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UCB: stock slumps after US setback

( - UCB shares fell by over 15% on Friday after the US FDA turned down its new psoriasis treatment, bimekizumab.

In a statement this morning, the Belgian pharmaceutical company said it had received a complete response letter regarding its application for a biologics license for the drug, which is intended for adult patients with moderate-to-severe plaque psoriasis.

For the record, receipt of a complete response letter means that the FDA is not in a position to approve the application in its current form.

As a result of this setback, UCB said it has been forced to revise its earnings guidance for the year 2022.

In a reaction note, analysts at Berenberg recall that they had expected annual sales of 32 million euros for bimekizumab in the US in 2022 alone, followed by 150 million dollars next year.

The broker argues that this potential drug alone represents 12 euros per share, or 9% of the theoretical share value.

However, note that Berenberg believes that bimekizumab could be approved in H2 2023.

The share is currently down about 15%, tarnishing its YTD performance, which is now negative, with a decline of over 13%.

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