2Q‘26/1H‘26 Cons. Comp: JPMe 7% ahead on 1H Core Operating Profit; expected FY‘26 guidance raise would underpin Consensus

研报英文原文证据摘录

2Q‘26/1H‘26 Cons. Comp: JPMe 7% ahead on 1H Core Operating Profit; expected FY‘26 guidance raise would underpin Consensus

J P M O R G A N Europe Equity Research

24 July 2026

Ipsen

2Q’26/1H’26 Cons. Comp: JPMe 7% ahead on 1H Core Neutral

Operating Profit; expected FY’26 guidance raise would IPN.PA, IPN FP

underpin Consensus Price (23 Jul 26):€163.00

Price Target (Jun-27):€130.00

Ipsen will report 2Q’26 Sales and 1H’26 Results on Thursday, July 30, 2026 at 6am European Pharmaceuticals &

BST (7am CEST; 1am EDT), followed by a conference call on the same day at 1pm Biotechnology

BST (2pm CEST; 8am EDT, registration here). Following our 2Q’26 results preview Richard Vosser AC

(see our note here), we now provide a comparison against the latest Vara consensus (44-20) 7742-6652

(dated July 24th 2026). richard.vosser@jpmorgan.com

J.P. Morgan Securities plc

Overall, for 2Q, we are 2% ahead of Consensus on Sales, largely driven by our Sophia Graeff Buhl Nielsen

higher forecasts for Somatuline and Iqirvo. For 1H’26, we are also 1% ahead on (44-20) 7742-3918

Total Revenues, and 7% ahead on Core Operating Profit, driven by our sophia.graeffbuhlnielsen@jpmorgan.com

expectation for lower R&D and SG&A expenses, only partially offset by our J.P. Morgan Securities plc

higher COGS forecast. For 2026, we expect Ipsen to raise its guidance for Sales Zain Ebrahim

growth of “>15.0% at CER” (from “>13% at CER”) but expect the guidance for (44-20) 3493-1163

zain.ebrahim@jpmorgan.com

1% FX headwind on sales to be reiterated. On Core Operating Profit we expect J.P. Morgan Securities plc

Ipsen to reiterate its existing guidance for a “>35% margin” as we anticipate the

Dhitee Goel

dilution from the Kartos Therapeutics acquisition being offset by the potential (44-20) 7742-2591