Ipsen SA / Galderma: Barclays Aesthetics KOL Call: GALD well-positioned in premium aesthetics; IPN's corabotase P2 encouraging, but commercialisation would need portfolio support

Research evidence excerpt

Ipsen SA / Galderma: Barclays Aesthetics KOL Call: GALD well-positioned in premium aesthetics; IPN's corabotase P2 encouraging, but commercialisation would need portfolio support

Equity Research

20 May 2026

Ipsen SA / Galderma

Barclays Aesthetics KOL Call: GALD

well-positioned in premium

IPN.PA/IPN FP EQUAL WEIGHTaesthetics; IPN's corabotase P2

European Pharmaceuticals,

Biotechnology & Life NEUTRAL

Sciencesencouraging, but

Price Target EUR 170.00

Price (18-May-26) EUR 154.90commercialisation would need Potential Upside/Downside +9.7%

Source: Bloomberg, Barclays Researchportfolio support

KOL described resilient Injectable Aesthetics demand, GALD.S/GALDEuropean Pharmaceuticals,SE OVERWEIGHT

Ozempic face reviving filler/biostimulator use. Portfolio BiotechnologySciences & Life NEUTRAL

economics & bundling drive toxin choice, GALD's Dysport/ Price Target CHF 200.00

Price (18-May-26) CHF 153.25

Sculptra has halo benefit. IPN's corabotase potentially Potential Upside/Downside +30.5%

differentiated, but single prod commercialisation would be Source: Bloomberg, Barclays Research

challenging.

Biotechnology & Life Sciences

Injectable Aesthetics (Ax) KOL call: Along with our US colleagues we hosted Dr. Michelle Ehrlich, James Gordon

MD. (a Dermatologist and Cosmetic Surgeon at the Dermatology and Laser Center in Manhattan +44 (0)20 7116 2784

Beach, CA, the Director of Cosmetic Dermatology and Surgery for the Harbor-UCLA residency james.gordon@barclays.com

program and a Clinical Instructor in Dermatology at UCLA), to discuss broader trends across Barclays, UK

Injectable Aesthetics, i.e. Neuromodulators, Fillers, and Biostimulators in the US. The call Yihan Li, PhD

included discussion of GLP-1s' impact on Ax, GALD's Ax portfolio including Relfydess (US +44 (0)20 3555 3563