Belgian pharma giant UCB (Belgian Chemical Union) is raising its revenue forecast for the year to €6 billion, citing strong performance of key products and the sale of rights to two medications.
Brussels-headquartered UCB is a multinational pharmaceutical company which employs 9,000 people across nearly 40 countries, and mainly develops treatments for people with immunological and neurological diseases.
It is one of the top 20 companies listed on the Belgian stock exchange's benchmark index, the BEL 20, and generated revenue of €5.3 billion last year.
UCB has now upgraded its revenue forecast for 2024, from the "upper end of the range of €5.5 to €5.7 billion" to €6 billion.
Sale of two medicines
UCB said this is partly due to the sale of rights to two medicines, Atarax and Nootropil. The company has sold the sale rights for Europe and selected countries in Latin America and Asia-Pacific to Advanz Pharma.
Atarax is an anti-allergy drug, and Nootropil is a medication for memory and intellectual disorders. In 2023, the two products generated net sales of €64 million.
Strong performance of key products
The biopharmaceutical company also reported robust sales of Bimzelx (a treatment for plaque psoriasis) and Rystiggo (a treatment for myasthenia gravis).
As well as forecasting revenues of €6 billion this year, UCB said it expects its adjusted EBITDA (earnings before interests, taxes, depreciation and amortisation) margin to reach the upper end of between 23% and 24.5%. Core earnings per share are now projected to be between €4.25 and €4.65 billion.
"We are pleased with the successful closure of the sale, which, combined with the strong performance of our key growth drivers, enhances our outlook for 2024," said Sandrine Dufour, CFO of UCB.
"This reflects our balanced strategy of managing our portfolio of established brands while continuing to invest in global launches and innovation, positioning us to achieve our ambitious targets for 2025 and beyond," she said.
