Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on UCB SA. We currently have 6 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
Strong FY 16 results; crucial events ahead
03 Mar 17
UCB reported strong FY 16 numbers, with both top-line and bottom-line coming in slightly above our expectations. Revenue was up 8% yoy to €4.2bn (vs. our estimate of €4.1bn), mainly driven by the core CVN portfolio – Cimzia (+21%), Vimpat (+20%) and Neupro (+17%). Recurring EBITDA increased 26% to €1bn (the margin improved c.3.5ppt to c.25%), primarily on account of the positive product mix, and lower R&D (end of late stage trials of Romosozumab/Evenity) and G&A expenses. Core EPS came in at €3.19 compared with €2.17 in FY 15. The company announced a dividend of €1.15 per share (+4.5%). For FY 17, management gave a healthy guidance of revenue of €4.25-4.35bn, recurring EBITDA of €1.15-1.2bn and core EPS of €3.7-4. The revenue guidance includes a negative impact of c.4ppt from the divestments completed in 2016 (nitrate business and Venlafaxine ER) along with an adverse impact of 1-2ppt from the implementation of IFRS 15, which will necessitate the moving of some expenses from marketing to reduction in sales.
No major surprises in Q3
01 Nov 16
UCB reported a strong performance in its Q3 16 trading update (only top-line numbers). Sales were up by 12% yoy to €1.1bn (ahead of consensus), the outperformance primarily coming from Keppra, while CVN also performed fairly well (combined growth of 16%). Management confirmed full year guidance at the upper end of the range – revenue: €4-4.1bn, recurring EBITDA: €970-1,010m and core EPS of €2.9-3.2).
Strong H1; H2 read-across critical
11 Aug 16
UCB reported a strong set of H1 16 numbers. NB All sales growth numbers in CER unless mentioned otherwise. Net sales were up 9% to €1.9bn, primarily driven by the CVN portfolio – Cimzia (+24%), Vimpat (+18%) and Neupro (+12%), pulled down to some extent by off-patent drug Keppra (-7%). The declining royalty income (-38%) and other revenue (-27%) meant a moderate growth in total revenue at 5% to €2bn (Q2 16 revenue increased just 1% in reported terms). Profitability came in strongly with recurring EBITDA increasing 18% to €549m (margin improved c.3ppt to c.27.2%), mainly on account of the positive product mix, and the lower R&D and G&A expenses. Management has confirmed its FY 16 guidance: revenue of €4-4.1bn, recurring EBITDA of €970-1,010m and core EPS of €2.9-3.2.
Strong start to the year
06 May 16
In its Q1 16 trading update, UCB reported a robust revenue growth of 9% yoy at CER (11% reported) to €991m (higher than the consensus estimate), driven by the strong performance of the CVN trio (Cimzia, Vimpat and Neupro), offset to some extent by Keppra. The company does not report profitability numbers in the quarterly results. Management reiterated its FY 16 guidance: revenue of €4-4.1bn, recurring EBITDA of €970-1,010m and core EPS of €2.9-3.2.
Solid FY 16 guidance amid uncertainty on Romosozumab
15 Apr 16
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.3ppts), vs. our estimate of €805m, led by an improved product mix, lower-than-expected R&D, and general and administrative expenses as well as a positive forex impact. Net profit attributable to shareholders, however, came in below our expectations at €623m, mainly due to a lower-than-expected gain recognised on the divestments of Kremers Urban and established brands in India. The company proposed a dividend of €1.1 per share for FY 15 (up from €1.06 in FY 14). For FY 16, management sees revenue of €4-4.1bn, recurring EBITDA of €970-1,010m and core EPS of €2.9-3.2.
UCB fuelled by CVN success and pipeline promise
18 Dec 15
The last quarter has been an eventful one for UCB, with several positive triggers (following the phase III failure of its Lupus drug, Epratuzumab) – both on the operating as well as the pipeline front – driving the improved momentum and outlook for the company. From the encouraging read-out from its osteoporosis drug Romosozumab to the positive CHMP recommendation for its pipeline epilepsy drug, Brivaracetam, and the successful divestiture of Kremers Urban to US-based Lannett Inc. (for $1.23bn), there have been several positive developments, which augur well for near-to-mid-term delivery prospects. Better-than-anticipated reception to the core CVN (Cimzia, Vimpat, Neupro) portfolio and a series of successful label extensions, embellish the future growth potential further. The trend has been echoed in the company’s Q3 trading performance, which came in ahead of consensus estimates. Revenue increased c.17% yoy to €947m driven by across-the-board growth and the strong performance of the CVN portfolio. The off-patent drug Keppra remained surprisingly strong, reporting a 9% growth, driven by supply shortages in the US and strong uptake in the Japanese market. 9M revenue growth was c.19% (12% CER). Given the solid performance, management has made a second successive upgrade to its FY 15 guidance – Revenue now expected to be c.€3.75bn (earlier €3.65-3.75bn), EBITDA – c.€800m (earlier c.€740m), EPS – €2.0-2.1 (earlier €1.9-2.05).
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - EKF Diagnostics - Final results & potential buy back
20 Mar 17
FY16 prelims are slightly ahead of our latest expectations, those having been increased materially over the course of H2’16 as the strength of the recovery in trading became apparent. In order to maximise shareholder value, the directors are currently examining a potential break up of the group. This would also involve a delisting from AIM. A buy back offer at 21.5p would therefore be made to those investors that wish to exit now rather than holding their shares for the two years plus it would likely take to achieve a potentially higher realisation value for the businesses.
Good results, but further restructuring complex for investors
20 Mar 17
EKF Diagnostics FY 2016 results are slightly ahead of expectations, with both higher revenue and better EBITDA. Management has also announced plans to split the company into two separate companies, Point of Care and Laboratory Diagnostics, with the prospect of a delisting to manage the process. The primary metric for valuation of the two businesses is different consequently we believe that the separation is likely to generate significant value. However, in anticipation of the volatility likely given the restructuring announced this morning, despite the strength of the results, we reduce our recommendation to HOLD and maintain our 21p target price.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017