Advisor.marketscope.com

Stock Report 1-October-2016 Ticker: UCB BB
UCB SA
S&P Capital IQ Recommendation
12-Mo. Target Price
EUR 68.83 (as of 30-September-2016) S&P Capital IQ Equity Analyst Jit Hoong Chan
GICS Sector Health Care
Summary UCB combines traditional synthetic chemistry and biotechnology approaches
in targeting central nervous system (CNS), notably epilepsy, and immune & inflammatory Key Stock Statistics (Source: S&P Capital IQ, company reports)
EUR 62.26 - 85.55 S&P EPS 2016E
EUR 3.16 Yield (%)
Trailing 12-Month EPS EUR 1.37 S&P EPS 2017E
EUR 3.48 Dividend Rate/Share
Trailing 12-Month P/E (x) 50.9 Common Shares Outstg. (M)
188.26 Beta
P/E on S&P EPS 2016E 21.8 Market Capitalisation (M)
EUR 12,957.6
Qualitative Risk Assessment
30-Week Mov. Avg.
12-Mo. Target Price Volume Above Avg.
10-Week Mov. Avg.
Our risk assessment reflects the defensive pharma merits but ongoing challenges of replacing off-patent Zyrtec and Keppra with a new generation of products, needing regulatory and market acceptance, notably Vimpat and Rikelta (epilepsy), Neupro (Parkinson's disease) and Cimzia (Crohn's disease, arthritis).
S&P Capital IQ Quality Ranking Revenues / Earnings Data
Past performance is not an indication of future performance and should not be relied upon as such.
Revenues (Million EUR)
Analysis prepared by Equity Analyst Jit Hoong Chan on 29-Jul-2016.
f UCB's 1H 2016 top-line (EUR2.0 billion) rose f Our recommendation is Hold. We remain 5% at constant exchange rates (CER). In concerned of a sharp fall in UCB's off patent Immunology, Cimzia (EUR602 million) grew 24% products, notably Keppra which now makes CER, supported by strong demand globally. up 18% of sales - it lost exclusivity in the As for Neurology, Vimpat (EUR379 million) U.S. (Nov. 2008) and Europe (Sept. 2010). On a and Neupro (EUR143 million) expanded 18% more positive note, we observed increasing and 12% CER respectively. However, Keppra focus in Immunology and Neurology drugs, (EUR354 million) fell 7% CER due to lower post divesting its generics unit, Kremers restocking activities. We are now looking Urban for USD1.2 billion to Lannett Company Earnings Per Share (EUR)
forward to the launch of Romosozumab as we in November 2014. Thus far, the redeployment believe this will be the next key growth driver of capital from this divestment bode well for for UCB, after posting a positive set of Phase III UCB - Cimzia, Vimpat & Neupro (CVN) have results. For 2016, UCB is guiding: (i) revenue to been showing strong sales growth and now the come in at EUR4.0-4.1 billion, (ii) core EBITDA in trio makes up 56% of total revenue. Further, the range of EUR0.97-1.01 billion, and (iii) core promising drug pipeline like Romosozumab EPS in between EUR2.90- 3.20. In our opinion, (a treatment for bone-related conditions, these targets are achievable given the robust including osteoporosis) is a boon as well. We sales traction seen so far into the year. continue to see strong demand for these drugs, which in turn, fend off slower sales in Keppra Fiscal year ended 31 Dec.
f In 1H 2016, core EBITDA (EUR549 million) and and Zyrtec (both facing generic competition). EBIT (EUR432 million) rose 11% and 18% CER. Dividend Data
In turn, this lifted respective margins up by f Downside risks to our opinion and target 3-4%-pts to 27% and 21%. This was primarily price include: (i) weak demand for CVN, (ii) due to lower opex like: (i) R&D -2% CER and (ii) rising competition from generics, (iii) slow G&A -11% CER, which mitigated the increase progress in Phase III clinical trials, (iv) weak in marketing activities (+6% CER). For 2016 growth in the U.S. market, (v) deterioration in and 2017, we expect margins to improve operational efficiency, and (iv) currency volatility further on the back of restructuring and cost leading to potential forex translation losses. efficiencies. By end-2018, management hopes to achieve core EBITDA margin of 30%. f Our 12-month target price is kept at EUR80, reflecting 23.0x 2017 P/E. This is in line with its f With better margin prospects, we forecast 10-year average of 23.3x but above peers at quicker earnings growth in 2016 and 2017 (1H Source: Company reports.
20.7x. The premium, we believe is appropriate 2016: EUR1.72, +34% CER). Net debt was EUR1.4 given UCB's strong sales growth (projected billion in 1H 2016 vs. EUR1.8 billion in 1H 2015 2015-2017 CAGR of 7.1% vs. 3.8% historically due to stronger FCF generation. In 2015, a final Past performance is not an indication of future per-
from 2010-2015), especially from CVN coupled DPS of EUR1.10 was declared (+4%).
formance and should not be relied upon as such.
with promising drug pipeline like Romosozumab.
Share Prices as of the Market close (16.30) on the
price-date quoted, unless otherwise stated at the
top of this page.
Please read the Required Disclosures and Analyst Certification on the last 3 pages of this report.
Redistribution or reproduction is prohibited without written permission. This document is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek independent financial advice regarding the suitability and/or appropriateness of making an investment or implementing the investment strategies discussed in this document and should understand that statements regarding future prospects may not be realised. Investors should note that income from such investments, if any, may fluctuate and that the value of such investments may rise or fal . Accordingly, investors may receive back less than they original y invested. Investors should seek advice concerning any impact this investment may have on their personal tax position from their own tax advisor. Please note the publication date of this document. It may contain specific information that is no longer current and should not be used to make an investment decision. Unless otherwise indicated, there is no intention to update this document.
