UCB dips despite posting strong first six months financials

Belgium’s largest pharma company UCB (Euronext: UCB) this morning posted financial results for the first half of 2022, which it described as “strong,” but investors were not convinced, sending the firm’s shares more than 4% lower to 77.92 euros.

Revenue increased to 2.93 billion euros ($2.97), +5%; +3% constant exchange rates (CER), net sales were 2.70 billion (+2%; 0% CER) – impacted by generic erosion on two leading brands.

Underlying profitability (adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was 814 million euros (-3%; -2% CER), 28% of revenue – impacted by the inclusion since March of Zogenix, which UCB acquired for $1.9 billion. Core earnings per share were down 7% at 3.15 euros.