UCB 1H‘26 results - underwhelming, but does not deserve -14%

Research evidence excerpt

UCB 1H‘26 results - underwhelming, but does not deserve -14%

line (with acquisitions) were better than last November. While UCB faces competitor

12/27E 13.21 13.44 2 13.12

readouts in H2'26, which adds pressure on sentiment, UCB is trading at 13x / 11x 12/28E 15.76 16.10 2 15.79

2028/29 P/E, broadly in line with sector average despite sector leading growth with no

major patent cliff. We think the valuation becomes hard to justify at this level, reiterate Xian Deng, PhD, CFA

Buy. Analyst

xian.deng@ubs.com

+44-20-7901 6285

Our key takeaways from the call include:

Nusrat Hossain

Bimzelx near term: UCB commented that near term net price erosion expected Associate Analyst

for Bimzelx, as UCB improved mix towards 1L coverage as of June for Bimzelx. This nusrat.hossain@ubs.com

is from a contract with one major payor, now with Bimzelx in 1L in all indications. +44-20-7883 1586

Management commented that this contract is from a payor with no 1L coverage Matthew Weston, PhD

for Bimzelx previously. Management believes that this will bring +ve volume Analyst

impact especially in the longer term. Having said that, when asked about matthew.weston@ubs.com

VA consensus Bimzelx FY26 sales at EUR3.3bn, management commented that +44-20-7567 4055

they are "comfortable" with consensus, despite net price erosion in H2. UCB

confirmed that one major payor still excludes Bimzelx in HS.

Bimzelx HS competitor landscape: When asked about competitor P3 readouts

(NOVN BTKi remibrutinib P3 and ABBV's IL-1 lutikizumab both due H2'26),

management commented that IL17A/F plays a very central role in HS, and they do

not see any pipeline assets that could deliver superior efficacy than Bimzelx from

Highlights (€m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E