UCB (UCB) H2 2025 earnings summary

Executive summary

• Net sales grew 35% year-over-year at constant exchange rates, driven by five key growth drivers, with BIMZELX® net sales exceeding €2.2 billion and strong global uptake, especially in the U.S.

• Significant pipeline progress included U.S. approval and CHMP positive opinion for Kygevvi, positive phase II for bepranemab in Alzheimer's, and advancement of galvokimig in atopic dermatitis and respiratory indications.

• Strategic $5 billion investment announced for a U.S. manufacturing site and expansion of the CMO network to support future BIMZELX® production and innovation.

• Fully deleveraged balance sheet, supported by strong cash flow and disciplined cost management.

• Specialty and rare disease portfolio (RYSTIGGO, ZILBRYSQ, Fintepla) delivered over €500 million in combined net sales, with expanding patient reach.

Financial highlights

• Total revenues reached €7.7 billion, up 26% (29% at constant exchange rates); net sales were €7.4 billion, up 32% (35% at constant exchange rates).

• Adjusted EBITDA margin improved to 34% (31.4% excluding one-offs), up from 24% in FY 2024.

• Core EPS more than doubled to €9.99, with a tax rate of 14%.

• Adjusted gross margin improved to 79.2%, driven by favorable product mix.

• Operating expenses were €3.7 billion, up 5% year-over-year.

Outlook and guidance

• 2026 revenue expected to grow high single to low double digits at constant exchange rates, led by BIMZELX® and other growth drivers.

• Adjusted EBITDA growth projected in the high teens to high twenties percent, outpacing revenue growth.

• Tax rate expected to rise to around 20%, with foreign exchange potentially impacting growth by -3 ppts on revenue and -7 ppts on EBITDA.

• Guidance excludes potential impacts from MFN or tariffs; external environment closely monitored.

• Continued investment in five growth drivers, R&D, and expansion of BIMZELX® access.