Ipsen (AO) | Hold | LANTIC phase II shows promising durability profile

研报英文原文证据摘录

Ipsen (AO) | Hold | LANTIC phase II shows promising durability profile

News comment

Release date: 18 May 2026

Justine Telliez

Equity Research Analyst

Hold +33 1 53 65 35 94Ipsen jtelliez@keplercheuvreux.com

France | Pharma & biotech Beta Profile: MCap: EUR13.7bn

Target Price: EUR132.00 Bloomberg: IPN FP Reuters: IPN.PA

Current Price: EUR166.00 Free float 42%

Up/downside: -20.5% Avg. daily volume (EURm) 30.9

YTD abs performance 39.5% Market data: 15 May 2026

52-week high/low (EUR) 172.90/100.80

LANTIC phase II shows promising durability profile

Key points:

Ipsen presented first detailed phase II LANTIC data for corabotase (IPN10200) in glabellar lines, showing proof-of-concept with

what appears to be a potentially differentiated prolonged-duration profile in aesthetics.

The most striking datapoint in our view is durability, with 60.8% of patients treated with corabotase 50ng still rated “none” or

“mild” at Week 24, versus 36.7% for aboBoNT-A, alongside rapid onset of action (<1 day median). If reproducible in larger

datasets, this could represent a highly competitive durability profile versus newer toxins targeting extended duration profiles.

The safety profile appeared broadly consistent with existing neurotoxins, with no major unexpected safety signal nor neutralising

antibodies reported. However, the dataset remains relatively early, with only 41 patients in the selected corabotase arm and a

study not powered for active comparison versus aboBoNT-A.

Cross-trial comparisons remain difficult given differing endpoints and responder definitions. Still, on the strict “none/mild”

endpoint at six months, the published corabotase data appear potentially very competitive versus products such as Relfydess or

Daxxify, in our view.