Company Reports

UCB emerged as a major biopharmaceutical player in the 1990s with the development of blockbuster drugs Zyrtec and Keppra. Throughout the 1990s and early 2000s, UCB transformed from a hybrid pharma/chemical firm into a pure-play biopharmaceutical company by shedding its packaging, film, and chemical businesses. Acquisitions of Celltech (2004) and Schwarz Pharma (2006) strengthened the pipeline, bringing in late-stage assets that would eventually be approved as Cimzia (immunology), Vimpat (epilepsy), and Neupro (Parkinson's disease). These products helped offset the impact of Zyrtec and Keppra's patent losses, and UCB has continued to shape its expertise in immunology and central nervous system disorders.

UCB posted half-yearly revenue of EUR 4.27 billion, up 22% year over year. Adjusted EBITDA increased to EUR 1.74 billion, representing a margin of nearly 41%. Management raised its 2026 revenue guidance to the low-teens to mid-teens range and adjusted EBITDA growth in the mid-teens to low-twenties.

During the second quarter, UCB presented additional long-term data for Bimzelx, published further evidence supporting recently launched rare-disease therapy Kygevvi, and released long-term data for Rystiggo and Zilbrysq. UCB reports half-yearly, with financial results due at the end of July.

UCB generated EUR 7.7 billion in revenue during 2025, up 26% from the prior year, and adjusted EBITDA jumped 79%. Management's guidance is for 2026 revenue growth in the high-single-digit to low-double-digit percentage range at constant exchange rates.

UCB emerged as a major biopharmaceutical player in the 1990s with the development of blockbuster drugs Zyrtec and Keppra. Throughout the 1990s and early 2000s, UCB transformed from a hybrid pharma/chemical firm into a pure-play biopharmaceutical company by shedding its packaging, film, and chemical businesses. Acquisitions of Celltech (2004) and Schwarz Pharma (2006) strengthened the pipeline, bringing in late-stage assets that would eventually be approved as Cimzia (immunology), Vimpat (epilepsy), and Neupro (Parkinson's disease). These products helped offset the impact of Zyrtec and Keppra's patent losses, and UCB has continued to shape its expertise in immunology and central nervous system disorders.

UCB upgraded its 2025 revenue guidance to greater than EUR 7.6 billion (previously at least EUR 7 billion), representing 24% growth year over year. Additionally, UCB increased its 2025 adjusted EBITDA margin outlook to higher than 31% (previously 30% margin).

UCB emerged as a major biopharmaceutical player in the 1990s with the development of blockbuster drugs Zyrtec and Keppra. Throughout the 1990s and early 2000s, UCB transformed from a hybrid pharma/chemical firm into a pure-play biopharmaceutical company by shedding its packaging, film, and chemical businesses. Acquisitions of Celltech (2004) and Schwarz Pharma (2006) strengthened the pipeline, bringing in late-stage assets that would eventually be approved as Cimzia (immunology), Vimpat (epilepsy), and Neupro (Parkinson's disease). These products helped offset the impact of Zyrtec and Keppra's patent losses, and UCB has continued to shape its expertise in immunology and central nervous system disorders.

UCB emerged as a major biopharmaceutical player in the 1990s with the development of blockbuster drugs Zyrtec and Keppra. Throughout the 1990s and early 2000s, UCB transformed from a hybrid pharma/chemical firm into a pure-play biopharmaceutical company by shedding its packaging, film, and chemical businesses. Acquisitions of Celltech (2004) and Schwarz Pharma (2006) strengthened the pipeline, bringing in late-stage assets that would eventually be approved as Cimzia (immunology), Vimpat (epilepsy), and Neupro (Parkinson's disease). These products helped offset the impact of Zyrtec and Keppra's patent losses, and UCB has continued to shape its expertise in immunology and central nervous system disorders.

UCB received approval from the US Food and Drug Administration for Kygevvi, for adults and children living with thymidine kinase 2 deficiency, a rare genetic mitochondrial disease that causes muscle weakness.

UCB delivered financial performance in the first half of 2025 featuring 26% revenue growth at constant currency, adjusted EBITDA growth of 61%, core EPS growth of 73%, and a guidance raise across the board.

UCB emerged as a major biopharmaceutical player in the 1990s with the development of blockbuster drugs Zyrtec and Keppra. Throughout the 1990s and early 2000s, UCB transformed from a hybrid pharma/chemical firm into a pure-play biopharmaceutical company by shedding its packaging, film, and chemical businesses. Acquisitions of Celltech (2004) and Schwarz Pharma (2006) strengthened the biopharmaceutical pipeline, bringing in late-stage assets that would eventually be approved as Cimzia (immunology), Vimpat (epilepsy), and Neupro (Parkinson's disease). These core products helped offset the impact of Zyrtec and Keppra's patent losses, and the company has continued to shape its expertise in immunology and central nervous system disorders.