Stock Report 1-October-2016 Ticker: UCB BB
UCB SA
Business Summary 18-July-2016
CORPORATE OVERVIEW: UCB Group, founded in 1928, is a Belgium-based global biopharmaceutical company listed on the Euronext. Originally a chemical company, the success of Zyrtec (an antihistamine Allée de la Recherche, 60 drug) helped to establish its pharmaceutical business. The acquisition of Celltech for EUR2.3 billion along with the divestments of Specialty Films in 2004 and Chemicals in 2005 turned UCB to become a pure pharma company. Also, since the acquisition of Schwarz Pharma for EUR4.4 billion in 2006, UCB has shifted focus towards the central nervous system (CNS) and the immunology therapeutic areas. The company had previously expanded its reach to pre-clinical oncology through a strategic alliance in 2009 with Wilex AG, a company specializing in the development of drugs and diagnostic agents for cancer. However, the partnership was dissolved given the lack of clinical trial breakthroughs. In 2015, UCB's revenues of EUR3.9 billion (+9% CER) comprised of net sales (EUR3.5 billion, +12%), royalty income and fees (EUR176 million, +0%), and other revenues (EUR188 million, -27%). Geographically, North America accounted for 47% of 2015 net sales, Europe 33%, Japan 6%, and International Markets 14%. Due to the nature of UCB's therapeutic focus on CNS and Immunology, its Emerging Market exposure is much smaller than that of major pharmaceutical companies. To note, growth platforms (Cimzia, Vimpat, and Neupro or CVN) which generated more than 50% of sales rose 23% CER in 2015 - Cimzia makes up 28% of sales, Vimpat 18%, and Neupro 7%. Also, 19% of sales was derived from off patent anti-epileptic drug, Keppra (EUR737 million, +2% CER). CORPORATE STRATEGY: To mitigate generic erosion, UCB depends on the contribution from its three core brands - Cimzia (2015: EUR1.1 billion, +21% CER) for rheumatoid arthritis and Crohn's disease, Vimpat (EUR679 million, +26%), an adjuvant to Keppra for epilepsy and seizures, and Neupro (EUR258 million, +22%) for Parkinsons's disease and Restless Legs Syndrome. The company expects peak sales of EUR3.1 billion for these products (EUR1.5 billion, EUR1.2 billion, and EUR400 million respectively) by the end of the decade vs. their collective 2015 net sales of EUR2.0 billion. CATALYSTS: With the launch of Romosozumab (a treatment for bone-related conditions, including osteoporosis), we believe this will be the next key growth driver for UCB, after posting a positive set of Phase III results. On sales front, the label extension to Cimzia should help to maintain growth at a fast clip. Further, we observed increasing focus in Immunology and Neurology drugs, post divesting its generics unit, Kremers Urban Pharmaceuticals for USD1.2 billion to Lannett Company in November 2014. Thus far, the redeployment of capital from this divestment boded well for UCB where CVN have been showing strong sales growth. FINANCIAL TRENDS: UCB's financial performance has been fairly muted since 2009, where revenue and core EPS grew only at a 6-year CAGR of 4%. This was due to the patent loss of blockbuster drugs, Zyrtec (2008) and Keppra (2011). That said, hopes of high single digit organic top-line growth rest on their top 3 drugs (CVN) achieving their guided peak sales along with successful pipeline development. To note, UCB's gross margin of 70% is low given competition from generics but should recover as UCB becomes a pure play biotech company. We think net debt will continue to shrink in 2016 (2015: EUR921 million) on the back of a FCF generation of EUR400 million p.a. vs. EUR200 million of cash mobilized as annual dividends.
Officers
CEO & Dir
Frédéric Doliveux
CFO & EVP of Finance
Detlef Thielgen
EVP of Global Operations
William Robinson
Senior VP of US Operations
Board of Directors
Karel Boone
Frédéric Doliveux Countess de Bergendal Redistribution or reproduction is prohibited without written permission. Stock Report 1-October-2016 Ticker: UCB BB
UCB SA
Key Growth Rates and Averages
Past Growth Rate (%)
Expanded Ratio Analysis
Ratio Analysis (Annual Avg.)
% LT Debt to Capitalization Return on Equity (%) Avg. Diluted Shares Outstg. (M) Figures based on current price.
For further clarification on the terms used in this report, please visit http://www.spcapitaliq.com/stockreportguide/
Company Financials Fiscal Year ending 31-Dec
Per share data (EUR)
Tangible Book Value Income Statement Analysis (Million EUR)
Revenues
Operating Profit (EBIT) Capex/Depreciation (%) Balance Sheet & Other Fin. Data (Million EUR)
Cash
Current Liabilities Shareholder Funds Capital Expenditure Return on Assets (%) Return on Equity (%) NA- Not Available. NM- Not Meaningful. E- Estimated. Source: S&P Capital IQ Equity Research; Company Reports Company financials data are based on figures as reported, except for EPS and EV/EBIT, which are S&P adjusted. DPS, BVPS and related ratios (e.g. dividend yield and ROE) are based on consensus estimates.
Redistribution or reproduction is prohibited without written permission. Stock Report 1-October-2016 Ticker: UCB BB
UCB SA
Month-end Price Performance as of 31-Aug-16 The healthcare area comprises industries which sales of biologics (biotech drugs) will outgrow the supply a range of medical goods and services to overall pharmaceuticals market (currently hospitals along with other providers of dominated by chemical molecules) due to its healthcare, like pharmacies and other drug predominance in high-growth therapeutic areas retailers. These industries include the (oncology & immunology), by generating a larger manufacture and provision of Healthcare proportion of new drug launches. Besides, we Equipment & Services and the manufacture of expect more JVs and bolt-on acquisitions with an Pharmaceuticals, together with the Biotechnology increasing exposure to consumer health and and Life Sciences industries. Essentially, we see emerging markets rather than diversification into rising demand for healthcare in the U.S. and generics. However, we remain cautious on the Europe from favourable demographics (i.e. ageing knock-on impact of the ‘patent cliff' (major patent populations) and a growing demand for expiries) lingering through to 2018, accompanied healthcare provision in emerging markets driven by generic competition, prompting large-branded by economic growth. That said, we have a neutral pharma to accelerate pipeline developments. view on the overall European healthcare sector. -- Jit Hoong Chan For the Healthcare Equipment & Services sub-industry, it is made up of suppliers of medical technology equipment, patient aids and other healthcare supplies. The sector is characterized by product innovation with a focus on specific treatment areas but with a lower R&D cost as a percentage of sales (at typically mid-single digit) S&P Europe 350 Index vs. the pharmaceutical industry. Product areas S&P Europe 350 - Health Care Index include ostomy and continence care markets, the aesthetic treatment care segment (e.g. dental Past performance is not an indication of future per-
implants), eye care, cardiovascular surgery formance and should not be relied upon as such.
consumables, and the orthopaedic implants area. Nevertheless, we observed tepid sales expansion in this space due to rising price-based competition and limited scope to acquire inorganic growth - we expect these to persist into 2016. Also, we see trends of patients' preference for fewer doctor visits and the increased use of minimally invasive surgery helping to reduce treatment time. Whereas for Pharmaceuticals, Biotechnology, and Life Sciences sub-sectors, we believe global Peer Group: UCB SA - Peer Group
Peer Group
Stk. Mkt. Ret. on
1.8 12,958 (M)
NA- Not Available. NM- Not Meaningful. Source: S&P Capital IQ Equity Research.
