UCB (UCB) J.P. Morgan European Healthcare CEO Call Series summary

Strategic outlook and growth

• Entering a decade-long period of growth, with five growth drivers performing to plan and enabling continued investment in the pipeline.

• Recent acquisitions, including Neurona and Candid, strengthen neurology and immunology pillars, potentially extending growth beyond 2037.

• Reduced debt and a strong balance sheet provide strategic flexibility for further investments and acquisitions.

• Focus on innovation and differentiated medicines remains central, with ongoing investment in both launched products and future pipeline.

• Strategic flexibility allows for value creation for shareholders, patients, and employees without time pressure.

BIMZELX performance and market access

• BIMZELX demonstrates unique dual targeting of IL-17A and IL-17F, offering superior efficacy, speed, and durability in dermatological diseases.

• Clinical trials show superiority over standard of care and competitors in psoriasis and psoriatic arthritis.

• Achieved top-tier launch performance in prescriptions and adoption, with strong physician and patient feedback.

• Access in the U.S. has expanded to 80% of the market, with ongoing efforts to ease prescribing and maintain price protection.

• Gradual improvement in access and volume is expected, with price reductions balanced by increased patient numbers.

Hidradenitis suppurativa (HS) and market expansion

• HS is a complex, severe, and underdiagnosed disease, distinct from psoriasis, with significant unmet need.

• BIMZELX is enabling earlier diagnosis and treatment, driving patient return to care and market growth.

• Clinical data show strong efficacy and durability, supporting dynamic market share gains in HS.

• Patient advocacy is influencing access negotiations, with expectations for improved PBM access over time.

• Market maturity and expansion are anticipated as understanding and treatment options for HS improve.