BofA: UCB's Bimzelx Sets 'Very High' Bar Ahead of Q4 Competitor Data in Hidradenitis Suppurativa

05:49 AM EDT, 10/21/2026 (MT Newswires) -- BofA Global Research believes UCB's (UCB.BR) Bimzelx therapy sets a "very high bar" ahead of competitor data from Novartis (NOVN.SW) and AbbVie (ABBV.VI) in the skin condition hidradenitis suppurativa. "Key hurdles/bars for data, detailed within; 1) Remi needs to be in the high-teens to 20% HiSCR50 pbo adjusted range (vs Bimzelx 25%) to be seen as a risk to Bimzelx (and oral still likely an earlier part of the paradigm). Our base case is c14% pbo adj, though see a broad range (10-20%) given PII trial arm variability; 2) Luti needs to be a step change better than Bimzelx (22% HiSCR75 pbo adjusted) to be seen as a credible risk. Our base case is 19% pbo adj (15-20% range), biggest unknown is the bio-naïve component," according to a Tuesday note. The research firm said UCB's current valuation already prices in late-stage trial successes for both remibrutinib and lutikizumab, adding it sees "meaningful risk" that one of them falls short. "Remi is seen as a more material risk, but we think it likely positions earlier in paradigm, expanding diagnosis rates. Luti looks likely positioned post Bimzelx unless efficacy is a step change better," the note said. Against this backdrop, BofA reiterated its buy rating on the stock, with a price objective of 280 euros, noting it sees a "positive" risk-reward profile into the phase 3 data amid Bimzelx's "established" position in an "attractive" market.