September 2023. Pre-filled pen positive CHMP opinion March 2026. Patients: >1,300 (end-2025). FY2025 €217m.
KYGEVVI (doxecitine and doxribtimine) — Nucleoside therapy; first and only approved treatment for thymidine kinase 2 deficiency (TK2d), an ultra-rare mitochondrial myopathy. FDA approval November 2025; EC marketing authorisation under exceptional circumstances March 2026 (onset ≤12 years). Revenue not separately disclosed.
Established brands
| Brand | Molecule | Use | FY2023 net sales (EUR Mn) | Status |
|---|---|---|---|---|
| NEUPRO | Rotigotine transdermal patch | Parkinson's disease, restless legs syndrome | 280 | Generic erosion in Europe |
| ZYRTEC (incl. ZYRTEC-D / CIRRUS) | Cetirizine | Allergy | 87 | Mature |
| XYZAL | Levocetirizine | Allergy | 57 | Mature |
| Other established products | Various | Various | 153 | Being divested/rationalised |
| ATARAX, NOOTROPIL | Hydroxyzine, piracetam | Anxiety/pruritus; cognitive | — | Rights sold November 2024 (Europe, LatAm, APAC) |
Source: IAR 2023.
Services
UCB provides patient-support and digital services (e.g., UCBCares; the "Digital Care Transformation" programme), which are not separately monetised. Contract manufacturing for acquirers of divested brands generated €184m in FY2025 and €90m in H1 2026 (other revenue).
Financial Narrative
Income statement: notes and sources
Sources: FY2021 BPR (24 Feb 2022); 2022 Full-Year Management Report; IAR 2023; IAR 2025. FY2021 net sales per FY2021 press release ("€5.47bn"). Dividend per share for the financial year, paid the following spring (FY2025 €1.45 approved at AGM 30 Apr 2026). "Adjusted EBITDA" for FY2024 shown as €1,475m in the FY2025 press release (€1,476m in IAR 2025 reconciliation, rounding).
Margin profile (% of revenue; computed from reported figures)
Revenue CAGR FY2021–FY2025 (4 years, computed): 7.6%. Net sales CAGR FY2021–FY2025 (computed): 7.8%. Revenue CAGR FY2023–FY2025 (2 years): 21.4%.
Note: UCB reports that excluding 2025 other-operating one-offs (€315m proceeds from sale of established brands, partly offset by €111m one-off expenses), FY2025 adjusted EBITDA was €2,431m, a 31.4% margin (FY2025 press release).
H1 2026 interim snapshot: notes and sources
Source: UCB HY2026 press release; HY2025 report.
Balance sheet: notes and sources
Sources: IAR 2023 and IAR 2025 statements of financial position. FY2021 cash and equity from opening balances in the 2022 statements. Net financial debt as reported by UCB (FY2025 = net financial cash of €7m, shown as −7). 30 June 2026: net financial debt €2,821m; net debt/adjusted EBITDA 0.8× (UCB Investor Performance page).
Cash flow: notes and sources
Sources: IAR 2023 and IAR 2025 consolidated cash-flow statements. H1 2026: operating cash flow €369m (vs €711m H1 2025) due to working-capital build; investing outflow €2,683m (mainly Neurona, Candid and IMIDomics consideration); financing inflow €804m (US$1.5bn bullet term loan and €150m RCF drawing, less €276m dividends, €127m treasury shares and €156m voluntary prepayments).
Key ratios (computed by analyst from reported figures)
Notes: ETR used for ROIC — 18% (2022), 22% (2023), 14% (2024, underlying per UCB), 14% (2025). FY2025 net debt/EBITDA shown as 0.00 because UCB was in a €7m net cash position. A conventional cash conversion cycle is not computed because trade payables are not separately disclosed from "trade and other liabilities" (which include large rebate/chargeback accruals), so DPO cannot be derived reliably; DSO and DIO are shown instead. FY2022 cost of sales products and services: €1,067m.
Commentary on trends, inflections and drivers
2021 — the last year of the "old" UCB. Revenue of €5.78bn and a 28.4% adjusted EBITDA margin reflected peak contributions from CIMZIA and VIMPAT. Core EPS of €6.49 would not be surpassed until 2025.
