Ipsen (IPN) Q3 2024 TU earnings summary

Executive summary

• Year-to-date 2024 sales grew 9.2% at constant exchange rates, reaching €2,496m, driven by Dysport, Bylvay, Cabometyx, and successful launches of Iqirvo and Onivyde.

• Regulatory milestones included EU approvals for Iqirvo (2L PBC) and Kayfanda (ALGS), US approval for Iqirvo, and Cabometyx submission for neuroendocrine tumors.

• Full-year 2024 guidance was raised for both sales growth and core operating margin, reflecting strong commercial momentum and pipeline progress.

Financial highlights

• Q3 2024 sales were €837m, up 8.6% year-over-year at constant exchange rates.

• Oncology YTD sales: €1,830m (+5.8% CER); Rare Disease: €130m (+71.3% CER); Neuroscience: €536m (+11.8% CER).

• By key medicine YTD: Onivyde +23.3%, Bylvay +23.3%, Tazverik +23.4%, Dysport +11.7%.

• Unfavorable FX impact of -1.1% to -1.5% on YTD 2024 sales.

Outlook and guidance

• FY 2024 total sales growth now expected to exceed 8.0% at constant exchange rates, with core operating margin above 31.0% of total sales.

• Currency headwinds expected to reduce reported sales by about 1.5%.

• Continued investment in pipeline and new launches to drive midterm growth and margin enhancement.