UCB SA

UCB: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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UCB Earnings: Strong Uptake of New Drugs Drives Growth; Raising Fair Value to EUR 135 From EUR 99

Rachel Elfman

Feb 28, 2025

No-moat UCB reported robust year-end results, highlighted by total revenue of EUR 6.15 billion, growing by 17% compared with 2023. We have adjusted our forecasts to account for stronger-than-expected patient uptake of UCB’s newly launched drugs, and we have raised our fair value estimate to EUR 135 from EUR 99. Despite our positive outlook for the firm, shares are currently trading about 33% above our fair value estimate, so we recommend waiting for a pullback before investing.

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UCB SA

UCB Earnings: Strong Uptake of New Drugs Drives Growth; Raising Fair Value to EUR 135 From EUR 99

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