2022–2023 — the patent cliff trough. VIMPAT lost exclusivity in the U.S. (March 2022) and Europe (September 2022); VIMPAT net sales collapsed from €1,124m (2022) to €394m (2023). Simultaneously, UCB funded the Zogenix acquisition (€1.2bn net cash outflow in 2022), multiple launches and an R&D budget of ~€1.6–1.7bn (30–31% of revenue). Net profit fell to €418m (2022) and €343m (2023), net debt peaked at €2.18bn (1.6× EBITDA), and ROE dropped below 5%. Management protected adjusted EBITDA through cost discipline, EVENITY profit share (€368m in 2023) and established-brand disposals (€145m in 2023).
2024 — the inflection. Revenue grew 17% to €6.15bn as BIMZELX (€607m), RYSTIGGO, ZILBRYSQ and FINTEPLA scaled. Net profit trebled to €1.07bn, flattered by the €578m gain on disposal of the China business. Net debt fell to €1.45bn.
2025 — operating leverage arrives. Revenue +26% to €7.74bn; net sales +32%. BIMZELX (+>200%) became the largest product, U.S. net sales rose 52%, and the adjusted gross margin improved to 79.2% on mix. R&D was held almost flat in absolute terms (€1.82bn), so the R&D ratio fell from 29% to 24%; marketing and selling rose 20% to support launches. Adjusted EBITDA rose 79% to €2.64bn (31.4% ex one-offs). OCF almost doubled to €2.29bn, FCF reached €1.84bn, and UCB moved to a net cash position after prepaying €641m of loans. ROIC (computed) jumped to ~16%.
2026 — re-levering for the next growth phase. H1 2026 adjusted EBITDA margin hit 40.7%, aided by the lower H1 2025 base (a channel-mix true-up booked in H2 2025), a favourable prior-year gross-to-net adjustment, phasing of clinical spending and a 34% higher EVENITY contribution. Management cautioned that some of these factors would not recur in H2 (Reuters, 30 Jul 2026). Balance sheet usage rose sharply with ~€2.7bn of acquisitions, taking net debt to €2.82bn (0.8× EBITDA) — still conservative.
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Revenue by Segment
| Therapeutic area (EUR Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Immunology net sales | 2,295 | 2,743 | 4,318 |
Neurology net sales | 1,945 | 2,334 | 2,603 |
Established brands net sales | 577 | 517 | 373 |
Designated hedges reclassified to net sales | 50 | 19 | 94 |
Total net sales | 4,867 | 5,613 | 7,388 |
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View Subscription PlansSegment Margins & Growth (%) and Revenue by Segment (%)
| Metric (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Immunology YoY growth (actual rates) | 7 | 20 | 57 |
Neurology YoY growth (actual rates) | -23 | 20 | 12 |
Established brands YoY growth (actual rates) | -8 | -10 | -28 |
Immunology share of net sales before hedging | 47.6 | 49.0 | 59.2 |
Neurology share of net sales before hedging | 40.4 | 41.7 | 35.7 |
Established brands share of net sales before hedging | 12.0 | 9.2 | 5.1 |
Income statement (EUR Mn)
| Income statement (EUR Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue | 5,777 | 5,517 | 5,252 | 6,152 | 7,741 |
Net sales | 5,470 | 5,140 | 4,867 | 5,613 | 7,388 |
Royalty income and fees | 79 | 85 | 77 | 78 | 88 |
Other revenue | 227 | 292 | 308 | 461 | 265 |
Adjusted gross profit | 4,489 | 4,239 | 4,033 | 4,819 | 6,134 |
Gross profit (IFRS) | 4,339 | 3,843 | 3,545 | 4,400 | 5,751 |
Marketing and selling expenses | — | 1,489 | 1,594 | 2,075 | 2,485 |
Research and development expenses | — | 1,670 | 1,630 | 1,781 | 1,822 |
General and administrative expenses | — | 225 | 230 | 272 | 264 |
