UCB (UCB) H2 2024 earnings summary

Executive summary

• Revenue grew 17% year-over-year to €6,152 million, with net sales up 15% to €5,613 million, driven by strong performance of BIMZELX, EVENITY, FINTEPLA, RYSTIGGO, and ZILBRYSQ, and five key growth products collectively generating over €1.3 billion, tripling last year's figure.

• Bimzelx achieved significant market share in dermatology and rheumatology, with expanded patient access and favorable coverage, and over 10,000 rheumatology patients in 2024.

• Rystiggo and Zilbrysq launches accelerated, establishing a differentiated gMG portfolio, with Rystiggo reaching over 7,600 patients in more than 30 countries.

• Profit surged to €1,065 million from €343 million in 2023, driven by revenue growth and a €578 million gain from the China portfolio divestment.

• Continued commitment to innovation, sustainability, and value creation, with ESG leadership recognized by Sustainalytics, CDP, and SBTi validation for Net Zero targets.

Financial highlights

• Net sales reached €5.6 billion, up 15% (17% at constant rate), with revenues totaling €6.15 billion, a 17% increase.

• Adjusted EBITDA rose 9% to €1,476 million, with margin at 24%.

• Core EPS increased 19% to €4.98 per share, excluding the China divestment impact, based on 190 million shares.

• Adjusted gross margin improved by 1.5 percentage points to 78.3%.

• Operating cash flow from continuing operations increased 63% to €1,242 million, and net debt decreased by 33% to €1,454 million.

Outlook and guidance

• 2025 revenue guidance is €6.5–€6.7 billion, with like-for-like growth of 14–17%.

• Adjusted EBITDA margin expected to reach 30%, a 600 basis point improvement.

• Core EPS forecasted at €6.80–€7.40, with a tax rate around 15%.

• Growth to be driven by BIMZELX, FINTEPLA, RYSTIGGO, ZILBRYSQ, EVENITY, and BRIVIACT, with CIMZIA volume growth offset by pricing pressure.

• Continued investment in R&D and global launches, with cost discipline and active portfolio management.