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Growth of core medicines in 2013 creates a strong foundation at start of new era

  • Revenue of € 3 411 million. Cimzia®, Vimpat® and Neupro® combined net sales increased to € 1 187 million (+27%). Keppra® net sales of 712 million (-15%).
  • Underlying profitability (recurring EBITDA) up to € 689 million (+1%) due to lower marketing & selling expenses supporting continued high R&D expenses, despite negative exchange rate effects. Net profit reached € 200 million reflecting higher tax expenses and core EPS € 1.93.
  • Gross dividend of € 1.04 per share (+2%) proposed by Board of Directors
  • R&D highlights: Cimzia® approved and launched in two additional inflammatory arthritis indications in U.S. and EU; Vimpat® filed for monotherapy in the U.S.
  • Financial outlook 2014, impacted by IFRS 10: Revenue 2014 to grow to approx. € 3.5-3.6 billion. Recurring EBITDA to increase to approx. € 740-770 million. Core EPS expected in the range of € 1.90 – 2.05.

Brussels (Belgium), 26 February 2014 – 7:00 AM (CET) - regulated information -
UCB announced today its consolidated 2013 financial results and financial outlook for 2014.

"UCB’s core medicines, Cimzia®, Vimpat® and Neupro® are continuing their growth path. This momentum, supported by continuous high investments in R&D, positions UCB particularly well to enter a new era fueled by our particularly rich late-stage pipeline and productive, innovative discovery research. In this new era, UCB continues to focus on delivering superior and sustainable value to patients, and to our shareholders," said Roch Doliveux, CEO of UCB.

Financial performance in 2013
Revenue in 2013 reached € 3 411 million (-1%; +2% at constant exchange rates). Currency fluctuations brought net sales down 1% to € 3 049 million. At constant currency rates, net sales increased by 3% due to the solid performance of Cimzia® (certolizumab pegol), Vimpat® (lacosamide) and Neupro® (rotigotine) and net sales growth in emerging markets (+13%; +17% at constant rates) to € 313 million.

Cimzia® for inflammatory arthritis indications and Crohn’s disease increased net sales by 27% to € 594 million (+32% at constant rates), growing 26% in Europe, and 18% in the U.S. supported by the launch of two new inflammatory arthritis indications in Q4 2013. In Japan, Cimzia® was launched in March 2013 in rheumatoid arthritis and reported net sales of € 20 million, while net sales in the emerging and other markets were € 6 and € 22 million respectively. Net sales of the anti-epileptic medicine Vimpat® increased to € 411 million (+23%; +27% at constant rates), growing 25% in the U.S. and 15% in Europe. Neupro®, the patch for Parkinson’s disease and restless legs syndrome increased net sales to € 182 million (+37%; +39% at constant rates). In the U.S., Neupro® was launched in the second half of 2012 and reported net sales of € 40 million (+172%). In Europe, where Neupro® has been available to patients since 2006, growth continued with +13%. In Japan, Neupro® was launched in February 2013 by UCB’s partner Otsuka and reached net sales of € 9 million.

The anti-epileptic medicine Keppra® (levetiracetam) reached net sales of € 712 million, down 15% over last year (-12% at constant rates). The continued post-exclusivity expiry erosion in Europe
(-30%) and the decrease in North America (-5%; -2% at constant rates) were partly compensated for by strong growth in Japan (+32%; +67% at constant rates) and in the emerging markets1 (+12%; +16% at constant rates).

Royalty income & fees grew slightly to € 172 million (+2%). Other revenue in 2013 reached € 190 million, -15% due to milestone payments received in 2012 which did not reoccur in 2013.

Gross profit reached € 2 297 million, 3% lower than in 2012; +2% at constant rates in-line with the revenue evolution. Total operating expenses decreased by 4% to € 1 856 million (+1% at constant rates) reflecting lower marketing & selling expenses of € 802 million (-8%), continued high, but stable research & development expenses of € 856 million due to the advanced late-stage pipeline with three projects in Phase 3, the last development phase. General & administrative expenses were € 205 million (+3%) due to expansion in emerging markets

Table FY 2013 (2)

A full financial report on the consolidated results is available on the UCB website:

1 Restated for R&D tax credits previously recorded as income tax expenses are reclassed to R&D expenses and related to the Meizler business pharma combination in Brazil

“The statutory auditor has issued an unqualified report with no emphasis of matter paragraph dated 25 February 2014 on the company’s consolidated accounts as of and for the year ended 31 December 2013, and has confirmed that the accounting data reported in the accompanying press release is consistent, in all material respects, with the accounts from which it has been derived.”

For further information

  • Antje Witte, Investor Relations UCB

T +32.2.559.9414, antje.witte@ucb.com

  • Alexandra Deschner, Investor Relations, UCB

T +32 2 559 9683, alexandra.deschner@ucb.com

  • France Nivelle, Global Communications UCB

T +32.2.559.9178, france.nivelle@ucb.com

  • Laurent Schots, Media Relations, UCB

T +32.2.559.9264, laurent.schots@ucb.com

26 February 2014 at 14.00 (CEST) – Analysts' and investors' conference call/webcast.

Link to the webcast available on http://www.ucb.com/investors/Full-year-financial-results.

About UCB

UCB, Brussels, Belgium (www.ucb.com) is a global biopharmaceutical company focused on the discovery and development of innovative medicines and solutions to transform the lives of people living with severe diseases of the immune system or of the central nervous system. With 8700 people in approximately 40 countries, the company generated revenue of € 3.4 billion in 2013. UCB is listed on Euronext Brussels (symbol: UCB).

Forward looking statements

This press release contains forward-looking statements based on current plans, estimates and beliefs of management. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including estimates of revenues, operating margins, capital expenditures, cash, other financial information, expected legal, political, regulatory or clinical results and other such estimates and results. By their nature, such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions which could cause actual results to differ materially from those that may be implied by such forward-looking statements contained in this press release. Important factors that could result in such differences include: changes in general economic, business and competitive conditions, the inability to obtain necessary regulatory approvals or to obtain them on acceptable terms, costs associated with research and development, changes in the prospects for products in the pipeline or under development by UCB, effects of future judicial decisions or governmental investigations, product liability claims, challenges to patent protection for products or product candidates, changes in laws or regulations, exchange rate fluctuations, changes or uncertainties in tax laws or the administration of such laws and hiring and retention of its employees. UCB is providing this information as of the date of this press release and expressly disclaims any duty to update any information contained in this press release, either to confirm the actual results or to report a change in its expectations.

There is no guarantee that new product candidates in the pipeline will progress to product approval or that new indications for existing products will be developed and approved. Products or potential products which are the subject of partnerships, joint ventures or licensing collaborations may be subject to differences between the partners. Also, UCB or others could discover safety, side effects or manufacturing problems with its products after they are marketed.

Moreover, sales may be impacted by international and domestic trends toward managed care and health care cost containment and the reimbursement policies imposed by third-party payers as well as legislation affecting biopharmaceutical pricing and reimbursement.

[1] Brazil, Russia, India, China, Mexico, Turkey

[2] Restated

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