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Investors UCB financials

Key financial performances

Revenue for 2018 reached € 4.63 billion, +2% at actual and +5% at constant exchange rates (CER). Net sales went up by 5% (+8% CER) to € 4.41 billion, driven by the continued growth of 5?core products, with combined net sales of €?3.8?billion (+6%; +10% CER), representing 82% of UCB’s revenue.?

Recurring EBITDA [Operating profit adjusted for amortisation, depreciation, impairment charges, restructuring expenses and other exceptional income and expenses.]?measuring the underlying pro?tability improved by 2% (+5% CER) to €?1 398?million - thanks to core product growth and despite higher R&D expense.

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Core earnings per share, which reflect profit attributable to UCB shareholders, adjusted for the after-tax impact of non-recurring items, the financial one-offs, the after-tax contribution from discontinued operations and the net amortization of intangibles linked to sales, reached €?4.78 (-1%; +3% CER) based on 188?million weighted average shares outstanding.

Upcoming report?

DateEvent details
20 February
2020
2019 full year results 07.00 Press release
14.00 Conference call /webcast
Exact timing to be confirmed closer to the time

Outlook 2019 confirmed

For 2019, UCB expects the continued growth of its core products driving company growth. UCB will also advance its strong development pipeline to offer potential new solutions for patients and complement existing pipeline assets with external opportunities.

2019 revenue reporting to reach approximately

€ 4.6-4.7 billion?

Recurring EBITDA [Operating profit adjusted for amortisation, depreciation, impairment charges, restructuring expenses and other exceptional income and expenses.] in the range of

27-29% of revenue?

Core earnings per share are therefore expected in the range of

€ 4.40-4.80

based on an average of
188 million shares outstanding

Mid-term guidance

Recurring EBITDA [Operating profit adjusted for amortisation, depreciation, impairment charges, restructuring expenses and other exceptional income and expenses.] / revenue ratio?

31% in 2021

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Updated peak sales

  • Vimpat??≥ € 1.4 billion by 2022
  • Cimzia??peak sales ≥ € 1.7 billion by 2024?

Briviact? peak sales

≥ € 600 million in 2026

While in the short-term we will increase our investments maximizing our new growth drivers for the time after 2021 and to foster sustainability, we are committed to return to competitive profitability and to increase thereafter our recurring EBITDA/revenue ratio to 31% in 2021. In 2018, it reached?30.2%

UCB has updated its peak sales guidance for Cimzia? to reach €?1.7 billion net sales by 2024, and Vimpat? € 1.4 billion by 2022.?

In 2018, Cimzia? net sales amounted to € 1 446 million while Vimpat? net sales reached €?1 099 million - a new blockbuster for UCB

Briviact? available for people living with epilepsy since 2016, reached net sales of € 142 million. UCB? provided peak sales guidance of € 600million by 2026 (patent expiry).

More financials...

Revenue for 2018 reached € 4.63 billion, +2% at actual and +5% at constant exchange rates (CER).?Net sales went up by 5% (+8% CER) to € 4.41 billion.

Main drivers of the continued growth are?UCB's core products, Cimzia? (immunology), Vimpat?, Keppra?, Briviact?, and Neupro? (neurology) with?combined net sales of € 3.8 billion?(+6%; +10% CER), representing 82% of UCB’s revenue.

Operating expenses, encompassing marketing and selling expenses, research and development expenses, general and administrative expenses and other operating income/expenses, reached € 2 329 million?(+6%; +8% CER).

The operating expenses ratio (as a % of revenue) is 50.3%.

10% higher R&D expenses of € 1 161 million?were driven by the late-stage clinical development pipeline, including the Phase 3 program for bimekizumab in psoriasis being fully recruited (results expected in Q4 2019).

The R&D ratio (as a % of revenue) for 2018 was 25%.

Net debt?decreased by € 288 million from € 525 million as of end December 2017 to € 237 million as per end December 2018, and mainly relates to the underlying net profitability, offset by the acquisition of assets, the dividend payment on the 2017 results and the?acquisition of own shares.

The net debt / recurring EBITDA ratio for 2018 reached 0.17 after 0.38 for 2017.

UCB debt maturity

As from 2009 UCB successfully implemented a debt diversification and refinancing strategy. The company issued?bonds that are outstanding bonds per 31 December 2018:

In addition to these bonds, UCB has the availability of a?
€ 1 billion revolving credit facility, due 2024.

The evolution of cash flow generated by biopharmaceuticals activities is affected by the following:

  • Cash flow from operating activities amounted to € 1 089 million, of which € 1 098 million from continuing operations, compared to € 896 million in 2017 and stemming from underlying net profitability, offset with a higher need of commercial and development inventory.
  • Cash flow from investing activities showed an outflow of € 320 million (continuing operations), compared to € 228 million in 2017 after investing in assets such as midazolam acquired from Proximagen and the last milestone payment to Dermira, offset with the sale of non-core assets.
  • Cash flow from financing activities has an outflow of € 538 million, which includes the dividend paid to UCB shareholders (€ 222 million), the acquisition of treasury shares (€ 51 million) and the repayment of short-term borrowings (€ 169 million).

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