*UCB has been the top performer of the BEL 20 index YTD (+95%), fuelled primarily by Bimzelx's performance in the US boosting investor confidence in the asset's overall commercial potential.*Following the H1 update from last week, we have adjusted our TP to EUR 160 (+21%) mainly as a result of upwards-revised Bimzelx peak sales (+c. EUR 2bn to EUR 6bn, +18% vs. VA CSS).*Given the limited upside of our new TP to yesterday's closing price (+3.4%), we now consider the potential of UCB's growth drivers and most advanced pipeline to be more accurately reflected in its share price. Hence, we
