BE BOLD Is Impactful: KOLs View 10% Endpoint Delta As Clinically Meaningful

Research evidence excerpt

BE BOLD Is Impactful: KOLs View 10% Endpoint Delta As Clinically Meaningful

Biotechnology

UCB SA

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

May 19, 2026

Price: €229.90 | $134.10 (05/18/2026) BE BOLD Is Impactful: KOLs View 10%

Price Target: €305.00 | $165.00 Endpoint Delta As Clinically Meaningful

BUY (1)

ESG SCORE: 63/100

Stacy Ku, Ph.D. THE TD COWEN INSIGHT

646 562 1368

The BE BOLD data show a 9-10% efficacy improvement for Bimzelx vs. Skyrizi on key endpoints

stacy.ku@tdsecurities.com

- our KOLs indicate 10% delta is a clear clinically meaningful difference, which was achieved

Vishwesh Shah, Ph.D. with 10.7% ACR50 delta at week 16 with competitive onset of efficacy (12.7% ACR50 delta at

212 468 7789 week 4). BE BOLD maximizes Bimzelx value and will be impactful for access/rheumatology

vishwesh.shah@tdsecurities.com

prescribing dynamics in H2/2027+.

Key Data

Symbol BRU: UCB | OTC: UCBJY.PK There has been high investor interest in the BE BOLD Bimzelx vs. Skyrizi superiority results

Market Cap €44.7B | $52.1B in PSA - the EULAR abstract indicates BE BOLD has cleanly met the 10% efficacy hurdle

for rheumatologists to view Bimzelx as differentiated to Skyrizi for joint disease. BothClick here for the full company update from

rheumatology KOLs and community docs indicate current Bimzelx prescribing is largely drivenour latest quarterly report.

by formularies, which is why we believe UCB negotiated earlier in PSA/AS vs. HS where UCB

is taking a step-wise approach. These results should convince KOLs that did NOT believe this

study was derisked for success (here) and should change prescribing practices - with good

negotiating power for access in 2027+.

Rheumatologists indicate ACR is the gold standard endpoint in PSA, with 5-10% improvement

positive.