UCB shares slip as outlook falls short of expectations

UCB SA

26/02/2026 10:42

** Shares in pharmaceutical UCB  UCB.BR fall around 3%, paring losses of more than 6%, on worse-than-expected guidance

** Jefferies says "falls short of expectations", adding prescription trends in Bimzelx, UCB's star drug, suggest there is sense to the lower-than-expected outlook

** The Belgian bio-tech sees revenue growing by high-single- to low-double-digits and adj. EBITDA growing by high-teens to high-twenties

** "This is meant to be a growth stock (...) you probably wouldn't pay a six times revenue multiple for something that is growing in the single digits," Jefferies adds

** UCB reports FY adjusted EBITDA of EUR 1.6 billion euros ($1.89 billion), above consensus cited by ING, but, as KBC Securities points out - mainly due to one-offs

($1 = 0.8477 euros)

(Reporting by Jakob Van Calster)

((jakob.vancalster@thomsonreuters.com))