UCB ended FY 15 on a strong note and gave a robust guidance for FY 16. Q4 15 revenue was up 7% yoy to €1bn, while FY 15 revenue increased 16% (+9% at CER) to €3.9bn, against our estimate of €3.8bn, primarily driven by the core CVN portfolio. The beat was mainly on account of higher-than-expected royalties and other revenue (contract manufacturing, partnerships etc.). For the full year, the recurring EBITDA came in at €821m (+18% at CER; +35% in euros; margin improved c.3pp
