UCB in 2012: New Core Medicines Drive Growth
UCB announced today its consolidated 2012 financial results.
Revenue 2012 increased by 7% to €3 462 million, at constant exchange rates the increase was 2%. Net sales amounted to €3 070 million or 7% higher than in 2011 (+2% at constant exchange rates) because of the strong performance of the core medicines Cimzia (certolizumab pegol), Vimpat (lacosamide) and Neupro (rotigotine) as well as E Keppra (levetiracetam) in Japan.
Cimzia for rheumatoid arthritis (RA) and Crohn's disease (CD) increased net sales to €467 million (+50% or 41% at constant exchange rates). Net sales of the antiepileptic medicine Vimpat® (lacosamide) went up to €334 million (+53%; 44% at constant rates). Neupro (rotigotine), a patch for Parkinson's disease and restless legs.
Gross profit of €2 378 million is 6% (+1% at constant rates) higher than in 2011 following the increase of net sales. Total operating expenses reached €1 963 million, +9% (+5% at constant rates) compared to last year, reflecting higher marketing & selling expenses driven by the launch of Neupro in the U.S. in July 2012 and the launch preparation of Cimzia in Japan as well as 14% increase in research & development expenses reflecting an advanced late-stage pipeline with three projects in the last development phase.
General & administrative expenses were €198 million (+4%). As a result, underlying profitability -recurring EBITDA- is 5% lower than last year, reaching €655 million, reflecting the high research & development expenses. Also recurring EBIT is down 5% to €415 million.
Financial outlook 2013: revenue is expected to grow by a low-single-digit percent excluding exchange rate impacts to approximately €3.4 billion; recurring EBITDA between approximately €680-710 million and corresponding core earnings per share are expected in the range of €1.90 - 2.05.
