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1. Company Snapshot

1.a. Company Description

Ipsen S.A. operates as a biopharmaceutical company worldwide.The company provides drugs in the areas of oncology, neuroscience, gastroenterology, cognitive disorders, and rare diseases.It offers Somatuline for neuroendocrine tumors and acromegaly; Decapeptyl for the treatment of advanced metastatic prostate cancer; Cabometyx for renal cell and second-line hepatocellular carcinoma; Onivyde for second-line metastatic pancreatic cancer; Dysport for motor muscular disorders and medical aesthetics; NutropinAq for growth failure in children due to growth hormone (GH) deficiency, turner syndrome, chronic renal failure, and GH deficiency in adults; and Increlex for growth failure in children and adolescents.


The company also offers Smecta for chronic and acute diarrhea, and pain associated with functional bowel diseases; Forlax for constipation; Fortrans/Eziclen for bowel cleansing prior to endoscopy, X-ray examination, and colonic surgery; and Tanakan for cognitive disorders in adults, vertigo of vestibular origin and vestibular rehabilitation, and tinnitus.In addition, it provides Xermelo for the carcinoid syndrome; Cometriq for medullary thyroid cancer; Smebiocta/SmectaFlora Protect, a food supplement; SmectaGas, a medical device used in the symptomatic treatment of gas-related gastrointestinal disorders and relief of gas-related symptoms; and Etiasa for inflammatory bowel diseases.Further, the company offers other consumer healthcare products in the gastro-intestinal area, including Buscopan, Clin4000, Prontalgine, Suppositoria Glycerini, Mucothiol, Floractin, and Mucodyne.


Ipsen S.A. has agreements with Debiopharm; Exelixis; Galderma; Blueprint Medicines; TerSera Therapeutics; Rhythm Pharmaceuticals; Teijin; Braintree Laboratories; Ethypharm; Schwabe; BAKX Therapeutics Inc.; and Exicure.The company was founded in 1929 and is headquartered in Boulogne-Billancourt, France.

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1.b. Last Insights on IPN

Ipsen's recent performance has been driven by strong sales growth, strategic partnerships, and pipeline expansion. The company's FY 2025 results showed a robust 10.9% sales growth, with Oncology, Rare Disease, and Neuroscience therapeutic areas driving growth. Ipsen's acquisition and partnership strategy has also contributed to its growth, including a global collaboration with Origami Therapeutics to develop a novel small molecule program for a rare neurodegenerative disorder. Additionally, the company's Iqirvo sales exceeded $200M, triggering a $20M milestone payment to GENFIT. Ipsen's share buyback program also supports shareholder value.

1.c. Company Highlights

2. Ipsen's 2025 Earnings: Strong Growth and Pipeline Advancements

Ipsen delivered a robust financial performance in 2025, with total sales growing by 10.9% to exceed EUR 3.6 billion, driven primarily by the strong performance of its portfolio, excluding Somatuline, which grew by 14.2%. The company's core operating margin stood at 35.2% of total sales, and its core operating income grew by 16.7% to EUR 1.3 billion. Ipsen's earnings per share (EPS) came in at 6.02, beating analyst estimates of 5.53. The company's free cash flow increased by 29% to reach EUR 1 billion, and it maintained a solid balance sheet with no debt and EUR 3.2 billion of firepower available for external innovation.

Publication Date: Feb -15

📋 Highlights
  • Sales Growth:: Total sales rose 10.9% in 2025, with portfolio (excluding Somatuline) growing 14.2%.
  • Margin Performance:: Core operating margin reached 35.2% of total sales, driven by strong portfolio performance.
  • Regulatory Milestones:: Key approvals included EMA submission for tovorafenib and EU approval of Cabometyx in neuroendocrine tumors.
  • 2026 Guidance:: Anticipated >13% sales growth (at constant exchange rates) and EUR 1.3B core operating income, with free cash flow rising 29% to EUR 1B.

Segment Performance

Ipsen's oncology segment performed well, with sales growth of 4.1%, although it was impacted by a decline in Somatuline sales versus a very high baseline in 2024. The rare disease segment performed exceptionally well, with sales doubling this year. The neuroscience segment, driven by Dysport, continued to deliver high single-digit growth. Aymeric Le Chatelier noted that the portfolio, excluding Somatuline, grew by 14.2% this year and by 19.6% in Q4, indicating a strong momentum.

Guidance and Outlook

Ipsen is guiding for another year of double-digit sales growth in 2026, with total sales expected to grow by more than 13% at constant exchange rates. The company anticipates a high level of profitability and is confident in its ability to exceed its midterm margin target of 32% by 2027. The guidance is based on the company's expectation of continued strong performance across its portfolio, including the potential for Iqirvo to drive growth.

Valuation

Using Ipsen's current valuation metrics, we can assess what's priced in. The company's P/E Ratio stands at 28.57, indicating a premium valuation relative to its earnings growth. The EV/EBITDA ratio is 9.14, suggesting a reasonable valuation relative to its earnings before interest, taxes, depreciation, and amortization. The company's ROE (%) is 10.65, indicating a decent return on equity. With a Free Cash Flow Yield (%) of 6.31, Ipsen appears to be generating significant cash flows relative to its market capitalization.

Pipeline Advancements

Ipsen is making significant progress in its R&D efforts, with several promising pipeline assets, including tovorafenib, Cabometyx, and IPN10200. The company is expecting several key milestones in 2026, including three pivotal readouts and the presentation of full Phase II data for IPN10200 in aesthetics indication Glabellar lines. David Loew highlighted the company's strong expansion in oncology, with four active Phase I programs evaluating new modalities in solid tumors.

