GALDERMA / IPSEN : Corabotase conf-call feedback - limited reassurance on key concerns

研报英文原文证据摘录

GALDERMA / IPSEN : Corabotase conf-call feedback - limited reassurance on key concerns

EQUITIES

PHARMACEUTICALS

GALDERMA OUTPERFORMPRICE* CHF156.7  TARGET PRICE CHF185 (UPSIDE 18%)

IPSEN NEUTRALPRICE* EUR166.0  TARGET PRICE EUR170 (UPSIDE 2%)

FLASH NOTE

Corabotase conf-call feedback – limited reassurance on key concerns

19 MAY 2026 Securities Research Report Production time: 07:30* (London time)

Research Analyst & Publishing Entities

Victor Floch BNP Paribas London Branch (+44) 203 430 8707 victor.floch@uk.bnpparibas.com

What happened?

Ipsen hosted Prof. Martina Kerscher (head of Cosmetic Sciences at University of Hamburg) yesterday to discuss the

corabotase P2 LANTIC data in glabellar lines presented over the weekend at the Music City SCALE 2026 symposium.

However, due to technical issues during the call, the reassurance we could obtain was limited, leaving several of our

primary concerns still unresolved.

BNPP View:

With Ipsen management regularly highlighting since September a potential foray into aesthetic as a valid option for its

long-acting “neuroinhibitor” corabotase, and despite strong competition in market dominated by the ABBV/GALD

duopoly, we believe that it naturally raised investors expectations and set the bar for a “best-in-class” profile

underpinned by strong durability. While data were broadly coherent with September topline, a “consistent with Dysport”

66% rate of grade-2 improvement at week 4 (albeit optically inferior to Relfydess) and a 60.8% response to treatment

at week 24 just barely delivering “the substantial majority” described before, have likely underwhelmed the most bullish

investors who were hoping for data transformational enough to make Ipsen a potential aesthetic contender or to push