Ipsen SA: Q2/H1'26 Preview: BARCe +1.7% vs. cons on Q2 Sales, H1 core EBIT in line; expect FY26 LC sales guide raise +1pp; + Kartos acquisition

研报英文原文证据摘录

Ipsen SA: Q2/H1'26 Preview: BARCe +1.7% vs. cons on Q2 Sales, H1 core EBIT in line; expect FY26 LC sales guide raise +1pp; + Kartos acquisition

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

1 July 2026

Ipsen SA

Q2/H1'26 Preview: BARCe +1.7%

vs. cons on Q2 Sales, H1 core EBIT

IPN.PA/IPN FP EQUAL WEIGHTin line; expect FY26 LC sales guide

Unchanged

European Pharmaceuticals,raise +1pp; + Kartos acquisition Biotechnology & Life NEUTRAL

Sciences

BARCe Q2 Sales 16.9% LC – our absolute forecast Unchanged

€1,049m +1.7% vs. cons, we anticipate a good quarter for Price Target EURUnchanged170.00

Somatuline and Iqirvo. BARCe H1 Core EBIT in line vs cons, Price (30-Jun-26) EUR 168.80

margin 35.7%, -23bps below. For FY26, we see potential +1pp Potential Upside/Downside +0.7% Source: Bloomberg, Barclays Research

sales guide raise to >14% LC (vs prior >13%). Kartos deal

included in model. Market Cap (EUR mn) 14147

Shares Outstanding (mn) 83.81

Free Float (%) 57.65IPN will report H1'26 earnings on Thur 30th July. We forecast a +1.7% top-line beat for Q2,

52 Wk Avg Daily Volume (mn) 0.1an in-line Core Operating Income in H1, and expect a potential FY26 top-line guidance raise

Dividend Yield (%) 0.95to >14% LC (from prior >13% LC), though we acknowledge the uncertainty around Somatuline

Return on Equity TTM (%) 10.41generic entries. The potential sales guidance upgrade appears somewhat anticipated, with

Current BVPS (EUR) 52.46current comp cons only -0.2% vs the implied 2026 sales under BARCe raised outlook. Source: Bloomberg

• For Q2, we forecast +16.9% LC product sales growth to €1,049mn (reported), which is

+1.7% vs. BBG cons. We expect a good quarter for Somatuline (BARCe €332mn, +4% vs. cons) Price Performance Exchange-PA