UCB's strong first-half sales but earnings down

Belgium’s largest pharma company UCB (Euronext Brussels: UCB) today released financial results for the first six months of 2019, noting that revenues grew 2% (+4% at constant exchange rates) to 2.3 billion euros ($2.56 billion), with net sales rising 3% (+5% CER) to 2.2 billion euros.

Underlying profitability (rEBITDA) was 724 million euros, down 9%, -1% CER) or a ratio of 31%. Core earnings per share were down 22% (-12% CER) at 2.42 euros. The market reacted negatively, with UCB’s shares down 2.96% at 72.90 euros by mid-morning.

Outlook 2019 confirmed