UCB S.A.

In the first half of 2026, UCB reported total revenue of EUR 4.3 billion, up 22% reported and 27% at constant rates, and net sales of EUR 4.1 billion, up 23%. Adjusted gross profit was EUR 3.5 billion, up 27%, with gross margin improving to 82%; adjusted EBITDA was EUR 1.7 billion, up 68% reported and 79% at constant rates, with EBITDA margin at 40.7%. Core EPS was EUR 6.84, almost double year on year, and group profit rose to EUR 1.1 billion from EUR 475 million. On the balance sheet, net financial debt was EUR 2.8 billion. For the full year, management raised guidance to low-teens to mid-teens revenue growth at constant exchange rates, mid-teens to low-20s EBITDA growth, and a core tax rate around 15%.

Jean-Christophe Tellier struck a confident tone, framing the first half as evidence that UCB’s strategy of innovation and focus is paying off. He emphasized that the five current growth drivers already account for more than half of revenue and said BIMZELX now gives the company unusually long visibility, with exclusivity not expected until 2037. He also highlighted the BE BOLD superiority result, life-cycle expansion plans, and multiple business development moves as part of building growth beyond 2035.

Sandrine Dufour focused on strong top-line growth, margin expansion, and disciplined investment. She said adjusted gross profit reached EUR 3.5 billion with gross margin at 82%, supported by favorable product mix and a prior-year gross-to-net adjustment, while OpEx grew only 2% on a reported basis to EUR 1.9 billion, showing operating leverage. She noted R&D was EUR 903 million, expects the full-year R&D ratio to be closer to 25% partly due to phasing and the Neurona/Candid acquisitions, and said net financial debt ended at EUR 2.8 billion. She also said the company expects gross margin to improve for the full year versus 2025 and that guidance does not include any impact from potential NFN or tariffs.

Analysts focused heavily on BIMZELX pricing, access, and volume trends after the June payer contract change. Management said it is comfortable with Visible Alpha consensus for 2026 but would not quantify net price changes, explaining that improved access means higher near-term pricing erosion with later volume benefits; they also said the June contract moved one large PBM to first-line across all indications. Questions also probed whether BE BOLD will change prescriber trends, whether HS competition could pressure pricing, and whether UCB’s business development appetite has shifted; management answered that BIMZELX momentum remains strong, HS is heterogeneous so competition may help overall market growth, and UCB still prefers early-stage deals but retains financial flexibility for the right opportunity.