UCB: Pipeline Makes Progress Amid Pressure From Generics; EUR 99 Fair Value Estimate Maintained

UCB remains focused on expanding its addressable patient population and developing its pipeline as the company continues to face generic competition. UCB received positive opinions from the European Medicines Agency for two additional indications of Bimzelx (bimekizumab) for the treatment of adults with active axial spondyloarthritis and for adults with active psoriatic arthritis based on data from phase 3 studies. If approved by the European Commission, these would represent the second and third indications for bimekizumab in the EU, following its initial approval for the treatment of moderate to severe plaque psoriasis in 2021. We forecast Bimzelx could contribute about EUR 1.5 billion in revenue globally in 2027.