Redistribution or reproduction is prohibited without written permission. Stock Report 1-October-2016 Ticker: UCB BB
UCB SA
S&P Capital IQ Analyst Research Notes and other Company News
S&P GLOBAL MAINTAINS HOLD ON UCB - 1H 2016 RESULTS BEAT S&P CAPITAL IQ MAINTAINS SELL ON UCB – STRONG CVN FRANCHISES EXPECTATIONS, CORE EPS SURGED 34% (UCB BB, CURRENT PRICE: EUR70.94 RESULTS BUT FURTHER SHARE APPRECIATION HINGES ON CLINICAL DATA AS OF 27-JUL-2016, ***) IN Q1 16 (UCB BB, CURRENT PRICE: EUR72.20 AS OF 04-AUG-2015, **) We retain our 12-month target price at EUR80, implying 23.0x 2017 P/E. This is We raise our 12-month target price to EUR66 (EUR58.00) which is a FY 15 in line with its 10-year average of 23.3x but above peers at 20.7x. The premium, we believe is appropriate given UCB's strong sales growth (projected 2015- 33x PE ratio, against a 5-year average of 22.3x, justified by the future higher 2017 CAGR of 7.1% vs. 3.8% historically from 2010-2015), especially from revenues thanks to UCB ramp-up of its 3 main drugs and pipeline. We Cimzia, Vimpat, and Neupro (CVN) coupled with promising drug pipeline like nudge up our sales estimate for FY 15 by 1% and for FY 16 by 3% to account Romosozumab. In 1H 2016, UCB's results were ahead of expectations. Hence, for stronger growth of the CVN franchises. We keep our EPS estimates we raise our 2016 and 2017 EPS forecasts to EUR3.16 (EUR2.95) and EUR3.48 unchanged as UCB continues to spend high levels in R&D. H1 15 key features (EUR3.28) on higher margin assumption. At constant exchange rates (CER), were the continuing outperformance of the CVN trio, now representing 55% of revenue (EUR2.0 billion) rose 5% while core EPS (EUR1.72) surged 34%. This product sales at EUR942 mln, up 40% or 23% at constant exchange rate (CER). was due to cost efficiencies, which boosted profit margins. With the good Cymzia sales rose 31% CER to EUR 490 mln, thanks to broadened patient set of performance, UCB kept its 2016 outlook unchanged where it expects access in the US (sales up 25% CER). Vimpat sales rose 27% CER to EUR 323 revenue and core EPS to grow by 3-6% and 34-47%, respectively. However, mln while Neupro sales rose 18% CER to EUR129 mln. Even Keppra saw sales we see share price upside being capped by its premium valuation and low growth of 2% CER despite generics pressure. We are now waiting for the dividend yield ( 2%). /J. Chan phase III data for Romosozumab. A positive release is needed to justify the share price, we believe. /J. Jarmoszko, CFA S&P CAPITAL IQ MAINTAINS HOLD ON UCB - 1Q 2016 SALES ROSE 9%, GUIDANCE KEPT AS BRIGHT OUTLOOK INTACT (UCB BB, CURRENT PRICE: S&P CAPITAL IQ MAINTAINS SELL ON UCB – PHASE III FAILURE EUR72.31 AS OF 22-APR-2016, ***) TERMINATES HOPES OF EPRATUZUMAB AS A BLOCKBUSTER (UCB BB, Our 12-month target price is kept at EUR80, reflecting 27.1x 2016 P/E. This is above its 5-year average of 26.0x and its peers at 18.4x. In our opinion, the CURRENT PRICE: EUR69.50 AS OF 27-JUL-2015, **) premium is fair considering UCB's strong sales growth (projected 2015- We maintain our 12-month target price of EUR58 on UCB, which is a FY 15 2017 CAGR of 7.1% vs. 3.8% historically from 2010-2015), especially from 29x PE ratio vs. a 5-year average of 22.3x. This is explained by the future Cimzia, Vimpat, and Neupro (CVN) coupled with promising drug pipeline higher revenues thanks to UCB ramp-up of its 3 main drugs and pipeline. UCB like Romosozumab. With UCB's 1Q 2016 results meeting expectations, our announced that the phase III study of Epratuzumab, a potential treatment forecasts were left unchanged. At constant exchange rates (CER), top-line for systemic lupus erythematosus, affecting up to 100,000 people worldwide, (EUR991 million) rose 9%. On a product basis, the good showing was driven by was discontinued due to poor data. While a setback due to peak sales CVN (+22-28% CER). However, this was mitigated by Keppra which registered expectations at EUR1.2 bln by 2025, the drug was the perceived highest risk weak sales performance (-10% CER). All in, the outlook for 2016 remains intact candidate in the pipeline. UCB has two crucial upcoming drugs: Brivaricetam where UCB expects its revenue and core EPS to grow by 3-6% and 34-47%, (expected peak sales of $600 mln), a follow-up to Keppra in Epilepsy and respectively - we believe the targets are achievable given that the sales Romosozumab, a treatment for Osteoporosis (expected peak sales of $2 ramp-up of CVN remains strong. /J. Chan bln). We do not cut our near term revenue forecasts but cut our FY 15 EPS by 10% (to EUR1.80) to reflect the upcoming impairment charge. We remain unconvinced by the safety data of Romosozumab (data expected Q1 16), S&P CAPITAL IQ MAINTAINS HOLD ON UCB - 2015 RESULTS BEAT hence our cautious rating. /J. Jarmoszko, CFA EXPECTATIONS, UPBEAT OUTLOOK FOR 2016 (UCB BB, CURRENT PRICE: EUR71.36 AS OF 25-FEB-2016, ***) We revise up 12-month target price to EUR80 (EUR71), representing 27.1x 2016 P/E. This is in line with its 5-year mean of 26.4x but above peers at 18.1x. We S&P CAPITAL IQ MAINTAINS UCB AS SELL – GOOD Q1 15 GROWTH BUT believe the premium is warranted considering UCB's strong sales growth VALUATION LOOKING STRETCHED (UCB BB, CURRENT PRICE: EUR64.00 AS (projected 2015-2017 CAGR of 9.8% vs. 4.2% historically from 2010-2015), OF 30-APR-2015 16:29 BST, **) especially from Cimzia, Vimpat, and Neupro coupled with promising drug UCB's Q1 15 sales were ahead of Capital IQ consensus, with 19% reported pipeline like Romosozumab. We raise our 2016 EPS forecast to EUR2.95 growth boosted by an 8% currency tailwind from the weaker EUR. UCB's (EUR2.55) on higher sales assumptions. Also, UCB's 2015 results beat newer "blockbuster" drugs (known collectively as "CVN" and aimed at expectations. At constant exchange rates (CER), both revenue (EUR3.9 billion) diseases related to inflammatory Tumor Necrosis Factor, epilepsy and and core EPS (EUR2.17) grew by 9%. However, core EBITDA accelerated at a Parkinson's disease) contributed 49% of the company's Q1 15 sales and grew quicker pace (+18% CER) due to under-proportional opex growth. A final DPS by around 20% at constant exchange rates, we estimate. Keppra (UCB's older of EUR1.10 was proposed (+4%). For 2016, UCB is guiding revenue and core epilepsy drug which is now off-patent) formed 21% of Q1 15 sales and grew by EPS to grow by 3-6% and 34-47%, respectively. While this is encouraging, 4%. UCB's remaining drug portfolio saw a sales decline at constant exchange we see share price upside being capped by its premium valuation and low rates, we estimate, although the company has its four key drugs in Phase 3 dividend yield ( 2%). /J. Chan testing or has filed for approval for new therapeutic applications. We lower our 12-month target price to EUR58 (EUR66), representing a FY 15E P/E of 29x versus UCB's 3-year average historic of 22.4x, and keep our Sell (**) with the S&P CAPITAL IQ RAISES UCB TO HOLD FROM SELL - STRONG 9M 2015 shares 10% above our target. UCB's current FY 15E P/E of 32x looks stretched, SALES, UPWARD REVISION IN 2015 GUIDANCE (UCB BB, CURRENT PRICE: in our view. /C. Short EUR71.52 AS OF 27-OCT-2015, ***) We raise UCB to Hold with a 12-month target price of EUR71 (EUR66), implying 27.8x 2016 P/E. This is in line with peer at 27.5x but above its 5-year average of 22.4x. In our opinion, the premium is fair, justified by its strong sales growth, especially from Cimzia, Vimpat and Neupro (CVN) coupled with promising drug pipeline like Romosozumab (a treatment for bone loss disorders). Our forecasts were left unchanged as UCB's 9M 2015 sales were within expectations. Top-line (EUR2.8 billion) surged 19% on positive currency impact while at constant exchange rates (CER), revenue rose 12%. Demand for CVN (51% of total sales) continues to be robust with sales growth of 24% CER. We note that management revised up its 2015 guidance: (i) revenue to come in at EUR3.75 billion (EUR3.65-3.75 billion), (ii) core EBITDA of EUR800 million (EUR710-740 million), and (iii) core EPS in the range of EUR2.00-2.10 (EUR1.90- Redistribution or reproduction is prohibited without written permission. Stock Report 1-October-2016 Ticker: UCB BB
