First Read Ipsen SA: Positive Dysport P3 in migraine

Research evidence excerpt

First Read Ipsen SA: Positive Dysport P3 in migraine

Global Research

9 July 2026ab

First Read

EquitiesIpsen SA

Positive Dysport P3 in migraine France

Biotechnology

12-month rating Neutral

Positive Dysport P3 in migraine

Ipsen announced positive P3 data for Dysport in both episodic and chronic migraine 12m price target €170.00

prevention.

Dysport met the primary endpoint in both prevention of episodic migraine study Price (08 Jul 2026) €166.00

(E-BEOND) and chronic migraine study (C-BEOND) in adults. Safety consistent with RIC: IPN.PA BBG: IPN FP

prior studies.

Trading data and key metrics

We spoke to the IR - no detailed data other than both studies met the primary

52-wk range €172.90-103.20

endpoint, but Ipsen believes Dysport is competitive to Botox. Botox is approved for

Market cap. €13.9b/US$15.9b

prevention of chronic migraine but is not approved for episodic migraine. Ipsen is

Shares o/s 83.8m (ORD)

evaluating commercial strategies especially for episodic migraine, where patient

Free float 41%

population is significantly bigger than chronic migraine.

Avg. daily volume ('000) 129

UBS view Avg. daily value (m) €20.8

We see this as an incremental positive for Ipsen. The positive outcomes of these trials are Common s/h equity (12/26E) €5.37b

not a surprise given migraine is a major therapeutic indication for the competitor P/BV (12/26E) 2.6x

product, Botox. We do not model migraine separately, and will look to reassess once we Net debt to EBITDA (12/26E) NM

have a clear sense of Ipsen's commercial strategy (we do model low-to-mid-single-digit

EPS (UBS, diluted) (EUR)

growth for Dysport therapeutics in the mid/long term). We think the episodic migraine

UBS Cons.

could be an interesting expansion for Dysport therapeutics, as Botox is not approved

12/26E 14.39 13.13