IPSEN (=) : Cipla’s lanreotide hurdles persist, but alternative supplier route curb enthusiasm

Research evidence excerpt

IPSEN (=) : Cipla’s lanreotide hurdles persist, but alternative supplier route curb enthusiasm

EQUITIES

PHARMACEUTICALS

IPSEN NEUTRALPRICE* EUR165.6  TARGET PRICE EUR170 (UPSIDE 3%)

FLASH NOTE

Cipla’s lanreotide hurdles persist, but alternative supplier route curb

enthusiasm

13 MAY 2026 Securities Research Report Production time: 14:42* (London time)

Research Analyst & Publishing Entities

Victor Floch BNP Paribas London Branch (+44) 203 430 8707 victor.floch@uk.bnpparibas.com

What happened?

Cipla has reported its FY26 earnings and hosted a conference call where it made incremental comments on the

lanreotide generics situation. In short, company confirmed plans to bring an alternate US supplier (filing 1Q27e) and

acknowledged that Pharmathen issues will take longer to be resolved (no guidance anymore). While the alternative US

supplier route should cap the enthusiasm of the most bullish, we still think that current situation suggests upside risk to

earnings this year even in the context of a potential approval of Amneal’s own lanreotide generic in Q3.

BNPP View:

While Pharmathen’s continued manufacturing issues and the lack of guidance on a potential resolution (company

expects to have more visibility next quarter) bodes well for Somatuline (~30% of total FY25A group sales) for the near-

term, Cipla’s plans to add an alternate US supplier with a potential filing early next year (FDA decision likely by end of

2027) will likely cap bulls’ enthusiasm. That said, we still believe it implies upside risk to estimates this year and likely

next year as Cipla’s initial 3Q26 market re-entry guidance has not been reiterated for now. Although a potential approval

of Amneal’s lanreotide Gx could bring some competition in the US (52% of total FY25A Somatuline) in the meantime,