H1‘26 Preview + Takes On Recent Deal Announcements

研报英文原文证据摘录

H1‘26 Preview + Takes On Recent Deal Announcements

Deutsche Bank

Research

Rating Company Date

Buy Ipsen 1 July 2026

Company Update

Europe

France

Reuters Bloomberg Exchange Ticker Price at 30 Jun 2026 (EUR) 168.80

IPN.PA IPN FP PAR IPN

Price Target (EUR) 183.00

Pharmaceuticals

Pharmaceuticals ADR ISIN 52-week range (EUR) 172.90102.20-

IPSEY US4626292050

H1'26 Preview +Takes On Recent Deal

Valuation & Risks Announcements

Niall Alexander

H1'26 Preview Research Analyst

We take the opportunity to review model estimates ahead of H1'26 results. We +44-20-754-12185

nudge up Somatuline Q2'26, given IQVIA shows no evidence of generic scrips and

Emmanuel Papadakis, Ph.D., CFA

improvement in sales data (Q2'25 €'451m vs Q2'26 €'613m as of 19thJune). Research Analyst

Somatuline H2'26 estimates remain unchanged and we forecast flat growth, +44-20-754-18522

assuming AMRX launches its generic. For both Iqirvo/Bylvay we leave estimates

Shashindra Seresinhe

unchanged at €'88m/€'56m given the former we expect to maintain its momentum

Research Associate

whilst it remains TBC if Bylvay's sales force can continue the trajectory noted in

Q1'26. On remaining catalysts this year, we have Bylvay's BOLD (higher risk given

MIRM failure), Iqirvo PBC label expansion (low risk) and Dysport's C/E-BEOND Supun Ukwatta

(neutral). We remain BUY PT unchanged at €'183. Research Associate

Takes on Kartos Therapeutics Henrietta Boeg

Earlier this week IPN announced the proposed acquisition of Kartos Therapeutics

+44-20-754-10119

for hemato-oncology asset navtemadlin/KRT-232, an oral MDM2 inhibitor in late

stage development for myeofibrosis for up to $1.75bn ($450m upfront/$1.3bn reg/ Kate Farrelly

sales milestones). Overall, we view the deal as a net positive; P3 readout is Research Associate