3. NewsRoom

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Facial Injectable Analysis Report 2025: An $18.89 Billion Market by 2029, Driven by New Product Launches, Emerging Markets, AI Innovations, Male Aesthetics, Younger Demographics

Feb -17

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How The Ipsen (ENXTPA:IPN) Story Is Shifting With New Targets And Pipeline Questions

Feb -13

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Ipsen SA (IPSEY) Full Year 2025 Earnings Call Highlights: Strong Sales Growth and Strategic ...

Feb -12

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GENFIT to receive US$20M milestone after Ipsen’s Iqirvo® exceeds the US$200M threshold in its first full year of net sales

Feb -12

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Ipsen delivers strong results in 2025, driven by solid execution across all therapeutic areas, and provides 2026 guidance

Feb -12

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Exelixis Announces Fourth Quarter and Fiscal Year 2025 Financial Results and Provides Corporate Update

Feb -10

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Primary Sclerosing Cholangitis Market Outlook Highlights Rising Demand and Expanding Treatment Landscape Throughout the Forecast Period (2025-2034) | DelveInsight

Feb -05

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Ipsen Origami Deal Expands Rare Disease Pipeline As Shares Screen Undervalued

Feb -01

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.86%)

6. Segments

Oncology

Expected Growth: 5%

Ipsen's Oncology segment growth is driven by increasing demand for cancer treatments, strong pipeline of innovative therapies, strategic partnerships, and expansion into emerging markets. Additionally, growing adoption of precision medicine and increasing investment in R&D are contributing to the 5% growth rate.

Neurosciences

Expected Growth: 4%

Ipsen's Neurosciences segment growth is driven by increasing demand for innovative treatments in neurology and psychiatry, strong pipeline of novel therapies, strategic partnerships, and expansion into emerging markets. Additionally, growing awareness of neurological disorders and investments in R&D contribute to the segment's 4% growth.

Rare Diseases

Expected Growth: 7%

Ipsen's Rare Diseases segment growth is driven by increasing demand for orphan drugs, strategic partnerships, and a strong pipeline of innovative treatments. The company's focus on niche areas like neuroendocrine tumors and growth hormone deficiencies also contributes to its 7% growth. Additionally, investments in digital technologies and expansion into emerging markets further support growth.

7. Detailed Products

Somatuline

A somatostatin analogue used to treat acromegaly, a rare hormonal disorder that occurs when the pituitary gland produces too much growth hormone.

Decapeptyl

A GnRH agonist used to treat prostate cancer, endometriosis, and uterine fibroids.

NutropinAq

A recombinant human growth hormone used to treat growth hormone deficiency in children and adults.

Increlex

A recombinant human insulin-like growth factor-1 (IGF-1) used to treat growth failure in children and adults with severe primary IGF-1 deficiency.

Cabometyx

A tyrosine kinase inhibitor used to treat advanced renal cell carcinoma and hepatocellular carcinoma.

Cometriq

A tyrosine kinase inhibitor used to treat medullary thyroid cancer and advanced renal cell carcinoma.

8. Ipsen S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Ipsen S.A. operates in the pharmaceutical industry, where substitutes are limited. However, the company faces competition from other pharmaceutical companies, which could lead to a moderate threat of substitutes.

Bargaining Power Of Customers

Ipsen S.A. has a diverse customer base, including hospitals, clinics, and pharmacies. The bargaining power of customers is low due to the company's strong brand reputation and the lack of alternative products.

Bargaining Power Of Suppliers

Ipsen S.A. relies on a network of suppliers for raw materials and services. The bargaining power of suppliers is moderate due to the company's dependence on a few key suppliers.

Threat Of New Entrants

The pharmaceutical industry has high barriers to entry, including significant research and development costs, regulatory hurdles, and the need for specialized expertise. This limits the threat of new entrants.

Intensity Of Rivalry

The pharmaceutical industry is highly competitive, with many established players competing for market share. Ipsen S.A. faces intense competition from other pharmaceutical companies, which could lead to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 11.06%
Debt Cost 4.97%
Equity Weight 88.94%
Equity Cost 7.08%
WACC 6.84%
Leverage 12.43%

11. Quality Control: Ipsen S.A. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Ipsen

A-Score: 6.0/10

Value: 4.8

Growth: 6.0

Quality: 7.9

Yield: 1.2

Momentum: 8.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Almirall

A-Score: 5.1/10

Value: 4.3

Growth: 2.2

Quality: 5.0

Yield: 1.9

Momentum: 9.5

Volatility: 7.7

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Stock-Card
Hikma Pharmaceuticals

A-Score: 5.0/10

Value: 5.5

Growth: 4.4

Quality: 6.3

Yield: 5.6

Momentum: 2.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Sobi

A-Score: 4.8/10

Value: 2.8

Growth: 7.3

Quality: 5.5

Yield: 0.0

Momentum: 7.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Siegfried Holding

A-Score: 4.3/10

Value: 4.6

Growth: 7.4

Quality: 5.5

Yield: 0.6

Momentum: 0.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Alvotech

A-Score: 2.9/10

Value: 6.0

Growth: 5.6

Quality: 5.7

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

157.0$

Current Price

157$

Potential

-0.00%

Expected Cash-Flows