UCB: A rebound for growth drivers in Q2 and a confirmed guidance

BUY, Fair Value EUR59 (+41%)

News published on July Wednesday 31, 2013
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UCB released Q2 results this morning. Total revenues achieved EUR1,657m (-3% in actual rates and
-1% in cst) showing a net rebound in sales for Cimzia and Vimpat vs the beginning of the year. All in all sales for growth drivers (Cimzia, Vimpat and Neupro) were better than expectations whereas Keppra proved more resilient than expected. Core EPS stood at EUR0.90. UCB maintains its financial guidance for the year, i.e. approximately EUR3.4bn in revenue, an EBITDA reaching the EUR680-710m range and a core EPS expected in the corresponding range of EUR1.90-2.05.

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