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UCB Reports 1Q Sales Results

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UCB (UCBJF - Free Report) recently reported sales figures for the first quarter of 2012. Revenues for the quarter came in at €877 million, down 1.8% from the prior-year period. Revenues primarily comprise of sales of Cimzia, Vimpat, Neupro and Keppra.

While Cimzia (Crohn’s disease and rheumatoid arthritis) sales went up 41% to €97 million during the period, Vimpat (epilepsy) sales came in at €76 million, reflecting an increase of 62%. Neupro, which is marketed as a treatment for Parkinson’s disease and restless legs syndrome, recorded sales of €27 million, up 25% from the year-ago sales.

However, sales of Keppra, another epilepsy treatment, declined 19% to €222 million in the first quarter of 2012. The drug lost patent protection in the US in January 2009 and in the European Union (EU) in September 2010, as a result of which it has been facing generic competition.

We note that despite a decline in the sales of Keppra, the drug constituted more than 25% of the quarter’s total revenue. The sales of other three drugs – Cimzia, Vimpat and Neupro – accounted for about 23% of the quarter’s revenues.

Outlook for 2012

Along with reporting sales results for the first quarter of 2012, UCB also reiterated its guidance for 2012. The company expects 2012 adjusted earnings per share to be in the range of €1.60 to €1.70, on revenues of €3.1 billion.

Further, UCB anticipates 2012 results to be driven by the continued sales of Cimzia, Vimpat and Neupro.

Our View

We currently have a Zacks #5 Rank (short-term Strong Sell rating) on UCB.

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