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.