Ucb SA UCBJY

Health CarePharmaceuticalsBelgium

Last close 155.99 USD on Nov 2, 2026, +12.3% year to date

Quant rating

Quant rating B Rank 47 of 211 in Health Care

Growth D 187 of 211
Valuation B 71 of 211
Quality C 102 of 211
Revisions A 11 of 211
Momentum A 13 of 211

Wall Street consensus Buy (1.67)Average target 232.22 USD +48.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 60.4B
Enterprise value: 63.2B
52-week range: 110.55 – 168.76
3-year range: 35.19 – 168.76
Dividend yield: 0.54%
Beta (5 years): 0.53
Shares outstanding: 195M
Next earnings: Oct 30, 2026

About the company

Ucb SA is a Belgium-based biopharmaceutical and specialty chemical company that specializes in two therapeutic areas: diseases of the central nervous system (CNS) and immunology. In the area of central nervous system disorders, the Company is focused on epilepsy, diabetic neuropathic pain, multiple sclerosis, fibromyalgia, restless legs syndrome and Parkinson’s disease, and the area of immunology includes, bone loss disorders, Crohn’s disease, rheumatoid arthritis and respiratory disease. In addition to its core fields of business, Ucb SA delivers molecule solutions to specialists for use in the treatment of severe diseases. Its product portfolio includes drugs, such as Neupro, Vimpat, Cimzia, among others. Ucb SA also operates in primary care to support specialist products that are administered by primary care physicians.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	9,092	6,369	5,796	5,904	6,567	–
Revenue growth	42.7%	9.9%	−1.8%	−10.1%	0.6%	6.8%
EPS (basic, normalized)	5.63	2.69	–	–	–	–
EPS growth	109.2%	–	–	–	–	–
Gross margin	74.3%	71.5%	67.5%	69.7%	75.1%	71.6%
Net margin	20.1%	17.3%	6.5%	7.6%	18.3%	14.0%
ROE	14.9%	11.2%	3.8%	4.8%	13.5%	9.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	9,092	+42.7%	6.9x	2,973	+98.4%	21.3x	5.63	+109.2%	27.7x
2026	10,023	+10.2%	6.3x	3,766	+26.7%	16.8x	10.88	+93.2%	14.3x
2027	11,318	+12.9%	5.6x	4,438	+17.8%	14.2x	13.11	+20.4%	11.9x
2028	12,684	+12.1%	5.0x	4,829	+8.8%	13.1x	20.11	+53.4%	7.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	10,023	+1.7%	+2.9%	+3.3%	10.88	+6.2%	+22.7%	+28.0%
2027	11,318	+2.5%	+3.4%	+4.0%	13.11	+5.2%	+19.1%	+21.8%
2028	12,684	0.0%	+3.5%	+3.7%	20.11	0.0%	+36.5%	+37.4%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	Dec 2025	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	3.76	–	–
EPS mean	–	–	–	–	–	–	–	2.49	–	–
Surprise	–	–	–	–	–	–	–	+51.0%	–	–

Peer comparison Pharmaceuticals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
UCBJY Ucb SA	60.4B	–	20.1%	4.55x	14.3x	11.9x	16.8x	14.2x
OTSKY Otsuka Holdings Co., Ltd.	40.6B	−0.40x	14.7%	1.92x	20.0x	18.9x	0.0x	0.0x
MANE Veradermics, Incorporated	5.4B	–	–	6.65x	−45.2x	−49.2x	−40.1x	−37.1x
SPHRY Starpharma Holdings Ltd	148M	–	–	–	–	–	–	–
ODTC Odonate Inc	53M	0.75x	–	–	–	–	–	–
CVGR City View Green Holdings Inc	2M	–	–	−6.71x	–	–	–	–
Mean		0.17x	17.4%	1.60x	−3.6x	−6.1x	−7.8x	−7.6x
Median		0.17x	17.4%	3.23x	14.3x	11.9x	0.0x	0.0x

