2010 full-year results 3 March 2011 - UCB

2010 full-year results
3 March 2011
Progressing to
become
the patient-centric
global biopharma leader
Alison, living with rheumatoid arthritis

Disclaimer and safe harbour
Forward-looking statements:
This presentation includes “forward-looking statements” relating to UCB group of companies (“UCB”) that are subject to
known and unknown risks and uncertainties, many of which are outside of UCB’s control and are difficult to predict, that
may cause actual results to differ materially from any future results expressed or implied from the forward-looking
statements.
In this presentation, the words “anticipates,” “believes,” “estimates,” “seeks,” “expects,” “plans,” “intends” and similar
expressions, as they relate to UCB, are intended to identify forward-looking statements.
Important factors that could cause actual results to differ materially from such expectations include, without limitation:
the inability to obtain necessary regulatory approvals or to obtain them on acceptable terms; the economic environment
of the industries in which UCB operates; costs associated with research and development; changes in the prospects for
products in the pipeline or under development by UCB; dependence on the existing management of UCB; changes or
uncertainties in tax laws or the administration of such laws; changes or uncertainties in the laws or regulations applicable
to the markets in which UCB operates.
All written and oral forward-looking statements attributable to UCB or persons acting on its behalf are expressly qualified
in their entirety by the cautionary statements above.
UCB does not intend, or undertake any obligation, to update these forward-looking statements.
2

UCB: to be patient-centric global biopharma leader
Focus: Immunology and
Central Nervous System
R&D spend:
22% of revenue
About 203 000 patients
treated with UCB’s new
core products
Operations in more than
40 countries
About 8 500 employees
globally
Stephanie, living with
rheumatoid arthritis
3
3

2010 financial highlights
Revenue of € 3 218 million
• Strong Cimzia ® , Vimpat ® and Neupro ®
• Strong Keppra ® sales in EU and venlafaxine XR in U.S.
Underlying profitability (Recurring EBITDA)
of € 731 million
Core EPS of € 1.99 1 , above guidance
3%
5%
15%
1. based on 180 million shares outstanding
4

203 000 patients have now been treated
An increase of 88% versus December 2009
UCB is becoming the
Patient-Centric global biopharmaceutical leader
Fast response for predictable outcomes
22 000 patients prescribed
Expected peak sales of at least € 1.5 billion 1
When monotherapy is no longer enough
108 000 patients prescribed
Expected peak sales of at least € 1.2 billion 1
24h continuous delivery by transdermal patch
73 000 patients prescribed
Expected peak sales of at least € 400 million 1
1 to be reached in the second half of the decade
5

2010 information flow
Welcome and introduction
• Roch Doliveux, CEO
Major products performance in U.S. and Europe / Rest of the World
• Greg Duncan, President North America Operations
• Khoso Baluch, Sr. VP Global Marketing & Access
Financial performance
• Detlef Thielgen, CFO
Advancing the pipeline
• Iris Loew-Friedrich, CMO
UCB NewMedicines
• Ismail Kola, CSO
Conclusion
• Roch Doliveux, CEO
6

U.S. Business
Greg Duncan,
President North America
Operations
Brett, living with crohn’s disease

Cimzia ® -U.S.
Fast response for predictable outcomes
Crohn’s disease - For naïve or bio-experienced patients
• Fast – Results after just 1 dose
• Stable & Sustainable – Long-term remission with no dose escalation
• Over 4 000 prescribers – approximately 50% of target
Rheumatoid arthritis - Fast response for predictable outcomes
• Fast response with Cimzia ® means
• The opportunity to make an informed treatment decision within 12 weeks
• Over 2 200 prescribers – approximately 50% of target
Net sales increased by 137%
€ million
North
America
2010
net sales
166
2009
net sales
70
~ 18 000 patients on Cimzia ®
8

Cimzia ® provides a fast response for results that last 1
The degree and speed of response with Cimzia ® was highly predictive of
outcomes at 52 weeks 3
Available data suggest that a clinical response
is usually achieved within the first 12 weeks of
CIMZIA ® treatment 2
RAPID 1 was a 52-week, multicenter, randomized, double-blind, placebo-controlled study in 982
patients with active RA receiving CIMZIA 200 mg (n=393), CIMZIA 400 mg (n=390), or placebo (n=199)
every 2 weeks + weekly methotrexate (MTX) after an initial starting dose of CIMZIA 400 mg at weeks 0,
2, and 4. The co-primary end points were ACR20 score at week 24 and change in mTSS at week 52. 1
Similar results were seen in RAPID 2.
* Not all patients may have responded at each time point.
Predicting response at week 12 can improve
therapeutic benefit by making an early treatment
decision possible and avoiding unnecessary costs
and safety exposure 4
The best-fit curve above represents the probability of LDA at week 52 in patients who do not achieve a
DAS28 response ≥1.2 at the given time point.
RAPID 1 was a 52-week, multicenter, randomized, double-blind, placebo-controlled study in 982 patients
with active RA receiving CIMZIA 200 mg (n=393), CIMZIA 400 mg (n=390), or placebo (n=199) every 2
weeks + weekly methotrexate (MTX) after an initial starting dose of CIMZIA 400 mg at weeks 0, 2, and 4.
The co-primary end points were ACR20 score at week 24 and change in mTSS at week 52. 1 Similar
results were seen in RAPID 2.
1. Keystone E, van der Heijde D, Mason D Jr, et al. Certolizumab pegol plus methotrexate is significantly more effective than placebo plus methotrexate in active rheumatoid arthritis. Arthritis Rheum. 2008;58:3319-3329.
2. CIMZIA [summary of product characteristics]. Bruxelles, Belgium: UCB Pharma, S.A.; 2009.
3. Data on file. UCB, Inc; Smyrna, GA.
4. Aletaha D, Funovits J, Keystone EC, Smolen JS. Disease activity early in the course of treatment predicts response to therapy after one year in rheumatoid arthritis patients. Arthritis Rheum. 2007:56:3226-3235.
9