UCB SA
Total return is expected to closely approximate the total return of a relevant passport right to provide cross border investment advice into EEA States. benchmark over the coming 12 months, with shares general y rising in price SPRE exercises its MiFID right to passport investment advice including the on an absolute basis. Research Reports into EEA States. In Hong Kong, Research Reports are S&P Capital IQ STARS – Since January 1, 1987, S&P Capital IQ Equity
bbbbb 2-STARS (Sell):
issued by Standard & Poor's Investment Advisory Services (HK) Limited Research has ranked a universe of U.S. common stocks, ADRs (American ("SPIAS HK"), which is regulated by the Hong Kong Securities Futures Depositary Receipts), and ADSs (American Depositary Shares) based on Total return is expected to underperform the total return of a relevant Commission; in Singapore, by S&P Global Singapore Pte. Limited ("S&P a given equity's potential for future performance. Similarly, S&P Capital IQ benchmark over the coming 12 months, and the share price not anticipated Global Singapore"), which is regulated by the Monetary Authority of Equity Research has ranked Asian and European equities since June 30, Singapore; Research Reports are distributed in Malaysia, by S&P Malaysia, 2002. Under proprietary STARS (STock Appreciation Ranking System), bbbbb 1-STAR (Strong Sel ):
which is regulated by the Securities Commission of Malaysia; in Australia, S&P Capital IQ equity analysts rank equities according to their individual Total return is expected to underperform the total return of a relevant by Standard & Poor's Information Services (Australia) Pty Ltd ("SPIS"), forecast of an equity's future total return potential versus the expected benchmark by a wide margin over the coming 12 months, with shares which is regulated by the Australian Securities & Investments Commission; total return of a relevant benchmark (e.g., a regional index (S&P Asia 50 fal ing in price on an absolute basis. and in Japan, by S&P Global Market Intel igence Japan KK ("S&P Global Index, S&P Europe 350® Index or S&P 500® Index) , based on a Relevant benchmarks:
Japan"), which is registered by Kanto Financial Bureau. SPIAS, SPRE, 12-month time horizon. STARS was designed to meet the needs of SPIAS HK, S&P Global Singapore, S&P Malaysia, SPIS and S&P Global investors looking to put their investment decisions in perspective. Data In North America, the relevant benchmark is the S&P 500 Index, in Europe Japan, each a wholly owned subsidiary of S&P Global Inc., operate under used to assist in determining the STARS ranking may be the result of the and in Asia, the relevant benchmarks are the S&P Europe 350 Index and the the S&P Global Market Intelligence brand.
analyst's own models as wel as internal proprietary models resulting from S&P Asia 50 Index, respectively.
dynamic data inputs. For details on the S&P Global Equity Research's Research Objectivity and S&P Capital IQ Quality Ranking (also known as S&P Capital IQ Earnings
Conflict-of-Interest policies, please visit: http://www.spcapitaliq.com/ & Dividend Rankings) - Growth and stability of earnings and dividends
S&P Global Equity Research ranks stocks in accordance with the fol owing are deemed key elements in establishing S&P Capital IQ's earnings and dividend rankings for common stocks, which are designed to capsulize ranking methodologies: the nature of this record in a single symbol. It should be noted, however, STARS Stock Reports: Qualitative STARS recommendations are deter-
For a list of companies mentioned in a Research Report for which S&P that the process also takes into consideration certain adjustments and mined and assigned by S&P Global Equity Research equity analysts. For Global Market Intelligence and/or one of its affiliates own 1% or more of modifications deemed desirable in establishing such rankings. The final reports containing STARS recommendations refer to the Glossary section of common equity securities and for a list of companies mentioned in a score for each stock is measured against a scoring matrix determined by the report for detailed methodology and the definition of STARS rankings. Research Report that own more than 5% of the common equity securities of analysis of the scores of a large and representative sample of stocks. The S&P Global Market Intel igence and/or one of its affiliates, please visit: Quantitative Stock Reports: Quantitative recommendations are determined
range of scores in the array of this sample has been aligned with the by ranking a universe of common stocks based on 5 measures or model following ladder of rankings: categories: Valuation, Quality, Growth, Street Sentiment, and Price Momentum. In the U.S., a sixth sub-category for Financial Health wil also For a list of companies mentioned in a Research Report with whom S&P be displayed. Percentile scores are used to compare each company to all Global Equity Research and/or one of its affiliates has had business other companies in the same universe for each model category. The five relationships within the past year, please go to: www.spcapitaliq.com/ (six) model category scores are then weighted and rol ed up into a single In Reorganization percentile ranking for that company. For reports containing quantitative recommendations refer to the Glossary section of the report for detailed S&P Capital IQ EPS Estimates – S&P Capital IQ earnings per share
methodology and the definition of Quantitative rankings. (EPS) estimates reflect normalized EPS from continuing operations, and STARS Stock Reports and Quantitative Stock Reports:
general y exclude various items that are viewed as special, non-recurring, or extraordinary. The S&P Capital IQ EPS estimates reflect a proprietary The methodologies used in STARS Stock Reports and Quantitative Stock model that incorporates the consensus (average) EPS estimates, which Reports (col ectively, the "Research Reports") reflect dif erent criteria, are independently compiled by Capital IQ, a data provider to S&P Capital assumptions and analytical methods and may have differing recommenda- IQ Equity Research. Among the items typically excluded from EPS esti- mates are asset sale gains; impairment, restructuring or merger-related S&P Global Equity Research believes that the methodologies and data used charges; legal and insurance set lements; in process research and to generate the different types of Research Reports are reasonable and ap- development expenses; gains or losses on the extinguishment of debt; the propriate. Generally, S&P Global Equity Research does not generate reports cumulative effect of accounting changes; and earnings related to opera- with dif erent ranking methodologies for the same issuer. However, in the tions that have been classified by the company as discontinued.
event that dif erent methodologies or data are used on the analysis of an S&P Capital IQ 12-Month Target Price – The S&P Capital IQ equity
issuer, the methodologies may lead to different views or recommendations analyst's projection of the market price that a given security wil command on the issuer, which may at times result in contradicting assessments of an 12 months hence, based on a combination of intrinsic, relative, and private issuer. S&P Global Equity Research reserves the right to alter, replace or market valuation metrics. Analysts may also review other proprietary vary models, methodologies or assumptions from time to time and without inputs in determining target price.
notice to clients.
