Berenberg Adjusts UCB Forecasts After H1 Beat; Buy Reaffirmed

11:11 AM EDT, 08/11/2026 (MT Newswires) -- Berenberg adjusted its forecasts for UCB (UCB.BR) following the biopharmaceutical company's first-half results amid expectations that the price headwind faced by its Bimzelx drug will be more than offset by volume growth. "Despite a 1H beat and FY 2026 guidance raise, management's raised Bimzelx peak sales guidance for at least EUR7bn was met with some disappointment (versus consensus at cEUR8bn). UCB cautions that price will be an increasing headwind for Bimzelx into 2H as expanded access into the first-line setting across all approved indications necessitates a higher rebate," analysts said in a note published Tuesday. "Ultimately, this should drive higher volume and, given the low biologic penetration rates for many immunological diseases, we remain confident in our cEUR8bn Bimzelx peak sales forecast. Recent share price underperformance offers an attractive entry point." Analysts also noted the company's pipeline, including upcoming data readouts from the phase 3 trial for Rystiggo in myelin oligodendrocyte glycoprotein antibody-associated disease in the second half and phase 3 study for Bimzelx in palmoplantar pustulosis over the next 12 to 24 months. As such, the research firm increased its 2026 revenue and EPS estimates by 2% and 10.8%, respectively. Looking further ahead, the projected EPS was raised by 1.9% for 2027 and reduced by 3.1% for 2028, while revenue forecasts for both years were downwardly revised. The buy rating on the stock was reaffirmed, as well as the price target of 305 euros.