Ipsen: Corabotase (LANT) detailed data solid, largely in line expectations

研报英文原文证据摘录

Ipsen: Corabotase (LANT) detailed data solid, largely in line expectations

Underperform. Stock move already reflects Soma upgrade

The stock is already reflecting materially improved 26E outlook on Somatuline upgrades

(as well as Iqirvo). Soma erosion overhang into FY27/28 will remain the key unknown

until we have clarity on cadence of erosion and earnings floor. AMRX still targeting a

3Q26E launch with Cipla adding a new ex-US partner as expected, though taking time

with filing 1Q27E. IPN’s mid-term patent cliff (Cabo 29E, Iqirvo 31E, Onivyde 33E) of

c25% of 25E group sales is significant - despite some product launches (Iqirvo, Bylvay)

and building pipeline (LANT, ImCheck, Iqirvo PSC) to start to offset this, we remain

muted on outlook with a c1% core EPS 27-30E CAGR. Upcoming catalysts are also

unlikely thesis changing - LANT PII data (2Q), Bylvay BA PIII 2H and M&A with a late

stage oncology focus (we are muted as we see recent acquisitions as mixed - Onivyde

target cut, Tazverik pulled, Cabometyx sluggish).

Glossary

Ax = Aesthetics

FDA = Food and Drug Administration

GALD = Galderma

LANT = Long-Acting Neurotoxin

PII = Phase 2

PIII = Phase 3

PR = Press Release

Tx = Therapeutics

AMRX = Amneal

BA = Biliary Atresia

Price objective basis & risk

Ipsen (IPSEF)

Our price objective of Eur135 is based on a target multiple of c9x FY27E P/E, a discount

to our target sector multiple, given mid-term patent cliffs driving our forecast slowing of

EPS to low-sd% growth 27-30 (vs sector c8%). Uncertainty on Ipsen's key product,

Somatuline, remains, but partly offset by increased confidence in new launches and

pipeline

Our target sector multiple of c15x 27E PE is based on: 1) A c14% premium to the

market average multiple which implies c14x 27E PE, a premium which is in line with the