Ipsen (IPN) Q3 2024 TU earnings summary

Executive summary

• Year-to-date 2024 sales grew 9.2% at constant exchange rates, reaching €2,496m, driven by strong performances from Dysport, Cabometyx, Bylvay, and new launches Iqirvo and Onivyde.

• Regulatory milestones included EU approvals for Iqirvo (second-line PBC) and Kayfanda (ALGS), US approval for Iqirvo, and Cabometyx submission for neuroendocrine tumors.

• Full-year 2024 guidance was raised for both sales growth and core operating margin, reflecting strong commercial momentum and pipeline progress.

• Rare disease segment growth was led by Bylvay and Iqirvo, with first-time contributions from Sohonos and expanding market access.

• Significant events included the sale of a Priority Review Voucher for $158m and agreement to divest Increlex.

Financial highlights

• Total sales for YTD 2024 reached €2,496m, up 9.2% at CER and 8.1% as reported; Q3 sales were €837m, up 8.6% at CER.

• Oncology sales YTD: €1,830m (+5.8% CER); Rare Disease: €130m (+71.3% CER); Neuroscience: €536m (+11.8% CER).

• By key medicine YTD: Onivyde +23.4%, Bylvay +23.3%, Tazverik +23.4%, Dysport +11.7%.

• Onivyde U.S. sales YTD +20.2%, Bylvay Q3 sales at €37M, Sohonos YTD €13m, Iqirvo YTD €8m.

• Unfavorable FX impact of -1.1% to -1.5% on YTD 2024 sales.

Outlook and guidance

• Full-year 2024 sales growth guidance raised to above 8% at constant exchange rates, with margin guidance above 31% of total sales.

• Currency headwinds expected to reduce reported sales by approximately 1.5%.

• Continued investment in pipeline and support for new product launches expected in 2025–2026.