UCB Past Earnings Performance
Past criteria checks 5/6
UCB has been growing earnings at an average annual rate of 8.3%, while the Pharmaceuticals industry saw earnings growing at 8.8% annually. Revenues have been growing at an average rate of 5.1% per year. UCB's return on equity is 14.3%, and it has net margins of 20.1%.
Key information
8.26%
Earnings growth rate
8.08%
EPS growth rate
| Pharmaceuticals Industry Growth | 12.39% |
| Revenue growth rate | 5.05% |
| Return on equity | 14.34% |
| Net Margin | 20.13% |
| Next Earnings Update | 30 Jul 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 15
UCB: Epilepsy Blockbusters And Neuroscience Pipeline Will Drive Future Upside Potential
Analysts have nudged their average price target for UCB higher, with fair value moving from €284.65 to about €288.21 as they factor in updated assumptions on discount rate, revenue growth, profit margins, and future P/E, supported by recent target hikes and fresh Outperform ratings on the stock. Analyst Commentary Recent research points to a split but constructive view on UCB, with several firms adjusting ratings and targets as they reassess the stock's risk and reward profile.
Narrative Update • Apr 30
UCB: Epilepsy Portfolio Execution To Drive Future Earnings Power Upside
The analyst fair value estimate for UCB has shifted from €310 to €340, reflecting updated assumptions on revenue growth, higher projected profit margins, a slightly adjusted discount rate, a revised future P/E, and recent Street research in which analysts highlight UCB's epilepsy portfolio and reset price targets in the €300 to €340 range. Analyst Commentary Recent Street research on UCB has been mixed, with some caution on near-term risk and reward but also clear pockets of optimism tied to its neuroscience and epilepsy franchises.Narrative Update • Apr 16
UCB: Epilepsy And Neuroscience Execution Will Shape Balanced Risk Reward Profile
Analysts have adjusted the UCB price target toward €285, reflecting a blend of more cautious views that see risk and reward as balanced around €260 and more optimistic calls pointing toward €304 to €340, supported by expectations for its epilepsy portfolio and broader neuroscience exposure. Analyst Commentary Bullish Takeaways Bullish analysts see upside toward €304 to €340, suggesting that current pricing does not fully reflect expectations around the epilepsy portfolio and broader neuroscience pipeline.Narrative Update • Apr 01
UCB: Epilepsy Franchise And Dermatology Data Will Shape Future Risk Reward Balance
Narrative Update on UCB The analyst price target for UCB has been adjusted slightly lower to about €285. This reflects a blend of more cautious views that see a balanced risk and reward at current levels, and more optimistic targets that highlight UCB's epilepsy portfolio and recent upward revisions from several banks.Narrative Update • Mar 18
UCB: Epilepsy And Psoriatic Arthritis Execution Will Shape Future Risk Reward Balance
The updated analyst price target for UCB moves to €284.85 from €275.74. This reflects a mix of more conservative revenue growth assumptions, higher expected profit margins, and a lower future P/E multiple, in line with recent research that balances enthusiasm around epilepsy assets with a more measured view on risk and reward.