S&P Capital IQ Equity Research – S&P Capital IQ Equity Research U.S.
includes Standard & Poor's Investment Advisory Services LLC; Standard & Poor's Equity Research Services Europe includes McGraw-Hill STARS Stock Reports:
Financial Research Europe Limited trading as S&P Capital IQ; Standard & Poor's Equity Research Services Asia includes: McGraw-Hil Financial S&P Global Equity Research - Global STARS Distribution as of June 30,
Singapore Pte. Limited, Standard & Poor's Investment Advisory Services (HK) Limited, Standard & Poor's Malaysia Sdn Bhd, and Standard & Poor's Information Services (Australia) Pty Ltd.
Abbreviations Used in S&P Capital IQ Equity Research Reports
CAGR- Compound Annual Growth Rate; CAPEX- Capital Expenditures;
CY- Calendar Year; DCF- Discounted Cash Flow; DDM– Dividend Discount
Model; EBIT- Earnings Before Interest and Taxes; EBITDA - Before
Interest, Taxes, Depreciation and Amortization; EPS- Earnings Per Share;
EV- Enterprise Value; FCF- Free Cash Flow; FFO- Funds From Operations;
FY- Fiscal Year; P/E- Price/Earnings; P/NAV- Price to Net Asset Value; PEG
Ratio- P/E-to-Growth Ratio; PV- Present Value; R&D- Research &
Development; ROCE- Return on Capital Employed; ROE- Return on Equity;
ROI- Return on Investment; ROIC- Return on Invested Capital; ROA-
Quantitative Stock Reports:
Return on Assets; SG&A- Sel ing, General & Administrative Expenses;
The rankings for Quantitative reports have a fixed distribution based on
SOTP- Sum-Of-The-Parts; WACC-Weighted Average Cost of Capital
relative weightings as described in the Glossary section of the report.
Dividends on American Depository Receipts (ADRs) and American Depository Shares (ADSs) are net of taxes (paid in the country of origin).
S&P Capital IQ Qualitative Risk Assessment. Reflects an S&P Capital IQ
STARS Stock Reports are prepared by the equity research analysts of
equity analyst's view of a given company's operational risk, or the risk of a Standard & Poor's Investment Advisory Services LLC ("SPIAS") and
firm's ability to continue as an ongoing concern. The S&P Capital IQ Standard & Poor's Malaysia Sdn Bhd ("S&P Malaysia"). All of the views
Qualitative Risk Assessment is a relative ranking to the S&P U.S. STARS expressed in STARS Stock Reports accurately reflect the research
universe, and should be reflective of risk factors related to a company's analyst's personal views regarding any and all of the subject securities or
operations, as opposed to risk and volatility measures associated with issuers. Analysts general y update stock reports at least four times each
share prices. For an ETF this reflects on a capitalization-weighted basis, year. No part of analyst compensation and SPIAS' or S&P Malaysia's
the average qualitative risk assessment assigned to holdings of the fund. compensation was, is, or wil be, directly or indirectly, related to the
specific recommendations or views expressed in a STARS Stock Report.

STARS Ranking system and definition:
bbbbb 5-STARS (Strong Buy):
About S&P Global Equity Research's Distributors:
Total return is expected to outperform the total return of a relevant benchmark, by a wide margin over the coming 12 months, with shares This Research Report has been prepared by S&P Global Equity Research, a rising in price on an absolute basis.
part of S&P Global Market Intel igence. In the United States, research reports are prepared and issued by Standard & Poor's Investment Advisory bbbbb 4-STARS (Buy):
Services LLC ("SPIAS"). In the European Economic Area ("EEA") States, Total return is expected to outperform the total return of a relevant Research Reports are distributed by S&P Global Research Europe Limited benchmark over the coming 12 months, with shares rising in price on an ("SPRE"), which is authorized and regulated by the Financial Conduct Authority in the United Kingdom. Under and subject to the Markets in bbbbb 3-STARS (Hold):
Financial Instruments Directive ("MiFID"), SPRE is entitled to exercise a Redistribution or reproduction is prohibited without written permission. Copyright 2016 Standard & Poor's Financial Services LLC.
STANDARD & POOR'S, S&P, S&P 500, S&P CAPITAL IQ, S&P EUROPE 350 and STARS are registered trademarks of Standard & Poor's Financial Services LLC. Stock Report 1-October-2016 Ticker: UCB BB
UCB SA
For residents of Bahamas: The Intermediary, and not S&P Global Equity Research, is solely responsible for comply-
Notice to all jurisdictions:
ing with licensing requirements under the Securities Industry Act of 1999 and the Securities Industry Regulations Where S&P Global Equity Research's Research Reports are made available in a language other than English
of 2000 of The Bahamas, when distributing Research Reports to members of the public in The Bahamas. The and in the case of inconsistencies between the English and translated versions of a Research Report, , the English
Intermediary is also solely responsible for providing any required disclosures under applicable securities laws version will control and supersede any ambiguities associated with any part or section of a Research Report
and regulations to its Bahamian clients, including but not limited to disclosing whether the Intermediary: (i) has a that has been issued in a foreign language. Neither S&P Global Market Intel igence nor its affiliates guarantee the
reasonable basis for specific investment recommendations, and the recommended security's price or price range accuracy of the translation. at the time of the recommendation to the client; (ii) makes a market in the recommended security; (iii) its directors, Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to officers or principal shareholders have a current or contingent financial interest in the recommended security, change without notice. This document may contain forward looking statements or forecasts, such statement or unless the interest is nominal; (iv) participated in a public offering of the recommended security in the last two (2) forecasts are not a reliable indicator of future performance.
years; and (v) has disclosed any conflict of interest between it and the issuer of the recommended security.
Past performance is not necessarily indicative of future results.
