Half Year 2026 Ipsen SA Earnings Call Transcript

Jul 30, 2026 / 12:00 PM GMT

Release Date Price: €162 (+0.50%)

Transcript

Key Points

Positve

Total sales grew 23.5% at constant exchange rates, with a record core operating margin of 38.6%.
Three positive Phase III readouts were achieved for Dysport in migraine and Icurvo in PBC, both with blockbuster potential.
Two late-stage acquisitions (Cartos and Memo) added promising assets for myelofibrosis and BK virus nephropathy.
Rare disease sales more than doubled year-over-year, driven by strong growth of Icurvo and Bilvay.
Free cash flow increased 34.9% to EUR652 million, providing over EUR2 billion in firepower for further external innovation.

Negative

The BOLD trial for Bilvay in biliary atresia failed to meet its primary endpoint, highlighting development risks in rare diseases.
Upcoming generic competition for Somatuline is expected to pressure sales in the second half of 2026 and into 2027.
2027 margins will be impacted by significant R&D and commercial investments for new launches, including Dysport in migraine and Cartos/Memo assets.
Currency headwinds negatively impacted reported sales growth by 3.1 percentage points.
The entry of Dara (a competitor) in second-line oncology is expected to pressure Onivyde sales in the near term.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

IPN.PA - Ipsen SA
Half Year 2026 Ipsen SA Earnings Call
Jul 30, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello and welcome to the Ipsen conference call and webcast on H1 2026 results. I'll now hand you over to David Lowe, Ipsen CEO.

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Unidentified_2 [2]
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Thank you, operator. Good afternoon, everyone, and thank you for joining Ibsen's H1 2026 results presentation. Today, we will review our first-half performance, the progress we are making across the business and the key milestones ahead. Please turn to Slide 2.

Before we begin, please take note of the forward-looking statement and risk factors described on this slide. Unless otherwise stated, growth comments during

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