Cimzia ® main message is unique and motivating
Rheums who recall the 12 week message (unaided) rate the CIMZIA ® message significantly higher on unique and
different and highest on motivation to prescribe
Cimzia ® : Onset of
Action** within 12 weeks
(sub-subnet)
Humira
Actemra
Simponi
Cimzia ®
(other messages)
Enbrel
Remicade
Orencia
Motivation to Prescribe Product
(n=47)
(n=49)
(n=50)
(n=50)
(n=111)
(n=50)
(n=50)
(n=49)
4.58
4.56
4.54
4.42
4.41
4.88
4.86
Cimzia ® : Onset of Action**
within 12 weeks (sub-subnet)
Actemra
Simponi
Cimzia ® :
(Other messages)
Humira
Orencia
Enbrel
Remicade
**Onset of Action is made up of codes: three month/twelve week free trial, ability to make an informed treatment decision in 12
weeks and rapid onset of action within 12 weeks.
5.32
1.0 2.0 3.0 4.0 5.0 6.0 7.0
Mean Rating
Uniqueness and Difference of Product
(n=47)
(n=50)
(n=50)
(n=111)
(n=49)
(n=49)
(n=50)
(n=50)
3.94
4.70
4.68
4.55
4.39
4.38
5.22
5.51
1.0 2.0 3.0 4.0 5.0 6.0 7.0
Mean Rating
10

Cimzia ® in rheumatoid arthritis – U.S.
Gaining use even in an entrenched marketplace
RA Indexed Monthly Rx
240
220
200
180
160
140
120
100
80
Jan‐10
Feb‐10
Cimzia ® RA indexed vs Total Market:
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Cimzia® Nrx Total Market Nrx
Cimzia® Trx Total Market Trx
Dec‐10
NRx = New prescriptions / TRx = Total prescriptions
Source: IMS National Prescription Audit (NPA)
11

Cimzia ® for Crohn's disease - U.S.
An important new option for U.S. patients
CD Indexed Monthly Rx
160
150
140
130
120
110
100
90
80
Jan‐10
Feb‐10
Cimzia ® CD indexed vs Total Market:
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Cimzia® Nrx Total Market Nrx
Cimzia® Trx Total Market Trx
Dec‐10
NRx = New prescriptions / TRx = Total prescriptions
Source: IMS National Prescription Audit (NPA)
12

Vimpat ® U.S. When monotherapy is no longer enough…
A new treatment option in add-on for POS
Efficacy when added to broad range of 1st and 2nd generation AEDs
No drug-drug interactions; multiple formulations
Net sales increased by 220%
€ million
North
America
Already 11 000 prescribers – approximately 85% of target
2010
net sales
96
2009
net sales
30
~ 58 000 patients on Vimpat ®
13

Vimpat ® – Improved seizure control
Regardless of patient’s concomitant therapy
14

UCB’s status as the company with the best reputation
amongst neurologists continues to grow
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
July 2006,
Previous ATU
(n=101)
UCB
GlaxoSmithKline
Abbott Laboratories
Pfizer
Ortho McNeil
Novartis
Don't know
None
Q58a. When thinking of pharmaceutical companies that manufacture anti-epileptic
products, which one company would you say has the best reputation in
epilepsy/seizure disorder category? (open-end)
Company with Best Reputation (Unaided)
All Neurologists
Feb 2007,
Previous ATU
(n=106)
Nov 2007,
Previous ATU
(n=100)
August 2008
(n=150)
June 2009
(n=151)
January 2010
(n=201)
June 2010
(n=178)
Source: ATU July 2010
15

Vimpat ® -U.S.
Successful launch in the AED market
Indexed Monthly Rx
200
180
160
140
120
100
80
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Vimpat® Trx Total Market Trx
Vimpat® Nrx Total Market Nrx
* Total Market: Carbamazepine, Gabapentin, Lacosamide, Lamotrigine, Levetiracetam,
Oxcarbazepine, Phenytoin, Pregabaline, Rufinamide, Tiagabine, Topiramate,
Valproic Acid, Vigabatrin, Zonisamide
AED = Anti-Epileptic Drug Source: IMS National Prescription Audit (NPA)
16

