Tag

#immunology

02Reports

2026-06-29 ·制药 ·内部研究

UCB SA: A Specialty-Biopharma Growth Platform That Has Already Re-Rated

UCB is a Belgian specialty biopharma in immunology and neurology, and BIMZELX is now its largest product at €2.227 billion of 2025 net sales. FY2025 revenue rose 26% to €7.741 billion, adjusted EBITDA jumped to €2.636 billion, and the balance sheet swung from €1.454 billion of net debt to roughly net cash; yet at €258.50, about 24x forward earnings, the price already embeds much of the BIMZELX and portfolio ramp. Rating Hold: a genuinely stronger company at a price that leaves essentially no margin of safety for fresh capital.

UCB.BR UCB SA #BIMZELX #immunology #neurology #specialty biopharma #valuation #pharmaceuticals

Hold

2026-06-29 ·制药 ·内部研究

Sanofi SA: A Pure-Play in Transition, Still Proving Life After Dupixent

Sanofi is a French pure-play biopharma built around immunology, vaccines, and rare disease after ceding control of Opella. Dupixent alone reached 15.714 billion EUR of 2025 sales, about 36% of group revenue, and still grew 30.8% in Q1 2026, yet the market withholds a growth multiple until a post-Dupixent bridge is proven ahead of the roughly 2031 patent cliff. Rating Hold: a cleaner, cash-generative business at a cheapish multiple with 8.089 billion EUR of 2025 free cash flow, but no wide margin of safety on the hard part of the story.

SAN.PA Sanofi SA #Dupixent #immunology #vaccines #rare disease #patent cliff #pure-play biopharma

Hold