For residents of Bermuda: The Bermuda Monetary Authority or the Registrar of Companies in Bermuda has not
No content (including ratings, credit-related analyses and data, valuations, model, software or other application approved the Research Reports and any representation, explicit or implicit, is prohibited. or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed For residents of Brazil: Research reports are distributed by S&P Global Equity Research and in compliance with
in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P Instruction 483 enacted by Comissão de Valores Mobiliários (the Brazilian Securities Commission) dated as of Global Market Intelligence or its affiliates (collectively, S&P Global). The Content shall not be used for any unlawful July 6, 2010, the analyst (where applicable) who prepares a Research Report or a report extract affirms: (i) that all or unauthorized purposes. S&P Global and any third-party providers, as well as their directors, officers, sharehold- the views expressed herein and/or in a Research Report accurately reflect his or her personal views about the ers, employees or agents (collectively S&P Global Parties) do not guarantee the accuracy, completeness, timeli- securities and issuers; (i ) that al recommendations issued by him or her were independently produced, including ness or availability of the Content. S&P Global Parties are not responsible for any errors or omissions (negligent from the opinion of the entity in which he or she is an employee. S&P Global Equity Research is of the opinion or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or its Research Reports have been prepared in accordance with section 17, II of Instruction 483. The Distributor of maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P GLOBAL PARTIES the Research Report is responsible for disclosing any circumstances that may impact the independence of S&P DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WAR- Global Equity Research's Research Report, in accordance with section 17, I of Instruction 483. RANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED OR THAT For residents of British Virgin Islands: : All products and services offered by S&P Global Equity Research and its
THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P affiliates are provided or performed, outside of the British Virgin Islands. The intended recipients of the Research Global Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special Reports are (i) persons who are not members of the public for the purposes of the Securities and Investment Busi- or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost ness Act, 2010 ("SIBA"); (ii) persons who are professional services providers to the British Virgin Islands business profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if companies for the purposes of SIBA; and (i i) any other person who is given the Research Reports by a person advised of the possibility of such damages.
licensed as an investment advisor in the British Virgin Islands. If you are in any doubt as to whether you are the While S&P Global Equity Research has obtained information from sources it believes to be reliable, S&P Global intended recipient of this document, please consult your licensed investment advisor.
Equity Research does not perform an audit and undertakes no duty of due diligence or independent verification of For residents of Canada: Canadian investors should be aware that any specific securities discussed in a Research
any information it receives.
Report can only be purchased in Canada through a Canadian registered dealer and, if such securities are not S&P Global keeps certain activities of its divisions separate from each other in order to preserve the independence available in the secondary market, they can only be purchased by eligible private placement purchasers on a basis and objectivity of their respective activities. As a result, certain business units of S&P Global may have information that is exempt from the prospectus requirements of Canadian securities law and will be subject to resale restric- that is not available to other S&P divisions. S&P Global has established policies and procedures to maintain the tions. Information in Research Reports may not be suitable or appropriate for Canadian investors. confidentiality of certain non-public information received in connection with each analytical process.
For residents of Chile: S&P Global Equity Research shall not be acting as an Intermediary of any securities referred
Research Reports are not intended to be investment advice and do not constitute any form of invitation or induce- to in a Research Report. S&P Global Equity Research (and its affiliates) is not registered with, and such securities ment by S&P Global Equity Research to engage in investment activity. This material is not intended as an offer or may not be registered in the Securities Registry maintained by the Superintendencia de Valores y Seguros de Chile solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments (Chilean Securities and Insurance Superintendence or "SVS") pursuant to the Chilean Securities Market Law or strategies mentioned herein may not be suitable for all investors and this material is not intended for any spe- 18045. Accordingly, investment research presented in a Research Report is not intended to constitute a public or cific investor and does not take into account an investor's particular investment objectives, financial situations or private offer of securities in Chile within the meaning of Article 4 of the Chilean Securities Market Law 18045, as needs. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only amended and restated, and supplemental rules enacted thereunder.
current as of the stated date of their issue. Prices, values, or income from any securities or investments mentioned in this report may fluctuate, and an investor may, upon selling an investment, lose a portion of, or all of the principal For residents of Colombia: This information and/or information contained in Research Reports is not intended or
amount invested. Where an investment is described as being likely to yield income, please note that the amount of should not be construed as constituting information delivery to the Colombian Securities Market under Colombian income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a different currency to the investor's chosen currency, changes in rates of exchange may have an adverse ef ect on the value, price or income of or from that investment to the investor. The information contained For residents of Czech Republic: The Intermediary, and not S&P Global Equity Research, is solely responsible
in Research Reports does not constitute advice on the tax consequences of making any particular investment for complying with licensing requirements under the Capital Markets Act (Act No. 256/2004 Coll., as amended), decision. Before acting on any recommendation in this material, you should consider whether it is suitable for your implementing Directive 2004/39/EC of the European Parliament and of the Council of 21 April, 2004 on markets particular circumstances and, if necessary, seek professional advice.
in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC and its implementing directives, Additional information on a subject company may be available upon request.
and Directive 2003/125/EC implementing Directive 2003/6/EC as regards the fair presentation of investment recom- Notice to all Non U.S. Residents:
mendations and the disclosure of conflicts of interest; and the Civil Code (Act No. 40/1964 Coll., as amended) as S&P Global Equity Research's Research Reports may be distributed in certain localities, countries and/or regards the distance financial contract regulation protecting the consumers. jurisdictions ("Territories") by independent third parties or independent intermediaries and/or distributors (the For residents of Dubai (DIFC): The information contained in Research Reports distributed by S&P Global Equity
"Intermediaries" or "Distributors"). Intermediaries are not acting as agents or representatives of S&P Global Research is intended for investors who are "professional clients", as defined in Rule 2.3.2(2) of the Conduct of Equity Research. In Territories where an Intermediary distributes S&P Global Equity Research's Research Reports, Business Module (COB) of the DFSA Rulebook.
the Intermediary, and not S&P Global Equity Research, is solely responsible for complying with al applicable regulations, laws, rules, circulars, codes and guidelines established by local and/or regional regulatory authorities, For residents of the European Economic Area (EEA): Research Reports have been approved for distribution in the
including laws in connection with the distribution of third-party Research Reports, licensing requirements, supervi- EEA listed here: Austria; Belgium; Bulgaria; Cyprus; Czech Republic (see further disclosure above); Denmark; Es- sory and record keeping obligations that the Intermediary may have under the applicable laws and regulations of tonia; Finland; France (see further disclosure below); Germany; Gibraltar; Greece; Hungary (see further disclosure the territories where it distributes the Research Reports. below); Iceland; Ireland; Italy; Latvia; Liechtenstein; Lithuania; Luxembourg; Malta (see further disclosure below); Each Research Report is not directed to, or intended for distribution to or use by, any person or entity who is a citi- Netherlands; Norway; Poland; Portugal; Romania; Slovakia (see further disclosure below); Slovenia; Spain (see zen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, further disclosure below); Sweden and United Kingdom, as investment research by SPRE, which is authorized and availability or use would be contrary to law or regulation or which would subject S&P Global Market Intel igence regulated by the Financial Conduct Authority in the UK. S&P Global Equity Research's Stock Reports are to be read or its affiliates to any registration or licensing requirements in such jurisdiction. in conjunction with "Your Guide to S&P Global Equity Research's Stock Reports" which can be found at: www.
