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Ipsen (IPN) investor relations material

Ipsen H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved double-digit sales growth of 10.9% at constant exchange rates in 2025, with all three therapeutic areas—oncology, rare disease, and neuroscience—contributing to growth and significant profit expansion.

  • Core operating margin improved to 35.2% of sales, with core operating income up 16.7% to €1.3 billion.

  • Free cash flow increased by 29.2% to €1.0 billion, supporting robust cash generation and external innovation capacity.

  • Pipeline enriched through internal R&D and external acquisitions, with five major regulatory and clinical milestones expected in 2026.

  • Significant regulatory milestones: EU approval of CABOMETYX in neuroendocrine tumors, MA submission for tovorafenib, and first data for IPN10200.

Financial highlights

  • Total sales reached €3.7 billion, up 10.9% at constant exchange rates.

  • Core operating income rose 16.7% to €1.3 billion, with a margin of 35.2%.

  • IFRS consolidated net profit increased by 28% to €445 million, despite impairment losses.

  • Gross margin improved to 86.5% of sales, up 2.1 points from the previous year.

  • Free cash flow reached €1.0 billion, up 29.2% year-over-year.

Outlook and guidance

  • 2026 guidance: total sales growth above 13% at constant exchange rates and core operating margin above 35%.

  • Anticipates limited generic Somatuline supply in 2026, with potential entrant in H2.

  • Confident in exceeding 7% annual sales growth and 32% margin by 2027.

  • Guidance assumes continued Somatuline growth due to generic lanreotide production challenges and accelerated performance across the portfolio.

  • Guidance excludes impact from potential late-stage external-innovation transactions.

Onivyde/Tazverik peak sales revision drivers
Clarify Somatuline generic competition impact
IPN60340's strategic value to Ipsen
Somatuline: 2026 price/volume assumptions
Iqirvo: Rationale for peak sales re-evaluation?
IPN10200: Commercialization decision factors
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Q1 2026 TU23 Apr, 2026
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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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