October 2026
Largest BioTech Public Companies in Belgium
Benchmark revenue and EBITDA valuation multiples for public comps like
UCB, Financiere de Tubize, Lakefront Biotherapeutics, Fagron and Agomab Therapeutics.
 | UCB is a Belgium-based biopharma firm focused on the development of novel therapies for the treatment of central nervous system and immunologic diseases. Historically, revenue was derived from allergy medicine Zyrtec and epilepsy drug Keppra, which have both lost patent protection. The firm's key products are Cimzia (immunology), Vimpat (epilepsy), Neupro (Parkinson's disease and restless leg syndrome), Briviact (epilepsy), Bimzelx (psoriasis), Evenity (osteoporosis), Nayzilam (cluster seizures), Fintepla (Dravet Syndrome and Lennox-Gastaut Syndrome), and Kygevvi (rare mitochondrial disease). The Brussels-headquartered public company researches, manufactures and markets prescription medicines for patients with severe neurological and immunological diseases. It sells products through healthcare systems around the world and reinvests product revenue in discovery, clinical trials and business development. UCB expanded its epilepsy franchise by completing the acquisition of Neurona Therapeutics in June 2026. That transaction added a clinical-stage regenerative cell therapy designed to restore inhibitory neural circuitry. | $226 | -12% | $43B | $45B | 5.2x | 15.9x | ||
| Financiere de Tubize SA is a holding company that owns a stake in UCB, a biopharmaceutical company. UCB is a world-wide biotechnology company that develops treatments for conditions related to neurology and immunology. UCB generates the vast majority of its revenue in the United States, followed by Europe and other international markets. The company generates majority of its sales revenue is derived from its neurology products, followed by its immunology products. The company's plan focuses on leveraging scientific advances and skills in areas such as genetics, biomarkers, and human biology. | $194 | -21% | $8.6B | $8.4B | - | 80.2x | ||
| Galapagos NV is a fully integrated biotechnology company with operations in Europe and the United States, dedicated to developing medicines focusing on oncology and immunology. The group focuses on unmet medical needs, it synergizes compelling science, technology, and collaborative approaches to create a deep pipeline of medicines. Its clinical pipeline includes: GLPG5101, a CD19 CAR-T product candidate decentralized manufactured, currently in Phase 1/2 in rrNHL; GLPG5301, a BCMA CAR-T product candidate decentralized manufactured, currently in Phase 1 in rrMM; and GLPG3667, a TYK2 inhibitor currently in Phase 2 clinical trial in DM and SLE. It derives maximum revenue from the United States of America. | $29 | -8% | $1.9B | - | - | - | ||
| Fagron SA is a pharmaceutical compounding company operating in Belgium. It acts as a supplier of pharmaceutical care to hospitals, pharmacies, clinics, and patients across the world. The company also produces pharmaceutical raw materials, equipment, and supplies that are needed to prepare medication in the pharmacy. Its segments are namely Fagron Europe, Middle East and Africa (EMEA), Fagron North America, and Fagron Latin America. The majority of its revenue comes from Fagron North America. | $25 | +6% | $1.8B | $2.4B | 2.2x | 12.1x | ||
| Agomab Therapeutics is a Belgian clinical-stage biotechnology company founded in 2017. It develops therapies intended to restore organ function in fibrotic and inflammatory diseases by modulating growth-factor signalling. Its pipeline includes organ-restricted ALK5 inhibitors originating from Origo Biopharma and other antibody and small-molecule programmes. Agomab announced the acquisition of Origo in October 2021 and completed it in December, adding the Spanish team, facilities and TGF-beta drug-discovery platform. The company later raised multiple venture rounds to advance candidates for fibrostenosing Crohn’s disease and idiopathic pulmonary fibrosis. Its products are developed for patients and commercialised through the biopharmaceutical model rather than direct consumer sales. Agomab remains distinct from similarly named laboratories and is the company operating at agomab.com. | $9 | -- | $426M | $147M | - | (2.1x) | ||
| Hyloris Pharmaceuticals SA is an early-stage specialty pharmaceutical company focused on adding value to the healthcare system by reformulating pharmaceuticals. The company develops proprietary products it believes offer advantages compared to available alternatives, to address the underserved medical needs of patients, hospitals, physicians, payors, and other stakeholders in the healthcare system. Its portfolio spans areas such as cardiovascular, other reformulations, and established markets (high-barrier generics). It has three early commercial-stage products, Sotalol IV for the treatment of atrial fibrillation, Podofilox Ge, and Maxigesic IV. Its revenue is mainly generated in the United States. | $5 | -33% | $129M | $124M | 15.3x | (18.3x) | ||
| Nyxoah SA is a health-technology company focused on the development and commercialization of solutions and services to treat sleep-disordered breathing conditions. The company's solution platform is based on the Genio system, a CE-Mark validated, user-centered, bilateral neurostimulation therapy to treat moderate to severe Obstructive Sleep Apnea (OSA), the common sleep disordered breathing condition that is associated with increased mortality risk and comorbidities including cardiovascular diseases, depression and stroke. | $1 | -76% | $127M | $81M | 7.3x | (0.9x) | ||
| European Medical Solutions Formerly DMS Imaging SA is a clinical-stage biopharmaceutical company. The company is engaged in the development and future commercialization of a range of breakthrough immunotherapy products for the treatment of allergies, based on its ASIT+ technology platform. Its lead product is gp-ASIT+, a phase III trial for the treatment of grass pollen rhinitis. Its pipeline products consist of hdm-ASIT+ for the treatment of house dust mite asthma; and pnt-ASIT+ for the treatment of peanut allergy. | $4 | -35% | $17M | $36M | 0.6x | 7.0x | ||
| Celyad Oncology SA is a biopharmaceutical company focused on the discovery and development of technologies for chimeric antigen receptor T-cell (CAR T) therapies. The company focuses on solid tumors and hematological malignancies. The firm has CYAD-01 and CYAD-02 programs in the pipeline. The company owns trademarks and service marks, including CELYAD, C-CATH, C_CURE, CAR-T Cell, THINK, CYAD01 - Deplethink, CYAD02 - Cycle1, CwalityCAR, CYAD-101, and new engagers. The firm has Cardiology and Immuno-oncology operating segments. It generates the majority of its revenue from the Cardiology segment. | $0 | -1% | $17M | $18M | 778.7x | (13.3x) | ||
| Oxurion NV is a holding company specializing in acquiring and integrating clinical research services companies (CROs) covering the full clinical research value chain across Europe. | $0 | -94% | $158K | $13M | 21.3x | (3.3x) | ||
| Median | $7 | -21% | $277M | $124M | 7.3x | (0.9x) |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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