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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
Research Tree provides access to ongoing research coverage, media content and regulatory news on Ipsen SA. We currently have 21 research reports from 4 professional analysts.
Companies: BILN IGP RBN SBTX
Cavendish
Verici’s $8.2m gross raise means the company can now focus on scaling Tutivia and invest further into the development of existing and new products. With a uniquely well balanced Tutivia test, a growing sales team and LCD coverage expected later this year, we forecast Tutivia revenues of $2.6m/$4.5m in FY24E/FY25E. The Thermo Fisher deal was a huge validation of Clarava and Verici’s technology and in addition to licensing/milestone payments, we forecast double digit royalties on net Clarava sales
Companies: Verici Dx Plc
Singer Capital Markets
26th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: BIRD MBH CHRT INSE KMK FNTL HDD JNEO CCS
Hybridan
Companies: Aptamer Group Plc
Turner Pope Investments
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
SkinBioTherapeutics has reported on the 6-months to December 2023, noting steady revenue growth from lead product AxisBiotix-Ps, progress on the development of SkinBiotix with partner Croda (Sederma) and post-period end, the acquisition of Dermatonics. The company has updated on several positive developments through the start of 2024, including AxisBiotix Acne positive interim results, initiation of research on the MediBiotix Pillar and progress with the oral and inflammation programmes. The com
Companies: SkinBioTherapeutics Plc
On 18th December 2023 Incanthera announced a deal with Marionnaud in Switzerland to distribute ‘Skin+CELL’, its advanced dermatological solution for the delivery of vitamin B3 for skin protection and cosmetic rejuvenation. This gives Incanthera access to a high-end cosmetics distribution presence in Europe, and in addition, ownership of Marionnaud by AS Watson, the largest cosmetics distributor in Asia, offers significant new market opportunities further afield.
Companies: Incanthera Plc
Stanford Capital Partners
Companies: CLBS GHH NANO TRX SAVE TMT GELN
FY EBITDA and EBIT came in materially above consensus FY EBITDA came in at EUR98.8m, down 4% yoy and 12% above consensus. The EBITDA margin was 12.6%. Restated for one-off costs, it was 13.1%, more than 2 percentage points above the guidance. It was fully explained by price increases, notably on X-ray, mix and control of fixed costs. FY EBITA came in at EUR38m, 46% above consensus. 2024 guidance looks conservative Guerbet is aiming for organic growth above 8% (8.8%e). With markets growing at
Companies: Guerbet (GBT:EPA)Guerbet SA (GBT:PAR)
BNP Paribas Exane - Sponsored Research
IRLAB Therapeutics has confirmed the FDA’s alignment with its proposed Phase III programme for mesdopetam in levodopa-induced dyskinesias (PD-LIDs), following receipt of the minutes from its end-of-Phase II (EoP2) meeting held last month. Notably, the FDA has agreed on the primary endpoint being the Unified Dyskinesia Rating Scale (UDysRS), on which mesdopetam demonstrated a statistically significant improvement (p=0.026) in the Phase IIb study (secondary endpoint of that study). IRLAB will now
Companies: Irlab Therapeutics Ab
Edison
Tissue Regenix has reported on strong performance through 2023, noting record revenues driven by product adoption and expanded distribution, positive adjusted EBITDA for the first time and an increased cash position versus H1/23. FY23 revenues grew 20% to $29.5m supported by 25% growth from BioRinse products and 17% growth from dCELL products. Significantly, Tissue Regenix reported its first adjusted EBITDA profit for the year, +$0.9m, supported by revenue growth and cost management. We expect t
Companies: Tissue Regenix Group plc
Creo Medical has published a trading update for the 12 months to December 2023, during which the company focused on commercialising its core technology. Revenue for the period increased 13% YoY to £30.8m, while the underlying operating loss improved to £16.4m. Operationally, during the period, the number of confirmed users of Creo’s Speedboat range more than doubled over the year, the first procedures with MicroBlate Flex to ablate lung tumours were performed and Creo expects to receive regulato
Companies: Creo Medical Group Plc
Companies: NTQ KMK JNEO DCTA
LungLife AI is a medical diagnostics company focused on the development of AI-supported blood-based tests for the early detection of lung cancer. It has identified a significant medical need for non-invasive, sensitive and specific tests in early-stage lung cancer. The company’s core technology, the LungLB test, seeks to detect circulating tumour cells (CTCs) to identify malignant lung nodules. It aims to apply machine learning/AI (ML/AI) to derive algorithms to increase test accuracy. Following
Companies: LungLife AI, Inc.
This month's feature article is entitled 'Gold and a Chinese Credit Event'. A Western phenomenon? If you own, or are considering owning, gold or gold equities, it’s likely that you’re concerned about protecting your wealth, or the performance of your fund, in the expectation of some kind of financial instability. Maybe your confidence in policymakers is ebbing, or you’ve researched debt bubbles in history and concluded that physical gold and silver have been the safest places to be invested whe
Companies: NBPE ICGT ARBB CSN RECI CLIG HAT AVO STX VTA APAX
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