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Ipsen’s Q3 sales came in slightly below the consensus estimates. Neuroscience continued its healthy momentum, while Oncology reported modest gains as strong growth for the ‘patented’ oncology portfolio was almost offset by Somatuline’s erosion. Nevertheless, the 2023 guidance was unchanged. On the back of healthy performance across the existing offerings, an impressive pipeline and enough financial muscle to advance the external innovation strategy, our positive recommendation remains intact.
Companies: Ipsen (IPN:EPA)Ipsen SA (IPN:PAR)
AlphaValue
Ipsen’s Q2 sales came in ahead of expectations. Neuroscience continued its strong momentum and even ‘patented’ Oncology managed to offset the decline for an off-patent drug. More importantly, the 2023 guidance was also upgraded. Overall, considering the healthy momentum for the existing drugs along with a slew of readouts in the near term and the balance sheet flex to pursue an external innovation strategy, our positive recommendation is maintained.
Ipsen’s Q1 sales numbers came in ahead of street expectations. Healthy growth was witnessed in Neuroscience, while Oncology also ended on positive note, despite Somatuline’s erosion and a weaker Onivyde. Notably, despite the material erosion in Somatuline, the 2023 guidance remained unchanged. Overall, with a slew of readouts in the near term, along with impressive pipeline and strong balance sheet to pursue external innovation strategy, our positive recommendation is maintained.
Ipsen’s Q4 results came in ahead of expectations. Growth was driven by Neuroscience, but was partly offset by Oncology. Notably, despite a material erosion in Somatuline, the firm managed to report promising CER growth. Moreover, 2023 guidance seems encouraging despite further erosion of Somatuline due to generics. Overall, considering a promising portfolio/pipeline, and balance sheet flex (to pursue further growth), our positive recommendation is maintained.
Ipsen’s Q3 sales came in ahead of both the AV and consensus expectations. Healthy growth was witnessed in Neuroscience while Oncology was resilient, despite’s Somatuline’s erosion. While Somatuline headwinds remain an unchanged reality, given the healthy momentum for the existing offerings, a strong line-up of potential assets and balance sheet flex to further expedite (external) innovation initiatives, Ipsen remains a well-differentiated and attractive small pharma in our coverage.
HUTCHMED has ambitious near- and medium-term growth plans, centred on its novel oncology products, to initially create a sizeable commercial organisation addressing Greater China whilst also building the appropriate infrastructure to address key global markets. The first product wave - Elunate (fruquintinib), Orpathys (savolitinib) and Sulanda (surufatinib) - are expected to post FY22 revenues of $160-$190m in China. The second and third waves of innovative programmes are progressing through dev
Companies: LLY AZN 1 0Q1G IPN IPN HCM
Trinity Delta
HUTCHMED continues its transition from a development stage company into a global commercial organisation. Two products are now marketed successfully by the China Oncology/Immunology sales platform, with a third by a partner. These assets are in late-stage development ex-China, with several global pivotal studies underway and potential to complete first registration filings across multiple regions in 2023, followed by first launch in 2024. A second development wave, focused on haem-oncology produ
Ipsen reported strong Q2 results, exceeding the company-compiled estimates. Despite generics posing a threat to its lynchpin drug i.e. Somatuline, the promising trends for other offerings and less severe generics-driven headwinds prompted a guidance upgrade. Add to this the various other near-term readouts and balance flex being put to good use via the pursuit of newer growth bets and this French small pharma remains a very attractive sector bet.
Ipsen reported healthy Q1 22 sales, with good performances in both Neuroscience and Oncology. Despite generics posing a strong threat to Somatuline, management has reiterated its 2022 guidance. On the back of a strong pipeline of internal assets, an effective external innovation strategy and important data readouts in H2 22, Ispen has become an attractive pharma / oncology bet, especially considering today’s sell-off.
Ipsen reported strong Q4 and 2021 results, with robust growth across neuroscience and oncology. Margins improved further and the dividend was increased by 20%. Going forward, despite the expected loss of sales for Somatuline, given the risk of generics, Cabometyx’s label expansion along with the strong performance for other key drugs should support business momentum. Moreover, a strong pipeline and various external innovation agreements covering high-potential areas should render further support
Ipsen reported a healthy set of Q3 sales numbers. The limited impact of generics coupled with strong uptake/recovery across all segments resulted in a FY21 guidance upgrade. Moreover, recent collaborations should result in the targeting of additional newer growth avenues. Overall, with the new strategy in place, it seems that this French small pharma is on course to regain its lost glory.
Ipsen’s rare bone disease asset, Palovarotene, has hit yet another regulatory setback – filing has been withdrawn after US FDA demanded additional phase III data. Although the group plans to re-submit the filing, Palovarotene’s US launch is pushed back into 2022 and, considering that the high-margin drug was partially expected to fill the revenue hole due to the upcoming generic erosion of Somatuline, the news has not been taken well by the markets. A value-accretive deal could reignite investor
Benefiting from the gradual lifting of confinement measures, Ipsen reported a robust sales acceleration in Q2 with the neurosciences and oncology franchisees leading the gains. The margin advanced considerably, led by operational leverage and strict cost management. Importantly, FY21 sales and profitability targets have been raised, assuming a progressive recovery from the pandemic. Although the upcoming generic erosion of Somatuline continues to be a risk, new drug approvals and the recently-st
Benefiting from strong demand for Cabometyx and Dysport, sales momentum accelerated for Ipsen in Q1 21. Importantly, Cabometyx, in combination with Opdivo, has been approved as a first-line of treatment for renal cell carcinoma, and this is quite encouraging. Although the phased launch of Somatuline’s generic (expected by mid-2021) is a key risk, management reiterated its FY21 guidance.
Benefiting from the resilience of the oncology franchisee, sales momentum accelerated in Q4 and the FY20 targets were exceeded. Assuming the phased launch of Somatuline’s generic in Europe, management seems cautious with its FY21 outlook, but considering that the generic is going through a slow and staggered launch, upgrades can’t be ruled out. Label extension of Cabometyx should also lend support. Given the firepower of €1.3bn, management’s focus is to replenish the pipeline through external in
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