Ipsen (IPN) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 sales grew 11.6% at constant exchange rates, reaching €918.8m, with growth across Oncology, Neuroscience, and Rare Disease, driven by strong launches of Bylvay and IQIRVO.

• Pipeline advanced with EMA submission for tovorafenib in pediatric low-grade glioma and phase I entry of a third-generation RAF inhibitor (IPN01195).

• EUR 2 billion refinancing completed, including a €500 million public bond, supporting external innovation and pipeline investments.

• 2025 guidance confirmed: sales growth above 5% at constant exchange rates and core operating margin above 30%.

Financial highlights

• Total Q1 2025 sales reached €919m, up 11.6% year-over-year at constant exchange rates, with Oncology at €655m (+8%), Rare Disease at €70m (+74.6%), and Neuroscience at €194m (+9.6%).

• Somatuline sales grew 19.1% to €310m, benefiting from generic shortages; Cabometyx declined 3.2% to €147m due to high prior-year baseline and price pressure.

• Bylvay sales up 63.3% to €43m; IQIRVO contributed €23m, with strong U.S. and European uptake.

• Dysport Aesthetics up 16% to €117m; Dysport Therapeutics stable at €73m.

Outlook and guidance

• 2025 guidance reaffirmed: total sales growth above 5% at constant exchange rates and core operating margin above 30%.

• Guidance factors in negative impact from increased Somatuline generic competition in the US and Europe.

• High single-digit growth expected for Dysport; Cabometyx expected to grow at single digits, with EUR 700m+ peak sales guidance.