UCB (UCB) Bank of America Global Healthcare Conference summary

Strategic growth outlook

• On a 10-year growth trajectory, supported by over a decade of exclusivity for BIMZELX, which is the largest growth driver.

• H1 net sales grew 27% with strong EBITDA and margin expansion, leading to upgraded financial guidance and revised BIMZELX peak sales expectations of at least €7 billion.

• Focus remains on shaping future growth beyond current commercial assets, with continued investment in innovation and external acquisitions like Neurona and Candid.

• Pipeline prioritization centers on assets with long-term growth potential, notably galvokimig and cizutamig, targeting multiple indications and autoimmune diseases.

• Business development strategy emphasizes early-stage pipeline investments, with major data readouts expected from 2027 onward to inform future inorganic moves.

BIMZELX performance and market strategy

• BE BOLD study established BIMZELX’s superiority over SKYRIZI in joints and confirmed a strong safety profile, supporting differentiation in both rheumatology and dermatology.

• Five-year efficacy data in psoriasis, four years in psoriatic arthritis, and three years in hidradenitis suppurativa (HS) underpin confidence in sustained growth.

• HS is emerging as a solid number two indication after psoriasis, with ongoing efforts to elevate disease awareness and expand market potential.

• Revised peak sales guidance for BIMZELX includes risk-adjusted contributions from PPP and adolescent trials.

• Access strategy prioritizes steady progress over aggressive rebates, achieving 80% commercial coverage and significant Medicare/Medicaid access, with recent first-line PBM wins.

Commercial execution and competitive positioning

• Targeted approach to PBM contracts has accelerated share gains, with over 9,000 weekly scripts and comfort with consensus of €3.2 billion BIMZELX sales for the year.

• Direct-to-consumer advertising is strategically calibrated to maximize awareness, especially in HS, and is expected to be accretive to growth.

• Access investments are not viewed as price cuts but as channel mix evolutions, with volume growth expected to offset net price changes.

• Leadership in HS is a key assumption, supported by long-term efficacy data and real-world evidence, with competition expected to help grow overall market awareness.

• Ongoing investment in scientific data and awareness is prioritized ahead of competitive launches, aiming to shorten diagnostic timelines and expand the eligible patient pool.