Ipsen (AO) | Hold | New IQIRVO PBC data reinforce differentiated symptom-control profile

研报英文原文证据摘录

Ipsen (AO) | Hold | New IQIRVO PBC data reinforce differentiated symptom-control profile

Ipsen Hold | Target Price: EUR132.00

Company description Management

Founded in 1929 by Henri Beaufour, Ipsen is a specialty and primary care David Loew, CEO

company. Ipsen develops and commercialises innovative medicines in three key Aymeric Le Chatelier, CFO

therapeutic areas: oncology, neuroscience, and rare diseases. While the Marc de Garidel, Chairman

Consumer Healthcare business is transforming from a prescription-based Key shareholders

promotional model to a combination of prescription and over-the-counter Free float 42.48%

models, Ipsen is focused on growing its Speciality Care business unit and Beaufour and Schwabe families 56.62%

expanding sales in the US. Treasury shares 0.90%

Investment case Valuation methodology

Ipsen is entering a critical transitional phase. While the We apply a DCF approach that yields EUR132 per share with a

company has managed to limit Somatuline sales erosion in the WACC of 8.5% and terminal growth of 0%, reflecting Ipsen's risk

past, the impact of generics is expected to intensify, accelerating profile and its position in the pharmaceutical sector.

the decline. This valuations also factor in the potentials of Cabometyx in

Ipsen is focusing on two main growth drivers: its NETs, Bylvay in BA and Tazverik in 2L FL.

established/historical products, named "Growth Platforms" Risks to our rating

(including Cabometyx and Dysport), which continue to grow, Failure in clinical trials.

and the launch of new products/indications. These launches are Slower sales ramp-up from generics of Somatuline.

crucial for sustaining future growth and are a clear focus for Opportunistic M&A.

investors.

With EUR2bn+ in financial firepower, Ipsen has a solid base to