Ipsen Positive Phase III results for Dysport in chronic and episodic migraine, expect shares up 2-3% with further upside depending on detailed data

Research evidence excerpt

Ipsen Positive Phase III results for Dysport in chronic and episodic migraine, expect shares up 2-3% with further upside depending on detailed data

J P M O R G A N Europe Equity Research

09 July 2026

Ipsen

Positive Phase III results for Dysport in chronic and Neutral

episodic migraine, expect shares up 2-3% with further IPN.PA, IPN FP

upside depending on detailed data Price (08 Jul 26):€166.00

European Pharmaceuticals &

This morning, Ipsen announced positive topline Phase III results from E-BEOND Biotechnology

and C-BEOND evaluating Dysport in episodic and chronic migraine, respectively. Richard Vosser AC

Both studies met their primary endpoint, demonstrating a reduction in monthly (44-20) 7742-6652

migraine days (MMD) from baseline at Week 24. Ipsen did not disclose detailed richard.vosser@jpmorgan.com

J.P. Morgan Securities plc

efficacy data in the topline release, but stated that the safety profile was consistent

Sophia Graeff Buhl Nielsen

with prior Dysport experience. Ipsen have not yet decided which Medical Meeting

(44-20) 7742-3918

they will present the detailed data. sophia.graeffbuhlnielsen@jpmorgan.com

AbbVie’s Botox is only approved in chronic migraine, having failed in episodic. Zain Ebrahim

In its pivotal chronic migraine program, Botox reduced MMD by -7.8 days vs (44-20) 3493-1163

placebo -6.4 days in one study (a 1.4-day placebo-adjusted benefit) and -9.2 days zain.ebrahim@jpmorgan.com

vs placebo -6.9 days in the other (a 2.3-day placebo-adjusted benefit). J.P. Morgan Securities plc

Dhitee Goel

We see chronic migraine alone as a $200-300m opportunity for Ipsen, assuming the (44-20) 7742-2591

Dysport efficacy profile is at least in-line with Botox (given Botox is estimated to dhitee.goel@jpmorgan.com

currently sell $1.2bn in chronic migraine).