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The H1 23 results were much better than the street’s expectations, as the strong performance from the key drugs managed to partly offset the sales erosion for some of the older drugs. The management nonetheless maintained the 2023 outlook. While the firm is undergoing a transition period amid patent expiries, our positive stance on UCB is supported by the promising growth prospects for newer on-market as well as upcoming drugs. All eyes will henceforth be on Bimzelx’s US approval which is expect
Companies: UCB (UCB:EBR)UCB S.A. (UCB:BRU)
AlphaValue
Feature article: 2022 Pharma Statistics - 8.7% growth – but worrying signs An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2022, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2022. 2022 was characterised by 8.7% underlying growth, offset by a large forex impact (-12%), due to USD stren
Companies: PIN HAT ME AVO APAX 4503 BHC 4568 FCSS GLXO HLUNB HIK HZNP IBT JAZZ JAZZ JNJ JNJ 4578 REGN REGN STX 4507 4506 4502 TEVA UTHR UTHR VRTX VRTX VTRS UCB UCB SAN SAN PFE PFE PFIZ NOVOB NOVOB NOT MRNA MRNA MRK
Hardman & Co
Despite facing patent expiries for key drugs, UCB’s full-year results exceeded expectations, including its own guidance, driven by patent-protected key immunology and neurology drugs. However, the 2023 guidance was muted, in terms of sales and profitability, as sales erosion due to generic competition is likely to continue. Nevertheless, we remain positive on UCB, supported by the healthy growth prospects of its current and upcoming drugs, with the potential US approval of Bimzelx and two gMG dr
UCB reported a decent set of H1 results, with sales and profitability beating expectations. While the Neurology portfolio posted a mixed showing due to patent expiry for Vimpat, it was offset by the recovering Cimzia-driven Immunology. However, given the significant future uncertainties, pressure on profitability, timing of Bimzelx’s US launch and pipeline execution, the markets remain jittery. Nevertheless, given UCB’s dominant position in its target markets and Bimzelx’s industry-leading effic
Companies: UCB S.A. (0NZT:LON)UCB S.A. (UCB:BRU)
UCB ended 2021 on a strong note, largely driven by promising growth in the Neurology portfolio. While the top line is expected to witness some moderation as the firm enters a critical transition period, UCB seems well-prepared with Bimzelx’s US launch, expected in mid-2022, and Zogenix’s acquisition. Re-affirmation of the mid-term targets was all the more comforting. Our positive stock recommendation is reiterated.
UCB reported strong H1 results with the core drug portfolio leading the pack. While momentum in the core portfolio should sustain and the upcoming launch of Bimekizumab provide an additional push, management refrained from upgrading the full-year outlook. In our view, increasing pricing pressure on Cimzia and resurfacing COVID-19 concerns held them back. Despite these near-term uncertainties and the upcoming patent expiry of key drugs, we remain confident of the group’s medium-to-long fortunes a
Despite the COVID-19-related disruptions, UCB’s core portfolio showcased resilience and the launch of new drugs further bolstered growth. However, higher marketing spend on new launches and higher R&D investments on the five late-stage drugs suppressed profitability. In our view, the upcoming approval of Bimekizumab should boost investors’ confidence. Furthermore, the healthy FY25 outlook, at a time when key drugs are set to lose exclusivity, is also encouraging.
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.
Companies: UCB S.A.
UCB’s psoriasis candidate, Bimekizumab has shown promising clinical data vs. J&J’s Stelara. While this increases the probability that the drug could hit the market in Q1 21, its real competition in the overly-crowded space would come from Novartis’s Cosentyx. Bimekizumab should report head-to-head data with Cosentyx in the next few weeks and, if it is found to be superior, we will increase our peak sales potential for Bimekizumab by €500m to €2bn.
H2 19 sales and profitability beat was driven by the robust show of Cimzia and Vimpat. Given that the strong momentum is likely to continue and could be bolstered further with the geographic/label expansion, management has upgraded the peak sales potential of these drugs for the second time. Though the near-term margin could come under pressure, due to the integration of RA pharmaceuticals and increased investments into R&D, Bimekizumab (approval likely in 2020) should ensure that the mid-term p
UCB has broadened its neuromuscular portfolio with the €2.2bn acquisition of RA pharmaceuticals – blockbuster potential drug, Zilucoplan (expected launch in 2023), is RA’s key drug which complements UCB’s rozanolixizumab. As UCB will invest in R&D and marketing of the drug, the deal would be margin-dilutive until 2023. Nonetheless, we foresee EPS accretion thereafter as sales momentum picks up. The deal is all the more important at a time when UCB’s CVN drugs are about to hit the patent cliff.
