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.
