Half Year 2024 Ucb SA Earnings Call Transcript
Key Points
- UCB SA (UCBJF) reported a significant turnaround in net sales, achieving a growth of 11% or 13% at constant exchange rates, compared to a decline of 12% or 14% the previous year.
- The company successfully launched several key products, including ZILBRYSQ in the US and RYSTIGGO outside the US, contributing to the positive sales performance.
- UCB SA (UCBJF) achieved five new approvals in various regions, including BIMZELX for hidradenitis suppurativa in Europe and ankylosing spondylarthritis in China.
- The company has a strong pipeline with 10 new patient populations in 10 projects expected to deliver significant news flow in the second half of 2024.
- UCB SA (UCBJF) improved its ESG rating by increasing product availability in low and medium-income countries and enhancing access to its products, reaching 82% in June.
- Despite the positive sales growth, UCB SA (UCBJF) reported a decline in adjusted EBITDA to 23%, attributed to substantial investments behind new product launches.
- Operating expenses increased by 23%, driven by higher marketing and sales expenses, R&D investments, and one-off costs related to the implementation of a new growth organization model.
- The company experienced a decrease in other operating income, primarily due to the absence of a one-time sale of a portfolio of established brands that occurred in the previous year.
- The launch of new products like BIMZELX in the US faced delays, impacting the initial uptake and requiring significant investment in patient services and access programs.
- Recruitment challenges were noted in the Staccato alprazolam trial, which aims to address a complex and technically challenging unmet need in epilepsy, potentially delaying the study's progress.
Good morning. Good afternoon. Good evening. Welcome to the UCB half-year 2024 Capital Market call. My name is Antje. I'm the Head of Investor Relations at UCB.
Before I introduce you to the agenda and hand over to the speakers today, I'd like to make some remarks. This video conference is being recorded. You can find the presentation in our Download Center on the website if you dial in by phone. The presentation and the following Q&A session are intended for institutional capital market participants. If you're not, please disconnect now. This presentation and the following Q&A session are covered by the disclaimer and Safe Harbor statement as stated on slide 2 of the slide deck. Please read this carefully.
With this, I'd like you to introduce to our speakers today, our CEO, Jean-Christophe Tellier; Emmanuel Caeymaex, Chief Commercial Officer; our CFO, Sandrine Dufour; and our Chief Medical Officer, Iris Loew-Friedrich will join for the Q&A session. Jean-Christophe, over to you, please.
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