UCB on Growth Path for a Decade Plus
- Revenue in 2023 reached € 5.25 billion (-5%; -6% CER1), net sales were € 4.87 billion (-5%; -6% CER1) – in-line with financial guidance
- Strong performance by newly launched growth drivers (net sales growth at Act rates): EVENITY® +140%, FINTEPLA® +94%, BIMZELX® +323%. RYSTIGGO® with € 19 million since July, ZILBRYSQ® launched globally since Q1 2024
- Underlying profitability (adj. EBITDA2) was € 1.35 billion (+7%; -1% CER1), 25.7% of revenue – better than the guidance due to higher EVENITY® contribution and good cost management
- U.S. FDA accepted the filings of BIMZELX® for psoriatic arthritis (PsA), non-radiographic axial spondyloarthritis (nr-axSpA) and ankylosing spondylitis (AS). The application for hidradenitis suppurativa (HS) has also been submitted to FDA. FDA action and potential approvals expected for all indications before the end of 2024
- Financial guidance for 2024: Revenue expected to grow to € 5.5-5.7 billion, adjusted EBITDA2 23.0-24.5% of revenue, Core EPS3 of € 3.70-4.40
BRUSSELS, Feb. 28, 2024 /PRNewswire/ -- UCB Full-Year Report 2023 – regulated information
"Our 2023 performance showcases our unwavering commitment to ensuring people with severe diseases can live the life they like, as free as possible from challenges of disease, reaching more than 3.2 million patients globally with severe immunological and neurological conditions. In the last 14 months we obtained 14 approvals, across 6 patient populations and across 3 continents, fuelling our growth for a decade plus. As an example, superior patient experience and UCB's dedication have allowed to double the number of patients using BIMZELX ® in Europe over six months," Jean-Christophe Tellier, CEO UCB commented. "For future growth, we are studying innovative, potential medicines for 10 patient populations in 12 clinical development programs with expected news flow in 2024. What guides us is our belief that everyone deserves to live the best life that they can. We are therefore pleased with the growing access to our medicines across geographies, and we continue to decrease our greenhouse gas emissions in line with our commitment to reach net zero emissions."
FY 2023 revenue reached € 5.25 billion (-5%; -6% CER1). Net sales reached € 4.87 billion (-5%; -6% CER1), based on the stable performance of CIMZIA® and the strong growth of BRIVIACT®, FINTEPLA® and BIMZELX®. As expected, this was more than offset by the contracting effects from the losses of exclusivity of two products.
Underlying profitability (adjusted EBITDA2) reached € 1.35 billion (7%; -1% CER1), despite lower revenue due to the losses of exclusivity, higher operating expenses – reflecting the investments into the future growth of UCB, namely into product launches - and compensated by higher operating income.
Profit amounted to € 343 million (-18%; -34% CER1). Core EPS3 were € 4.20 after € 4.37 in 2022. The Board of Directors of UCB proposes a dividend of € 1.36 per share (gross), + 3 cents.
Sandrine Dufour, CFO UCB says: "A year with good product growth and strong launches - we are pleased to deliver again solid financial results. As expected, we're seeing the impacts from the losses of exclusivity for two products diminishing in the second half and thanks to the strong revenue performance of our growth assets, we returned to growth in the second half with almost +3%. Continued smart resource allocation and a strong contribution from EVENITY® enabled us to invest in the product launches. In 2024, we will accelerate our investments launching three products around the globe, including a direct to consumer (DTC) campaign in the U.S. for BIMZELX®, previously slated for 2023. We are on our way to deliver growth for a decade plus. Our financial guidance for 2024 foresees a growing top line and an almost stable adjusted EBITDA margin. Our commitment for 2025 for growing the top line to at least € 6 billion and an improved margin stands."
Regulatory and Clinical Pipeline Update
UCB continuously innovates and strives to find new ways to deliver solutions to people living with severe immunological and neurological diseases, leading in 2023 to a clinical development pipeline with 12 clinical programs ongoing spanning 10 different medicines, set to help 10 different patient populations. Since January 2023 and in the key regions U.S., EU and Japan, UCB obtained 14 approvals across six patient populations. 8 regulatory reviews are ongoing. Below the details since the Half-Year Report 2023:
Regulatory Update
In June 2023, E KEPPRA® (levetiracetam) was approved in Japan for the treatment of partial-onset epileptic seizures in young patients (1m-
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