Physicians report Vimpat ® is the add-on of choice for epilepsy
patients and is being used earlier in the treatment algorithm
Share of NWRx
30%
25%
20%
15%
10%
5%
0%
Physicians report: Vimpat ® Physicians report: Vimpat is the
agent of choice when selecting an
add-on therapy for epilepsy
® is the
agent of choice when selecting an
add-on therapy for epilepsy
12/09
n=403
1/10
405
2/10
388
3/10
407
Source: Impact Rx and Dec 2010 ATU
4/10
374
5/10
389
6/10
403
7/10
419
8/10
408
9/10
374
10/10
359
11/10
330
12/10
318
Vimpat
Keppra
Lamictal
Keppra XR
Lamictal XR
17

Europe &
Rest of the World
Khoso Baluch,
Sr. VP Global Marketing
& Access
DeOnna, living with rheumatoid arthritis

Cimzia ®
Fast response for predictable outcomes
Rheumatoid arthritis - Fast response for predictable outcomes
• Fast response with Cimzia ® means
• Improved long-term outcomes
• The opportunity to make an informed treatment decision within 12 weeks
Crohn’s disease (approved in Switzerland)
For naïve or bio-experienced patients
• Fast – Results after just 1 dose
• Sustainable – Long-term remission with no dose escalation
• Stable – 1 predictable subcutaneous Q4-week dose
Net sales increased by 528%
€ million
Europe
ROW
2010
net sales
31
1
2009
net sales
5
0
~ 4 000 patients on Cimzia ®
19

Cimzia ®
Roll-out in Europe and Rest of the World
15
12
9
6
3
0
Quarterly sales evolution since launch
€ million
1 st launch in RA
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009 2010
20

Cimzia ® roll-out in Europe and Rest of the World
Launched in 18 countries, continued launch roll-out
2010
Launches
2009
Launches
Launch
Countries
Ireland
Italy
Sw itzerland
France
Greece
Australia
Slovakia
Spain
Austria
Belgium
Hungary
Finland
Netherlands
Sw eden
Norw ay
UK
Denmark
Germany
2009 2010
Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
21

Vimpat ® in epilepsy
When monotherapy is no longer enough…
Epilepsy adjunctive therapy
When monotherapy is no longer enough…
• A new treatment option in add-on for POS 1
• Efficacy when added to broad range of 1 st and 2 nd generation AEDs 2
• Additional efficacy with manageable side effects
• Sustainable – high long-term retention rate demonstrated by Vimpat ® open label
extension trial
• No drug-drug interactions; multiple formulations
Net sales increased by 133 %
€ million
Europe
ROW
2010
net sales
36
1
2009
net sales
16
~ 49 000 patients on Vimpat ®
0
1 Partial onset seizures
2 Anti-epileptic drug
22

Vimpat ® in epilepsy
Roll-out in Europe and Rest of World
12
9
6
3
0
Quarterly sales evolution since launch
€ million
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009 2010
23

Vimpat ® roll-out in Europe and Rest of the World
Launched in 20 countries, continued launch roll-out
2010
Launches
2009
Launches
2008
Launches
Launch
Countries
Mexico
Italy
Russia
Australia
Czech
Belgium
Finland
Switzerland
France
Spain
Norway
Netherlands
Slovakia
Sweden
Denmark
Ireland
Greece
Austria
UK
Germany
2008
2009
Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
2010
24

Neupro ® roll-out in Europe and Rest of the World
24h continuous delivery by transdermal patch
Parkinson’s disease and restless legs syndrome
24h continuous delivery by transdermal patch
• Continuous delivery to provide stable drug levels
Net sales increased by 34%
€ million
Europe
ROW
2010
net sales
• Improving daily functioning, sleep and early morning functions
81
1
2009
net sales
60
~ 73 000 patients on Neupro ®
0
25

Neupro ® - rotigotine transdermal patch
Continued launch roll-out
25
20
15
10
5
0
Quarterly sales evolution
€ million
New patient launch
PD & RLS
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009 2010
26

Neupro ® - rotigotine transdermal patch
Continued launch roll-out
2010
Launches
2009
Launches
2008
Launches
2007
Launches
2006
Launches
Launch Countries Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Mexico
Poland
Romania
Czech Republic
Netherlands
Australia
Hong-Kong
Finland
Italy
Slovakia
Sweden
Norway
Denmark
Austria
Spain
Switzerland
Greece
Ireland
U.K.
Germany
2006 2007
2008
2009
2010
27

Keppra ® franchise
Market leadership in Europe and Rest of the World
€ million
Europe
North America
Rest of World
Total
2010
net sales
606
278
Loss of exclusivity in the U.S. (November 2008)
Loss of exclusivity in the E.U. (September 2010)
21%
Sustained growth outside the U.S., generated by use in monotherapy
E Keppra ® - most successful antiepileptic launch in Japan
58
942
2009
net sales
Sizeable franchise going forward!
545
320
48
913
Actual CER
11%
-13%
3%
10%
-18%
6%
0%
28

2010 Financial
Performance
Detlef Thielgen, CFO
Christer, living with Parkinson’s disease

2010 Financial highlights
Revenue of € 3 218 million
• Generic competition to mature products compensated by Cimzia ® , Vimpat ® and
Neupro ® ; strong Keppra ® sales in EU and venlafaxine XR in U.S.
Total operating expenses € 1 698 million
• Increased launch expenses for Cimzia ® , Vimpat ® and Neupro ®
• Pipeline progress trigger new clinical development programmes
Recurring EBITDA of € 731 million
Net profit 1 of € 103 million
• Adjusted net profit of € 239 (+6%)
Core EPS of € 1.99 2
Gross dividend of € 0.98 per share
3%
4%
5%
80%
15%
2%
1 After non-controlling interests
2. based on 180 million shares outstanding, see appendix for Core EPS calculation details
6%
30

Net sales of major and new products
Net sales 2010: € 2 786 million
Core products
Mature products
In € million
Cimzia®
Vim pat®
Neupro®
Keppra® 1
Zyrtec®
venlafaxine XR
Xyzal® 2
Tussionex
Nootropil®
omeprazole
Metadate
Other products
+163%
+190%
+34% 82
+3%
-15%
+49%
-13%
-46%
-5%
+1%
66
65
-26% 54
-9%
80
133
115
162
198
229
Core products combined sales of € 413 million
up by 127% in the first full year of sales – on
track to meet peak sales guidance
660
942
Total mature products sales reached € 2 373 million
down by 5% following further generic competition
Note: % constant exchange rates
1 Including € 83 million of Keppra ® XR in the U.S.
31
2 Excluding Xyzal ® U.S. revenue to UCB of € 28 million from profit-sharing with sanofi-aventis

2010 net sales
Solid growth from core products
€ million
2009
net sales
€ 2 683
million 2009
Net
Sales
1 379
Mature
products
-128
Core
products
+ 231
Cimzia ®
Vimpat ®
Neupro ®
2010
net 2010 sales
Net
Sales
€ 2 786
million
1 431
4%
32

Recurring EBITDA
Consistent solid underlying profitability
€ million
Revenue
Net sales
Royalty income & fees
Other revenue
Gross profit
Marketing & selling expenses
R&D expenses
G&A expenses
Other operating income
Total operating expenses
Recurring EBIT
Amortisation of intangible assets
Depreciation charges
Recurring EBITDA
2010
3 218
2 786
220
212
2 165
-797
-705
-194
-2
-1 698
467
190
73
731
Actual
2009
3 116
2 683
227
206
2 091
-781
-674
-189
6
-1 638
453
142
102
698
Actual
-3%
3%
4%
2%
5%
3%
n.s.
4%
3%
33%
-28%
Variance
3%
4%
5%
CER
0%
0%
-7%
0%
-1%
-3%
2%
1%
n.s.
0%
-7%
30%
-31%
-3%
33

Net profit
Strong REBIT impacted by non-cash, one-time charges
€ million
Recurring EBIT
Impairment charges
Restructuring expenses
Gain on disposals
Other non recurring expenses
Total non recurring
income/(expenses)
EBIT
Net financial expenses
Income tax (expense)/credit
Profit from continuing
operations
Net profit 1
Adjusted net profit 2
2010
467
-223
-40
49
-49
-263
204
-185
86
105
103
239
Actual
2009
453
-126
-73
594
-11
384
837
-162
-168
507
513
226
Actual
78%
-46%
n.s.
n.s.
n.s.
-76%
14%
n.s.
-79%
-80%
Variance
3%
6%
CER
-7%
73%
-48%
n.s.
n.s.
n.s.
-80%
13%
n.s.
-85%
-85%
-8%
1 After non-controlling interest
2 Adjusted for after-tax impact of one-time and non-recurring items
34

2010 cash flows
FY 2009
cash
€ 466
million
Operating
activities
€506 m
Investing
activities
€-63 m
Financing 1
activities
€ -440 m
FY 2010
cash 87%
€ 477
million
1 1 Includes effect of exchange rate fluctuations
35

Net debt evolution
Strong free cash flow reduces net debt by 15%
€ million 31 Dec 2010 31 Dec 2009
Net debt -1 525 -1 752
Liquid assets 498 491
Financial debt
2 500
2 000
1 500
1 000
500
0
1 915
Net Debt (€ million)
2 443
1 752
1 525
2007A 2008A 2009A 2010 A
-2 023
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2.6x
-2 243
Net Debt/REBITDA
3.3x
2.5x
2.1x
2007A 2008A 2009A 2010 A
36

2011 financial outlook
Revenue is expected between €3.0 and
€ 3.1 billion
Recurring EBITDA expected to be in the
range between € 650 and 680 million
Core EPS expected to reach
approximately € 1.60 to 1.70 1
1. based on 180 million shares outstanding, see appendix for Core EPS calculation methodology
37

UCB's Sustainable Future Growth
Cimzia ® , Vimpat ® and Neupro ® trigger company growth
Cimzia ® , Vimpat ® ,
Neupro ®
• Optimise mature base
business
• Manage remaining loss
of exclusivity
2010
Intense growth
Company
growth
Realise the full commercial
potential of Cimzia ® ,
Vimpat ® , Neupro ®
Breakthrough
Launch a new generation of
therapies offering
breakthrough innovation to
patients with severe disease
lifecycle management first Breakthroughs
... and beyond
38

Advancing
the pipeline
Iris Loew-Friedrich
Chief Medical Officer
Esperanza, living with RLS

Development pipeline with significant progress
Central Nervous System (CNS)
Neupro ® (rotigotine)
Adv. Parkinson's disease (U.S.)
Neupro ® (rotigotine)
Restless legs syndrome (U.S.)
Xyrem ® (sodium oxybate)
Fibromyalgia (EU)
Vimpat ® (lacosamide)
Epilepsy – monotherapy (U.S.)
Vimpat ® (lacosamide)
Epilepsy – monotherapy (EU)
brivaracetam
Epilepsy – adj. therapy
Vimpat ® (lacosamide)
Epilepsy – Paediatric adj. therapy
Vimpat ® (lacosamide)
Epilepsy – adj. therapy PGTCS
UCB0942 (PPSI)
Epilepsy
Phase 1 Phase 2 Phase 3 Regulatory status
first results
Results
H2 2011
Results
Q2 2013
Results
Q4 2014
Results
H1 2013
Filed CRL*
November Dec 2008 2008
CRL*
Dec 2008
CRL1
April Filed 2010
�
�
�
* Complete Response Letter
40

Development pipeline with significant progress
Immunology
Cimzia ® (certolizumab pegol)
Rheumatoid arthritis (Japan)
Cimzia ® (certolizumab pegol)
Ankylosing spondylitis
Cimzia ® (certolizumab pegol)
Psoriatic arthritis
epratuzumab
SLE
Cimzia ® (certolizumab pegol)
Juvenile rheumatoid arthritis
CDP7851 (anti-sclerostin)
Post-menopausal osteoporosis
CDP7851 (anti-sclerostin)
Fracture healing
olokizumab (anti-IL 6)
Rheumatoid arthritis
CDP7657 (anti CD40L)
SLE
Phase 1 Phase 2 Phase 3
Results
Q2 2011
Results
2012
Results
Q3 2012
Positive
results
Results
Q4 2011
Results
Q4 2011
Results
H1 2014
Regulatory status
�
�
41

Vimpat ® in epilepsy – monotherapy (EU)
Phase 3 programme started – results Q4 2014
Phase 3 trial initiated
• adults ≥16 years experiencing POS or PGTCS
• ~1000 subjects across 120 sites in EU, Canada, Australia,
and other regions
• multicenter, double-blind, double-dummy, randomized,
positive-controlled study comparing the efficacy and safety
of LCM (200 to 600mg/day) to CBZ-CR (400 to
1200mg/day) used as monotherapy
• non-inferiority design to show at least a similar benefit-risk
balance for LCM compared with CBZ-CR
Primary endpoint
Vimpat ®
Monotherapy (EU)
Results
Q4 2014
Atsumi, living with epilepsy
Proportion of subjects remaining seizure free for 6 consecutive months (26 consecutive
weeks) of treatment following stabilization at the last evaluated dose for each subject
42

Brivaracetam in epilepsy
New Phase 3 trial started – first results H1 2013
Phase 3 trial currently recruiting
• Refractory patient population (≥16 to 80 years ) with partial
onset seizures (POS)
• 720 patients across 120 sites worldwide
• Multicenter, placebo-controlled, randomized efficacy trial
Placebo, brivaracetam 100mg/day, brivaracetam 200mg/day
• 6 month trial (of which 12 weeks treatment period)
Primary endpoint
brivaracetam
Adjunctive therapy
Phase 1 Phase 2 Phase 3
Results
H1 2013
Thomas, living with epilepsy
• U.S.: % reduction in POS frequency per 28 days during the 12 week treatment period over placebo
• Europe: 50% responder rate based on a % reduction in POS frequency from baseline to the 12
week treatment period
43

Epratuzumab in SLE
Phase 3 programme started – results H1 2014
Phase 3 trials currently recruiting
• Two confirmatory Phase 3 studies (Embody 1 & Embody 2)
• Moderate to severe patient population
• 780 patients/trial across 130 sites worldwide
• Multicenter, placebo-controlled, randomized efficacy studies
� Placebo
� Epratuzumab 600mg infusions delivered once a week
� Epratuzumab 1200mg infusions delivered every other week
• 12 month trials
Primary endpoint
Bernadette, living with lupus
To confirm the clinical efficacy of epratuzumab by the % of subjects meeting treatment response
criteria at Week 48 according to a combined response index build primarily around BILAG
epratuzumab
SLE
Phase 1 Phase 2 Phase 3
Results
H1 2014
SLE: systemic lupus erythematosus
44

Additional external pipeline options
SYN115
(A2a)
SYN118
(HPPD)
MEK inhibitor
(WX554)
Therapeutic area /
Indication
CNS –
Parkinson’s
disease
CNS –
Parkinson’s
disease
Oncology
Stage of development
Phase 2 trial ongoing;
Phase 2b to start in
Q1 2011
Phase 2 trial ongoing
Successful completion of
Phase 1 dose escalation
study
Development path
+ Partner
Synosia/Biotie to
complete Phase 2;
UCB to take over
Phase 3 development
and commercialisation
WILEX to do further
Phase 1 development
45

UCB NewMedicines
Ismail Kola
Executive VP, UCB.
President UCB NewMedicines
Juan, living with restless legs syndrome
46
46

UCB NewMedicines strategy and business model
A new R&D paradigm to deliver
differentiated drugs
Deliver differentiated molecules
Increase success rates
Enhance scientific excellence
Increase efficiency
Implement extreme networking
and open innovation
Partnering and virtualisation to
complement internal capabilities
Innovative targets
(Academic/biotech)
SEGMENTED
Wholly owned assets
PORTFOLIO
Shared risk
Outlicensing
UCB
incubators
47

Our model addresses the industry’s low R&D
developmental and commercial success rates
89% of molecules in development fail**
42% of Phase 3 trials fail*
70% launched products fail to recoup initial investment
Pre-clinical Clinical (all phases) Commercial
2/1000
Reasons for attrition
1/10
**Ismail Kola & John Landis (2004). Nature Reviews: Drug Discovery 3 : 711 - 715
* Source: “Why drugs fall short in late stage trials”, McKinsey Quarterly, Pharmaprojects, Evaluate
3/10
48

Attrition rates of failed Phase 3 candidates
reveals POC Paradigm benefits
OBJECTIVITY AND AND ROBUSTNESS OF
REGISTERABLE OF BIOMARKER ENDPOINT
H
Source: Evaluate; Pharmaprojects; Factiva;
literature search; McKinsey analysis; I. Kola
High Biomarker
Low POC
Attrition rate 63%
LEAST DESIRABLE QUADRANT
FOR PORTFOLIO IN LATE STAGE
DEVELOPMENT
42% of Phase 3 trials fail*
DESIRED QUADRANT FOR MOST
OF PORTFOLIO
Attrition rate 25%
High POC
Low Biomarker
Attrition rate 70% Attrition rate 37%
L
P.O.C IN MAN
H
Note: Includes aggregate attrition rates for following TAs: CNS, Endocrine, CV, ID, Oncology, and
Respiratory. All figures are rounded
49

Paradigm to pick winners and kill early
CANDIDATE
APPROVAL
TEST THE THEORY - LEARN
FIH –
including target
engagement
biomarker
POC-light IN MAN
– endpoints
for internal
decision making
CONFIRM THE THEORY
POC at Ph 2B –
robust
register-able
endpoint
APPROVAL
AND
LAUNCH
50

UCB2892 (H3 antagonist)
January 2011: Robust data-driven decision making
Termination of Phase 1 programme for UCB2892, an H3 antagonist with
potential for cognitive disorders
• Results demonstrated uncompetitive clinical profile
UCB’s new paradigm for robust decision-making: demonstrable speed and
cost efficiency in development path
Comparison versus conventional approach*
37%
Timeline to defined endpoint Costs
2010 2011 2012
*Conventional approach = Alzheimer’s trial
36%
51

olokizumab (CDP6038)
A highly potent anti-IL6 inhibitor with a novel mechanism of action
First in a new class of anti-IL-6 inhibitors that selectively blocks
the final assembly step of the IL-6 signaling complex
Phase 1b: Study in RA patients completed in Q4 2010
• Potently induced and sustained CRP suppression
• Well tolerated at all doses
• Half-life of 31 days and absolute bioavailability of 75% (SC)
• Low incidence of immunogenicity
Phase 2b: SC Dose ranging study initiated ahead of plan in Q4 2010
• >200 patients with active RA who have failed TNF blocker therapy
• Active comparator Actemra ® IV
• Headline results Q3 2012 expected
52

Significant Pipeline Q2 January pipeline 2010 2010 growth in 2010 through novel molecules
Pipeline December 2010
CNS
FIM achieved Q4
Immunology
FIM achieved Q2
Oncology incubation
Phase 1 Phase 2 Phase 3 Filed
UCB2892
(H3 antagonist)
Cognitive disorders
UCB0942
Epilepsy
Assets acquired Q2
CDP7657
(anti-CD40L)
SLE
CDP6038
(anti-IL6L)
Autoimmune diseases
MEK inhibitor 2
X
POC light completed
Phase IIb study started Q4
Vimpat ®
Paediatric programme
Vimpat ®
Adj. therapy PGTCS
SYN115 1
Parkinson’s disease
SYN118 1
Parkinson’s disease
CDP7851
(anti-sclerostin)
Fracture healing
CDP7851
(anti-sclerostin)
PMO
CDP6038
(anti-IL6L)
Autoimmune diseases
epratuzumab
SLE
Vimpat ®
Monotherapy U.S.
Vimpat ®
Monotherapy EU
brivaracetam
Adj. therapy
Cimzia ®
Ankylosing spondylitis
Cimzia ®
Psoriatic arthritis
Cimzia ®
RA / Japan
epratuzumab
SLE
Novel molecule
Moving into phase
Xyrem ®
Fibromyalgia
New entrant/phase transition
1 Developed by Synosia in partnership with UCB
2 Developed by Wilex in partnership with UCB
53

UCB NewMedicines
implementing a new R&D paradigm
Deliver differentiated molecules
Increase success rates
Enhance scientific excellence
Increase efficiency
Implement extreme networking and
open innovation
54

UCB's
Sustainable Growth
Roch Doliveux, CEO
Stephanie, living with rheumatoid arthrits

UCB is delivering on…
Financial targets
Core product launches – Cimzia ® , Vimpat ® , Neupro ®
Increased patient reach
Strong pipeline
… to achieve sustainable company growth
56

UCB's sustainable future growth
Cimzia ® , Vimpat ® and Neupro ® trigger company growth
Cimzia ® , Vimpat ® ,
Neupro ®
• Optimise mature base
business
• Manage remaining loss
of exclusivity
2010
Intense growth
Company
growth
Realise the full commercial
potential of Cimzia ® ,
Vimpat ® , Neupro ®
Breakthrough
Launch a new generation of
therapies offering
breakthrough innovation to
patients with severe disease
lifecycle management first Breakthroughs
... and beyond
57

Questions?
58

Appendix
59
59

Major milestones expected in 2011
Xyrem ® for fibromyalgia
• Feedback from the European authorities H1 2011
CDP7851 (anti-sclerostin) in post-menopausal osteoporosis
• Phase 2 headline results H2 2011
Vimpat ® in epilepsy – adj. therapy PGTCS
• Phase 2 headline results H2 2011
Cimzia ® in ankylosing spondylitis
• Phase 3 headline results Q4 2011
Cimzia ® in psoriatic arthritis
• Phase 3 headline results Q4 2011
60

Geographic and therapeutic breakdown
Net sales 2010: € 2 786 million
Focused
From primary care to specialist physicians
CNS and immunology
Core markets: U.S., EU, Japan, selected emerging markets
Specialist physicians contacted by small and efficient sales forces
North
America
37%
Other
Int'l
markets
1%
Asia
5%
Japan
6%
France
6%
Other
Europe
17%
Germany
13%
Italy
5%
U.K &
Ireland
5%
Spain
5%
Europe
51%
Other
37%
Immunology &
allergy
19%
18%
CNS
44%
61

Core EPS
€ million Variance
2010 2009
Actual
Net profit 103 513 -80%
After-tax non-recurring items &
financial one-offs
216
Profit from discontinued operation +1 -7 n.s.
Tax one-offs -81 +17 n.s.
Adusted net profit 239 226
1 6%
+ Amortisation of intangibles +173 +128 36%
- Taxes on amortisation of intangibles -53 -40 32%
Core net profit 359 314 14%
Weighted average number of shares
(basic)
180
Actual
-297
180
Core EPS (€) 1.99 1.74 15%
n.s.
0%
1 Adjusted for after-tax impact of one-time and non-recurring items
62

2010 balance sheet
€ million
Cash and Cash
Equivalents
Other Current
Assets
Other Non-
Current Assets
Intangible Assets
Goodwill
494
1 237
879
1 641
4 718
Total assets:
€ 8 969 million
1 545
308
809
1 715
4 695
4 592
Total liabilities:
€ 8 969 million
Other Current
Liabilities
Current Debt
Other Non-
Current Liabilities
Non-Current Debt
Shareholder’s
Equity: 47%
63

Debt maturity profile
Better aligned to expected CF generation
1 000
500
0
€ million
2011 2012 2013 2014 2015 2016
Revolving Credit Facility Belgian retail bond Convertible Institutional eurobond
€ 750 million 5.75% Belgian retail bonds due November 2014
€ 1 000 million Revolving credit facility due 2015
€ 500 million 4.50% Convertible bonds due October 2015 (notional amount)
€ 500 million 5.75% Institutional bonds due December 2016
750
500
299
500
64

Shareholder structure 1
Strong and stable shareholder base
Other investors,
15%
Tubize
36%
Capital
Research
12%
Concert
14%
Other institutional
investors
20%
Wellington
3%
“Free float” investors by region
Unidentified
15%
North America
40%
Belgium
23%
Cont.Europe
14%
UK &
Ireland
8%
1. Source: Global shareholder intelligence report, January 2010
Tubize has declared acting in concert separately with each of the shareholders
4,5,6,7,8,9,10 for the number of shares as indicated.
65

Update on clinical development
• Phase 3 in psoriatic arthritis ongoing
• Phase 3 in ankylosing spondylitis ongoing
• Phase 3 design in juvenile rheumatoid arthritis under discussion
• Phase 3 in rheumatoid arthritis in Japan completed positively
• Phase 3 in monotherapy (U.S.) ongoing
• Phase 3 in monotherapy (EU) started
• Phase 2 in PGTCS 1 ongoing
• Phase 2 in paediatric ongoing
• On track with room temperature-stable patch formulation
• UCB aims to make Neupro ® available again in the U.S. in 2012
– subject to regulatory approval
1 primary generalised tonic-clonic seizures
66