Narrative Update • Mar 04
UCB: Epilepsy Franchise Expectations Will Eventually Strain Current Share Price
We are lifting our fair value estimate for UCB from €173.07 to €209.22, reflecting higher assumed revenue growth and profit margins as analysts highlight a stronger outlook for the epilepsy franchise and raise price targets into the €300+ range. Analyst Commentary Recent Street research on UCB has centered on the epilepsy franchise and the broader neuroscience portfolio, with several firms updating their views and price targets.Narrative Update • Feb 18
UCB: Epilepsy Pipeline Progress And Execution Will Shape Future Upside Balance
Our Analyst Price Target for UCB has moved higher from €261.42 to €275.74, reflecting analysts' updated assumptions on revenue growth, profitability and P/E in light of recent Street target lifts to around €304 to €310. Analyst Commentary Recent Street research on UCB has centered on higher price targets, with bullish analysts adjusting their views to reflect updated assumptions on revenue, profitability and P/E.Narrative Update • Feb 04
UCB: Future Earnings Power To Reflect Rare Disease And Epilepsy Execution
Analysts have raised their price target on UCB to €310 from €270, citing updated assumptions for revenue growth, profit margins and a slightly lower future P/E multiple as the main drivers of the change. Analyst Commentary Recent commentary from bullish analysts has centered on higher valuation support for UCB, with the new €310 price target used as a reference point for what they see as stronger execution and earnings potential than previously modeled.Narrative Update • Jan 21
UCB: Late-Stage Pipeline And Margin Execution Will Shape Balanced Upside Potential
Analysts raised their price target on UCB to €310 from €270, citing updated expectations for slightly stronger revenue growth, improved profit margins, and a modestly lower future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher €310 target as a sign that they see current valuation as not fully reflecting updated revenue and margin expectations.Narrative Update • Jan 07
UCB: Raising Future Fair Value On Strengthening Rare Disease And Epilepsy Franchise
Analysts have raised their fair value estimate for UCB from €255 to €310, citing recent price target increases from the Street and updated assumptions on revenue growth, profit margins and future P/E levels. Analyst Commentary Bullish analysts have recently adjusted their views on UCB, with fresh price targets that now cluster around €290 to €310.Narrative Update • Dec 18
UCB: Expanding Late-Stage Pipeline And New Launches Will Drive Future Upside
UCB's analyst price target has been raised from EUR 258.33 to EUR 264.67 as analysts factor in slightly stronger revenue growth expectations, despite a modestly lower projected profit margin and only a small uptick in future valuation multiples. Analyst Commentary Recent price target increases signal that bullish analysts see a more attractive risk reward profile for UCB, driven by improving growth visibility and confidence in execution.Narrative Update • Dec 04
UCB: Pipeline Execution And New Launches Will Support Balanced Future Upside Potential
UCB's fair value estimate has been nudged higher to approximately EUR 258 from EUR 257, reflecting analysts' upward revisions to price targets, with recent moves to EUR 240, EUR 285 and EUR 290. These changes highlight confidence in the company's earnings trajectory despite slightly softer margin and growth assumptions.Narrative Update • Nov 20
UCB: Recent Pipeline Advances And Margin Strength Will Drive Share Price Higher
Analysts have slightly raised their fair value estimate for UCB to €256.67. They cite recent upward revisions to price targets, supported by continued expectations for stable profit margins and healthy revenue growth.Analysis Article • Nov 11
UCB (EBR:UCB) Could Easily Take On More Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Narrative Update • Nov 06
UCB: Strong Profit Margins And Momentum Will Drive Shares Higher
UCB's fair value estimate has increased by approximately EUR 4.50, as analysts highlight robust performance and upward revisions to price targets. This follows renewed confidence in the company’s profit margin outlook.Narrative Update • Oct 22
Analysts Raise UCB Price Targets Amid Positive Sector Outlook and Improved Growth Forecasts
UCB's analyst price target has been raised from €240.28 to €251.11, as analysts cite upward revisions to revenue growth forecasts along with an improved sector outlook. Analyst Commentary Recent analyst actions reflect a strongly positive sentiment toward UCB's outlook, as multiple firms have revised their price targets upward and maintained favorable ratings.Analysis Article • Oct 14
Market Participants Recognise UCB SA's (EBR:UCB) Earnings Pushing Shares 25% Higher
UCB SA ( EBR:UCB ) shares have continued their recent momentum with a 25% gain in the last month alone. Looking back a...Narrative Update • Oct 08
Aging Populations And Emerging Markets Will Unlock Opportunity
UCB's analyst price target has been increased from €229.06 to €240.28. This change reflects improved revenue growth expectations and profit margins highlighted by recent analyst updates.Narrative Update • Sep 24
Aging Populations And Emerging Markets Will Unlock Opportunity
The slight increase in UCB’s consensus price target to €229.06 reflects improved revenue growth forecasts, while profit margin expectations remain stable. What's in the News Three-year data from BE HEARD trials show sustained efficacy and quality of life improvements with BIMZELX® in moderate-to-severe hidradenitis suppurativa, with better outcomes linked to earlier treatment.Narrative Update • Aug 27
Aging Populations And Emerging Markets Will Unlock Opportunity
Analysts have raised their price target for UCB to €223.17, citing robust fundamentals, resilient earnings growth, and improved confidence in management despite recent share price weakness. Analyst Commentary Recent share price pullback seen as disconnected from underlying business strength.Analysis Article • Jul 17
UCB SA (EBR:UCB) Not Lagging Market On Growth Or Pricing
When close to half the companies in Belgium have price-to-earnings ratios (or "P/E's") below 14x, you may consider UCB...
