Company Reports

Ipsen reported solid first-quarter results highlighted by total revenue of EUR 822.4 million, representing nearly 11% growth from the prior-year period. Strong sales growth from Dysport, Cabometyx, and Onivyde drove revenue during the quarter and helped offset declining sales of Ipsen's leading oncology product, Somatuline. We forecast Ipsen’s growth platforms will help the company achieve 2024 sales of nearly EUR 3.5 billion, representing mid-single digit growth year over year. The stock is currently trading at a 6% discount to our unchanged EUR 120 fair value estimate.

Ipsen’s growth platforms of Dysport, Decapeptyl, Cabometyx, and Onivyde are continuing to drive sales for the company and offset the negative impact of generic erosion on Ipsen’s key oncology drug, Somatuline. We maintain our favorable view of Ipsen, and we like that its pipeline candidates are continuing to make progress. In February 2024, Ipsen received approval from the US Food and Drug Administration for Onivyde, a new standard-of-care first-line therapy in metastatic pancreatic adenocarcinoma. Additionally, in 2024 Ipsen is on track to launch elafibranor in second-line primary biliary cholangitis in the United States and in the European Union, as well as odevixibat in Alagille syndrome in the European Union.

Ipsen is a global biotechnology company headquartered in France that develops and commercializes medicines across three therapeutic areas: oncology, neuroscience, and rare diseases. Ipsen was founded in 1929 as a consumer healthcare company focused on prescription-based products for digestive disorders and neurological disorders. The company has a global footprint and sells more than 25 drugs in 115 countries, and it has a direct commercial presence in 34 countries. Over the past nearly 100 years, the company has shifted its focus to specialty care products and away from its legacy consumer healthcare segment.

Ipsen reported solid third-quarter results highlighted by total revenue of EUR 772 million, representing 6.5% growth from the prior-year period at constant exchange rates. Strong sales from Dysport and Cabometyx helped drive the company's growth during the quarter, as their sales increased 13.4% and nearly 21% year-over-year at constant exchange rates, respectively. We maintain our fair value estimate of EUR 120 per share and view the stock as slightly undervalued, currently trading at a 7% discount to our fair value estimate. We maintain Ipsen's narrow economic moat rating, which is based on its strong intangible assets.

Ipsen reported strong second-quarter results highlighted by total revenue of EUR 795 million, representing nearly 7% growth from the prior-year period. Strong revenue contributions from Dysport and Cabometyx helped drive the company’s growth during the quarter as their sales increased 33% and nearly 19.5% year over year, respectively. We maintain our fair value estimate of EUR 120 per share and view the stock as slightly undervalued, currently trading at a 6% discount to our fair value estimate. We maintain Ipsen’s narrow economic moat rating, which is based on its strong intangible assets.

Ipsen reported strong first-quarter results highlighted by total revenue of nearly $741 million, representing about 8% growth from the prior-year period. Strong revenue contributions from Dysport and Cabometyx helped drive the company’s growth during the quarter as their sales increased 30.5% and nearly 32% year over year, respectively. We maintain our fair value estimate of EUR 120 per share and view the stock as moderately undervalued, currently trading at a 9% discount to our fair value estimate. We maintain Ipsen’s narrow economic moat rating, which is based on its strong intangible assets, medium uncertainty rating, and negative moat trend.

Ipsen is a global biotechnology company headquartered in France that develops and commercializes medicines across three therapeutic areas: oncology, neuroscience, and rare diseases. Ipsen was founded in 1929 as a consumer healthcare company focused on prescription-based products for digestive disorders and neurological disorders. The company has a global footprint and sells more than 25 drugs in 115 countries, and it has a direct commercial presence in 34 countries. Over the past nearly 100 years, the company has shifted its focus to specialty care products and away from its legacy consumer healthcare segment.

Ipsen reported strong 2022 results, highlighted by total revenue exceeding EUR 3 billion, representing growth of 8.5% year over year, adjusting for the divestment of the consumer healthcare segment. Ipsen’s results were in line with our expectations, and revenue growth was primarily driven by continued strong performance from its growth platforms (Dysport, Decapeptyl, Cabometyx, and Onivyde), which all delivered double-digit sales increases from the prior year. In particular, Dysport delivered robust performance as its sales grew over 29% in 2022 and Cabometyx was up nearly 24%.

Ipsen reported solid third-quarter results in line with our expectations. Total sales year to date grew 15.5% on a reported basis, which was largely driven by strong performance from Dysport, Decapeptyl, Cabometyx, and Onivyde. We maintain our fair value estimate of EUR 120 per share and view the stock as undervalued, currently trading in 4-star territory at 17% below our fair value estimate. We maintain Ipsen’s narrow economic moat rating based on its strong intangible assets, a medium uncertainty rating, and a negative moat trend.

We've initiated coverage of Ipsen, a global biotechnology company headquartered in France that develops and commercializes medicines across three therapeutic areas: oncology, neuroscience, and rare diseases. We assign Ipsen a fair value estimate of EUR 120 per share and view the stock as very undervalued, currently trading in 4-star territory at 25% below our fair value estimate. We believe Ipsen merits a narrow economic moat rating based on its strong intangible assets, a medium uncertainty rating, and a negative moat trend.

Ipsen is a global biotechnology company headquartered in France that develops and commercializes medicines across three therapeutic areas: oncology, neuroscience, and rare diseases. Ipsen was founded in 1929 as a consumer healthcare company focused on prescription-based products for digestive disorders and neurological disorders. Ipsen has a global footprint and sells more than 25 drugs in 115 countries, with a direct commercial presence in 34 countries. Over the past nearly 100 years, the company has shifted its focus to its specialty care segment, which comprised 92% of its 2021 revenue.