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UCB: Full Year 2008 Financial Results

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UCB continues on track

Full Year 2008 Financial Results

  • Despite the loss of Zyrtec® business in the U.S. after a full year of generic competition, a stable revenue of EUR 3.6 billion (-1% actual, +4% at constant exchange rates) was achieved
  • Strong underlying profitability (recurring EBITDA) of EUR 733 million (-1% actual, +6% at constant exchange rates)
  • Reported net profit of EUR 42 million (-74% actual, -67% at constant exchange rates) after substantial pre-tax one-off, non-recurring, restructuring (EUR 272 million) and impairment (EUR 160 million) charges
  • 7 regulatory approvals, including three new molecular entities in the U.S.
  • 6 regulatory filings across major markets: U.S., Europe and Japan
  • SHAPE: major achievements to accelerate the transformation of the organisation and to increase its focus on UCB's core disease areas, products and geographies
  • Outlook 2009: revenue expected to reach approximately EUR 3.3 billion following the patent expiry of Keppra® in the U.S.; underlying profitability target (recurring EBITDA) increased to greater than EUR 680 million; net profit expected to exceed EUR 130 million, excluding capital gains from the already announced divestment of non-core assets
  • Stable gross dividend of EUR 0.92 per share recommended by Board of Directors

Brussels (Belgium), March 3, 2009 - 7:00 AM (CET) - press release, regulated information - UCB announced today its consolidated full year 2008 financial results. It was a year of solid operational achievement which accelerated the transformation of the company towards becoming a focused biopharmaceutical company.

"UCB has completed a year of significant execution. We delivered stable revenue and strong underlying profitability, successfully absorbing the anticipated loss from the major patent expiry of Zyrtec® in the U.S. in December 2007 and from the loss of exclusivity for Keppra® in the U.S. in November 2008. This included the approval of three new molecular entities in the U.S. providing the fuel for future growth", said Roch Doliveux, Chief Executive Officer, UCB. "With the launch of the SHAPE programme, UCB continued its transformation into a focused, specialist biopharma company concentrated on severe diseases of the central nervous system and immunology, thereby improving its competitiveness and profitability, and sharpening its ability to bring benefits to patients with severe disease."  

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