UCB reported strong top-line growth, driven by the CVN portfolio and Briviact, partially offset by the off-patent Keppra. The EBITDA margin remained subdued due to higher R&D expenses, while the net results were further impacted by a higher tax rate. Evenity was approved in the US, Canada, South Korea, and Australia but rejected in Europe. Management maintained its FY 19 outlook, implying a weak H2 19 (sequentially). The CFO exit came as a big surprise, overshadowing the results.
UCB reported a weak quarter with a decline in top-line and margin, revenue getting impacted by a decline in Cimzia’s US sales and profitability further pulled down by high R&D expenses on the next wave of molecules. Evenity approval in US and Europe would be the next big trigger for the share price. Management upgraded Cimzia and Vimpat sales estimates but downgraded Neupro sales and short-term EBITDA margins.
UCB’s 9M 18 (trading update) performance came in line with our as well as consensus estimates, although variations were seen at the drug level. Revenue grew by 6% ytd at CER to €3.4bn, on the back of the continued strength in the core portfolio (+12% at CER) — Cimzia (+9%), Vimpat (+19%), Keppra (+5%), Briviact (+81%) and Neupro (+2%). FX had a negative impact of 3% on the group sales. NB all sales numbers are at calculated CER unless specified otherwise (the company does not report quarterly CE
UCB reported strong quarter after a weak start in Q1 18. Cimzia, Vimpat and Briviact clocked strong performances, but Neupro continued to languish. Cost control and a significant decline in the effective tax rate boosted net profit by 33%. Evenity’s approval and biosimilar impact on Cimzia are likely to be the triggers in the upcoming quarters, however, given the lack of convincing drivers, including in the pipeline, makes us believe that the recent run-up is unlikely to continue.
Research Tree provides access to ongoing research coverage, media content and regulatory news on UCB S.A.. We currently have 95 research reports from 5 professional analysts.
Companies: Warpaint London PLC
Shore Capital
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Shield Therapeutics Plc
Edison
Cambridge Nutritional Sciences (CNS) has provided a trading update for the 12 months to 31 March 2024, noting that a combination of strong sales growth and significant margin improvements, driven by operational efficiencies, have played key factors in the group’s expectation of being adjusted EBITDA positive in FY 2024. Revenues are expected to be £9.8m (30% YoY growth), ahead of our £9.0m forecast, with gross profits expected to exceed £6m, which is again ahead of our year-end forecast of £5.6m
Companies: Cambridge Nutritional Sciences PLC
Cavendish
Futura Medical’s investment case has shifted firmly onto commercial execution. The highly successful initial launches of Eroxon, its novel topical gel for ED (erectile dysfunction), by partner Cooper Consumer Health in the UK and Belgium are now being followed by roll-outs across the major European markets. The much-anticipated launch in the commercially important US market by consumer healthcare giant Haleon is expected before February 2025. Launches in Other Regions are anticipated throughout
Companies: Futura Medical plc
Trinity Delta
An official NHS Supply Chain case study has quantified the savings made by an NHS Trust from adopting Creo Medical’s Speedboat device to perform Speedboat Submucosal Dissection (SSD) in comparison to surgical alternatives. In total, the net cash saving from 130 SSD procedures for the NHS Trust was calculated at £687k, including savings from reduced length of hospital stay and reduced theatre costs. Notably, these savings did not include the patient and financial benefits associated with reduced
Companies: Creo Medical Group Plc
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Companies: Destiny Pharma Plc
Creo Medical has presented real-world evidence of the economic utility of its minimally invasive electrosurgical devices, based on NHS data from 130 submucosal dissection procedures using Creo’s flagship Speedboat Inject device. The data demonstrated net cash savings of £687k for the NHS trust, driven by a significant reduction in both hospitalisation and critical care costs. We believe this provides external validation to Creo’s pursuit of improving patients’ outcomes through its novel suite of
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
Companies: e-Therapeutics plc
25th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Smart Metering Systems (SMS.L) has delisted from the AIM market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar
Companies: SKL CAM HRN VNET NBB DEST ZIN CRCL
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
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