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Ipsen (IPN) investor relations material
Ipsen H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2025 total sales grew 11.4% at constant exchange rates, with all segments contributing and Rare Disease up 95.7%.
Core operating margin reached 36.0% of sales, reflecting operational efficiency and favorable product mix.
Upgraded FY 2025 guidance: total sales growth expected above 7% at CER and core operating margin above 32%.
Pipeline advanced with regulatory milestones, including EC approval of Cabometyx for neuroendocrine tumors and tovorafenib filing.
Significant firepower for external innovation, with €3 billion available and net cash position near €488 million at June end.
Financial highlights
H1 2025 total sales: over €1.8 billion, up 11.4% at CER and 9.7% reported year-over-year.
Core operating income rose 21.9% to €656 million; free cash flow increased 22.8% to €483 million.
IFRS operating income and net profit increased over 40%, with diluted EPS up 43.9% year-over-year.
Gross margin improved by 2.1 pts, driven by favorable product mix and partner revenue.
R&D expenses increased 12.8%, now 20.1% of sales, reflecting pipeline investment.
Outlook and guidance
Full-year 2025 sales growth expected above 7% at CER, up from previous guidance of above 5%.
Core operating margin forecasted above 32%, with anticipated lower H2 profitability due to higher R&D and commercial investments.
Guidance assumes negative impact from generic competition in Somatuline and currency headwinds of about -2%.
Excludes impact from potential late-stage business development transactions.
Accelerated sales growth expected from the rest of the portfolio, notably iQurvo and Cabometyx.
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