Key Financials
FY2023 (31 December 2023), if not indicated otherwise
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Guidance
The figures of the guidance 2024 and 2025 as mentioned below were calculated on the same basis as the actual figures for 2023.
2024 Revenue
€ 5.5 - 5.7 billion
taking into account the launches and the continued solid contributions from the existing product portfolio.
2024 adj. EBITDA
23.0% - 24.5%
reflecting investments in launches around the globe to offer potential new solutions for people living with severe diseases and the commitment to invest into research and development to advance the late-stage and early development pipeline.
2024 Core EPS
€ 3.70 - 4.40
based on an average of 190 million shares outstanding
2025 Revenue
at least € 6 billion
2025 adj. EBITDA
Low- to mid-thirties
2025 Improved ESG
rating performance
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
CIMZIA®
peak sales guidance
≥ € 2 billion by 2024
achieved in 2022
BRIVIACT®
peak sales guidance
≥ € 600 million by 2026
FINTEPLA®
peak sales guidance
≥ € 800 million by 2027
BIMZELX®
peak sales guidance
> € 4 billion
Cash Flows
In 2023, the evolution of cash flow generated by bio-pharmaceutical activities was affected by the following:
- Cash flow from operating activities amounted to € 761 million compared to € 1 119 million in 2022. The cash inflow stems from underlying net profitability, offset with higher working capital mainly due to an increase in inventories and outstanding receivables.
- Cash flow from investing activities showed an outflow of € 440 million, compared to an outflow of € 1 580 million in 2022. The 2023 investing activities include mainly € 316 million capital expenditures, as well as € 113 million Contingent Value Rights to the former shareholders of Zogenix, Inc.
- Cash flow from financing activities had an outflow of € 308 million, which includes mainly the proceeds of the € 300 million retail bond offset by the reimbursement of the retail bond maturing in October 2023 (€ -176 million), the dividend paid to UCB shareholders (€ -252 million) and interests paid (€ -144 million).
Debt Financing
Net financial debt as per end June 2024 was € 2 614 million, an increase of € 437 million compared to € 2 177 million as of end December 2023. The increase is due to a lower cash level as consequence of the 2023 dividend and shares buy-back program.The net debt to adjusted EBITDA ratio for June 2024 is 2.2.
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.
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
EMTN Prospectus Archive
UCB has access to diversified funding sources. Per 30 June 2024, outstanding bonds included:
- € 150 million EMTN Notes, due 2027
- € 500 million institutional bond, due 2028
- € 300 million retail bonds, due 2029
- € 500 million institutional bond, due 2030
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, drawn in September 2023, and Schuldscheindarlehen transactions entered into in 2022 and 2023).
