Jefferies downgrades UCB on Bimzelx slowdown

UCB SA

27/10/2025 06:53

** Jefferies cuts Belgian biopharmaceutical group UCB UCB.BR to "underperform" from "buy", citing signs of slowing growth for its inflammation drug Bimzelx

** The broker sees 10%-15% downside to Bimzelx estimates from 2026 and beyond, due to recent slowing of U.S. volumes trends and a lower dynamic of the hidradenitis suppurativa, a chronic skin disease, market

** It notes the stock almost exclusively trades around Bimzelx's trajectory with 50% of the revenues in the 2030 consensus derived from the product

** "The stock is too expensive to tolerate a slowdown in growth, but granular volume analysis suggests Bimzelx-driven upgrades are unlikely in the near term," it adds

** Out of 21 analysts that cover UCB, 17 rate the stock "strong buy" or "buy, "​three rate it "hold" and one rates the stock "strong sell"​​ - LSEG data

(Reporting from Mathias de Rozario In Gdansk)

((mathias.derozario@thomsonreuters.com))