Each Research Report is not directed to, or intended for distribution to or use by, any person or entity who is not in a class qualified to receive Research Reports (e.g., a qualified person and/or investor), as defined by the local laws More information about the writ en criteria and methodologies for the generation of Research Reports and or regulations in the country or jurisdiction where the person is domiciled, a citizen or resident of, or the entity is historical information for Research Reports for the past 12 months are available by contacting S&P Global Equity legally registered or domiciled.
Research Client Services Department at 800-523-4534 or via e-mail at: clientsupport@standardandpoors.com or S&P Global Equity Research's Research Reports are not intended for distribution in or directed to entities,
For residents of Guernsey, Isle of Man and Jersey: The Research Reports provide by S&P Global Equity Research residents or investors in: Burma, Cuba, Crimea, Czech Republic, Iran, Kuwait, Lebanon, North Korea, Portugal,
serve to assist the Intermediary in determining the advice it provides to its clients, but are not intended as advice Romania, Sudan, Slovakia, Syria, Taiwan and Turkey.
to any of the Intermediary's clients, and the Intermediary, and not S&P Global Equity Research, will be solely For residents of Australia: Research Reports are distributed in Australia by SPIS. Any express or implied opinion
responsible for the provision of investment advice to the client. Independent investment advice should be sought contained in a Research Report is limited to "General Advice" and based solely on consideration of the investment by persons in their capacity as investors or potential investors and the Intermediary will be solely responsible for merits of the financial product(s) alone. The information in a Research Report has not been prepared for use by complying with any applicable regulatory obligations relating to the distribution of investment research.
retail investors and has been prepared without taking account of any particular investor's financial or investment objectives, financial situation or needs. Before acting on any advice, any investor using the advice should consider For residents of France: The Intermediary, and not S&P Global Equity Research, is solely responsible for complying
its appropriateness having regard to their own or their clients' objectives, financial situation and needs. Investors with the rules related to the distribution of investment recommendations as specified in the Financial Code and the should obtain a Product Disclosure Statement relating to the product and consider the statement before making Autorité des Marchés Financiers rule book, any decision or recommendation about whether to acquire the product. Each opinion must be weighed solely as For residents of Hong Kong: Information in the Research Reports shall not be construed to imply any relationship,
one factor in any investment decision made by or on behalf of any adviser and any such adviser must accordingly advisory or otherwise, between S&P and the recipient user of the research report unless expressly agreed by S&P make their own assessment taking into account an individual's particular circumstances. Global Equity Research. S&P Global Equity Research is not acting nor should it be deemed to be acting, as a "fidu- SPIS holds an Australian Financial Services License Number 258896. Please refer to the SPIS Financial Services ciary" or as an "investment manager" or "investment advisor" to any recipient of this information unless expressly Guide for more information at: agreed by S&P Global Equity Research. The Distributor of the Research Reports will be solely responsible for describing its role to its clients with respect to the distribution of S&P Global Equity Research's Research Reports. More information about the writ en criteria and methodologies for the generation of Research Reports and Please contact via e-mail at clientsupport@standardandpoors.com or clientsupport@sandp.com if you have any historical information for Research Reports for the past 12 months are available by contacting S&P Global Equity queries on or any matters arising from or in connection with this document.
Research Client Services Department at 61-1300-792-553 or via e-mail at clientsupport@standardandpoors.com or For residents of Hungary: The Intermediary, and not S&P Global Equity Research, is solely responsible for comply-
Redistribution or reproduction is prohibited without written permission. Copyright 2016 Standard & Poor's Financial Services LLC.
STANDARD & POOR'S, S&P, S&P 500, S&P CAPITAL IQ, S&P EUROPE 350 and STARS are registered trademarks of Standard & Poor's Financial Services LLC.
Stock Report 1-October-2016 Ticker: UCB BB
UCB SA
ing with the rules related to data protection requirements as set out in Act CXII of 2011 on the Right of Informa- banking, financial, or investment consultations business in or into the UAE within the meaning of the Central Bank tional Self-Determination and on Freedom of information; and with Act CLV. of 1997 on Consumer Protection and Board of Directors' Resolution No. 164/8/94 regarding the regulations for investment companies nor provides with Act CXXXVI I of 2007 on Investment services. financial analysis or consultation services in or into the UAE within the meaning of UAE SECURITIES AND COM- MODITIES AUTHORITY DECISION NO. 48/R OF 2008 concerning financial consultation and financial analysis.
For residents of India: Residents of India should consult their financial and legal advisers regarding the suitability
of any of S&P Global Equity Research's services and products. S&P Global Equity Research does not intend to Investment research distributed by S&P Global Equity Research and its affiliates is not intended to amount to utilize the Research Report service to invite or carry out any business activities with S&P Global Equity Research. an offer of securities within the meaning of DIFC Law NO. 12 OF 2004 (the DIFC Markets Law) or the equivalent Research Reports provided by S&P Global Equity Research serve to assist the Intermediary in determining the laws, rules and regulations made by the Central Bank of the UAE and their Emirates Securities and Commodities advice it provides to its clients, but are not intended as advice to the Intermediary and to any of the Intermediary's Authority. Neither the Dubai Financial Services Authority, the UAE Securities nor Commodities Authority of the clients and the Intermediary will be solely responsible for the provision of investment advice to the client.
Central Bank of the UAE has reviewed or verified any of the information provided in a Research Report or through any service provided by S&P Global Equity Research or its affiliates, or has any responsibility for it.
For residents of Indonesia: Research Reports do not constitute an of ering document and it should not be
If a recipient of Research Report does not understand any of the contents of the Research Report, the recipient construed as an of er of securities in Indonesia, and any such securities wil only be of ered or sold through a should contact a financial advisor. Users of extracts of investment Research Reports should be aware that if they are distributed in the UAE by an Intermediary, the Intermediary is solely responsible for the distribution and For residents of Israel: Research reports are intended only for distribution to "Qualified Investors", as defined in
contents of the investment research in the UAE. the Schedule to Israel's Regulation of Investment Advice, Investment Marketing and Portfolio Management Law For residents of Uruguay: S&P Global Equity Research or its affiliates are not, individually a risk assessment
of 1995. All other persons who are not Qualified Investors under Israeli law should seek additional investment entity registered with the Central Bank of Uruguay, and S&P Global Equity Research's Research Reports do not advice from their financial advisers. The relevant analyst declares that the views expressed in a particular constitute a risk assessment. Investment research presented in a Research Report is not intended to constitute a Research Report faithful y reflect the analyst's personal views regarding the securities under review and the public or private of er of securities in Uruguay. S&P Global Equity Research's Research Reports are not intended issuer of the securities.
for worldwide distribution, as such, and are not published to Uruguayan clients in Spanish.
For residents of Japan: Research Reports are intended only for distribution to "Asset Management Firms".
For residents of Venezuela: Research Reports can only be distributed in Venezuela by an investment advisor, duly
For residents of Kazakhstan: The distribution to specific persons Kazakhstan is the sole responsibility of the
licensed under Venezuelan law. The Distributor of the Research Reports, and not S&P Global Equity Research, is Distributor and the Distributor, and not S&P Global Equity Research, is responsible for complying with all local solely responsible for complying with licensing requirements.
regulations, including but not limited to advertising requirements related to public solicitation. Copyright 2016 S&P Global Market Intel igence, a division of S&P Global. Al rights reserved. STANDARD & For residents of Malta: The Distributor of Research Reports in Malta, is solely responsible for ensuring that the
POOR'S, S&P, S&P 500, S&P EUROPE 350 and STARS are registered trademarks of Standard & Poor's Financial investment research produced by S&P Global Equity Research and proposed to be disseminated in or from within Services LLC. S&P CAPITAL IQ is a trademark of Standard & Poor's Financial Services LLC.
Malta is reviewed for compliance with the investment services rules issued by the Malta Financial Services Authority in terms of the Investment Services Act, Cap 370 of the laws of Malta. For residents of Mexico: S&P Global Equity Research is not regulated or supervised by the Mexican National
Banking and Securities Commission ("CNBV"). S&P Global Equity Research has a licensed rating agency affiliate in Mexico (Standard & Poor's, S.A. De C.V.), of which S&P Global maintains firewal s and seeks to avoid conflicts of interest, pursuant to approved policies. Research Reports on securities that are not registered with the National Securities Registry maintained by the Mexican National Securities Registry are intended only for distribution to qualified, institutional investors or to any other investors to whom distribution the S&P Global Equity Research is permissible under Mexican law. For residents of Monaco: The Intermediary, and not S&P Global Equity Research, wil be solely responsible
for providing copies of S&P Global Equity Research Reports to the appropriate Monegasque regulator prior to distributing to its clients.
For residents of Morocco: Research Reports are intended for distribution only to professional investors.
For residents of Peru: S&P Global Equity Research's Research Reports shall not, under any circumstances,
be considered an invitation to take deposits or funds from the public, under any mechanism, or to carry on any activities that may be prohibited by Peruvian law. The Intermediary also agrees that the use of S&P Global Equity Research's Research Reports shal not be used by Intermediary to solicit an investment in the securities that are the subject of the Research Report in any way that may be prohibited by Peruvian law.
For residents of Qatar: The Distributor, and not S&P Global Equity Research, is responsible for complying with all
relevant licensing requirements as set forth by the Qatar Financial Markets Authority or the Qatar Central Bank, and with al relevant rules and regulations set out in the Qatar Financial Markets Authority's rule book, including third party branded investment research distribution of securities that are admitted for trading on a Qatari securi- ties exchange (Admitted Securities).
For residents of Russia: Research Reports on financial instruments are intended for "qualified investors", as
defined in the Securities market law of the Russian Federation dated 22 April 1996, as amended, only. For residents of The Kingdom of Saudi Arabia: S&P Global Equity Research and its affiliates do not distribute
Research Reports in the Kingdom of Saudi Arabia. Residents of Saudi Arabia should be aware that the Distributor of S&P Global Equity Research's Research Reports may not be permitted to distribute investment research either: (i) from a permanent place of business in or otherwise within the territory of the Kingdom of Saudi Arabia; or (i ) to an investor in the Kingdom of Saudi Arabia unless that investor is a Capital Market Authority authorized investor or the Saudi Arabian Monetary Agency. When a Distributor disseminates S&P Global Equity Research's Research Reports in the Kingdom of Saudi Arabia, the Distributor, and not S&P Global Equity Research, is solely responsible for approving the contents of Research Reports and complying with licensing requirements and authorizations of the Saudi Arabian Capital Market Authority's ("CMA"), including CMA's Authorized Persons Regulations concerning securities advertisements. S&P Global Equity Research does not conduct a securities business in the Kingdom of Saudi Arabia and the Dis- tributor, and not S&P Global Equity Research, assumes al responsibilities and liabilities for distributing Research Reports in the Kingdom of Saudi Arabia. Research Reports are not intended to be investment advice and do
not constitute any form of invitation or inducement by S&P Global Equity Research to engage in an investment
activity in the Kingdom of Saudi Arabia. S&P Global Equity Research does not communicate directly with a
Distributor's customers and a Distributor's customers should not contact S&P Global Equity Research directly regarding any information or data provided in Research Reports. For residents of Singapore: Recipients of the Research reports in Singapore should contact the Distributor of the
Research Reports in respect to any mat ers arising from, or in connection with, the analysis of the report. The Distributor accepts al legal responsibility for the contents of the Research Reports. When reports are distributed by Intermediaries in Singapore, the Intermediary, and not S&P Global Equity Research, is solely responsible for ensuring that the recipients of the Research Reports understand the information contained in the Research Reports and that such information is suitable based on the customer's profile and investment objectives. For residents of Slovak Republic: The Intermediary, and not S&P Global Equity Research, is solely responsible for
complying with the rules related to the Slovak Securities Act (Act No. 566/2001 Col ., as amended), implementing Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instru- ments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC and its implementing directives, and Directive 2003/125/EC implementing Directive 2003/6/EC as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest; and with the Slovak Act on Consumer Protection in Distance Financial Services Contracts (Act No. 266/2005 Col ., as amended). For residents of Spain: Certain of S&P Global Equity Research's equity Research Reports may be considered to be
marketing communications for purposes of Spanish law. For residents of the United Arab Emirates (UAE): S&P Global Equity Research and its affiliates neither undertake
Redistribution or reproduction is prohibited without written permission. Copyright 2016 Standard & Poor's Financial Services LLC.
STANDARD & POOR'S, S&P, S&P 500, S&P CAPITAL IQ, S&P EUROPE 350 and STARS are registered trademarks of Standard & Poor's Financial Services LLC.

Source: http://www.advisor.marketscope.com/SP/msa/reports.pdf?reportURL=/globalEQ/EUR/ESR-BE0003739530.PDF

gemstone.umd.edu

TEAM ORGAN MARCH 27TH, 2009 Sara Moghaddam-Taaheri 1. SPECIFIC AIMS Though nearly 110,000 people are on the organ transplant waiting list, only 77 people receive organ transplants daily. The time an organ can remain outside the body plays a crucial role in the organ transplantation system. The current viability of hearts is limited to a mere four to six hours, due to the limitations of the common cold storage method. This limitation influences several key decisions, such as where a heart can be transported to, or where the surgery can be conducted. Current methods of cold static storage have reached their limits in storage time due to the extent of ischemia-reperfusion (I/R) injury induced during static cold storage. The extent of reperfusion injury is directly proportional to preservation time in cold storage, and research has shown that with static storage methods, heart storage time will not exceed six hours. This essentially means that the demands of the organ transplant list will not be met.

galdermausa.com

HIGHLIGHTS OF PRESCRIBING INFORMATION ------------------------------- WARNINGS AND PRECAUTIONS ------------------------- These highlights do not include all the information needed to use EPIDUO • Ultraviolet Light and Environmental Exposure: Avoid exposure to sunlight and FORTE gel safely and effectively. See full prescribing information for EPIDUO