UCB reports upbeat full-year results for 2008
Belgian biopharmaceutical company UCB says it is making "good progress" in its bid to become a market leader after gaining seven regulatory approvals, six regulatory filings and launching four products in 2008.
Belgian biopharmaceutical company UCB says it is making "good progress" in its bid to become a market leader after gaining seven regulatory approvals, six regulatory filings and launching four products in 2008.
UCB said its 2008 revenue had remained stable at Euro 3.6bn, with all regions contributing to a good sales performance, in spite of the loss of the US patent for Zyrtec in December 2007 and the loss of US exclusivity for Keppra.
"Our anti-epileptic drug, Keppra represented a main share of the net sales, consolidating our leadership in epilepsy both in US and EU," said Roch Doliveux, chief executive of UCB. "And we made good progress with our new products coming to market."
Underlying profit (recurring EBITDA) in 2008 reached â"šÂ¬733m reflecting a "solid" financial performance above UCB expectations and absorbing the loss of â"šÂ¬330m of Zyrtec US business after the patent expiry. Net profit fell to â"šÂ¬42m in 2008 owing to significant non-recurring items, including restructuring charges, which involved cutting 2,400 jobs worldwide.
The integration of Schwarz Pharma was completed 18 months ahead of schedule and generated synergies of â"šÂ¬380m, well above UCB's original â"šÂ¬300m target.
In 2008, UCB launched Cimzia for Crohn's disease, Keppra XR for epilepsy and the oral solution for Xyzal in the US, as well as Vimpat for epilepsy in the EU.
Additionally, the company is currently preparing the 2009 launches of Vimpat for epilepsy in the US, Cimzia for rheumatoid arthritis in the US and EU, and in Europe the new-patient-launch of Neupro for Parkinson's disease as well as the launch of Neupro for restless legs syndrome.
"Our long-term strategy of achieving leading positions in the treatment of selected severe diseases in CNS and immunology is being executed," said Doliveux.
"While no one can claim to be immune from the current global financial crisis, its impact on UCB is currently relatively modest. Our liquidity position remains healthy: the majority of our bank facilities expire at the end of 2011 and available cash is invested prudently."
UCB expects revenue to reach â"šÂ¬3.1-â"šÂ¬3.3bn and net profit to exceed â"šÂ¬130m for the full year.