BofA Lifts UCB Price Objective, EPS Forecasts After 'Surprise' FY26 Guidance Upgrade

08:35 AM EDT, 10/26/2026 (MT Newswires) -- BofA Global Research raised its price objective and EPS forecasts for UCB (UCB.BR) amid a model update following the biopharmaceutical company's "surprise" 2026 guidance upgrade. "We expect significant cons EBITDA upgrades over the mid-term with UCB essentially now trading on a mid-high teens% higher EPS base. We see the majority of the FY26 upgrades (and importantly their respective margin drop-through) as sustainable into FY27, outside of the higher than expected medical exemption volumes still remaining," analysts said Monday. "The volume drivers that we are now starting to see in TRx data (PBMaccess, BE BOLD, DTC) are only just starting trajectory wise and sustainability is likely to be robust for these volumes." The research firm still expects UCB's psoriasis medicine Bimzelx to be the "most important dynamic" for the company heading into 2027, while upcoming late-stage remibrutinib data from competitor Novartis (NOVN.SW) remains a key risk to Bimzelx. Against this backdrop, the price objective was increased to 310 euros from 280 euros, while the stock's buy rating was maintained. Core EPS forecasts for 2026 and 2027 were lifted by 22.5% and 20.1%, respectively, alongside higher estimates over the 2028 to 2033 period. "Given typical UCB conservatism and no specific numbers we think the specific drivers will remain somewhat unknown until the FY26 print. We remain on the conservative side of extrapolating some specific drivers into FY27 until we have further visibility," BofA added.