Other operating income (net) | — | 216 | 566 | 564 | 829 |
Adjusted EBIT | 1,318 | 675 | 657 | 836 | 2,009 |
Adjusted EBITDA | 1,641 | 1,260 | 1,349 | 1,475 | 2,636 |
EBIT (operating profit) | 1,284 | 585 | 604 | 1,324 | 1,948 |
Net financial expenses | — | 74 | 163 | 161 | 126 |
Profit before income taxes | 1,226 | 511 | 441 | 1,163 | 1,822 |
Income tax expense | — | 91 | 98 | 98 | 264 |
Net profit (group) | 1,058 | 418 | 343 | 1,065 | 1,558 |
Basic EPS (EUR) | 5.60 | 2.20 | 1.81 | 5.61 | 8.20 |
Diluted EPS (EUR) | — | 2.14 | 1.76 | 5.48 | 8.03 |
Core EPS (EUR) | 6.49 | 4.37 | 4.20 | 4.98 | 9.99 |
Dividend per share (EUR gross) | 1.30 | 1.33 | 1.36 | 1.39 | 1.45 |
Margin (% of revenue)
| Margin (% of revenue) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Adjusted gross margin | 77.7 | 76.8 | 76.8 | 78.3 | 79.2 |
IFRS gross margin | 75.1 | 69.7 | 67.5 | 71.5 | 74.3 |
Adjusted EBIT margin | 22.8 | 12.2 | 12.5 | 13.6 | 26.0 |
EBIT margin | 22.2 | 10.6 | 11.5 | 21.5 | 25.2 |
Adjusted EBITDA margin | 28.4 | 22.8 | 25.7 | 24.0 | 34.0 |
Net profit margin | 18.3 | 7.6 | 6.5 | 17.3 | 20.1 |
Revenue YoY growth | 8.0 | -4.5 | -4.8 | 17.1 | 25.8 |
Margin Analysis (%) and Per-Share Data
| Metric | H1 2025 | H1 2026 | YoY actual | YoY CER |
|---|---|---|---|---|
Revenue | 3,487 | 4,270 | +22% | +27% |
Net sales | 3320 (approx., per call) | 4,088 | +23% | +28% |
Royalty income and fees | — | 49 | +18% | +26% |
Other revenue | 125 | 133 | +7% | +9% |
Adjusted gross profit | — | 3,500 | +27% | +33% |
Marketing and selling | — | 1,233 | +6% | — |
R&D expenses | — | 913 | +6% | — |
G&A | — | 135 | +20% | — |
Net other operating income | — | 394 | +34% | — |
Adjusted EBITDA | 1,033 | 1,736 | +68% | +79% |
Adjusted EBITDA margin (%) | 29.6 | 40.7 | — | — |
Profit | 475 | 1,111 |
| — |
Core EPS (EUR) | 3.53 | 6.84 | +94% (core profit) | — |
Effective tax rate (%) | 20 | 15 | — | — |
Balance Sheet
| Balance sheet (EUR Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets | — | 15,868 | 15,539 | 17,347 | 18,158 |
Cash and cash equivalents | 1,244 | 899 | 861 | 1,573 | 2,251 |
Goodwill | — | 5,340 | 5,254 | 5,462 | 5,091 |
Intangible assets | — | 4,816 | 4,232 | 4,082 | 3,447 |
Goodwill and intangibles combined | — | 10,156 | 9,486 | 9,544 | 8,538 |
Inventories | — | 907 | 1,031 | 1,309 | 1,496 |
Trade and other receivables | — | 1,051 | 1,220 | 1,526 | 1,861 |
Current assets | — | 3,304 | 3,444 | 4,788 | 6,054 |
Current liabilities | — | 3,112 | 2,616 | 3,529 | 4,401 |
Working capital (current assets minus current liabilities) | — | 192 | 828 | 1,259 | 1,653 |
Short-term debt (current borrowings plus bonds) | — | 262 | 42 | 63 | 62 |
Long-term debt (non-current borrowings plus bonds) | — | 2,638 | 2,996 | 2,963 | 2,183 |
Total financial debt | — | 2,900 | 3,038 | 3,026 | 2,245 |
Net financial debt (positive = debt) | — | 2,000 | 2,177 | 1,454 | -7 |
Total equity | 8,386 | 9,064 | 8,975 | 10,029 | 10,867 |
Cash flow (EUR Mn)
| Cash flow (EUR Mn) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Operating cash flow (continuing operations) | 1,119 | 761 | 1,242 | 2,291 |
Capital expenditure incl. intangibles | 371 | 316 | 322 | 449 |
Free cash flow (OCF minus capex, computed) | 748 | 445 | 920 | 1,842 |
Acquisition of subsidiaries net of cash | 1,212 | 113 | 0 | 0 |
Dividends paid to UCB shareholders | 247 | 252 | 259 | 264 |
Acquisition of treasury shares (buybacks) | 42 | 40 | 162 | 121 |
