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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.
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H1 2025 earnings summary31 Jul, 2025

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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Frequently asked questions

Ipsen S.A. is a global biopharmaceutical company focused on developing and commercializing innovative therapies in the areas of oncology, rare diseases, and neuroscience. The company’s portfolio includes a range of specialty care products aimed at improving patient outcomes in these therapeutic areas. Ipsen’s research and development efforts emphasize cutting-edge treatments, particularly in areas of high unmet medical need. In addition to its core pharmaceutical activities, Ipsen also operates in consumer healthcare, offering a range of over-the-counter products to support general health and wellness. The company is headquartered in Boulogne-Billancourt, France, and its shares are listed on the Euronext Paris.

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