Based on UCB’s current assessment of the COVID-19 pandemic, UCB remains confident in the fundamental underlying demand for its products and its prospects for long-term growth. UCB will continue to closely follow evolving COVID-19 pandemic diligently to assess potential near- and mid-term challenges.
The figures of the guidance 2022 and 2025 as mentioned below were calculated on the same basis as the actual figures for 2021.
€ 5.3 - 5.4 billion
based on continued core product growth and taking into account loss of exclusivity impacts
2022 adj. EBITDA
21% - 22%
reflecting the Zogenix integration, the bimekizumab complete response letter in the US and the macro situation
2022 Core EPS
€ 3.70 - € 4.00
based on an average of 189 million shares outstanding
at least € 6 billion
2025 adj. EBITDA
Low- to mid-thirties
2025 Improved ESG
Strong underlying net sales growth thanks to a resilient product portfolio & new launches.
CIMZIA® net sales
VIMPAT® net sales
KEPPRA® net sales
BRIVIACT® net sales
NEUPRO® net sales
NAYZILAM® net sales
EVENITY® net sales (Europe)
BIMZELX® net sales
VIMPAT® peak sales guidance
≥ € 1.5 billion by 2022
CIMZIA® peak sales guidance
≥ € 2 billion by 2024
BRIVIACT® peak sales guidance
≥ € 600 million in 2026
The evolution of cash flow generated by bio-pharmaceutical activities is affected by the following:
- Cash flow from operating activities amounted to € 1 553 million, all related to continuing operations, compared to € 1 081 million in 2020. The cash inflow stems
from underlying net profitability, deferred income related to partnerships, higher outstanding payables in the last quarter, offset with higher receivables after a strong Q4 2021 and taxes paid.
- Cash flow from investing activities showed an outflow of € 487 million from continuing operations, compared to € 2 228 million in 2020 and includes tangible (€ 282 million) and intangible (€ 211 million) capital expenditures, investments in venture funds, offset with the sale of non-core assets.
- Cash flow from financing activities had an outflow of € 1 119 million, mainly including the issuance of an € 500 million senior unsecured bond, offset with the repayment of institutional Eurobonds (€ 700 million), repayment of bank borrowings (€ 512 million), the dividend paid to UCB shareholders (€ 240 million), the acquisition of treasury shares (€ 60 million) and interest payments.
Cash flow from continuing operations (€ million)
Net financial debt of € -2 502 million as per end June 2022 compared to net financial debt of € -860 million as of end December 2021, mainly relates to the underlying net profitability, acquisition of Zogenix and the dividend payment on the 2021 results. The net debt to adjusted EBITDA ratio for 2021 was 0.52.
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.
As from 2009 UCB successfully implemented a debt diversification and refinancing strategy. The company issued bonds that are outstanding bonds per 31 December 2021:
- € 176 million retail bonds, due 2023
- € 150 million EMTN Notes, due 2027
- € 500 million institutional bond, due 2028
In addition to these bonds, UCB entered into a USD 2 070 million bullet floating rate syndicated term loan maturing in 2025, in connection with the acquisition of Ra Pharmaceuticals, Inc and a USD 800 million bullet floating rate syndicated term loan maturing in 2027 in connection with the acquisition of Zogenix, Inc. USD 1 315, respectively USD 800 million remained outstanding under these transactions on 30 June 2022.