Interest paid | 74 | 144 | 160 | 128 |
Income tax paid | 107 | 94 | 215 | 582 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Return on equity (%) — net profit / average equity | 4.8 | 3.8 | 11.2 | 14.9 |
Return on assets (%) — net profit / average assets (FY2022 on year-end assets) | 2.6 | 2.2 | 6.5 | 8.8 |
ROIC (%) — adj. EBIT × (1 − ETR) / (equity + gross debt − cash) | 5.0 | 4.6 | 6.3 | 15.9 |
Current ratio (x) | 1.06 | 1.32 | 1.36 | 1.38 |
Gross debt / equity (x) | 0.32 | 0.34 | 0.30 | 0.21 |
Net debt / adjusted EBITDA (x) | 1.59 | 1.61 | 0.99 | 0.00 |
Interest coverage (x) — adj. EBIT / interest paid | 9.1 | 4.6 | 5.2 | 15.7 |
Asset turnover (x) — revenue / average assets (FY2022 on year-end) | 0.35 | 0.33 | 0.37 | 0.44 |
Days sales outstanding — receivables / net sales × 365 | 75 | 91 | 99 | 92 |
Days inventory outstanding — inventories / cost of sales products × 365 | 310 | 337 | 389 | 367 |
Region net sales (EUR Mn)
| Region net sales (EUR Mn) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
United States | 2,902 | 2,454 | 3,036 | 4,609 |
Europe | 1,414 | 1,397 | 1,582 | 1,758 |
Japan | 324 | 269 | 257 | 315 |
International markets | 667 | 697 | 718 | 612 |
Designated hedges reclassified to net sales | -167 | 50 | 19 | 94 |
Total net sales | 5,140 | 4,867 | 5,613 | 7,388 |
Region Margins & Growth (%) and Revenue by Region (%)
| Metric (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
U.S. YoY growth (actual) | -15 | 24 | 52 |
Europe YoY growth (actual) | -1 | 13 | 11 |
Japan YoY growth (actual) | -17 | -4 | 23 |
International markets YoY growth (actual) | 5 | 3 | -15 |
U.S. share of net sales before hedging | 50.9 | 54.3 | 63.2 |
Europe share of net sales before hedging | 29.0 | 28.3 | 24.1 |
Japan share of net sales before hedging | 5.6 | 4.6 | 4.3 |
International share of net sales before hedging | 14.5 | 12.8 | 8.4 |
Products
| Product | U.S. | Europe | Japan | International | Total |
|---|---|---|---|---|---|
BIMZELX | 1,657 | 424 | 62 | 85 | 2,227 |
CIMZIA | 1,208 | 427 | 39 | 280 | 1,954 |
BRIVIACT | 578 | 138 | 16 | 25 | 758 |
FINTEPLA | 355 | 59 | 9 | 4 | 427 |
RYSTIGGO | 270 | 31 | 27 | 3 | 332 |
ZILBRYSQ | 157 | 35 | 24 | 0 | 217 |
NAYZILAM | 128 | 0 | 0 | 0 | 128 |
KEPPRA (incl. E KEPPRA) | 107 | 194 | 40 | 99 | 439 |
VIMPAT | 68 | 96 | 84 | 55 | 303 |
EVENITY | 0 | 137 | 0 | 0 | 137 |
Established brands | 81 | 217 | 14 | 61 | 373 |
BIMZELX net sales (EUR Mn)
| BIMZELX net sales (EUR Mn) | FY2024 | FY2025 |
|---|---|---|
United States | 287 | 1,657 |
Europe | 255 | 424 |
Japan | 32 | 62 |
International markets | 33 | 85 |
Valuation Snapshot
| Metric | Value | Source |
|---|---|---|
Share price | €204.60 (16 Oct 2026 close) | Google Finance |
52-week range | €197.45 – €289.50 (alt.: €198.75 – €289.50) | Google Finance; Investing.com |
All-time high | €289.50 (19 Feb 2026) | TradingView |
1-month performance | −1.39% | UCB share page, 19 Oct 2026 |
6-month performance | −22.24% | UCB share page |
Year-to-date | −14.00% | UCB share page |
12-month performance | −17.46% | UCB share page |
3-year and 5-year performance | Not computed from a verified price series in this research pass; directionally strongly positive given the share was trading well below €100 during the 2022–2023 patent-cliff trough | Flagged |
Beta | ~1.98 (TradingView, third-party) | — |
Valuation Multiples
| Multiple | UCB value | Basis |
|---|---|---|
Market capitalisation | ~€39.4bn | 194.5m issued shares × €204.60 |
