In contrast to some Big Pharmas, mid-sized UCB has shifted from a diversified to a very focused business model. That means it's relying heavily on commercial success for its three newest drugs. If the new products take off, UCB could by 2012 be delivering stronger earnings growth than its more diversified peers, just as some of them begin to face the worst of their patent cliffs. But it has little room to maneuver if even one of these disappoints.
By Melanie Senior
While several Big Pharma CEOs (and even those at a few mid-caps) continue to highlight the virtues of diversification, mid-sized...
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