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UCB SA
(OTC:UCBJY)
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Rating:70Outperform
Price Target:
$141.00
▲(9.12% Upside)
Action:Upgraded
Date:08/03/26
The score is supported primarily by solid financial performance (notably improving earnings and much stronger operating/free cash flow) and a constructive earnings call with upgraded guidance and strong H1 results. These positives are tempered by clearly bearish technical signals (price below all major moving averages and negative MACD) and only moderate valuation support given the low dividend yield.
Positive Factors
BIMZELX growth and commercial momentum
Rapid BIMZELX adoption across psoriasis, rheumatology and HS provides a scalable growth engine. Broad approvals, expanding patient use and higher peak-sales expectations can support durable revenue growth and offset mature brands.
Negative Factors
BRIVIACT loss of exclusivity
Generic competition creates a substantial, visible erosion risk for an established neurology product. The expected decline can weigh on portfolio stability and require successful launches and pipeline assets to replace lost cash flows.
Read all positive and negative factors
Positive Factors
Negative Factors
BIMZELX growth and commercial momentum
Rapid BIMZELX adoption across psoriasis, rheumatology and HS provides a scalable growth engine. Broad approvals, expanding patient use and higher peak-sales expectations can support durable revenue growth and offset mature brands.
Read all positive factors
UCB SA (UCBJY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$46.55B
Dividend Yield0.7%
Average Volume (3M)10.45K
Price to Earnings (P/E)18.2
Beta (1Y)0.39
Revenue Growth33.51%
EPS Growth76.56%
CountryUS
Employees10,117
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)5.81
Shares Outstanding389,011,320
10 Day Avg. Volume18,711
30 Day Avg. Volume10,454
Financial Highlights & Ratios
PEG Ratio0.76
Price to Book (P/B)4.16
Price to Sales (P/S)6.08
P/FCF Ratio25.02
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)6.72
Revenue Forecast (FY)$10.05B
UCB SA Business Overview & Revenue Model
Company Description
UCB S.A. is a biopharmaceutical enterprise dedicated to developing innovative treatments and solutions for individuals living with neurological and immunological diseases. Its primary product, Cimzia, addresses a spectrum of inflammatory TNF-media...
How the Company Makes Money
UCB makes money primarily by selling prescription medicines worldwide. Its core revenue stream is net product sales of its branded therapies to healthcare wholesalers, distributors, hospitals, and pharmacies (depending on the country and channel),...
UCB SA Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance in H1 2026: robust top-line growth, expanding margins and EBITDA, upgraded guidance, and clear commercial momentum for key growth drivers (notably BIMZELX) alongside meaningful pipeline and strategic acquisitions positioning the company for sustained longer-term growth. Notable risks include BRIVIACT loss of exclusivity with large expected sales declines, anticipated net price pressure from recent access wins (near-term H2 price erosion before volume benefits), increased G&A and integration costs from acquisitions, and competition/heterogeneity risks in HS. On balance, the positive execution, upgraded guidance and attractive pipeline developments outweigh the near-term headwinds.Positive Updates
Strong Top-Line Growth
Total net sales grew 23% to EUR 4.1 billion in H1 2026; total revenue increased 22% (27% at constant exchange rate) to EUR 4.3 billion.
Negative Updates
BRIVIACT Loss of Exclusivity and Sharp Decline
BRIVIACT net sales were EUR 327 million, down 13% in H1 2026 due to generics; company expects an ~80% decline in the U.S. over 12 months from loss of exclusivity and ~50% decline in Europe when exclusivity is lost.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total net sales grew 23% to EUR 4.1 billion in H1 2026; total revenue increased 22% (27% at constant exchange rate) to EUR 4.3 billion.