Enterprise value | ~€42.2bn | Market cap + €2.82bn net debt (30 Jun 2026) |
P/E (trailing, IFRS) | ~17.8× | TTM profit €2,194m (H2 2025 €1,083m + H1 2026 €1,111m) ÷ ~190.9m shares → EPS ~€11.49 (Google Finance shows €11.31; P/E 18.1×) |
P/E (trailing, core EPS) | ~15.4× | TTM core EPS €13.30 (FY2025 €9.99 − H1 2025 €3.53 + H1 2026 €6.84) |
EV / EBITDA (trailing adjusted) | ~12.6× | TTM adj. EBITDA €3,339m |
EV / Sales (trailing revenue) | ~5.0× | TTM revenue €8,524m |
P/B | ~3.3× | Book value/share ~€61.22 (Investing.com) |
Source Details
| Source | Rating / target | Date |
|---|---|---|
MarketScreener consensus | Mean: Buy; 20 analysts; average target €287.95 | 30 Jul 2026 |
Investing.com consensus | Average 12-month target €285; high €340; low €208 | October 2026 |
Barclays | Hold; €260 | 2 Oct 2026 |
Jefferies | Hold (upgraded from Underperform); €220; bull €340 / bear €138 | Post-HY2026 (August 2026) |
Kempen | Upgraded to Buy | 30 Jul 2026 |
Dividend metric
| Dividend metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross DPS (EUR) | 1.30 | 1.33 | 1.36 | 1.39 | 1.45 |
Dividends paid in following year (EUR Mn) | 247 | 252 | 259 | 264 | 276 |
Payout on core EPS (%) | 20.0 | 30.4 | 32.4 | 27.9 | 14.5 |
Capital Instruments
| Instrument | Amount | Maturity | Notes |
|---|---|---|---|
EMTN Notes | €150m | 2027 | Outstanding end-2025 |
Institutional bond | €500m | 2028 | — |
Retail bond (fixed rate, issued 2023) | €300m | 2029 | — |
Institutional bond | €500m | 2030 | — |
Bullet term loan (Candid financing) | US$1,500m | — | Signed 2026 |
Revolving credit facility drawing | €150m | — | Drawn 2026 |
Euro Schuldscheindarlehen (2022/2023 tranches) | Remaining after €66m prepayment in H1 2026 | Various | Partial voluntary prepayments 2025–2026 |
Bilateral loan | €90m | — | Prepaid H1 2026 |
Zogenix bullet term loan (2022) | — | Was 2027 | Fully prepaid by end-2025 |
“—” = not publicly disclosed.
Analyst Conclusions
Management guidance (FY2026, CER)
-
Revenue: low-teens to mid-teens % growth (from €7.74bn base → implies roughly €8.7–8.9bn at CER before FX).
-
Adjusted EBITDA: mid-teens to low-twenties % growth; mid-twenties to low-thirties % excluding 2025 one-offs.
-
FX headwind if June 2026 rates persist: ~−2 ppts revenue, ~−6 ppts EBITDA.
-
R&D ~25% of net sales; H2 clinical spend higher than H1; acquisition-related G&A weighted to H2.
-
Medium term: BIMZELX ≥€7bn peak; FINTEPLA ≥€800m by 2027; no major LOE until 2033.
Consensus growth expectations
Consensus quantitative forecasts were not available from a primary source in this research pass. Sell-side targets average ~€285–288, implying ~40% upside from the October 2026 price.
Bull case
-
BIMZELX compounding into a mega-blockbuster. H1 2026 sales of €1.53bn (+91%) annualise above €3bn; HS mix rising (33%); first-line PBM access expands volume; four superiority trials and paediatric/PPP extensions underpin the ≥€7bn ambition with protection to 2037.
-
Structural margin uplift with low leverage. Adjusted EBITDA margin moved from 24% (2024) to 34% (2025) and 40.7% (H1 2026); FCF of €1.84bn in 2025 and net debt of only 0.8× EBITDA after ~€2.7bn of deals give capacity for dividends, buybacks and further bolt-ons.
-
Option value in next-generation modalities at a de-rated price. Cizutamig, ATG-201, rezanecel and galvokimig offer disease-modifying optionality not reflected in a ~15× trailing core P/E and ~12.6× EV/EBITDA for a company growing revenue at mid-teens CER.
