Welcome to the Deep Dive. Today, we're looking at UCB's Q2 and first half performance for 2025. Yes. And the goal here is really to pull out the key strategic insights from their latest earnings call for you. Exactly. Cut through the noise. And honestly, the picture that emerges is, well, pretty strong, robust performance, really. It absolutely is. You can see a clear narrative building strong execution, real financial momentum. We'll focus on the numbers that truly matter and what they suggest going forward. Okay, so let's get into those headline figures then. Overall revenue, first half of 2025, $3.49 billion. That's right. A significant jump, 25% year over year. And net sales climbed even a bit faster, 26%, reaching $3.32 billion. Wow. And immunology seems to be a huge part of that story. Oh, definitely. 1.82 billion just from immunology. That's up a massive 45 percent compared to last year. OK, so that strength obviously feeds into their outlook. It does. Th...
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