July 30 (Reuters) – Belgian biopharmaceutical group UCB raised its 2026 earnings guidance on Thursday, but its shares fell more than 8% as investors focused on weaker-than-expected sales of flagship drug Bimzelx and questioned the quality of the earnings upgrade.
Adjusted EBITDA is now expected to grow in the mid-teens to low-twenties percentage range at constant exchange rates, up from a previous forecast of high single-digit to mid-teens growth.
The company’s shares fell 8.5% in early Brussels trading.
Analysts noted that the upgraded guidance appeared to imply second-half EBITDA below market expectations, raising questions about whether part of the first-half outperformance reflected favourable one-off factors rather than a sustained improvement in underlying earnings.
While UCB raised peak sales guidance for blockbuster anti-inflammatory drug Bimzelx to 7 billion euros, the drug’s first-half sales came in slightly below expectations.
The company nevertheless beat first-half revenue forecasts, supported mainly by legacy products.
UCB, which focuses on severe immune-system and neurological diseases, had narrowed its earnings guidance in April to absorb costs linked to a series of acquisitions completed in the first half of 2026.
($1 = 0.8730 euros)
(Reporting by Lucie Barbier and Margaux Perrin; Editing by Matt Scuffham)