Technical analysis

1M+35.4%
3M+21.4%
1Y+22.1%
3Y+337.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ucb SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	9,092	6,369	5,796	5,904	6,567	6,530
Cost of revenue	2,337	1,814	1,884	1,792	1,635	1,665
Gross profit	6,755	4,555	3,912	4,113	4,933	4,866
Selling, general & administrative expenses	3,222	2,417	1,984	1,859	1,769	1,735
Research & development	2,140	1,844	1,799	1,787	1,852	1,916
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	43.5	−493	−99.3	103	40.9	153
Other operating expenses	−938	−584	−438	−260	−189	−125
Operating income	2,288	1,371	667	624	1,460	1,186
Net interest income (expense)	−136	−156	−167	−71.7	−62.5	−110
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−11.7	−10.4	−13.2	−5.4	−3.4	−1.2
Net income before taxes	2,140	1,204	487	547	1,394	1,075
Provision for taxes	310	101	108	97.4	193	145
Minority interest	0	0	0	0	0	−35.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,830	1,103	379	449	1,200	894
Extraordinary items	0	0	0	−2.1	3.4	0
Net income	1,830	1,103	379	447	1,204	894
EBIT, normalized	2,331	878	567	727	1,501	1,339
EBITDA, normalized	3,068	1,542	1,330	1,358	1,868	1,771
Basic EPS, normalized	5.63	2.69	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ucb SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,874	1,819	1,165	1,222	1,677	1,859
Receivables	2,100	1,459	1,258	1,062	1,289	1,147
Total inventory	1,757	1,355	1,138	971	998	1,043
Prepaid expenses	223	179	162	150	177	171
Other current assets	156	145	77.3	132	76.2	155
Total current assets	7,110	4,957	3,801	3,536	4,218	4,375
Property, plant & equipment	2,249	1,816	1,760	1,535	1,449	1,264
Goodwill	5,979	5,655	5,798	5,715	5,881	6,063
Intangibles	4,048	4,226	4,670	5,154	3,591	3,631
Long-term investments	265	182	171	178	191	149
Note receivable	–	–	–	–	–	–
Other long-term assets	1,674	1,123	948	865	824	785
Total assets	21,326	17,959	17,149	16,982	16,154	16,266
Liabilities
Accounts payable	1,056	860	647	667	770	732
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,125	784	647	575	640	673
Short-term debt	0	3.1	0	52.4	21.6	40.3
Current portion of long-term debt	74.0	62.1	46.4	228	40.9	486
Other current liabilities	2,914	1,944	1,547	1,809	1,738	1,506
Total current liabilities	5,169	3,654	2,887	3,330	3,210	3,437
Long-term debt	2,564	3,068	3,306	2,823	2,351	2,829
Minority interest	0	0	0	0	0	1.2
Other liabilities	830	855	1,051	1,128	1,060	1,120
Total liabilities	8,563	7,576	7,244	7,282	6,621	7,386
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	686	605	644	625	664	713
Additional paid-in capital	2,384	2,102	2,240	2,173	2,308	2,479
Retained earnings (accumulated deficit)	10,424	7,859	7,476	7,107	7,378	6,910
Treasury stock	−457	−398	−390	−388	−449	−480
Other equity	−274	215	−66.2	184	−367	−743
Total equity	12,763	10,383	9,905	9,700	9,533	8,880
Total liabilities & shareholders' equity	21,326	17,959	17,149	16,982	16,154	16,266

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ucb SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,830	1,103	379	447	1,203	894
Depreciation, depletion & amortization	736	664	763	630	367	432
Deferred taxes	–	–	–	–	–	–
Non-cash items	398	−433	38.6	334	144	111
Changes in working capital	−274	−47.6	−340	−214	51.2	−117
Cash from operations	2,691	1,286	840	1,198	1,765	1,320
Investing activities
Capital expenditures	−527	−333	−349	−397	−560	−426
Other investing cash flows	70.5	625	−137	−1,294	6.8	−2,295
Cash from investing	−457	292	−486	−1,691	−554	−2,721
Financing activities
Financing cash flow items	−150	−166	−159	−79.2	−71.6	−85.5
Cash dividends paid	−310	−268	−278	−264	−273	−287
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−965	−413	97.1	418	−928	1,810
Cash from financing	−1,426	−847	−340	74.9	−1,272	1,437
Foreign exchange effects	−11.7	6.2	−12.1	6.4	−8.0	−18.3
Net change in cash	796	737	2.2	−412	−68.2	18.3
Free cash flow	2,163	952	491	801	1,205	894

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.