Ipsen (IPN) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 sales grew 22.6% at constant exchange rates, reaching €1,075m, with all three therapeutic areas contributing to growth.

• Rare Disease sales surged 125.4%, led by Iqirvo and Bylvay, while Oncology and Neuroscience also posted double-digit growth.

• Pipeline momentum includes EU approval of Ojemda for pediatric low-grade glioma and three pivotal Phase III readouts expected in H2 2026.

• Full-year 2026 guidance reaffirmed: total sales growth above 13% and core operating margin above 35%.

Financial highlights

• Oncology sales up 13% to €708m; Rare Disease up 125.4% to €147m; Neuroscience up 18.5% to €220m.

• Iqirvo sales grew 266.7% to €79m; Bylvay up 51.5% to €61m; Dysport up 18.9%.

• Excluding Somatuline, portfolio sales grew 27.5%.

• Negative currency impact of -5.6 percentage points on Q1 2026 sales.

Outlook and guidance

• 2026 guidance maintained: sales growth above 13% and core operating margin above 35%.

• Currency headwinds expected to reduce total sales by around 1% based on March 2026 exchange rates.

• Guidance excludes potential late-stage external innovation transactions.

• Anticipates resumption of Somatuline generic competition in H2 2026, with potential impact on future quarters.