Half Year 2026 Ucb SA Earnings Call Transcript
Key Points
- UCB SA (UCBJF) delivered strong first-half 2026 results with total net sales up 23% to EUR4.1 billion, driven by its five growth drivers which now account for over 50% of revenue.
- BIMZELX continues to outperform, with net sales doubling to EUR1.5 billion in H1 2026 and peak sales potential raised to at least EUR7 billion, supported by four head-to-head superiority trials including the recent BE BOLD study in psoriatic arthritis.
- The company upgraded its full-year 2026 guidance, expecting low-teens to mid-teens revenue growth and mid-teens to low-20s EBITDA growth at constant exchange rates, reflecting strong operating leverage.
- Strategic acquisitions (Candid Therapeutics, Neurona, IMIDomics, and in-licensing from Antengene) position UCB SA (UCBJF) for long-term growth in immunology and neurology, with promising early data for cizutamig and rezanecel.
- The company maintains a strong financial position with adjusted EBITDA up 68% to EUR1.7 billion and core EPS nearly doubling to EUR6.84, while continuing to invest in pipeline and life-cycle management.
- UCB SA (UCBJF) has a unique long-term growth runway with no major loss of exclusivity until 2033 (FINTEPLA) and BIMZELX protected until 2037, providing 10+ years of growth visibility.
- BIMZELX faces net price pressure in H2 2026 due to improved access (first-line coverage with a major PBM effective June 1), which will weigh on revenue growth before volume benefits materialize.
- BRIVIACT is experiencing significant sales decline due to US generic entry in February 2026 and expected European loss of exclusivity in August, with an anticipated 80% US and 50% Europe sales drop over 12 months.
- The company's R&D expenses are expected to rise to around 25% of net sales for the full year, reflecting increased investment in pipeline and integration of recent acquisitions, which may pressure margins.
- Bepranemab, the Alzheimer's candidate, failed its primary endpoint in the proof-of-concept study, and the decision to move to a confirmatory Phase 2 is based on a subpopulation signal, carrying clinical and financial risk.
- The myasthenia gravis portfolio showed softer-than-expected H1 performance, and the market is becoming increasingly competitive, which may limit growth potential.
- The company faces potential headwinds from emerging competition in hidradenitis suppurativa (e.g., oral remibrutinib and lutikizumab), which could impact pricing and market share.
A warm welcome to UCB's half-year 2026 presentation conference call and webcast for investors and analysts. I'm Yvonne Naughton, Head of Investor Relations.
Before I hand over to Jean-Christophe and members of our executive team, I would like to cover some housekeeping items. Today's presentation is available for download on the Investor Relations section of our website. The presentation and Q&A session are subject to the disclaimer and Safe Harbor statement contained on slide two of the presentation.
Moving to slide 3, our speakers today are Jean-Christophe Tellier, Chief Executive Officer; Emmanuel Caeymaex, Executive Vice President and Head of Patient Evidence; Fiona du Monceau, Executive Vice President and Chief Commercial Officer, and Sandrine Dufour, Executive Vice President and Chief Financial Officer. Following our prepared remarks, we will open the line for questions. As usual, we will try to address as many questions as we can. Please limit your questions to allow others a fair chance to participate in the Q&A.
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