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UCB (UCB.BR) * Financial performance in the first half of 2008 in-line with expectations: Revenue as expected down by 11% to EUR 1.7 billion; underlying profitability (recurring EBITDA) reached EUR 358 million (-26%), reported net profit EUR 108 million (-37%). * Integration of Schwarz Pharma completed ahead of schedule: Synergies in the first six months reached EUR 305 million; synergies of 2008 will reach EUR 350 million; targeted synergies of EUR 380 million to be reached almost two years ahead of schedule. * Multiple regulatory milestones and approvals: In the first half of 2008, UCB achieved two approvals (Cimzia®, Crohn's disease and Xyzal® oral solution) in the U.S. and two positive opinions (Neupro®, RLS and Vimpat®, epilepsy) for Europe. * New "SHAPE" initiative: Major global effort to improve competitiveness and profitability by re-allocating EUR 300 million within the next three years. The initiative includes increased focus, re-deployment of UCB's resources, advance of R&D and simplifying the organisation while successfully delivering UCB's new medicines to patients. * Outlook 2008: Revenue is expected to exceed EUR 3.3 billion; underlying profitability (recurring EBITDA) 2008 is confirmed to reach approximately EUR 650 million. Net result might be significantly impacted by UCB's initiative "SHAPE".
BRUSSELS, BELGIUM - August 1st 2008 - 7:00 am CET - press release, regulated information - UCB today announced its consolidated interim financial results.
"The financial performance in the first six months is well in-line with expectations," says Roch Doliveux, CEO of UCB. "With one of the most exciting late stage pipelines in the industry and following recent approvals, like Cimzia® for Crohn's disease in the U.S., and positive opinions for Neupro® for RLS and Vimpat® for epilepsy in Europe, the time is now to further shape UCB and become a specialist company focused on successfully delivering our new medicines to patients."
The full press release can be downloaded from the following link:
