European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent research observatory tracking Europe’s listed growth companies.

Francesco Castellaneta, Full Professor of Strategy and Entrepreneurship, SKEMA Business School – Université Côte d’Azur (GREDEG) · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank45

Belgium · Healthcare

Ucb

Focuses on creating solutions intended to improve life for people living with neurological and autoimmune conditions.

+40%revenue growth
FY2022–FY2025
+273%net-income growth
FY2022–FY2025
+236%stock return
FY2022–FY2025
−11%2026 stock return
current context only

Company profile

Medicines, research platforms and supply for severe diseases

UCB is a Belgian biopharmaceutical group focused on severe neurological and immune-mediated diseases. Its portfolio spans epilepsy, rare neurological conditions, myasthenia gravis, inflammatory disease and osteoporosis. Behind those medicines is a research system working across antibodies, peptides, small molecules, drug-device combinations and gene therapy, supported by clinical-study infrastructure and manufacturing sites in Europe, Japan and the United States.

Neurology medicines

Different formats for epilepsy, gMG and an ultra-rare mitochondrial disease

UCB's neurology portfolio includes Briviact for focal seizures and Fintepla for seizures associated with Dravet and Lennox-Gastaut syndromes. Rystiggo and Zilbrysq address defined forms of generalised myasthenia gravis through different active substances. KYGEVVI is a powder for oral solution approved in the US and authorised under exceptional circumstances in the EU for genetically confirmed TK2 deficiency with symptom onset on or before age 12; UCB describes it as the first and only approved treatment for that population. Availability and approved uses vary by country.

Immunology and bone health

One portfolio crosses skin, joints, bowel and bone

BIMZELX is reported across five approved indications: plaque psoriasis, psoriatic arthritis, ankylosing spondylitis, non-radiographic axial spondyloarthritis and hidradenitis suppurativa. UCB says more than 135,000 patients had been treated by H1 2026. CIMZIA is used across several inflammatory conditions, while EVENITY sits in osteoporosis. The portfolio is organised around connected inflammatory pathways rather than a single diagnosis; availability and approved uses vary by country.

Discovery and development

From macrocyclic peptides to T-cell engagers and cell therapy

UCB's discovery toolkit includes small molecules, antibodies, AAV vectors and the ExtremeDiversity platform for synthetic macrocyclic peptides. The pipeline now also includes cizutamig, an investigational BCMA by CD3 T-cell engager, and rezanecel, an investigational allogeneic GABA interneuron cell therapy administered through a one-time minimally invasive procedure. Cizutamig Phase 2 studies are planned by end-2026 and rezanecel Phase 3 for H1 2027; neither asset is approved. The clinical-study library shows how programmes are tested and disclosed.

Research, supply and lived experience

A network that connects laboratories, plants and patients

Braine-l'Alleud combines research and manufacturing, Bulle brings biotechnology and chemical production together, and UCB has added a gene-therapy pilot plant in Belgium while planning biologics capacity in Georgia. The Faces of MG project places this infrastructure beside first-person accounts of living with myasthenia gravis.

Current 2026 update

What is changing at UCB in 2026?

UCB is scaling BIMZELX across five immune diseases while commercialising an ultra-rare treatment and adding an investigational T-cell engager and cell therapy.

Latest official evidence H1 commercial and pipeline update Published 30 July 2026

The change in one sentence

Commercial scale and two acquisitions are reshaping the portfolio at the same time.

BIMZELX and KYGEVVI expand approved medicines; Candid and Neurona add investigational immune-reset and regenerative platforms with future trial milestones.

Four lenses on 2026

The same four-quadrant format used in the Company profile.

01 · Approved portfolio

BIMZELX scales across diseases; KYGEVVI records early sales

H1 BIMZELX sales reached EUR 1.528 billion, up 91%, with more than 135,000 patients treated. Psoriasis generated 45% of sales, hidradenitis suppurativa 33%, and the other three approved indications 22%. BE BOLD achieved ACR50 superiority over risankizumab in psoriatic arthritis, and peak-sales guidance rose to at least EUR 7 billion. KYGEVVI H1 sales were EUR 5 million. Separately, the European Commission granted marketing authorisation under exceptional circumstances in March for genetically confirmed TK2 deficiency with symptom onset on or before age 12. UCB describes it as the first and only approved treatment for that population.

02 · Immune reset

Candid adds an investigational T-cell engager platform

UCB completed the Candid acquisition on 16 June. Cizutamig is an investigational bispecific antibody targeting BCMA on plasma cells and CD3 on T cells, enabling T-cell-mediated cytotoxicity against BCMA-expressing plasma cells and B cells. Phase 2 studies in myasthenia gravis and systemic autoimmune rheumatic disease-associated interstitial lung disease are planned by end-2026. UCB paid USD 2 billion upfront and may pay up to USD 200 million in milestones. The acquisition and trial plans do not establish safety, efficacy, approval or a launch timetable.

03 · Regenerative neurology

Rezanecel adds cell therapy to the epilepsy portfolio

UCB completed Neurona on 1 June, paying USD 650 million upfront with up to USD 500 million in future milestones. Rezanecel is an investigational allogeneic GABA interneuron cell therapy administered in a one-time minimally invasive procedure and designed to integrate into dysregulated neural circuits; Phase 3 is planned for H1 2027. It is not approved. Separately, BRIVIACT sales fell 13% after US loss of exclusivity, with European loss expected in August. Neurona, Candid, the dividend and treasury-share purchases were the disclosed main reasons net financial debt reached EUR 2.821 billion from EUR 7 million net cash; leverage was 0.8x.

04 · What to watch

Three questions for the next disclosures

The next disclosures should keep approved products separate from investigational platforms and acquisition cost separate from clinical proof.

  • Approved-product adoptionDoes BIMZELX maintain multi-indication growth, and what patient or access evidence emerges for the early KYGEVVI launch?
  • Cizutamig trialsDo both Phase 2 studies begin by year-end, and when does UCB disclose meaningful safety and efficacy evidence?
  • Rezanecel and integrationCan UCB start Phase 3 in H1 2027 and integrate both acquisitions while keeping development milestones and leverage controlled?

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202545+40%+273%+236%