Ipsen H1 Results: Sales rise 23.5% at CER, guidance upgraded

Ipsen, a global specialty-care biopharmaceutical company, reported robust financial results for the first half of 2026, driven by accelerated growth across its therapeutic areas and an expanding pipeline. Total sales rose 23.5% at constant exchange rates (CER) to €2,190.2 million, outpacing the prior guidance of greater than 13.0% at CER. The portfolio beyond Somatuline led the charge with 24.8% sales growth, enabling the company to upgrade its full-year 2026 outlook for both revenue and profitability. The Board of Directors approved the condensed consolidated financial statements on July 29, 2026. The company’s auditors performed a limited review of the H1 2026 condensed consolidated financial statements. These results reflect strong operational execution and strategic investments in late-stage assets, including positive Phase III readouts for Dysport and Iqirvo, alongside the acquisitions of Memo Therapeutics AG and Kartos Therapeutics. Financial Performance Highlights Ipsen’s core operating income surged 28.8% to €844.9 million, compared to €655.8 million in the same period last year. This growth was supported by a core operating margin expansion of 2.5 percentage points to 38.6%. Free cash flow also strengthened significantly, rising 34.9% to €651.7 million from €483.2 million in H1 2025. Metric H1 2026 (€m) H1 2025 (€m) % Change (Actual) % Change (CER) Total Sales 2,190.2 1,819.8 20.4% 23.5% Core Operating Income 844.9 655.8 28.8% — Core Operating Margin 38.6% 36.0% +2.5 pts — Core Consolidated Net Profit 607.7 508.3 19.6% — IFRS Operating Income 564.8 451.6 25.1% — IFRS Consolidated Net Profit 402.6 335.5 20.0% — Free Cash Flow 651.7 483.2 34.9% — Under IFRS standards, consolidated net profit increased 20.0% to €402.6 million, while earnings per share (fully diluted) rose 21.4% to €4.86. The closing net cash position improved substantially to €1,004.9 million from €487.6 million in the prior period. Upgraded Full-Year Guidance Based on the strong first-half performance, Ipsen upgraded its financial guidance for FY 2026. The company now expects total sales growth greater than 20.0% at CER, up from the previous target of greater than 13.0%. Additionally, the core operating margin guidance was raised to greater than 37.0% of total sales, from the earlier projection of greater than 35.0%. The updated guidance assumes continued growth in Somatuline sales despite potential generic entry, as well as accelerated expansion in the rest of the portfolio. It also factors in additional R&D expenses from anticipated early and mid-stage external innovation opportunities and the dilutive impact of recent acquisitions. Pipeline Progress and Strategic Acquisitions Ipsen strengthened its late-stage pipeline through several key developments. Positive Phase III results were announced for Dysport in episodic and chronic migraine, making it the first botulinum toxin to demonstrate efficacy in both indications. Similarly, Iqirvo met its primary endpoint in primary biliary cholangitis, with 85% of patients achieving alkaline phosphatase normalization. Strategically, Ipsen completed the acquisition of Memo Therapeutics AG in July for an upfront payment of €200 million, with potential total consideration exceeding €700 million. The company also agreed to acquire Kartos Therapeutics for $450 million upfront, plus up to $1.3 billion in milestones, subject to customary closing conditions expected by the end of Q3 2026. These deals add navtemadlin and potravitug to Ipsen’s portfolio, targeting unmet needs in myelofibrosis and kidney transplant nephropathy.