Ipsen SA: Dysport P3 BEOND positive headline in both episodic and chronic migraine supports broader neuromodulator franchise

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Ipsen SA: Dysport P3 BEOND positive headline in both episodic and chronic migraine supports broader neuromodulator franchise

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

9 July 2026

Ipsen SA

Dysport P3 BEOND positive

headline in both episodic and First Look

IPN.PA/IPN FP EQUAL WEIGHTchronic migraine supports broader

European Pharmaceuticals,

Biotechnology & Life NEUTRAL

Sciencesneuromodulator franchise

Price Target EUR 170.00

Price (08-Jul-26) EUR 166.00Dysport's positive P3 in both episodic and chronic migraine

mark a win for IPN, especially as the first toxin success in PotentialSource: Bloomberg,Upside/DownsideBarclays Research +2.4%

episodic migraine. We see it as an upside optionality rather

than a core valuation driver, with true value paving the way European Pharmaceuticals,

for corabotase in Tx. Expect stock to outperform today. BiotechnologyYihan Li, PhD & Life Sciences

+44 (0)20 3555 3563

This morning, IPN announced positive topline Phase 3 results from BEOND, with Dysport yihan.li@barclays.com

Barclays, UKmeeting the primary endpoint of reduction in monthly migraine days vs placebo (not H2H

vs Botox) in both episodic migraine and chronic migraine. We view the update as a positive James Gordon

for IPN, particularly as Dysport is now the first botulinum toxin to deliver a positive P3 in +44 (0)20 7116 2784

episodic migraine, while chronic migraine provides a more familiar commercial path given james.gordon@barclays.com

Barclays, UKBotox precedent. That said, we continue to see Dysport migraine as upside optionality rather

than a core valuation driver, given a competitive migraine prevention landscape dominated by Sidhartha Modi

CGRP mAbs, gepants and oral preventives.