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.