UCB 2006 profit up 13 pct, boosted by epilepsy drug

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BRUSSELS, Feb 28 (Reuters) - Belgian pharmaceutical group UCB UCBBt.BR reported a 13 percent rise in 2006 profit on a like-for-like basis on Wednesday largely due to soaring sales of epilepsy blockbuster Keppra. Profit from continuing operations came in at 367 million euros ($485 million), up from 270 million euros in 2005. But the 2006 figure included capital gains and one-off charges.

UCB said profit from continuing operations had therefore risen 13 percent on a like-for-like basis. The average forecast in a Reuters poll of 10 analysts was for a 7 percent increase.

UCB had said it expected net profit from its ongoing business to be in line with 2005, excluding capital gains and non-recurring charges. Including those one-offs, it had said it expected a figure above 300 million euros.

Recurring earnings before interest and tax (REBIT) rose to 475 million euros from 437 million euros in 2005.

Keppra sales rose 36 percent in 2006 to 761 million euros.

However, UCB received limited royalties related to the Boss patent, which expired in the first quarter.

Sales growth in the allergy franchise, including antihistamine Zyrtec and its successor Xyzal, slowed to 2 percent. The results exclude recently-acquired Schwarz Pharma SRZG.DE. The German group reported on Monday that it had swung into the black with a stronger-than-expected net profit in 2006 after two years of losses.

UCB said pro-forma net sales of the combined group would grow at mid single digit level, while revenue growth would be marginal, partly due to a decrease in royalty income.

Operating profit would grow significantly. However, high amortisation charges, financial expenses and one-time charges related to its purchase of Schwarz would impact profit.

For many analysts, the company's figures were expected to be secondary to any news UCB might offer on Cimzia, its experimental drug to fight Crohn's disease that is being touted as a potential $1 billion-a-year-plus product.

UCB is hoping U.S. authorities will approve its use for bowel disorder Crohn's disease in the first half of 2007 and that EU regulators will follow suit in the second half.

Shares in UCB have fallen some 10 percent since hitting a seven-year high in December on fears that Cimzia's launch may be delayed.

((Reporting by Philip Blenkinsop; Editing by David Cowell; Reuters messaging: philip.blenkinsop.reuters.com@reuters.net; +32 2 287 6838, fax +32 2 230 7710; belgium.newsroom@reuters.com)) Keywords: UCB RESULTS/

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