GALDERMA / IPSEN : Corabotase P2 preview - ownership uncertainty likely to dampen excitement over new data

Research evidence excerpt

GALDERMA / IPSEN : Corabotase P2 preview - ownership uncertainty likely to dampen excitement over new data

EQUITIES

PHARMACEUTICALS

GALDERMA OUTPERFORMPRICE* CHF163.4  TARGET PRICE CHF185 (UPSIDE 13%)

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

FLASH NOTE

Corabotase P2 preview – ownership uncertainty likely to dampen

excitement over new data

14 MAY 2026 Securities Research Report Production time: 07:14* (London time)

Research Analyst & Publishing Entities

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

What happened?

Ahead of Corabotase (first-in-class A/B recombinant neuromodulator) P2 LANTIC data presentation at the Music City

SCALE 2026 symposium in Nashville on Saturday 16 May, we are discussing the bar that needs to be cleared to further

confirm its potential “best-in-class” status. We continue to stress that clarity regarding ownership and go-to-market

strategy is becoming increasingly important to turn incrementally more constructive on corabotase’s prospects.

BNPP View:

While a scenario that would see Ipsen use corabotase potentially superior profile as the foundation of its foray into

injectable aesthetics might be initially read positively for Ipsen (notably considering GALD’s multiples) and negatively

for GALD (as it could imply greater LT competition), we would argue that contrary to the pharma world, success in

injectable aesthetics has more to do with scale and breadth of portfolio than any single product’s core attributes. In that

context, we continue to argue that such a strategic shift would come with significant execution risk (see Evolus’

underwhelming profitability profile despite a competitive and broad portfolio) and that focusing on corabotase’s