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In 2020 revenue reached € 5 347 million up by 9% (+8% CER). Net sales went up to € 5 052 million by 8% (+7% CER). Net sales before “designated hedging reclassified to net sales” were up by 5% (+7% CER). This growth was driven by the enduring growth of UCB’s core products.
CER: constant exchange rate
Adjusted (recurring) EBITDA* was driven by higher marketing and selling – due to launches and pre-launch activities – higher research and development expenses – due to additions to the pipeline and the pipeline progress – compensated by positive other operating earnings due to partnering, reaching € 1 441 million (+1%; -4% CER).
In compliance with the ESMA Alternative Performance Measures guidelines, “recurring EBITDA” was renamed into “adjusted EBITDA”. The calculation methodology remains unchanged.
Core earnings per share reached € 5.36 after € 5.20 in 2019 based on an average of 189 million shares outstanding.
Date | Event details |
---|---|
29 July 2021 | 2021 half-year resultsDetails closer to the date |
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 outlook 2021 as mentioned below were calculated on the same basis as the actual figures for 2020.
thanks to current core product growth and new patient populations being served
reflecting the high R&D and marketing & sales investment levels
based on an average of 189 million shares outstanding
Vimpat® continues to reach more and more people living with epilepsy, reflected in strong growth in all regions, despite the pandemic. Net sales went up to € 1 451 million (+10%; +12% CER).
Cimzia® net sales reached € 1 799 million (+5%; +7% CER). Strongest growth contributors were new patient populations in psoriasis and psoriatic arthritis.
Briviact® for people living with epilepsy, reached net sales of € 288 million, a plus of 31%, (+33% CER), driven by significant growth in all regions. Briviact® has a different mode of action from Vimpat® and differentiates from Keppra®.
(base 2015)
Revenue in 2020 reached € 5 347 million up by 9% (+8% at constant exchange rates (CER)). Net sales went up to € 5 052 million by 8% (+7% CER). Net sales before “designated hedging reclassified to net sales” were up by 5% (+7% CER). This growth was driven by the enduring growth of UCB’s core products.
The growth in 2020 was driven by the resilient UCB product portfolio - despite the pandemic – driving company growth.
Operating expenses went up to € 2 891 million reflecting digital business transformation, higher marketing and selling as well as higher research and development expenses. Operating expense ratio (total operating expenses in relation to revenue) increased to 54% after 50% in 2019.
Net financial debt of € -1 411 million as per end December 2020 compared to net financial cash of € 12 million as of end December 2019, mainly relates to the underlying net profitability, offset by the acquisition of Ra Pharmaceuticals Inc and Engage Therapeutics Inc, the dividend payment on the 2019 results and the acquisition of own shares. Net debt [Non-current and current borrowings and bank overdrafts less debt securities, restricted cash deposit with respect to nancial lease agreements, cash and cash equivalents.] ratio (net debt to adjusted (recurring) EBITDA) for 2020 is 0.98.
As from 2009 UCB successfully implemented a debt diversification and refinancing strategy. The company issued bonds that are outstanding bonds per 31 December 2019:
In addition to these bonds, UCB entered into a USD 2.07 billion bullet floating rate syndicated term loan maturing in 2025, in connection with the acquisition of Ra Pharmaceuticals, Inc and of which USD 1.9 billion remained outstanding on 31 December 2020.
UCB has also the availability of a € 1 billion revolving credit facility, due 2025.
The evolution of cash flow generated by biopharmaceuticals activities is affected by the following: