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UCB (UCBJF) Posts 1H16 Results, Reaffirms 2016 Guidance
UCB S.A. (UCBJF - Free Report) reported results for the first six months of 2016. Revenues were up 5% year over year at constant exchange rates (CER) to €2.0 billion ($1.8 billion) driven by strong sales of the company’s main products – Cimzia, Vimpat and Neupro.
All growth rates mentioned below are on a year-over-year basis and at CER.
Quarterly Highlights
Cimzia sales soared 24% to €602 million driven by expanded patient access for inflammatory tumor necrosis factor-mediated diseases.
Vimpat sales surged 18% to €379 million on the back of strong demand in the epilepsy indication. Neupro, approved for the treatment for Parkinson’s disease and restless legs syndrome, generated sales of €143 million, up 12%.
However, sales of anti-epileptic drug, Keppra, declined 8% to €354 million due to the impact of different shipment patterns.
Pipeline Update
UCB continues to progress with the candidates in its pipeline. The company, along with Amgen Inc. (AMGN - Free Report) , submitted a Biologics License Application (BLA) for romosozumab in the U.S. for the treatment of osteoporosis in postmenopausal women at increased risk of fracture.
Moreover, the company, in collaboration with Biogen Inc. (BIIB - Free Report) , initiated a phase IIb program on dapirolizumab pegol for the treatment of systemic lupus erythematosus. Results from the study are expected in the second half of 2018.
UCB SA Price
UCB SA Price | UCB SA Quote
Outlook Maintained
UCB reiterated its guidance for 2016. The company expects revenues of approximately €4.0–€4.1 billion and core earnings per share of €2.90–€3.20.
Our Take
UCB’s first-half 2016 results were impressive, wherein solid revenue growth was driven by the company’s main products. We are encouraged by UCB’s efforts on growing its epilepsy portfolio with launch of Briviact in the U.S. and the EU, as well as the approval of Vimpat in Japan.
UCB currently carries a Zacks Rank #3 (Hold). Nektar Therapeutics (NKTR - Free Report) is a better-ranked stock in the health care sector, sporting a Zacks Rank #1 (Strong Buy).
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