Bear case
-
Price-for-volume trade-off erodes the BIMZELX curve. U.S. per-patient pricing far above Europe, high Medicaid exposure, H2 2026 net price pressure and the potential MFN regime could compress U.S. net revenue per patient just as volume growth is needed.
-
Earnings quality and peak-margin risk. H1 2026's 40.7% margin was flattered by base effects, gross-to-net adjustments and R&D phasing; the guidance implied a weaker H2. With R&D rising to ~25% and integration costs, 2026–2027 margins may plateau below H1 levels.
-
Concentration and competitive disruption. BIMZELX could approach half of revenue by 2030; oral IL-23 pathway entrants and next-gen IL-17 agents could slow share gains, while RYSTIGGO remains a distant FcRn follower and the TCE field is crowded with larger players.
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| Q4 2026 – H1 2027 | STACCATO alprazolam Phase 3 topline (event-driven) |
| Ongoing H2 2026 | BIMZELX U.S. net price and prescription trends post-PBM first-line access |
| By end-2026 | Cizutamig Phase 2 starts (MG, SARD-ILD) |
| 2026–2027 | FDA and EMA decisions on FINTEPLA in CDD |
| 2026–2027 | U.S. MFN and tariff policy finalisation |
| ~25 Feb 2027 | FY2026 results and FY2027 guidance (margin trajectory; R&D ratio) |
| H1 2027 | BIMZELX paediatric HS Phase 3 topline; rezanecel Phase 3 start; bepranemab Phase 2 start |
| Aug 2026 onward | BRIVIACT EU generic erosion pace |
| 2,026 | CIMZIA Japan patent expiry; VIMPAT Japan generics |
| 29 Apr 2027 | AGM — Judy Brown confirmation; dividend |
| Ongoing | Georgia plant construction milestones; integration of Candid and Neurona |
Concluding analyst verdict
UCB has executed one of the most successful patent-cliff escapes in European pharma. Between 2023 and 2025 it absorbed the near-total loss of VIMPAT, kept investing ~30% of revenue in R&D, and emerged with a portfolio led by a genuinely differentiated immunology asset. Revenue grew from €5.25bn to €7.74bn, adjusted EBITDA nearly doubled, core EPS more than doubled to €9.99, and the balance sheet moved from 1.6× leverage to net cash before the 2026 acquisition spree. On fundamentals, the group's quality has never been higher.
Yet the shares are ~30% below their February 2026 peak. The market is not questioning UCB's execution so much as the shape of the curve: how much of BIMZELX's growth will be paid for with price, how sustainable a 40% margin is, and whether a ~€2.7bn bet on early-stage T-cell engagers and cell therapy was the right use of hard-won cash. These are legitimate concerns. BIMZELX concentration is real, U.S. policy risk is explicitly flagged in UCB's own annual report, and H1 2026 contained non-recurring tailwinds.
On balance, the evidence supports a constructive view. The trailing valuation (~15× core EPS, ~12.6× EV/EBITDA) embeds meaningful scepticism for a company guiding to mid-teens CER revenue growth, with no major loss of exclusivity before 2033, four head-to-head superiority datasets for its flagship, a profitable EVENITY profit stream, and a reference shareholder that permits long-horizon investment. The principal monitorables are the H2 2026 BIMZELX net-price trajectory, the FY2027 margin guide in February 2027, and early proof-of-concept signals from cizutamig. If BIMZELX volume gains outpace price concessions and the margin settles in the mid-30s, the current de-rating looks overdone; if MFN-style pricing materialises at scale, the bear case gains force. Verdict: fundamentally strong, sentiment-depressed, with an asymmetric but policy-sensitive risk/reward over a 12–24 month horizon.
