Key financials

FY2025 (31 December 2025), if not indicated otherwise.

For detailed information, 
download the annual reports in our download center.

Financial Guidance

The figures of the guidance 2026 as mentioned below were calculated on the same basis as the actual figures for 2025 and based on current rules and regulations. 

2026 Revenue

High single-digit % to low double-digit (in CER)

Updated as per 26 February 2026

Strong growth driven by BIMZELX®, FINTEPLA®, RYSTIGGO®, ZILBRYSQ®, EVENITY®, BRIVIACT®, with BIMZELX® access expansion & net pricing dynamics, Briviact LOE and a perimeter effect from sale of non-core assets in 2025

2026 adj. EBITDA 

High single-digit % to High teens %  

Updated as per 26 February 2026

Adjusted for 2025 product sale & one-off items*: High teens % to high twenties %  

By continued investment behind 5 growth drivers, focused R&D execution and Evenity contribution

*Excludes the benefit from a sale of established brands and one-off expenses 

FX impact

If 31-Dec-25 FX rates would persist through 2026:

  • ~ -3 ppts on revenue growth
  • ~ -7 ppts on adjusted EBITDA growth

Product sales

Strong launch execution & disciplined value creation in FY25

BRIVIACT®

peak sales guidance

≥ € 600 million by 2026 

achieved ahead of time in 2024

FINTEPLA®

peak sales guidance

≥ € 800 million by 2027

BIMZELX®

peak sales guidancet

> € 4 billion

Cash Flows

Per December 2025, the evolution of cash flow generated by biopharmaceuticals activities is affected by the following:

  • Cash flow from operating activities amounted to € 2 291 million compared to € 1 242 million  in 2024. The cash inflow stems from underlying net profitability and working capital including higher outstanding payables at year-end partially offset by an increase in inventories linked to the five product growth drivers and higher outstanding receivables reflecting the growing net sales.

  • Cash flow from investing activities showed an outflow of € 389 million compared to an inflow of € 282 million in 2024. The 2025 investing activities mainly include € 449 million capital expenditures offset by proceeds from the sale of other investments of € 88 million. The 2024 cash flow from investing activities was mainly driven by the proceeds from the divestment of UCB’s mature neurology and allergy business in China.

  • Cash flow from financing activities represented a net outflow of € 1 214 million, mainly driven by the voluntarily prepayment of certain loans (€ 641 million) absent issuance of new debt, the dividend paid to UCB shareholders (€ -264 million), the acquisition of treasury shares ( € -121 million) and interests paid ( € -128 million).


 

Debt financing

Net financial cash as per end December 2025 was € 7 million, a decrease of € 1 461 million compared to a net financial debt of € 1 454 million as of end December 2024. The decrease is mainly related to strong cash flows from operations and favorable FX impact on outstanding debt offsetting the dividend payment and shares repurchase. The net debt to adjusted EBITDA ratio as per end December 2025 was 0.0x. 
 

Debt financing

UCB has access to diversified funding sources. Per end December 2025, outstanding bonds included:

  • € 150 million EMTN Notes, due 2027
  • € 500 million institutional bond, due 2028
  • € 300 million retail bond, due 2029
  • € 500 million institutional bond, due 2030.

transactions entered into in November 2022 and August 2023), of which $ 20 million maturing in 2026 was voluntarily prepaid in February 2025 and € 108 million, also maturing in 2026, was voluntarily prepaid in November 2025. 

As per December 31, 2025, the bullet term loan facility agreement, maturing in 2027, that it entered into in 2022 to finance the Zogenix, Inc. acquisition had been voluntarily prepaid. 

EMTN Prospectus Archive

Debt Maturity Schedule (as of 31 December 2025, € million)

Debt Maturity fy25

ESG Ratings

We choose to actively collaborate with ranking and rating organizations that: 

  • include in their evaluation our priority areas for societal impact or focus on one of them; 
  • produce ranking or rating reports that are important and relevant to our different stakeholders.

UCB is on a continuous journey to improve its sustainability reporting practices and keeps up to date with the different trends in this field. We are currently reporting against the Global Reporting initiative (GRI), the Sustainable Development Goals’ frameworks and the  Sustainability Accounting Standard Board (SASB) reporting Standards to ensure we report on the ESG issues most relevant to our industry.

Instead of individually providing specific points of data and information to the different ESG ranking and rating providers, we are working on making relevant, accurate and reliable data publicly available.

  • SUSTAINALYTICS - UCB rating: 13.7

    The rating scale is made up of 5 risk levels ranging from severe risk (>40) to negligible risk (<10).

    The scoring methodology is based on the assessment of 20 key ESG topics.

    For more info about Sustainalytics, refer to Sustainalytics website. 

  • MSCI - UCB rating: AA

    The rating scale is made up of 7 levels ranging from CCC (poor performance) to AAA (excellent performance).

    The scoring methodology is based on the assessment of 37 key ESG topics.

    Based on the latest update (June 2022), the UCB rating is AA.

     

     

    For more info about MSCI, refer to MSCI website.

    The use by UCB of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of UCB by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

  • ISS ESG - UCB rating: B-

    The rating scale is made up of 12 levels ranging from D- (poor performance) to A+ (excellent performance). 

    The scoring methodology is based on the assessment of up to 100 sector specific criterias.

