UCB S.A.

UCB.BR

Biotechnology · Healthcare

Price

€223.10

-1.90 (-0.84%)

Market Cap

€42.48B

Exchange

Euronext Brussels

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count falling — buybacks

−2.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 194.2M (2021) → 190.0M (2025)

UCB S.A. is a Belgian biopharmaceutical company that discovers and sells medicines for people with serious diseases, mainly epilepsy, Parkinson's disease, and immune system disorders like rheumatoid arthritis and psoriasis. Its best-known drugs include Vimpat and Briviact for epilepsy, and Bimzelx and Cimzia for inflammatory diseases. UCB sells primarily to hospitals, specialty pharmacies, and patients through healthcare systems around the world.

UCB makes money by selling prescription medicines, earning revenue each time a drug is dispensed to a patient. The company operates globally, with a strong presence in Europe and North America, and generates roughly €5–6 billion in annual revenue. Its moat comes from patented drugs and deep expertise in neurology and immunology, which are difficult scientific areas for competitors to enter quickly. The key growth driver is Bimzelx, its newer immunology drug, which is still in early commercial stages and could significantly expand UCB's revenue if it captures meaningful market share from established competitors.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+134.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$1.8B/ year

→ Flat (+2% vs prior year)

23.5% of revenue

In line with sector average (18%)

Steady R&D investment year-over-year

Insider Activity

36.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$797M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

UCB S.A. is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

77.6%

Premium pricing power — 77.6% gross margin

Operating Margin

32.2%

Excellent — 32.2% operating margin

ROCE

9.1%

Below par — 9.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+24.5%

Fast-growing sales (+24.5% YoY)

EPS YoY

+64.8%

Earnings growing fast (+64.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

86%

Modest — 86% of profit becomes cash

FCF Margin

17.5%

Converts sales into free cash efficiently (17.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.30

Conservative — low debt load (0.30)

Interest Cover

15.39x

Comfortably covers interest (15.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

19.3x

Fair value — P/E 19.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+6.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.3 → 13.3)

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Dividends

Dividend Yield

0.45%

Small dividend — 0.45% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+1.5%

Dividend flat

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