UCB (UCB) H1 2025 earnings summary

Executive summary

• Achieved record-breaking first-half 2025 results with net sales up 26% to as high as €3.32 billion, driven by five key growth drivers and strong execution of patient value strategy, especially BIMZELX®.

• BIMZELX® quadrupled sales to nearly €800 million, expanded to 50 countries, and treated over 82,000 patients, with significant market share gains in psoriasis and hidradenitis suppurativa.

• Significant pipeline progress with positive results in multiple Phase 2 and 3 studies, including Parkinson's, atopic dermatitis, and rare epilepsies.

• Expanded U.S. manufacturing footprint with up to $5 billion greenfield investment, supporting future growth and patient access.

• Recognized for sustainability leadership, maintaining top sector rankings and advancing ESG commitments.

Financial highlights

• Net sales reached up to €3,321 million, up 26% year-over-year, with robust contributions from BIMZELX®, FINTEPLA®, RYSTIGGO®, ZILBRYSQ®, EVENITY®, and BRIVIACT®.

• Adjusted EBITDA rose 58% to €1,033 million, with margin up to 29.6% from 23.4% year-over-year.

• Core EPS increased 69% to €3.53 per share.

• Adjusted gross margin improved to 79%, driven by favorable product mix.

• Operating expenses grew 15%, below net sales growth, reflecting operating leverage.

Outlook and guidance

• Upgraded 2025 guidance: revenue expected to reach at least €7 billion, adjusted EBITDA margin at or above 30%, and core EPS at least €7.25 per share.

• Continued strong momentum expected for key growth drivers, especially BIMZELX®, with stable pricing outside the U.S.

• Anticipate ongoing price erosion for CIMZIA® and currency headwinds, but EBITDA is protected by hedging.

• No material impact expected from potential U.S. tariffs in 2025 due to proactive inventory management.

• Continued investments planned in global launches and R&D pipeline.