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.
