Ipsen: 2Q preview. Likely guide upgrade, but priced in. Amneal 3Q dictates 27E

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Ipsen: 2Q preview. Likely guide upgrade, but priced in. Amneal 3Q dictates 27E

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Ipsen

2Q preview. Likely guide upgrade, but

priced in. Amneal 3Q dictates 27E

Reiterate Rating: UNDERPERFORM | PO: 135.00 EUR | Price: 165.00 EUR

2Q strong Soma drives strong margin, likely guide raise 30 June 2026

For 2Q we forecast continued strong sales growth (+21% CER) with Soma performance Equity

driving strong 1H EBIT margin (c37.5%). We expect a guide raise at 1H of c2pp on sales

and 100bps on margin (we are mid-sd% ahead of sales guide and 200bps above margin

Key Changesguide), which we think is expected. The announced Kartos deal ($450m upfront, $1.3bn

milestones) also adds a 27E PIII readout for an interesting oncology asset while firepower (EUR) Previous Current

for larger deal ambitions remains. We maintain our Underperform recommendation as 2026E EPS 14.50 14.99

we see positives priced in and multiple key pivots likely to dictate 27E earnings and 2027E EPS 14.80 15.05

sentiment: 1) Amneal potential Soma generic approval and launch 3Q that could end the 2028E EPS 15.20 15.04

upgrade cycle and drive muted 27E growth; 2) RevMed US launch 2H26 a material threat 2026E DPS 1.51 1.55

to Onivyde (annualising cEur200m sales) and a low-mid sd% 27E EBIT risk; 3) Bylvay BA

PIII data 3Q the most important 2H pipeline catalyst, though we struggle to underwrite. Charlie Haywood >>

Research Analyst

1H sales +c22% CER, with strong margin. Guide upgrade MLI+44 (UK)20 7996 4165

Given strong 1H trajectory and the conservative guide we think upgrade looks expected. charlie.haywood@bofa.com

We expect sales guide upgrade to >15% CER (from >13%, cons at c14%, BofA at c18%) Sachin Jain, CFA >> Research Analyst

with EBIT guide upgrade to >36% (from >35%, we at c37%).