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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 36 research reports from 5 professional analysts.
Companies: BILN IGP RBN SBTX
Cavendish
Verici’s $8.2m gross raise means the company can now focus on scaling Tutivia and invest further into the development of existing and new products. With a uniquely well balanced Tutivia test, a growing sales team and LCD coverage expected later this year, we forecast Tutivia revenues of $2.6m/$4.5m in FY24E/FY25E. The Thermo Fisher deal was a huge validation of Clarava and Verici’s technology and in addition to licensing/milestone payments, we forecast double digit royalties on net Clarava sales
Companies: Verici Dx Plc
Singer Capital Markets
26th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: BIRD MBH CHRT INSE KMK FNTL HDD JNEO CCS
Hybridan
Companies: Aptamer Group Plc
Turner Pope Investments
SkinBioTherapeutics has reported on the 6-months to December 2023, noting steady revenue growth from lead product AxisBiotix-Ps, progress on the development of SkinBiotix with partner Croda (Sederma) and post-period end, the acquisition of Dermatonics. The company has updated on several positive developments through the start of 2024, including AxisBiotix Acne positive interim results, initiation of research on the MediBiotix Pillar and progress with the oral and inflammation programmes. The com
Companies: SkinBioTherapeutics Plc
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Companies: CLBS GHH NANO TRX SAVE TMT GELN
On 18th December 2023 Incanthera announced a deal with Marionnaud in Switzerland to distribute ‘Skin+CELL’, its advanced dermatological solution for the delivery of vitamin B3 for skin protection and cosmetic rejuvenation. This gives Incanthera access to a high-end cosmetics distribution presence in Europe, and in addition, ownership of Marionnaud by AS Watson, the largest cosmetics distributor in Asia, offers significant new market opportunities further afield.
Companies: Incanthera Plc
Stanford Capital Partners
FY EBITDA and EBIT came in materially above consensus FY EBITDA came in at EUR98.8m, down 4% yoy and 12% above consensus. The EBITDA margin was 12.6%. Restated for one-off costs, it was 13.1%, more than 2 percentage points above the guidance. It was fully explained by price increases, notably on X-ray, mix and control of fixed costs. FY EBITA came in at EUR38m, 46% above consensus. 2024 guidance looks conservative Guerbet is aiming for organic growth above 8% (8.8%e). With markets growing at
Companies: Guerbet (GBT:EPA)Guerbet SA (GBT:PAR)
BNP Paribas Exane - Sponsored Research
IRLAB Therapeutics has confirmed the FDA’s alignment with its proposed Phase III programme for mesdopetam in levodopa-induced dyskinesias (PD-LIDs), following receipt of the minutes from its end-of-Phase II (EoP2) meeting held last month. Notably, the FDA has agreed on the primary endpoint being the Unified Dyskinesia Rating Scale (UDysRS), on which mesdopetam demonstrated a statistically significant improvement (p=0.026) in the Phase IIb study (secondary endpoint of that study). IRLAB will now
Companies: Irlab Therapeutics Ab
Edison
Tissue Regenix has reported on strong performance through 2023, noting record revenues driven by product adoption and expanded distribution, positive adjusted EBITDA for the first time and an increased cash position versus H1/23. FY23 revenues grew 20% to $29.5m supported by 25% growth from BioRinse products and 17% growth from dCELL products. Significantly, Tissue Regenix reported its first adjusted EBITDA profit for the year, +$0.9m, supported by revenue growth and cost management. We expect t
Companies: Tissue Regenix Group plc
Creo Medical has published a trading update for the 12 months to December 2023, during which the company focused on commercialising its core technology. Revenue for the period increased 13% YoY to £30.8m, while the underlying operating loss improved to £16.4m. Operationally, during the period, the number of confirmed users of Creo’s Speedboat range more than doubled over the year, the first procedures with MicroBlate Flex to ablate lung tumours were performed and Creo expects to receive regulato
Companies: Creo Medical Group Plc
Companies: NTQ KMK JNEO DCTA
LungLife AI is a medical diagnostics company focused on the development of AI-supported blood-based tests for the early detection of lung cancer. It has identified a significant medical need for non-invasive, sensitive and specific tests in early-stage lung cancer. The company’s core technology, the LungLB test, seeks to detect circulating tumour cells (CTCs) to identify malignant lung nodules. It aims to apply machine learning/AI (ML/AI) to derive algorithms to increase test accuracy. Following
Companies: LungLife AI, Inc.
This month's feature article is entitled 'Gold and a Chinese Credit Event'. A Western phenomenon? If you own, or are considering owning, gold or gold equities, it’s likely that you’re concerned about protecting your wealth, or the performance of your fund, in the expectation of some kind of financial instability. Maybe your confidence in policymakers is ebbing, or you’ve researched debt bubbles in history and concluded that physical gold and silver have been the safest places to be invested whe
Companies: NBPE ICGT ARBB CSN RECI CLIG HAT AVO STX VTA APAX
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