UCB reported robust top-line growth led by a strong show in the core portfolio (except for Neupro). However, the EBITDA margin softened due to higher marketing spend on drug launches. RA Pharma and Engage Therapeutics have been fully integrated and their mid-to-late stage pipeline could keep R&D expenses on the high side, thereby pressuring the margin in H2. However, the upcoming launch of high-margin drug, Bimekizumab, should ensure that the mid-term profitability targets are met.