UCB (UCB) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 22% year-over-year to €4.27 billion, with net sales up 23% to €4.09 billion, driven by strong growth in BIMZELX®, RYSTIGGO®, ZILBRYSQ®, EVENITY®, and FINTEPLA®; five key growth products now account for over 50% of total revenue.

• Adjusted EBITDA increased 68% to €1.74 billion, with a margin of 40.7%; core EPS nearly doubled to €6.84.

• Upgraded full-year 2026 guidance due to robust performance, expanded market access, and strong BIMZELX® momentum, with new peak sales guidance above €7 billion.

• Advanced innovation pipeline with multiple Phase 2 and 3 studies, new regulatory filings, and acquisitions of IMIDomics, Neurona, Candid Therapeutics, and an in-licensed asset from Antengene.

Financial highlights

• Adjusted gross profit rose 27% to €3.5 billion, with gross margin improving to 82%.

• Adjusted EBITDA margin improved to 40.7% from 29.6% year-over-year.

• Core EPS increased 94% to €6.84.

• Net financial debt at €2.82 billion, with net debt/adjusted EBITDA at 0.8x.

• Operating cash flow decreased to €369 million, mainly due to higher working capital needs.

Outlook and guidance

• Upgraded 2026 guidance: expects low- to mid-teens revenue growth and mid-teens to low-twenties adjusted EBITDA growth at constant exchange rates.

• Full-year R&D ratio expected near 25% of net sales, reflecting pipeline investments and acquisitions.

• Core tax rate anticipated around 15%.