    For more info about ISS ESG, refer to ISS website.

  • CDP - Ratings: A- for climate change, & water security, A for supplier engagement

     

     

    CDP scoring is composed of 8 levels, going from D- (Starting to disclose environmental information) to A (best-practice transparency and performance). The scoring methodology is based on the assessment of 16 categories related to environment impact. 

    Based on the latest update (2025), UCB ratings are:

    • A for climate change
    • A- for water security
    • A for supplier engagement

    For more info about CDP, refer to CDP website.

     

  • WDI - UCB disclosure score is only available to WDI signatory investors.

    The Workforce Disclosure Initiative (WDI) aims to improve corporate transparency and accountability on workforce issues, provide companies and investors with comprehensive and comparable data and help increase the provision of good jobs worldwide.

    For the first time in 2020, UCB was one of 141 companies which took part in the WDI survey and had a level of disclosure higher than average for first time responders.

    For more info about WDI, refer to WDI website

  • FTSE4Good Index & BEL® ESG Index

    The FTSE4Good Index Series is designed to identify companies that demonstrate strong environmental, social and governance practices measured against globally recognised standards.

    The BEL® ESG Index is designed to facilitate the adoption of mainstream sustainable investment solutions by investors, identifying and tracking the companies within the BEL® 20 and the BEL® Mid indices that have demonstrated the best ESG practices.

Extra-financial reports

Our Purpose Is to Create Value for Patients Now and Into the Future. We focus on improving health in society and driving business growth by embedding sustainability into our business approach

As sustainability becomes more important to both companies and investors and terms such as “responsible investing” or “sustainable investing” are gathering traction in the corporate and investment sectors, there is a need for accurate and reliable information regarding companies’ performance in such topics. All types of companies are being evaluated and rated on their environmental, social and governance (ESG) performance by several third-party providers of reports and ratings. 

These ranking and ratings are valuable for stakeholders searching for information on UCB’s sustainability practices and for UCB itself. These evaluations, when transparent about their source of data and methodology, can be helpful in identifying gaps and allow us to improve our business practices.

Nov 2025

Environment: Our 2030 Targets

Human health and the health of our planet are deeply intertwined. We are reducing our environmental footprint across our business activities and operations, keeping in mind both current and future generations

Our targets are set in absolute numbers - independent of our business growth - benchmarked against 2015.

UCB is committed to aligning with the Task Force on Climate-related Financial Disclosures (TCFD), an initiative created by the Financial Stability Board. Please find our disclosures as of December 31st, 2022 here.

Net Zero (scope 1 & 2)

Read more

Net Zero (scope 3)

Read more

Water consumption

Read more

Waste generation

Read more

Strong presence around the globe

1 817 new colleagues joined us

9.5% employee turnover

 

51 / 49 gender split                     

Governance

Conducting business in a responsible way that drives ethical behavior is fundamental to our continued success and to delivering on commitments to our stakeholders.

Conducting business in a responsible way is fundamental to UCB’s core values and ethical business practices are foundational to our sustainability approach. We have a strong culture of integrity, with policies and procedures in place to ensure the highest ethical standards are applied throughout the company’s value chain, including the core principles governing how the organization operates, how decisions are made and how risks are mitigated.

Code of conduct

The UCB Code of Conduct is our governing policy that reflects UCB’s core company values, including accountability and integrity. The Code outlines the general principles of business conduct that are expected from UCB colleagues and partners throughout the world. 

Employees and contractors are required to undertake mandatory training on the UCB Code of Conduct, which is incorporated into each employee/contractor’s training plan.

Tax strategy and policy form an integrated part of UCB’s ethical and sustainability practices and constitute an explicit part of UCB’s code of conduct, driving compliant and ethical behavior of UCB employees.

Risk management

Engaging with key representatives from all operational, function-al and strategic business areas, risks are identified and assessed by each business area and the respective leadership team. In addition, a “top-down/outside-in” assessment is conducted to complete a holistic risk profile.

UCB continues to demonstrate its commitment to managing uncertainty by creating accountability at the top and driving action by the business. Every top risk is owned by a member of the Executive Committee. That member is accountable for understanding the nature of the risk and enable our response to it.

Anti-Bribery and Anti-Corruption (ABAC)

The UCB Code of Conduct encompasses, amongst others, core principles and behaviors aiming at mitigating the risks related to bribery and corruption as well as human rights infringements. Considering the nature of our business, UCB identified our engagement of the healthcare stakeholders as the primary ABAC risk area.

 

Corporate governance

The governance of UCB is based on a “one-tier” structure. This means that the Company is administrated by a Board of Directors and run by an Executive Committee, whose respective functions and responsibilities are clearly defined in accordance with the Articles of Association of the Company and the UCB Corporate Governance Charter.

The roles and responsibilities delegated to the Executive Committee are established by the Board.

 

Contact UCB IR Team

investor-relations@ucb.com or a specific team member:

Antje Witte, Head of Investor Relations
Tel: +32 2 559 9414
E-mail: Antje.Witte@ucb.com



Sahar Yazdian, Investor Relations Lead

Tel: +32 2 559 9137
E-mail: Sahar.Yazdian@ucb.com

UCB IR App

ucb ir app
App Store


 

Google Play