Key financials

FY2024 (31 December 2024), if not indicated otherwise.

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

Financial Guidance

The figures of the guidance 2025 as mentioned below were calculated on the same basis as the actual figures for 2024 and based on current rules and regulations. 

2025 Revenue

€ 6.5-6.7bn

Strong growth driven by BIMZELX®, FINTEPLA®, RYSTIGGO®, ZILBRYSQ®, EVENITY®, BRIVIACT®, despite impact of 340B and IRA across portfolio. 
CIMZIA® volume growth expected to be overcompensated by pricing pressure

2025 adj. EBITDA 

30%

Continued gross margin improvement, operating leverage improvement, continued growth of marketing and sales expenses driven by top-line growth and relatively stable R&D expenses and continued EVENITY® earnings contribution

2025 Core EPS

€ 6.80 - 7.40

based on an average of 190 million shares outstanding

Product sales

Strong underlying net sales growth thanks to a resilient product portfolio & new launches.

NAYZILAM® only available in the U.S., EVENITY® sales outside of Europe reported by Amgen and Astellas

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

In 2024, the evolution of cash flow generated by bio-pharmaceutical activities was affected by the following:
 

  • Cash flow from operating activities amounted to € 1 242 million compared to € 761 million in 2023. The cash inflow stems from underlying net profitability and lower working capital mainly due to 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 inflow of € 282 million, compared to an outflow of € 440 million in 2023. The 2024 investing activities include mainly the proceeds (net of cash disposed) from the divestment of UCB’s mature neurology and allergy business in China for € 619 million offset by € 322 million capital expenditures and € 19 million equity investments mainly by UCB Ventures.
  • Cash flow from financing activities had an outflow of € 818 million, which includes the full repayment of the bullet term loan facility agreement for the acquisition of Ra Pharmaceuticals, Inc. (US$ - 605 million) and the partial repayment of the bullet term loan facility agreement for the acquisition of Zogenix, Inc. (US$ - 200 million), the dividend paid to UCB shareholders (€ - 259 million), the acquisition of treasury shares (€ - 162 million) and interests paid (€ - 160 million) partially offset by the proceeds of the € 500 million senior unsecured bonds, issued under UCB’s EMTN program.

Debt financing

Net financial debt at € 1 454 million as per end December 2024, a decrease of € 723 million compared to € 2 177 million as of end December 2023. The decrease is related to the higher cash position due to underlying net profitability and proceeds received from the divestment of UCB’s mature Neurology and allergy business in China and two Established brands products. The net debt to adjusted EBITDA ratio for 2024 is 1.0x.

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

UCB has access to diversified funding sources. Per 31 December 2024, outstanding bonds included:

In addition to these bonds, UCB entered into various loan agreements, including 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 with the European Investment Bank, and Schuldscheindarlehen transactions entered into in 2022 and 2023).

EMTN Prospectus Archive

Debt Maturity Schedule (as of 31 December 2024, € million)

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 - UCB ratings: A- for climate change, A- for water security

    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 (2024), UCB ratings are:

    • A- for climate change

    • A- for water security

    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 2024

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

Social

As of 31 December 2024

We believe that all people deserve respect and dignity and that the workplace should be a safe, collaborative, respectful, equitable and inclusive environment, where everyone is encouraged and supported to grow, learn, and achieve their highest potential. 

We have established learning and growth programs to continually support the development of our employees and measure progress through our Health, Safety and Wellbeing (HSWB) index. We believe that all injuries and dangerous incidents are preventable, and aim to ensure our employees are happy, healthy and able to thrive at work.

We embrace diversity in all forms and inspire a culture of inclusion by promoting equal and equitable opportunities for all employees. This creates a respectful environment helping to fuel our growth and innovation. We relish the richness that comes with diversity: we are strengthened by the different perspectives, thoughts, talents, backgrounds and experiences of all our colleagues in our journey to create value for patients, now and into the future. Although we have made strides in this area, we continuously strive for progress, acknowledging the journey to systemic change. Our global diversity, equity and inclusion initiatives ensure these principles are woven
into the fabric of our company in a legally compliant manner.Th is encompasses inclusive recruitment and performance management policies, pay equity and reward schemes as well as an active network of employee communities – all of which are measured against aspirational goals on inclusion and gender representation each year. 

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

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