Key Financials

2023 Revenue

€ 5.15 - 5.35 billion

based on expected launch contributions, the full annualized negative impact from the loss of exclusivity for VIMPAT^® in the U.S. and Europe, and continued solid contribution from the existing product portfolio

2023 adj. EBITDA 

22.5% - 23.5%

reflecting investments in the upcoming launches and the late-stage development pipeline, continued strong cost discipline and annualized inflation impact

2023 Core EPS

€ 3.40 - € 3.80

based on an average of 190 million shares outstanding

2025 Revenue

at least € 6 billion

2025 adj. EBITDA

Low- to mid-thirties

2025 Improved ESG

rating performance

In 2022, the evolution of cash flow generated by bio-pharmaceutical activities was affected by the following:

• Cash flow from operating activities amounted to € 1 119 million, all related to continuing operations, compared to € 1 553 million in 2021. The cash inflow stems from underlying net profitability, lower outstanding receivables, offset with lower payables and working capital stemming from the Zogenix acquisition.
• Cash flow from investing activities showed an outflow of € 1 580 million from continuing operations, compared to € 487 million in 2021 and includes the acquisition of Zogenix (€ 1 212 million, net of cash), tangible (€ 252 million) and intangible (€ 119 million) capital expenditures.
• Cash flow from financing activities had an inflow of € 70 million, which includes mainly the proceeds of the US$ 800 million bullet term loan facility offset by the dividend paid to UCB shareholders (€ -247 million) and the repayment of the convertible senior notes issued by Zogenix (€ -262 million).

Net financial debt as per end June 2023 was € 2 439 million, an increase of € 439 million compared to € 2 000 million as of end December 2022. The increase is in part related to the payment of the dividend and of the contingent value rights in connection with the acquisition of Zogenix, Inc. in 2022. The net debt to adjusted EBITDA ratio as per end June 2023 was 1.96.

UCB has established a Euro Medium Term Note (EMTN) Program for its long-term funding needs which enables UCB to issue unsecured bonds with a tenor of minimum 1 year within a € 5 billion program.

Debt financing

EMTN Prospectus Archive

UCB has access to diversified funding sources. Per 30 June 2023, outstanding bonds included:

• € 176 million retail bonds, due 2023
• € 150 million EMTN Notes, due 2027
• € 500 million institutional bond, due 2028

On 07 November 2023, UCB announced that it will offer a minimum of EUR 100 million bonds and a maximum of EUR 300 million bonds, in the form of a retail public offering in Belgium under its recently updated EMTN program. The subscription period for this issue started and ended on 9 November 2023. The bonds have been issued on 21 November 2023 for a final aggregate nominal amount of EUR 300 million. The relevant base prospectus, final terms and press releases are available here.

In addition to these bonds, UCB entered into various loan agreements, including a bullet floating rate syndicated term loan maturing in 2025 in connection with the acquisition of Ra Pharmaceuticals, Inc, a bullet floating rate syndicated term loan maturing in 2027 in connection with the acquisition of Zogenix, Inc as well as various other bilateral loan agreements (including the Schuldscheindarlehen transactions entered into in November 2022).