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With an increase of 2% in turnover, UCB ordinary profit
has grown by 13% and before tax by 32%. Net profit amounts to € 182M
(+34%).
- The very impressive growth in sales achieved by
Keppra and Xyzal more than compensates for
the slight decrease in Zyrtec sales and contributes to the very good figures
for pharmaceuticals
which amount to € 207M before tax (+8.4%). These results do not take
in any way account of the
performance of Celltech, whose consolidation is expected to come into
effect as of 1 August
2004.
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The Surface Specialties results, positively influenced by the successful
integration of the
activities acquired from Solutia, are steadily improving at € 43M
before tax.
Turnover for the Pharma Sector increased to € 784M
for the first half of 2004, representing an improvement of 6% in real
terms (11.4% at constant exchange rates), aided by the performance of
Keppra (+42.3%) and Xyzal (+184%), whereas Zyrtec and
Nootropil are doing well against the generic competition.
In neurology, Keppra reported sales increased by +42.3%
(52.7% at constant exchange
rates) to reach € 193M, a growth rate comparable to that in the US
(+40.4% at € 126M)
and in Europe (+40.6% at € 63M). Keppra has established a leadership
position in the
US for medicines in co-therapy among new generation antiepileptics.
In Allergy/Asthma, the total franchise represents a global
turnover of € 362M. Zyrtec,
despite the OTC medicine competition in the US, remains the best selling
antiallergic
medicine in the world. Zyrtec has strengthened its market leadership in
the US
increasing its market share to more than 36%.
Xyzal sales have continued to give particular cause for
satisfaction. After having tripled
in 2003, they tripled once again for the first half of 2004 to €
60M compared with the
same period in 2003.
In R&D, development continues for new forms and indications
of Keppra, for the
molecules ucb 34714 and ucb 44212 as well as for the new indications and
forms of
Xyzal. In addition, development of the ucb 35440 molecule has been put
on hold, as
UCB focuses its efforts on more promising molecules.
Development of CDP 870 (in phase III) is being actively
pursued in the indication of
Crohn's disease and rheumatoid arthritis; new profiling studies to demonstrate
its clinical
advantages are currently being prepared.
Including an exceptional profit of € 6M, profit
before tax for the Pharma Sector rose by
8.4% to € 207M. At constant rates, the increase in profit exceeds
20%, reflecting the
extremely high performance of the Sector.
During the first half of 2004 UCB also made a successful
recommended cash offer for
Celltech Group plc, the United Kingdom's largest biotechnology company.
The success
of this major strategic move should allow UCB to take a leading role in
the biotechnology
sector through one of the most remarkable biologics research capabilities
in the world. A
global leadership position in biopharmaceuticals is now the goal envisaged
by UCB's
enlarged Pharma group.
Celltech will be consolidated within UCB with effect
from 1 August 2004.
In the first half of 2004, the Surface Specialties Sector benefited from
the full effects of
the integration of the activities acquired from Solutia.
Sales, which have decreased by 2.9% to € 750M, would
have shown a significant
increase (+15%) at constant exchange rate and comparable scope of consolidation
(without Taminco). The growth in volumes for the Sector stood at 7.7%.
The US and
Asian markets were the most dynamic.
Turnover from films contributed € 181M, a slight
decrease compared to last year. The
sale of the films activity, announced on 19 July 2004 for an amount of
€ 320M, is
expected to take effect in September 2004 and to contribute to significant
extraordinary
profit in the 2004 accounts.
The successful integration of the activities acquired
from Solutia has led to a 64%
increase in ordinary profit to € 50M, thanks to the rapid implementation
of all the
announced synergies and despite an unfavourable change in the cost of
raw materials.
Despite a market with little growth, the trends seen in the first half
of the year for Surface
Specialties are expected to continue in the second, essentially driven
by Asian demand.
At Group level, ordinary profit for the second half of the year is expected
to be in line
with those recorded for the first half-year period and to contribute to
double digit growth
for the year as a whole. Before depreciation of goodwill and intangibles
linked to the
acquisition, the Celltech's contribution is expected to have no impact
on the Group net
results.
UCB, with headquarters in Brussels (Belgium), is a harmaceutical
and specialty chemical company, which operates on a global scale. It is
committed to pharmaceuticals, as well as to technically innovative products
for surface applications. It employs 12,000 people around the world. UCB,
listed on Euronext Brussels, posted sales of €3 billion and net result
of €340 million in 2003.
Source: UCB Group
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