UCB SA

UCB: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€55.00	Dmzz	Vbnznvw

UCB Reports Pipeline Progress Amid Generic Competition; FVE EUR 99, Shares Undervalued

Rachel Elfman

Feb 28, 2023

UCB reported 2022 results broadly in line with our expectations, with overall revenue of EUR 5.5 billion declining about 4% from 2021 as generic competition for Vimpat has affected sales. Vimpat is UCB’s second-largest drug (accounting for over 20% of 2022 revenue), and it reported a year-over-year decline of 27% as it lost its patent exclusivity in the U.S in early 2022.

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