UCB announced that a phase 3 study of fenfluramine (approved drug Fintepla) in CDKL5 Deficiency Disorder, or CDD, an ultrarare, early-onset seizure disease, met its primary and key secondary endpoints.

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.

UCB emerged as a major biopharmaceutical player in the 1990s with the development of blockbuster drugs Zyrtec and Keppra. Throughout the 1990s and early 2000s, UCB transformed from a hybrid pharma/chemical firm into a pure-play biopharmaceutical company by shedding its packaging, film, and chemical businesses. Acquisitions of Celltech (2004) and Schwarz Pharma (2006) strengthened the biopharmaceutical pipeline, bringing in late-stage assets that would eventually be approved as Cimzia (immunology), Vimpat (epilepsy), and Neupro (Parkinson's disease). These core products helped offset the impact of Zyrtec and Keppra's patent losses, and the company has continued to shape its expertise in immunology and central nervous system disorders.

We appreciate that no-moat UCB remains focused on evaluating Bimzelx in additional indications, and it received approval from the US Food and Drug Administration for the treatment of adults with moderate to severe hidradenitis suppurativa, a chronic inflammatory skin disease. This marks the fifth approved indication for Bimzelx in the US. We anticipate UCB will reach about EUR 5.65 billion in revenue in 2024, representing over 7.5% growth. We forecast a five-year compound annual growth rate of 10%; however, our long-term view of mid-single-digit sales growth toward the latter half of our 10-year forecast remains unchanged, as many of UCB’s drugs face patent expirations and generic competition. We maintain our fair value estimate of EUR 99 per share, and we view shares as currently overvalued, so we recommend waiting for a pullback in the stock price before investing.

UCB emerged as a major biopharmaceutical player in the 1990s with the development of blockbuster drugs Zyrtec and Keppra. Throughout the 1990s and early 2000s, UCB transformed from a hybrid pharma/chemical firm into a pure-play biopharmaceutical company by shedding its packaging, film, and chemical businesses. Acquisitions of Celltech (2004) and Schwarz Pharma (2006) strengthened the biopharmaceutical pipeline, bringing in late-stage assets that would eventually be approved as Cimzia (immunology), Vimpat (epilepsy), and Neupro (Parkinson's disease). These core products helped offset the impact of Zyrtec and Keppra's patent losses, and the company has continued to shape its expertise in immunology and central nervous system disorders.

UCB reported solid half-year results in line with our expectations, highlighted by revenue of EUR 2.79 billion, representing 8% growth year over year. Psoriasis drug Bimzelx has had a strong launch, and the number of patients globally using the drug has exceeded 35,000. We forecast Bimzelx will be a major growth driver for UCB over our 10-year forecast, as it is on track to become a blockbuster drug, generating over EUR 1 billion in sales as early as 2025. UCB is working to expand Bimzelx into additional disease indications, which will help expand its addressable patient population. Positive long-term safety and efficacy data for Bimzelx should also help increase patient uptake, as most patients treated for moderate to severe plaque psoriasis achieved complete skin clearance at year four. We anticipate Bimzelx could account for more than 40% of total company sales by 2033.

UCB remains focused on expanding its addressable patient population and developing its pipeline as the company continues to face generic competition. UCB’s epilepsy drug Briviact received approval in Japan for the treatment of focal onset seizures. This is the fourth approval of Briviact in the Asia-Pacific region, which reinforces UCB’s commitment to expanding treatment to people with epilepsy across the globe. We forecast Briviact will achieve peak sales of roughly EUR 700 million in 2026 and then it will face declining sales due to its loss of patent exclusivity in the United States and European Union in 2026.

UCB emerged as a major biopharmaceutical player in the 1990s with the development of blockbuster drugs Zyrtec and Keppra. Throughout the 1990s and early 2000s, UCB transformed from a hybrid pharma/chemical firm into a pure-play biopharmaceutical company by shedding its packaging, film, and chemical businesses. Acquisitions of Celltech (2004) and Schwarz Pharma (2006) strengthened the biopharmaceutical pipeline, bringing in late-stage assets that would eventually be approved as Cimzia (immunology), Vimpat (epilepsy), and Neupro (Parkinson's disease). These key products helped offset the impact of Zyrtec and Keppra's patent losses, and the company has continued to shape its expertise in immunology and central nervous system disorders.

UCB released long-term safety and efficacy data for Bimzelx, demonstrating that most patients treated for moderate to severe plaque psoriasis achieved complete skin clearance at year four. The results from this long-term study further support the safety and efficacy profile for Bimzelx, which was approved by the US Food and Drug Administration in October 2023. UCB plans to continue the global launch of Bimzelx in Europe and Japan, and the positive long-term data should help increase patient uptake.