Download PDF

1. Company Snapshot

1.a. Company Description

UCB SA, a biopharmaceutical company, develops products and solutions for people with neurology and immunology diseases.The company's primary products include Cimzia for inflammatory TNF mediated diseases, as well as ankylosing spondylitis, axial spondyloarthritis, Crohn's disease, non-radiographic axial spondyloarthritis, plaque psoriasis, psoriatic arthritis, and rheumatoid arthritis; Vimpat, Keppra, and Briviact for epilepsy; Neupro for Parkinson's disease and restless legs syndrome; Nayzilam, a nasal spray rescue treatment for epilepsy seizure clusters; and Zyrtec and Xyzal for allergies.It also offers Evenity for the treatment of osteoporosis in postmenopausal women; BIMZELX for treating psoriasis, psoriatic arthritis, axial spondyloarthritis, and hidradenitis suppurativa; and dapirolizumab pegol for systemic lupus erythematosus.


In addition, the company is involved in developing rozanolixizumab to treat myasthenia gravis, immune thrombocytopenia, and chronic inflammatory demyelinating polyneuropathy; zilucoplan to treat myasthenia gravis and immune-mediated necrotizing myopathy; staccato alprazolam to treat tereotypical prolonged seizure; Bepranemab to treat Alzheimer's disease; and UCB0599 to treat Parkinson's disease.Further, it engages in contract manufacturing activities.UCB SA has collaboration agreements with Amgen, Biogen, Roche/Genentech, Novartis, Otsuka, and doc.ai.


It operates in the United States, Japan, Germany, rest of Europe, Spain, France, Italy, the United Kingdom, Ireland, China, Belgium, and internationally.The company was incorporated in 1925 and is headquartered in Brussels, Belgium.

Show Full description

1.b. Last Insights on UCB

UCB SA's recent performance has been driven by robust financial results, with record growth reported in its FY 2025 earnings call. The company's strategic investments and focus on digital transformation are expected to advance product launches in autoimmune and neurological diseases. A recent analysis report highlights UCB's innovation programs, technology initiatives, and partnerships as key market opportunities. Additionally, the company's upcoming General Meeting of Shareholders on April 30, 2026, will consider various agenda items. UCB's emphasis on biopharmaceutical development and tech collaborations is poised to drive future growth.

1.c. Company Highlights

2. 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.

Publication Date: Mar -03

📋 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.

3. NewsRoom

Card image cap

UCB S.A. Digital Transformation Strategy Analysis Report 2025: Accelerators, Innovation Programs, Technology Initiatives, ICT, Partnerships, Investments & Acquisitions, Network Map

Apr -09

Source:

Card image cap

UCB - Convening Notice to the General Meeting of the Shareholders 2026

Mar -27

Source:

Card image cap

UCB SA (UCBJF) (FY 2025) Earnings Call Highlights: Record Growth and Strategic Investments ...

Mar -03

Source:

Card image cap

UCB (ENXTBR:UCB): A Fresh Look at Valuation as Momentum Builds

Oct -03

Source:

Card image cap

UCB Soars to Record as Rival MoonLake Crashes on Trial Data

Sep -29

Source:

Card image cap

CoreWeave, AstraZeneca, GSK, BYD, Tesla: Trending Stocks

Sep -29

Source:

Card image cap

Stocks to Watch Monday: Carnival, GSK, Alibaba

Sep -29

Source:

Card image cap

UCB Soars to Record as Rival MoonLake Crashes on Trial Data

Sep -29

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.00%)

6. Segments

Biopharmaceuticals

Expected Growth: 12.0%

UCB SA's biopharmaceuticals segment growth of 12.0% is driven by strong sales of Cimzia (certolizumab pegol) for autoimmune diseases and Vimpat (lacosamide) for epilepsy. Increased investment in research and development, successful commercialization of new products, and expanded indications for existing therapies contribute to this growth.

7. Detailed Products

Keppra

Keppra is an antiepileptic drug used to treat partial onset seizures, tonic-clonic seizures, and myoclonic seizures.

Luxturna

Luxturna is a gene therapy treatment for inherited blindness caused by mutations in the RPE65 gene.

Cimzia

Cimzia is a medication used to treat rheumatoid arthritis, psoriatic arthritis, and Crohn's disease.

Xcopri

Xcopri is an antiepileptic medication used to treat partial onset seizures.

8. UCB SA's Porter Forces

Forces Ranking

Threat Of Substitutes

UCB SA operates in the pharmaceutical industry, where substitutes are available but not always effective. While there are alternative treatments for some conditions, UCB SA's focus on rare and severe diseases makes substitutes less readily available.

Bargaining Power Of Customers

Patients often rely on UCB SA's products for life-altering treatments, reducing their bargaining power. Additionally, healthcare systems and insurance companies typically dictate treatment options, further limiting customer bargaining power.

Bargaining Power Of Suppliers

UCB SA likely sources raw materials and manufacturing services from a range of suppliers. While some suppliers may have significant bargaining power, UCB SA's scale and negotiating capacity mitigate this force.

Threat Of New Entrants

The pharmaceutical industry has high barriers to entry, including significant R&D investment, regulatory hurdles, and patent protection. These obstacles limit the threat of new entrants.

Intensity Of Rivalry

The pharmaceutical industry is highly competitive, with numerous established players. UCB SA competes with major pharmaceutical companies, and the market is characterized by intense rivalry, innovation, and marketing efforts.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 23.18%
Debt Cost 5.74%
Equity Weight 76.82%
Equity Cost 6.09%
WACC 6.01%
Leverage 30.17%

11. Quality Control: UCB SA passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
GSK

A-Score: 6.3/10

Value: 4.7

Growth: 2.2

Quality: 7.1

Yield: 6.9

Momentum: 9.0

Volatility: 7.7

1-Year Total Return ->

View Full Report
Stock-Card
Regeneron Pharmaceuticals

A-Score: 4.9/10

Value: 4.0

Growth: 6.4

Quality: 8.8

Yield: 0.0

Momentum: 4.0

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
UCB

A-Score: 4.8/10

Value: 1.1

Growth: 5.3

Quality: 7.8

Yield: 1.9

Momentum: 8.5

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
Novo Nordisk

A-Score: 4.4/10

Value: 3.5

Growth: 8.8

Quality: 8.1

Yield: 5.0

Momentum: 0.0

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
Vertex Pharmaceuticals

A-Score: 4.0/10

Value: 1.5

Growth: 3.8

Quality: 8.9

Yield: 0.0

Momentum: 3.5

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Argenx

A-Score: 4.0/10

Value: 0.0

Growth: 7.4

Quality: 8.8

Yield: 0.0

Momentum: 4.5

Volatility: 3.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

265.7$

Current Price

265.7$

Potential

-0.00%

Expected Cash-Flows