UCB "Bimzelx BE BOLD investor call feedback" (Buy) Deng

Research evidence excerpt

UCB "Bimzelx BE BOLD investor call feedback" (Buy) Deng

Global Research

9 June 2026ab

UCB Equities

BelgiumBimzelx BE BOLD investor call feedback

Pharmaceuticals

12-month rating Buy

Bimzelx P3 BE BOLD vs Skyrizi in psoriatic arthritis - investor call feedback

UCB is a top pick in European pharma given its sector leading growth, potential for 12m price target €330.00

margin expansion and more importantly, no major patent cliff until mid 2030s. Despite

the impressive performance for the last few years, we still see more upside to Bimzelx,

Price (08 Jun 2026) €261.00

the key driver at UCB. Our EUR8.8bn peak sales (16% above consensus) for Bimzelx is

largely driven by our higher expectation of Bimzelx in rheumatology indications RIC: UCB.BR BBG: UCB BB

including psoriatic arthritis (PsA) and AxSpa. We believe the positive P3b BE BOLD study

Trading data and key metrics

for Bimzelx versus Skyrizi in psoriatic arthritis is a key data point that could drive

52-wk range €285.40-155.15

accelerated uptake in PsA, assuming increased access in 2027. UCB hosted capital

market briefing on BE BOLD data with two KOLs professor Iain McInnes and professor Market cap. €50.8b/US$58.6b

Joe Merola. Shares o/s 195m (ORD)

Free float 61%

BE BOLD data summary Avg. daily volume ('000) 262

Primary endpoint: The P3 Bimzelx BE BOLD study in PsA (NCT06624228) is a Avg. daily value (m) €65.3

head to head study for Bimzelx versus Skyrizi. The primary endpoint is ACR50 Common s/h equity (12/26E) €12.3b

(≥50% improvement in signs and symptoms of PsA measured by ACR scores) at P/BV (12/26E) 4.1x

week 16 (Figure 1PrimaryendpointofBimzelxP3bBEBOLDstudyversusSkyriziinpsoriaticarthritis).Figure 1PrimaryendpointofBimzelxP3bBEBOLDstudyversusSkyriziinpsoriaticarthritis Net debt to EBITDA (12/26E) NM