Ucb SA

F:UNC0

Strong first half: UCB said total net sales rose 23% to EUR 4.1 billion and revenue rose 22% to EUR 4.3 billion, with growth driven mainly by its five growth products and solid CIMZIA performance.

BIMZELX momentum: Management raised BIMZELX peak sales potential to at least EUR 7 billion, citing broad launch progress, new superiority data in psoriatic arthritis, and expanding access.

Guidance up: UCB upgraded full-year 2026 guidance for both revenue and EBITDA, while noting second-half phasing effects from BRIVIACT LOE, prior-year gross-to-net benefits, and new BIMZELX access terms.

Pipeline expansion: The company advanced bepranemab into confirmatory Phase II, moved galvokimig into respiratory indications, and said cizutamig will enter Phase II exploratory studies in 2026.

BD active: UCB completed four acquisitions in the half, including Candid Therapeutics and Neurona, to deepen its immunology and epilepsy franchises.

Questions focused on pricing: Analysts pressed management on BIMZELX net price pressure from improved access; UCB said it is comfortable with Visible Alpha 2026 consensus and expects volume gains to build over time.