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Investing.com - Berenberg raised its price target on UCB SA (BR:UCB) (OTC:UCBJY) to EUR290.00 from EUR220.00 on Tuesday, while maintaining a Buy rating on the biopharmaceutical company.
The price target increase reflects UCB’s strong year-to-date performance, primarily driven by robust volume growth of Bimzelx in the U.S. market and positive developments following recent competitor setbacks.
Berenberg notes that UCB’s share price now incorporates pipeline value, which it considers appropriate given the company’s established research and development track record and a midstage pipeline showing excellent progress.
The investment firm highlights UCB’s delivery on promises of strong sales growth and margin expansion, with limited patent expiry erosion expected until the mid-2030s.
UCB continues to demonstrate headroom for both sales growth and margin expansion, factors that contributed to Berenberg’s decision to maintain its Buy rating while applying a higher premium to its valuation model.
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