UCB raises guidance for 2008 above consensus
UCB has issued financial projections for full-year 2007 and 2008 that exceed analysts' expectations. According to the Belgian drugmaker, full-year 2007 revenues will exceed last year's, with recurring earnings before interest, depreciation and amortization expected at over 720.0 million euros ($1.06 billion) and net profit set to top 100.0 million euros.
The firm warned that 2008 revenues would fall to 3.4 billion euros due to the expiration of the US patent on its allergy treatment Zyrtec (cetirizine HCl), although this is higher than many analysts had predicted. Recurring 2008 EBITDA is expected to reach 650.0 million euros, with 100.0 million euros net profit.
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