New Narrative • Mar 02
BIMZELX's Successful Launch Will Expand Future Market Opportunities In Dermatology And Rheumatology
UCB's new product launches and high R&D success rate are driving anticipated revenue and margin growth across global markets.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How UCB makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 7,741 | 1,558 | 2,749 | 1,822 |
| 30 Sep 25 | 7,295 | 1,445 | 2,654 | 1,837 |
| 30 Jun 25 | 6,848 | 1,332 | 2,559 | 1,852 |
| 31 Mar 25 | 6,500 | 1,199 | 2,453 | 1,817 |
| 31 Dec 24 | 6,152 | 1,065 | 2,347 | 1,781 |
| 30 Sep 24 | 5,803 | 653 | 2,190 | 1,721 |
| 30 Jun 24 | 5,454 | 240 | 2,033 | 1,660 |
| 31 Mar 24 | 5,318 | 292 | 1,929 | 1,645 |
| 31 Dec 23 | 5,182 | 343 | 1,824 | 1,630 |
| 30 Jun 23 | 5,111 | 332 | 1,726 | 1,631 |
| 31 Mar 23 | 5,279 | 376 | 1,720 | 1,651 |
| 31 Dec 22 | 5,447 | 420 | 1,714 | 1,670 |
| 30 Jun 22 | 5,854 | 887 | 1,695 | 1,674 |
| 31 Mar 22 | 5,816 | 971 | 1,625 | 1,652 |
| 31 Dec 21 | 5,777 | 1,055 | 1,554 | 1,629 |
| 30 Sep 21 | 5,647 | 996 | 1,506 | 1,631 |
| 30 Jun 21 | 5,517 | 936 | 1,458 | 1,633 |
| 31 Mar 21 | 5,432 | 834 | 1,438 | 1,601 |
| 31 Dec 20 | 5,347 | 732 | 1,417 | 1,569 |
| 30 Jun 20 | 5,198 | 743 | 1,368 | 1,393 |
| 31 Mar 20 | 5,056 | 767 | 1,336 | 1,333 |
| 31 Dec 19 | 4,913 | 790 | 1,303 | 1,272 |
| 30 Jun 19 | 4,686 | 652 | 1,212 | 1,229 |
| 31 Mar 19 | 4,659 | 722 | 1,178 | 1,195 |
| 31 Dec 18 | 4,632 | 792 | 1,144 | 1,161 |
| 30 Jun 18 | 4,569 | 872 | 1,105 | 1,083 |
| 31 Mar 18 | 4,522 | 812 | 1,119 | 1,070 |
| 31 Dec 17 | 4,474 | 752 | 1,132 | 1,057 |
| 30 Sep 17 | 4,400 | 708 | 1,138 | 1,047 |
| 30 Jun 17 | 4,325 | 664 | 1,144 | 1,036 |
| 31 Mar 17 | 4,236 | 604 | 1,133 | 1,028 |
| 31 Dec 16 | 4,147 | 543 | 1,122 | 1,020 |
| 30 Sep 16 | 4,051 | 439 | 1,111 | 1,022 |
| 30 Jun 16 | 3,955 | 334 | 1,099 | 1,023 |
| 31 Mar 16 | 3,916 | 299 | 1,098 | 1,030 |
| 31 Dec 15 | 3,876 | 264 | 1,096 | 1,037 |
| 30 Sep 15 | 3,773 | 266 | 1,069 | 999 |
| 30 Jun 15 | 3,670 | 268 | 1,042 | 961 |
Quality Earnings: UCB has high quality earnings.
Growing Profit Margin: UCB's current net profit margins (20.1%) are higher than last year (17.3%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: UCB's earnings have grown by 8.3% per year over the past 5 years.
Accelerating Growth: UCB's earnings growth over the past year (46.3%) exceeds its 5-year average (8.3% per year).
Earnings vs Industry: UCB earnings growth over the past year (46.3%) exceeded the Pharmaceuticals industry 16.1%.
Return on Equity
High ROE: UCB's Return on Equity (14.3%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/26 05:14 |
| End of Day Share Price | 2026/05/26 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
UCB SA is covered by 40 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Charles Pitman | Barclays |
| Brian Bourdot | Barclays |
| Charles Pitman | Barclays |