← Back

UCB: UCB's Strong FY 2025 Results Driven by Growth Drivers

UCB delivered a robust financial performance in FY 2025, with total revenues reaching EUR 7.7 billion, up 26% year-over-year. The company's adjusted EBITDA was EUR 2.6 billion, a 79% increase, resulting in an EBITDA margin of 34%. The earnings per share (EPS) came in at EUR 6.43, significantly beating estimates of EUR 4.94. The strong top-line growth was driven by the company's 5 growth drivers, including BIMZELX, which more than doubled in revenue to EUR 2.2 billion. As noted by CEO Jean-Christophe Tellier, the company's confidence in its future growth prospects is underpinned by a long period of exclusivity for its products and a strong pipeline.

UCB.BR

EUR 250.6

0.4%

A-Score: 4.8/10

Publication date: February 28, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Record Revenue from Growth Drivers: UCB's 5 growth drivers generated €3.3 billion in 2025, doubling YoY, led by BIMZELX’s €2.2 billion (up 3x YoY).
  • Strong Profitability Expansion: Adjusted EBITDA surged 79% to €2.6 billion (34% margin), while group profit rose 45% to €1.6 billion (from €1.1 billion in 2024).
  • HS Market Growth Projections: Hidradenitis Suppurativa (HS) market expected to reach $5 billion by 2030 at mid-teens CAGR, driven by expanded diagnosis and treatment access.
  • Significant Capital Investment: $5 billion allocated for a U.S. mammalian manufacturing site to scale BIMZELX production, supporting long-term growth.
  • FINTEPLA’s Market Leadership: Achieved 20% U.S. market share in Dravet syndrome, treating 14,000+ patients with €420 million in sales (2025), while facing gene therapy competition that UCB views as market-expanding.

Revenue Growth and Margin Expansion

The company's revenue growth was driven by strong volume growth across its key products, including BIMZELX, FINTEPLA, RYSTIGGO, ZILBRYSQ, and EVENITY. The revenue growth was accompanied by margin expansion, with the EBITDA margin increasing to 34%. The company's focus on investing in its pipeline and early-stage assets is expected to drive future growth.

Valuation Metrics

UCB's valuation metrics indicate a reasonable valuation. The P/E Ratio is 30.44, and the P/S Ratio is 6.13, suggesting that the company's growth prospects are reasonably priced in. Additionally, the EV/EBITDA ratio is 21.21, indicating a moderate valuation. The ROE is 15.81%, and the ROIC is 12.59%, indicating a strong return on equity and invested capital.

Pipeline Updates and Growth Prospects

UCB's pipeline continues to advance, with several Phase III studies underway, including the BE BOLD study in psoriatic arthritis. The company is also developing galvokimig, a bispecific antibody for the treatment of atopic dermatitis, COPD, and bronchiectasis. The company's rare portfolio, including MG and HS, continues to grow, with a 24% increase in patients in the past year. The HS market is expected to reach $5 billion by 2030, growing at a mid-teens CAGR.

Guidance and Outlook

For 2026, UCB expects high single-digit to low double-digit revenue growth and high single-digit to high-teens EBITDA growth at constant exchange rates. The company's guidance suggests that BIMZELX is expected to continue its strong growth trajectory, with consensus estimates around EUR 3.1 billion. The company's focus on executing its launches and expanding its access coverage is expected to drive future growth.

UCB's A-Score