All figures in EUR unless otherwise stated. Where sources conflicted (e.g., FY2024 adjusted EBITDA €1,475m in the FY2025 press release vs €1,476m in the IAR 2025 reconciliation; market capitalisation on issued vs outstanding shares; 52-week low €197.45 vs €198.75), both values are noted and the difference attributed to rounding or methodology.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Joined UCB | Appointed to role | Background (where disclosed) |
|---|---|---|---|---|
Jean-Christophe Tellier | Chief Executive Officer; Chairman of the Executive Committee; Executive Director | June 2011 | CEO 1 Jan 2015 | French; born 1959; trained as a medical doctor; previously President and General Manager at Ipsen, earlier roles at Novartis (incl. CEO of Novartis Pharma Belgium); former President of IFPMA, Chair of BCR, board of EFPIA and PhRMA; Harvard and INSEAD executive programmes. Board mandate renewed at AGM 2026 to 2030 |
Emmanuel Caeymaex | EVP, Patient Evidence | March 1994 | ExCom since February 2015 | Long-tenured UCB executive; previously EVP and Chief Commercial Officer |
Sandrine Dufour | EVP, Chief Financial Officer | July 2020 | July 2020 | — |
Fiona du Monceau | EVP, Chief Commercial Officer | 2024 | 2024 | Previously Vice Chair of the UCB Board (proposed in 2021); member of the founding Janssen family lineage |
Jean-Luc Fleurial | EVP, Chief Human Resources Officer | September 2017 | September 2017 | — |
Alistair Henry | EVP, Chief Scientific Officer | 2004 | 2024 | Long-tenured UCB scientist; leads the IMIDomics integration |
Jacques Marbehant | EVP, Patient Supply | 2002 | 2026 | Newly appointed in 2026 |
Denelle Waynick Johnson | EVP, General Counsel | 2023 | April 2023 | — |
Board of Directors
| Name | Role | Independence | Notes |
|---|---|---|---|
Jonathan Peacock | Chair of the Board | Not confirmed in sources reviewed | Confirmed as Chair in March and April 2026 AGM releases |
Jean-Christophe Tellier | Executive Director (CEO) | Non-independent | Renewed for 4 years at AGM 30 Apr 2026 |
Cédric van Rijckevorsel | Director | Not confirmed | Renewed for 4 years at AGM 30 Apr 2026 |
Judy Brown | Director (co-opted 1 May 2026); Chair of the Audit Committee | Expected independent | Extensive healthcare CFO and U.S.-listed board experience; mandate to be confirmed at AGM 2027 |
Prof. Dame Kay Davies | Former Director; former Chair of the Governance, Nomination and Compensation Committee (GNCC); Scientific Committee | Independent | Mandate expired at AGM 30 Apr 2026 after 12 years |
(First name not confirmed) Savitzky | Former Director | Not confirmed | Stepped down 30 Apr 2026; replaced by Judy Brown |
Directors' Remuneration
| Item | FY2024 | FY2025 | Source / note |
|---|---|---|---|
CEO total remuneration (EUR Mn) | 6.8 | 12.4 | Simply Wall St, derived from UCB remuneration reports |
CEO base salary (EUR Mn) | ~1.35 | ~1.40 | Simply Wall St (salary ≈ 11.3% of FY2025 total) |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
April 2023 | Denelle Waynick Johnson appointed EVP & General Counsel | — |
| 2024 | Alistair Henry appointed CSO; Fiona du Monceau joins ExCom as EVP CCO | Commercial and scientific leadership refresh ahead of the BIMZELX U.S. launch |
2025–2026 | Emmanuel Caeymaex moves to EVP Patient Evidence | — |
| 2026 | Jacques Marbehant appointed EVP Patient Supply | Supply chain priority given the Georgia build-out and CMO scale-up |
| 2026 | Yvonne Naughton named Head of Investor Relations (succeeding Antje Witte, IR contact on FY2025 release) | — |
30 Apr 2026 | Dame Kay Davies leaves Board; a director named Savitzky steps down; Judy Brown co-opted; Tellier and van Rijckevorsel renewed to 2030 | — |
Major Shareholders
| Holder | Shares | % of voting rights | Date of notification / situation |
