UCB (UCB) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic positioning, vision, and growth outlook

• Positioned for a decade of growth, supported by innovation, sustainability, and patient-centric strategies.

• Five key growth drivers in immunology and neurology, with BIMZELX® leading and surpassing expectations.

• Loss of exclusivity for main products delayed until 2033–2037, providing long-term visibility.

• $5 billion investment in a new U.S. manufacturing facility to support regional production and innovation.

• Sustainability is embedded as a core business approach.

Financial performance and outlook

• 2025 outlook upgraded, projecting annual revenue of €6.15bn and adjusted EBITDA margin above 24%.

• 2025 revenue expected to exceed €7.6bn, with EBITDA margin over 31% (excluding brand sales).

• Strong balance sheet enables both organic and inorganic growth strategies.

• Disciplined execution aims to sustain long-term growth despite upcoming loss of exclusivity and pricing pressures in 2026.

• 2026 financial guidance to be provided in February 2026.

Innovation, pipeline, and execution

• Consistent high R&D investment, with 29% of revenue allocated to research and development.

• Recent launches include KYGEVVI for ultra-rare TK2d deficiency and promising multispecific antibodies like galvokimig.

• Bepranemab: first tau antibody to slow clinical decline in early Alzheimer's, with robust Phase 2 data.

• Dapirolizumab pegol for lupus is in a second Phase III trial, with high optimism for market impact.

• Multispecific antibodies are seen as the future for autoimmune disease treatment, with ongoing evaluation of galvokimig and donzakimig.