Ipsen: Bylvay misses in BA. Had been higher risk but removes a potential upside driver

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Ipsen: Bylvay misses in BA. Had been higher risk but removes a potential upside driver

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Ipsen

Bylvay misses in BA. Had been higher risk

but removes a potential upside driver

Maintain Rating: UNDERPERFORM | PO: 135.00 EUR | Price: 163.00 EUR

Bylvay BA PIII miss. Had potential to double Bylvay sales 24 July 2026

Ipsen announced its Bylvay BA BOLD PIII missed its primary endpoint and is unlikely to Equity

progress further in BA (Bylvay is already approved in PFIC and ALGS). We had seen the

Charlie Haywood >>

study as hard to underwrite given less precedent data, rationale being mostly Research Analyst

mechanistic and the competitor miss. However, it was the most important of IPN’s FY26 MLI (UK) +44 20 7996 4165

PIII readouts given the potential to add meaningful high margin sales to its rare disease charlie.haywood@bofa.com

segment and support further mid-term cons upside (with limited reflected). IPN had Sachin Jain, CFA >>

framed the BA opportunity at cEur400m peak sales, representing roughly half of its total Research Analyst MLI (UK)

Bylvay peak sales outlook – with opp potentially higher given competitor (Livmarli) had s.jain@bofa.com

failed its PII in this indication post the initial IPN guide. From here our focus remains the Alexander Moore >>

two upcoming pivots to dictate FY27 outlook: 1) potential upcoming PIII competitor ResearchMLI (UK) Analyst

generic launch from AMRX still expected in 3Q; 2) RVMD US launch as a headwind to alexander.moore2@bofa.com

IPN’s Onivyde. As a reminder, at IPN’s 1H results (July 30th) we expect to be strong with Keilah Carbonel-Deere >>

continued Somatuline trajectory driving a guide upgrade. ResearchMLI (UK) Analyst

keilah.carbonel-deere@bofa.com

2 further pivots to dictate FY27 outlook. Underperform