UCB continues to deliver steady growth, with net sales up 15%

Belgian pharma company UCB (Euronext Brussels: UCB) today posted financials, showing that, for the first half of 2016, revenue and net sales increased by 5% and 15 %, respectively, reaching 2 billion euros ($2.2 billion) and 1.9 billion euros, respectively, driven by net sales of core products. However, UCB shares dipped 1.38% to 69.96 euros by late afternoon.

18% higher underlying profitability (recurring earnings before interest, taxes, depreciation and amortization; EBITDA) of 549 million euros reflects continued net sales growth and a lower operating expenses ratio. This beat the 518 million euros forecast by analysts polled by Reuters. Profit for the group amounted to 316 million euros, a plus of 9%, of which 300 million euros is attributable to UCB shareholders. Gross profit increased to 1.45 billion euros (+6%, +4% constant exchange rates), due to net sales growth and the improved product mix.

The Half Year Report confirms the financial outlook for 2016 with revenue expected at approximately 4.0–4.1 billion euros, recurring EBITDA of 970-1,010 million euros, and core earnings per share in the range of 2.90-3.20 euros, said UCB.