UCB SA

UCB: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€43.00	Vzpg	Rgwnbxnk

UCB Earnings: Generic Erosion Weighs on Sales as Pipeline Candidates Continue To Develop

Rachel Elfman

Jul 31, 2023

UCB reported half-yearly revenue of EUR 2.6 billion, representing an 11% decline year over year due to generic erosion having an impact on some of the company’s drugs. We maintain our fair value estimate of EUR 99 per share and no-moat rating for UCB. The stock is currently trading in 4-star territory, about 19% below our fair value estimate. Our no-moat rating is due to ongoing generic erosion and upcoming patent losses that will weaken UCB’s intangible assets.

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