Read all positive updates
Company Guidance
UCB upgraded full-year guidance, now expecting revenue growth in the low‑teens to mid‑teens at constant exchange rates and adjusted EBITDA growth in the mid‑teens to low‑20s at CER, with a core tax rate around 15% and a target R&D spend of about 25% of sales for the year (noting some H2 phasing and the impact of the Neurona/Candid acquisitions). This follows a strong H1: total revenue EUR 4.3bn (+22% reported, +27% CER), net sales EUR 4.1bn (+23%), adjusted gross profit EUR 3.5bn (+27%, gross margin 82%), adjusted EBITDA EUR 1.7bn (+68%, 79% CER) and an H1 EBITDA margin of 40.7%; group profit was EUR 1.1bn and core EPS EUR 6.84, with net financial debt of EUR 2.8bn. Management flagged H2 headwinds/phasing including BRIVIACT loss of exclusivity (expected ~80% U.S. decline over 12 months and ~50% decline in Europe from August), the absence in H2 of ~EUR 100m prior‑year gross‑to‑net benefit that helped H1, and anticipated net‑price pressure from a large June access contract (with volume benefits expected later); EVENITY contributed EUR 379m to other operating income and is expected to grow faster than the top line, while BIMZELX peak sales are reiterated at at least EUR 7bn.UCB SA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
76
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.58B | 7.44B | 6.15B | 5.25B | 5.52B | 5.78B |
| Gross Profit | 6.29B | 5.29B | 4.40B | 3.54B | 3.84B | 4.34B |
| EBITDA | 3.36B | 1.72B | 1.96B | 1.28B | 1.17B | 1.59B |
| Net Income | 2.21B | 1.50B | 1.06B | 343.00M | 418.00M | 1.06B |
Balance Sheet | ||||||
| Total Assets | 20.62B | 18.15B | 17.35B | 15.54B | 15.87B | 14.21B |
| Cash, Cash Equivalents and Short-Term Investments | 796.67M | 2.47B | 1.76B | 923.00M | 1.14B | 1.48B |
| Total Debt | 3.59B | 2.24B | 3.03B | 3.04B | 2.90B | 2.12B |
| Total Liabilities | 8.98B | 7.29B | 7.32B | 6.56B | 6.80B | 5.82B |
| Stockholders Equity | 11.65B | 10.86B | 10.03B | 8.97B | 9.06B | 8.39B |
Cash Flow | ||||||
| Free Cash Flow | 1.47B | 1.81B | 920.00M | 445.00M | 748.00M | 1.06B |
| Operating Cash Flow | 1.88B | 2.08B | 1.24B | 761.00M | 1.12B | 1.55B |
| Investing Cash Flow | -2.97B | -373.65M | 282.00M | -440.00M | -1.58B | -487.00M |
| Financing Cash Flow | 196.25M | -1.04B | -818.00M | -308.00M | 70.00M | -1.12B |
UCB SA Technical Analysis
Negative
129.21
Price Trends
133.87
Negative
138.65
Negative
143.05
Negative
Market Momentum
-2.06
Negative
37.35
Neutral
34.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UCBJY, the sentiment is Negative. The current price of 129.21 is above the 20-day moving average (MA) of 127.26, below the 50-day MA of 133.87, and below the 200-day MA of 143.05, indicating a bearish trend. The MACD of -2.06 indicates Negative momentum. The RSI at 37.35 is Neutral, neither overbought nor oversold. The STOCH value of 34.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for UCBJY.
UCB SA Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $15.82B | 22.08 | 21.13% | ― | 34.42% | 102.44% | |
81 Outperform | $65.04B | 37.62 | 21.66% | ― | 70.57% | 30.28% | |
80 Outperform | $85.22B | 19.76 | 13.81% | 0.45% | 9.29% | 0.38% | |
76 Outperform | $16.02B | 16.24 | 21.37% | ― | 12.59% | ― | |
70 Outperform | $46.55B | 18.23 | 19.48% | 0.70% | 33.51% | 76.56% | |
64 Neutral | $12.88B | 175.08 | 1.18% | ― | 13.69% | -89.03% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
UCBJY
UCB SA
122.32
-0.76
-0.61%
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NBIX
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8.23%
REGN
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827.72
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48.98%
ARGX
Argenx Se
1,033.15
265.15
34.52%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.