Ipsen continues its upward trajectory (+2.51%, at 151.30 euros) following yesterday's surge of 6.34%, which came on the heels of its results and guidance release. Including today's gain, the stock has posted an increase of nearly 27%.
This morning, the stock remains in demand after UBS reiterated its neutral rating, while raising its price target from 137 to 155 euros.
Analysts at the Swiss bank believe the pharmaceutical group delivered "solid" results for the fourth quarter of 2025, with revenue exceeding expectations by 2%. This performance was notably driven by key drugs (excluding Somatuline) and the major launch of Iqirvo, which outperformed forecasts by 20% thanks to rapid adoption. Iqirvo is the commercial name for Elafibranor, a drug used to treat a rare liver disease called primary biliary cholangitis (PBC).
UBS also welcomed the upward revision of the 2026 financial targets, but noted that the scale of this adjustment—implying a 5% increase in revenue and a 12% rise in operating profit compared to consensus—represents a positive surprise.
Another positive factor, according to analysts, is the production difficulties faced by generic competitors of Somatuline, Ipsen's flagship product, which accounted for nearly 33% of the group's total sales in 2024.
As a result, UBS has raised its revenue forecast by an average of 7% for the 2026-2028 period, reflecting the delayed erosion of Somatuline and the strength of other products. Core operating profit is expected to grow by 11% over the period.
Ipsen specialises in the research, development, manufacture and marketing of specialty medicines. Net sales by therapeutic area break down as follows:
- oncology (69.2%);
- neuroscience (20.3%);
- rare diseases (10.5%).
At the end of 2025, the group had 7 research and development centers located in France (2), the United Kingdom (2), China (2) and Ireland, and 5 manufacturing sites worldwide.
Net sales are distributed geographically as follows: France (8%), Europe (31.7%), the United States (32.9%), North America (2.2%) and other (25.2%).
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