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UCB SA (UCBJF) recently reported sales figures for the first nine months of 2012. Sales for the first nine months of 2012 came in at €2,565 million, up 5% on a reported basis and flat at constant exchange rates (CER).

Revenues primarily include sales of Cimzia, Vimpat, Neupro and Keppra. All growth rates mentioned below are on a year-on-year basis and at CER.

Cimzia (Crohn’s disease and rheumatoid arthritis) sales went up 41% to €334 million during the period, and Vimpat (epilepsy) sales came in at €237 million, reflecting an increase of 44%. Neupro, which is marketed as a treatment for Parkinson’s disease and restless legs syndrome, recorded sales of €93 million, up 32%.

However, sales of Keppra, another epilepsy treatment, declined 16% to €652 million in the first nine months of 2012. Sales were hurt by generic competition primarily in North America and Europe.

Outlook Maintained

The company continues to expect 2012 adjusted earnings per share of approximately €1.70 on revenues of €3.2 billion. UCB expects Cimzia, Vimpat and Neupro to continue performing well in the remaining quarter of 2012.

UCB expects combined sales of Cimzia, Vimpat and Neupro to achieve peak sales target of at least €3.1 billion in the 2015-2020 period.

The company is currently facing generic competition for Keppra, Zyrtec and Tussionex. In such a scenario, it is crucial for the company’s pipeline to deliver.

UCB has several late-stage candidates in its pipeline, which if developed successfully, would help to replace revenues lost to generic competition. UCB is also working on expanding the label of currently marketed products, such as Cimzia. We note that the company has collaborated with AstraZeneca (AZN - Analyst Report) to register and commercialize Cimzia in Brazil.

We currently have a Zacks #3 Rank (short-term Hold rating) on the stock.

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