UCB SA

UCB: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€28.00	Gxmm	Flqyqypm

No-Moat UCB Reports Solid 2021 Results, 2022 Guidance on Lighter Side; Maintaining Our EUR 100 FVE

Rachel Elfman

Mar 1, 2022

No-moat UCB reported full-year results largely in line with our expectations, with overall revenue of EUR 5.8 billion, up about 8% from 2020. In our view, management’s 2022 full-year guidance, which included sales between EUR 5.15 billion-EUR 5.4 billion and core EPS of EUR 4.80-EUR 5.30 per share, seemed on the lighter side even with upcoming patent losses impacting revenue. After adjusting our model, we are maintaining our EUR 100 fair value estimate, no-moat, and negative trend ratings. Our long-term views remain unchanged as many of UCB’s currently marketed products face patent expirations over our forecast period.

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