|---|---|---|---|
Financière de Tubize SA (reference shareholder) | 70,578,718 | 36.29 | 30 Jun 2026 |
FMR LLC (Fidelity) | 14,655,548 | 7.53 | Notification 6 Oct 2025 |
BlackRock, Inc. | 10,848,463 | 5.58 | Notification 1 Jul 2025 |
Wellington Management Group LLP | 5,846,454 | 3.01 | Notification 25 Aug 2026 |
The Vanguard Group | ~5.5m | ~2.9 | Simply Wall St (third-party, date not stated) |
Norges Bank Investment Management | ~2.8m | ~1.5 | Simply Wall St |
Schroder Investment Management | ~2.6m | ~1.4 | Simply Wall St (one snapshot only) |
Amundi Asset Management | ~1.1–1.3m | ~0.6 | Simply Wall St |
Polar Capital Holdings | ~1.2m | ~0.6 | Simply Wall St |
Baillie Gifford & Co. | ~1.0m | ~0.5 | Simply Wall St |
UCB SA/NV (treasury shares) | 3,843,086 | 1.98 | 30 Jun 2026 |
Free float (ex-Tubize and treasury) | 120,083,854 | 61.74 | 30 Jun 2026 |
Competitive Landscape
Competitor Detail
| Franchise (UCB product) | Key competitors (product) | Positioning notes |
|---|---|---|
IL-17 / psoriatic disease / HS (BIMZELX) | AbbVie (SKYRIZI risankizumab; RINVOQ upadacitinib); Johnson & Johnson (TREMFYA guselkumab; STELARA and biosimilars; icotrokinra oral IL-23R peptide in development/launch); Novartis (COSENTYX secukinumab); Eli Lilly (TALTZ ixekizumab); Bristol Myers Squibb (SOTYKTU deucravacitinib); Amgen (OTEZLA apremilast); MoonLake (sonelokimab, nanobody IL-17A/F in HS/PsA) | BIMZELX is the only approved dual IL-17A/F inhibitor with four head-to-head superiority wins (incl. vs SKYRIZI in PsA). SKYRIZI dominates volume and IBD; COSENTYX is the HS incumbent |
Anti-TNF (CIMZIA) | AbbVie (HUMIRA and biosimilars); Amgen/Pfizer (ENBREL); J&J (SIMPONI, REMICADE); multiple adalimumab/infliximab biosimilars | Fc-free niche (women of childbearing age); no biosimilar despite LOE |
gMG — FcRn (RYSTIGGO) | argenx (VYVGART IV/SC); J&J (IMAAVY nipocalimab); Immunovant (batoclimab/IMVT-1402, in development) | VYVGART is the clear category leader |
gMG — complement (ZILBRYSQ) | AstraZeneca/Alexion (SOLIRIS, ULTOMIRIS); Roche/others in development | ZILBRYSQ is the only self-administered daily SC C5 inhibitor |
Rare epilepsy / DEE (FINTEPLA) | Jazz (EPIDIOLEX cannabidiol); Biocodex (DIACOMIT stiripentol); Lundbeck (bexicaserin, in development); Takeda (soticlestat — Phase 3 setbacks) | FINTEPLA foundational in Dravet; recognised in LGS |
Focal epilepsy (BRIVIACT, VIMPAT, KEPPRA) | SK Life Science (XCOPRI cenobamate); generic levetiracetam, lacosamide, brivaracetam | Franchise now largely generic |
Seizure rescue (NAYZILAM, STACCATO alprazolam) | Neurelis (VALTOCO diazepam nasal) | — |
Osteoporosis (EVENITY) | Amgen (PROLIA/XGEVA denosumab and biosimilars); Radius (TYMLOS abaloparatide); Lilly (FORSTEO and teriparatide generics) | Only sclerostin inhibitor |
Autoimmune B-cell depletion (cizutamig, ATG-201) | Amgen (blinatumomab in autoimmunity trials), Roche, Novartis, J&J, Merck, Cullinan, and multiple CD19/BCMA TCE and CAR-T developers | Highly crowded emerging field |
Alzheimer's (bepranemab) | Eisai/Biogen (LEQEMBI), Lilly (KISUNLA), multiple anti-tau programmes | Early-stage |
Peer Comparison FY2025
| Company | FY2025 revenue | Revenue growth | Profitability metric | R&D intensity | Directly competing product sales (FY2025) |
|---|---|---|---|---|---|
UCB | €7.74bn | +26% (+29% CER) | Adj. EBITDA margin 34.0% (31.4% ex one-offs) | 23.5% of revenue | BIMZELX €2.23bn; RYSTIGGO €0.33bn |
AbbVie | US$61.16bn | +8.6% | Adjusted EPS US$10.00; adj. SG&A 22.3% of revenue | — | SKYRIZI US$17.56bn; RINVOQ US$8.30bn |
Novartis | US$54.5bn net sales | +8% (cc) | Core operating margin 40.1% | — | COSENTYX US$6.67bn |
argenx | US$4.2bn product net sales | +90% | Operating income US$1.1bn (first full year of profitability) | — | VYVGART (gMG/CIDP) US$4.2bn |
