UCB S.A.

UCB.BR

Biotechnology · Healthcare

Price

€221.70

+3.80 (+1.74%)

Market Cap

€42.22B

Exchange

Euronext Brussels

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Strong

Cash Flow

Strong

Stability

Exceptional

Valuation

Strong

Dividends

Weak

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Share count falling — buybacks

−2.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 194.2M (2021) → 190.0M (2025)

Winston Score History

The full picture

UCB S.A. is a Belgian biopharmaceutical company that discovers and sells medicines for people with serious diseases, mainly epilepsy, Parkinson's disease, and immune system disorders like rheumatoid arthritis and psoriasis. Its best-known drugs include Vimpat and Briviact for epilepsy, and Bimzelx and Cimzia for inflammatory diseases. UCB sells primarily to hospitals, specialty pharmacies, and patients through healthcare systems around the world.

UCB makes money by selling prescription medicines, earning revenue each time a drug is dispensed to a patient. The company operates globally, with a strong presence in Europe and North America, and generates roughly €5–6 billion in annual revenue. Its moat comes from patented drugs and deep expertise in neurology and immunology, which are difficult scientific areas for competitors to enter quickly. The key growth driver is Bimzelx, its newer immunology drug, which is still in early commercial stages and could significantly expand UCB's revenue if it captures meaningful market share from established competitors.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+134.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€1.8B/ year

→ Flat (+2% vs prior year)

23.5% of revenue

In line with sector average (18%)

Steady R&D investment year-over-year

Insider Activity

36.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€797M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

UCB S.A. is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

77.6%

Premium pricing power — 77.6% gross margin

Profit after running costs

Operating Margin

32.2%

Excellent — 32.2% operating margin

Return on the money invested

ROCE

17.6%

Strong — 17.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+24.5%

Fast-growing sales (+24.5% YoY)

Profit growth

EPS YoY

+64.8%

Earnings growing fast (+64.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

86%

Modest — 86% of profit becomes cash

Spare cash per sale

FCF Margin

17.5%

Converts sales into free cash efficiently (17.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.30

Conservative — low debt load (0.30)

Covers its interest

Interest Cover

15.39x

Comfortably covers interest (15.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.2x

Fair value — P/E 19.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+5.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.2 → 13.3)

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Dividends

Dividend

Dividend Yield

0.45%

Small dividend — 0.45% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+1.5%

Dividend flat

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