UCB SA

UCB: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€97.00	Srpy	Qrvyngyg

Raising No-Moat UCB’s FVE to EUR 100 Based on Reduced Immediate Impact of Cimzia 2024 Patent Loss

Rachel Elfman

Oct 4, 2021

We’ve increased our fair value estimate for UCB to EUR 100 from EUR 93 per share after taking a fresh look at our estimates for the company's drugs in central nervous system disorders and immunologic diseases. Our increase in fair value estimate is based on a slightly improved near-term outlook for epilepsy drug, Vimpat, and a less severe immediate impact from the 2024 patent loss of Cimzia due to our expectation of a limited number of biosimilars coming available on the market. We maintain our no-moat rating for UCB due to upcoming key patent losses and a high uncertainty around its pipeline.

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