Ipsen SA

IPN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ipsen Earnings: Dysport and Cabometyx Drive Sales, Offsetting Generic Erosion

Rachel Elfman

Oct 24, 2024

Narrow-moat Ipsen's third quarter was highlighted by nearly 9% sales growth from the prior-year period, largely driven by strong performance from Dysport (up nearly 12% at constant exchange rates, or CER) and Cabometyx (up 15% CER). These drugs will continue to help counter generic erosion of Ipsen's leading oncology product, Somatuline. Ipsen is tracking our expectations, and we maintain our fair value estimate of EUR 120 per share. We forecast 2024 sales of about EUR 3.5 billion, representing mid-single-digit growth year over year on a reported basis.

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Ipsen SA

Ipsen Earnings: Dysport and Cabometyx Drive Sales, Offsetting Generic Erosion

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