Belgium's UCB beats consensus forecasts, with growth driven by Keppra

Belgian pharmaceutical group UCB, which has recently acquired the German firm Schwarz Pharma (Marketletters passim), has reported a strong set of results for the full-year 2006, which have exceeded analysts' consensus forecasts. UCB and Schwarz' balance sheets have been consolidated as of December 31, 2006.

Total revenues grew 8% to 2.52 billion euros ($3.32 billion), of which 2.19 billion euros was sales and 335.0 million royalty income. Earnings before interest and taxes increased 57% to 571.0 million euros, with profit from continuing operations up 36% to 367.0 million euros, or 2.54 euros per share.

Chief executive Roch Doliveux commented: "2006 was another landmark year for UCB where we made significant progress in implementing the strategy set up three years ago of becoming a next-generation biopharmaceutical leader focused on selected severe diseases. UCB generated double-digit profit growth despite increasing investments in R&D and sales and marketing. Keppra (levetiracetam) achieved outstanding growth and is now UCB's number one product and market leader in the USA and Europe for the treatment of epilepsy. UCB's allergy franchise continued to perform well and significant progress was also made in our R&D pipeline."