This morning, UCB announced FDA approval of Bimzelx for indications psoriatic arthritis (PsA) and (non-)radiographic axial spondyloarthritis (axSpA). Positive news (decision outcome was expected in H2 2024) but likely no surprise (incl. the suicidal ideation and liver biochemical abnormalities warning) for the market given the previous approval for plaque psoriasis and solid Ph3 datasets for PsA & AxSpA.We already accounted for these approvals in our model by allocating a 100% LoA, hence no impact on estimates and valuation. We model c. EUR 6bn peak sales for Bimzelx (54% of our enterprise value/share) with 30% of sales revenue stemming from PsA