Cimzia ® in further arthritis indications
Increasing patient access
Psoriatic arthritis (PsA) - Phase 3 trials ongoing
• Two active arms: monthly (400 mg) and
• Time-frame: 24 + 48 weeks
Cimzia ®
Psoriatic arthritis
two week (200 mg) dosing
Ankylosing spondylitis (AS) - Phase 3 trials ongoing
• Two active arms: monthly (400 mg) and
every two week (200 mg) dosing
• Time-frame: 24 weeks
Cimzia ®
Ankylosing spondylitis
Phase 1 Phase 2 Phase 3
Results
Q4 2011
Results
Q4 2011
Deonna, living with
rheumatoid arthritis
67

Cimzia ® in further arthritis indications
Increasing patient access
Juvenile rheumatoid arthritis (JRA)
• Discussion ongoing with EU and U.S. regulators to finalise the study
Phase 3 design
Cimzia ®
Juvenile RA
Rheumatoid arthritis (Japan) - two Phase 3 studies
completed
• Monotherapy and combination with MTX
• Three active arms (100 mg , 200 mg, 400 mg), every two week dosing
• Time frame: 24 weeks
Cimzia ®
RA Japan
Phase 1 Phase 2 Phase 3
Results
Q3 2011
Alison, living with
rheumatoid arthritis
68

CDP7851 in bone loss disorders
Novel therapy with strong potential
Development of novel anabolic therapy
• Antibody to sclerostin potentially treating bone loss disorders, incl.
osteoporosis
Collaborative project with Amgen
Phase 2 trials ongoing
• Phase 2 study in post-menopausal osteoporosis
• Estimated enrolment: 400 post-menopausal women with
low bone mineral density, time-frame:52 weeks
CDP7851
Post-menopausal
•
osteoporosis
• Phase II study in fracture healing
Results
Q2 2011
• Estimated enrolment: 400 patients, time-frame: 52 weeks
CDP7851
Fracture healing
Phase 1 Phase 2
Results
2012
Paulette, living with osteoporosis
69

Olokizumab (CDP6038, anti-IL-6) in rheumatoid arthritis
Phase 2b programme started – results Q3 2012
Phase 2b trial currently recruiting
• Active RA having previously failed TNF blocker therapy
• 220 patients across approximately 100 sites in U.S. and
Europe
• Randomised, double-blind placebo-controlled, doseranging
study with an active comparator (Actemra ® iv) to
evaluate efficacy and safety of olokizumab
• 3 dose levels of OZK administered sc, every 2 or 4 weeks
• 12 weeks treatment duration plus open-label extension
Primary endpoint
Olokizumab
Rheumatoid arthritis
Phase 1 Phase 2
Results
Q3 2012
Stephanie, living with
rheumatoid arthritis
To evaluate the clinical efficacy by the change from baseline in the Disease Activity
Score for olokizumab and placebo at week 12
70

Vimpat ® in epilepsy
Increasing patient access
Monotherapy in the treatment of partial-onset seizures
• Phase 3 trial in EU initiated
Vimpat ®
Monotherapy (U.S.)
Vimpat ®
Monotherapy (EU)
Paediatric 1 development in partial-onset seizures
Vimpat ®
Paediatric adj. therapy
Results
Q4 2014
Veronica, living with epilepsy
Adjunctive therapy for primary generalised tonic-clonic seizures (PGTCS)
Vimpat ®
Adj. therapy PGTCS
Phase 1 Phase 2 Phase 3
First
Results
Results
H2 2011
Results
Q2 2013
1 From 2 to 17 years
71

Neupro ® in the U.S.
Parkinson’s disease & restless legs syndrome
FDA Complete Response Letter (December 2008)
• “Substantial evidence of effectiveness in advanced Parkinson’s disease and
restless legs syndrome”
Development of room temperature-stable patch
formulation on track
Complete Response Letter recommending reformulation
(April 2010)
• UCB aims to bring Neupro ® to U.S. patients during 2012
Neupro ®
Parkinson’s disease
Neupro ®
Restless legs syndrome
Christer, living with
Parkinson’s disease
Approved Launched
Phase 1 Phase 2 Phase 3 Filed
Filed
CRL*
Dec. 2008
CRL*
Dec. 2008
* Complete Response Letter
72

Your UCB Investor Relations team
Antje Witte, Vice President Investor Relations
• Phone: +32 2 559 9414
• E-mail: antje.witte@ucb.com
Michael Tuck-Sherman, Investor Relations Manager
• Phone: +32 2 559 9712
• E-mail: michael.tuck-sherman@ucb.com
Isabelle Ghellynck, Investor Relations Project Manager
• Phone: +32 2 559 9588
• E-mail: isabelle.ghellynck@ucb.com
73