Full Year 2024 Ucb SA Earnings Call Transcript
Key Points
- UCB SA (UCBJF) reported a significant revenue growth of 17% in 2024, with a 19% increase at constant rates, showcasing a strong recovery from the previous year's decline.
- The company's five key growth drivers collectively generated over EUR 1.3 billion in revenue, tripling their performance compared to the previous year.
- UCB SA's R&D success rate stands at 29%, significantly higher than the industry average of 8%, indicating strong innovation capabilities.
- The company achieved a positive Phase 3 trial for dapirolizumab pegol in lupus, marking it as only the third positive Phase 3 trial for this challenging disease.
- UCB SA's adjusted gross margin improved by 1.5 percentage points, driven by an enhanced product mix with higher-margin growth drivers.
- Despite the revenue growth, UCB SA faced a 23% increase in operating expenses, primarily due to significant investments in marketing and sales for new product launches.
- The company experienced pricing pressure on CIMZIA, with expected high single-digit to low double-digit declines in the US due to increased competition and pricing dynamics.
- UCB SA's adjusted EBITDA margin decreased to 24% from 25.7% in the previous year, reflecting increased marketing and sales expenses.
- The termination of the minzasolmin development program led to accelerated recognition of revenues and termination expenses, impacting R&D expenses.
- The company's effective tax rate was unusually low at 8%, influenced by the divestment of its mature neurology and allergy portfolio in China, which may not be sustainable in the future.
Welcome to the UCB full 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 our website if you dial-in by phone. The presentation and the following Q&A session are intended for institutional capital market participants only. If you're not, please disconnect now. This presentation and the following Q&A session are covered by the disclaimer and the full harbor statement as stated on slide 2 of the slide deck. Please read this carefully.
With this, I'd like you to introduce you to our speakers for today. Our CEO, Jean-Christophe Tellier; Emmanuel Caeymaex, Chief Commercial Operating Officer; our CFO, Sandrine Dufour. And in the Q&A session, they will be joined by Alistair Henry, our Chief Scientific Officer; and Fiona du Monceau, Head of Patient Evidence.
With this, Jean-Christophe,
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