UCB Earnings: Strong Uptake of Bimzelx Drives Growth as Generics Weigh on Portfolio

UCB reported solid half-year results in line with our expectations, highlighted by revenue of EUR 2.79 billion, representing 8% growth year over year. Psoriasis drug Bimzelx has had a strong launch, and the number of patients globally using the drug has exceeded 35,000. We forecast Bimzelx will be a major growth driver for UCB over our 10-year forecast, as it is on track to become a blockbuster drug, generating over EUR 1 billion in sales as early as 2025. UCB is working to expand Bimzelx into additional disease indications, which will help expand its addressable patient population. Positive long-term safety and efficacy data for Bimzelx should also help increase patient uptake, as most patients treated for moderate to severe plaque psoriasis achieved complete skin clearance at year four. We anticipate Bimzelx could account for more than 40% of total company sales by 2033.