EULAR Investor Call Takeaways: BE BOLD Data To Better Position Bimzelx In PSA

Research evidence excerpt

EULAR Investor Call Takeaways: BE BOLD Data To Better Position Bimzelx In PSA

Biotechnology

UCB SA

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

June 8, 2026

Price: €261.00 | $149.54 (06/05/2026) EULAR Investor Call Takeaways: BE BOLD

Price Target: €305.00 | $165.00 Data To Better Position Bimzelx In PSA

BUY (1)

ESG SCORE: 63/100

Stacy Ku, Ph.D. THE TD COWEN INSIGHT

646 562 1368

UCB hosted two PSA experts to discuss the EULAR BE BOLD presentation. The KOLs highlighted

stacy.ku@tdsecurities.com

Bimzelx's improved competitive positioning in rheumatology, given faster onset of efficacy and

Vishwesh Shah, Ph.D. clinically meaningful ~11% ACR50 delta to Skyrizi at Week 16. Importantly, BE BOLD maximizes

212 468 7789 Bimzelx value via payor access (vs. IL-23i and IL-17i's), which will further help rheumatology

vishwesh.shah@tdsecurities.com

prescribing in H2/2027+.

Key Data

Symbol BRU: UCB | OTC: UCBJY.PK UCB hosted a KOL call to discuss the BE BOLD Bimzelx superiority results in PSA vs.

Market Cap €50.8B | $58.7B Skyrizi (EULAR 2026 slides here). BE BOLD has cleanly met the ACR50 efficacy hurdle for

rheumatologists to view Bimzelx as differentiated to Skyrizi for joint disease (~11% delta atClick here for the full company update from

Week 16), with faster onset of improvements - and outcomes to potentially influence PSAour latest quarterly report.

treatment guidelines.Ultimately, all prescribers indicate Bimzelx prescribing in rheumatology

is largely driven by formularies. BE BOLD should provide good negotiating power for access in

2027+. Our takeaways:

(1) Both KOLs believe BE BOLD shows strong differentiation. They emphasize that the study

was designed to look at musculo-skeletal outcomes (~11% of patients with moderate to severe

PSO).