UCB SA: BE BOLD data strengthens Bimzelx efficacy case

Research evidence excerpt

UCB SA: BE BOLD data strengthens Bimzelx efficacy case

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

19 May 2026

UCB SA

BE BOLD data strengthens Bimzelx

efficacy case

Incremental BE BOLD data confirm Bimzelx’s clear superiority UCB.BR/UCB BB OVERWEIGHT

vs Skyrizi in PsA, with faster onset and deeper joint/skin EuropeanBiotechnologyPharmaceuticals,& Life NEUTRAL

responses at Week 16. With strong recent TRx momentum as Sciences Price Target EUR 310.00

familiarity with data build, we reiterate Overweight, PT €310, Price (18-May-26) EUR 229.90

as efficacy leadership supports further multiple expansion. Potential Upside/Downside +34.8% Source: Bloomberg, Barclays Research

Building on the confirmation of Bimzelx's superiority to Skyrizi at 16wks for the treatment of

European Pharmaceuticals,

Psoriatic Arthritis (PsA) from the head-to-head BE BOLD study disclosed on 11th March (see UCB Biotechnology & Life Sciences

SA: Fortune favours BE BOLD as Bimzelx outperforms Skyrizi in PsA; 11/03/26), UCB has today Charles Pitman-King, CFA

provided incremental Week 16 detail. The full P3 data is set to be presented at EULAR at 12pm +44 (0)20 3134 6023

BST on 6 June (EULAR 3-6 June) and in our view reinforces Bimzelx's charles.pitman-king@barclays.com

(bimekizumab) differentiated profile versus Skyrizi (risankizumab), with statistically Barclays, UK

significant superiority on the primary ACR50 endpoint (49.1% vs 38.4%; p=0.0078), James Gordon

establishing it as the first biologic to demonstrate such an outcome in a PsA head‑to‑head +44 (0)20 7116 2784

setting. Beyond the primary endpoint, this update provides further details on the depth, james.gordon@barclays.com

breadth and speed of response of patients.