aibioIpsen SA
Ipsen is a French drugmaker that sells medicines in oncology, rare disease and neuroscience, including Somatuline, Dysport, Bylvay and Iqirvo, and is adding late-stage drugs through acquisitions.
- Ticker
- IPN
- Listing
- EURONEXT, France
- Next date
- Q4 2026
- Chief executive
- David Loew, Chief Executive Officer
Desk view · Opinion · Updated Oct 22, 2026
Ipsen is outgrowing its guidance. Somatuline generics are the next test
Ipsen is growing well above its early 2026 plan, with margins rising and two guidance upgrades. It is using its cash to buy late-stage assets, which adds future upside but also clinical risk. The near-term question is how Somatuline holds up against generics, and the longer one is whether navtemadlin works in 2027.
Read the full desk viewaibio.space Investor Rank · Opinion
8/10 Positive view
Growing above plan with net cash and two guidance upgrades, while Somatuline generics from late 2026 and the 2027 navtemadlin readout are the tests.
- Technology
- 2/2
- Odds
- 1/2
- Balance sheet
- 2/2
- Risk
- 1/2
- Momentum
- 2/2
Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. How the rank works.
- Technology
- Commercial portfolio, bought pipeline. Ipsen sells established specialty drugs and added phase 3 navtemadlin and phase 2 potravitug by acquisition in 2026.
- Odds
- Mixed 2026 readouts. Dysport in migraine and Iqirvo's ELSPIRE study succeeded, while Bylvay failed in biliary atresia; navtemadlin reads out in 2027.
- Balance sheet
- Strong and cash-generating. Net cash was €1,004.9 million at June 30 with €651.7 million of first-half free cash flow, before the $450 million upfront for Kartos and the €200 million upfront for Memo.
- Main risk
- Somatuline generics. Guidance assumes generic lanreotide enters in Q4 2026, and the size of the hit will shape 2027.
- Watch next
- Full-year results. Ipsen reports on February 11, 2027, giving the first read on Somatuline after generic entry.
Top news on Ipsen
Questions investors ask
What is aibio.space's Investor Rank for Ipsen SA?
8 out of 10, our positive view. Growing above plan with net cash and two guidance upgrades, while Somatuline generics from late 2026 and the 2027 navtemadlin readout are the tests. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. Source
What is Ipsen's 2026 guidance?
As of October 22, 2026, Ipsen expects total sales growth of around 23.0% at constant exchange rates and a core operating margin of around 39.0% of sales. That was its second upgrade of the year. Source
Why did Ipsen buy Kartos Therapeutics?
Ipsen bought Kartos for navtemadlin, an oral MDM2 inhibitor in phase 3 as an add-on to ruxolitinib in myelofibrosis. It paid $450 million upfront, with up to $1.3 billion in milestones, and expects top-line phase 3 data in 2027. Source
Did Bylvay work in biliary atresia?
No. Ipsen said on July 24, 2026 that the phase 3 BOLD trial of Bylvay (odevixibat) did not meet its primary endpoint of improving native liver survival versus placebo. Safety was in line with the drug's known profile. Source
When does generic lanreotide compete with Somatuline?
Ipsen's 2026 guidance assumes generic lanreotide enters in the fourth quarter of 2026. The company still expects Somatuline sales to grow for the full year. Source
Who is the CEO of Ipsen?
David Loew is chief executive officer of Ipsen. He was quoted in that role in the company's October 22, 2026 nine-month sales release. Source
Legal and investor matters
The 2025 Universal Registration Document (filed 2026-04-01) states, in its EU Taxonomy section: "Ipsen is not involved in ongoing litigation and investigations in respect of anti-trust law." This statement covers antitrust law only. Source
- Other
Ipsen's Phase III BOLD trial of Bylvay in biliary atresia misses primary endpoint
On 2026-07-24 Ipsen announced that its Phase III BOLD trial of Bylvay versus placebo did not meet the primary endpoint of improvement in native liver survival in patients with biliary atresia who had already undergone a Kasai hepatoportoenterostomy. The company said current topline data were in line with the well-established safety profile of odevixibat in approved indications.
- Other
Ipsen agrees to acquire Memo Therapeutics for EUR 200 million upfront
On 2026-07-01 Ipsen agreed to buy all shares of Swiss biotech Memo Therapeutics AG, whose lead program is the BK polyomavirus antibody potravitug. Shareholders receive 200 million euros at closing and may receive deferred milestone payments, for a potential total above 700 million euros. Ipsen announced on 2026-07-22 that it had completed the acquisition.
- Other
Ipsen agrees to acquire Kartos Therapeutics for $450 million upfront
On 2026-06-29 Ipsen and Kartos Therapeutics signed a merger agreement under which Ipsen acquires Kartos, adding the Phase III myelofibrosis drug navtemadlin. Ipsen will pay $450 million at closing and Kartos shareholders may receive up to $1.3 billion in milestones. The deal was subject to Hart-Scott-Rodino clearance. Ipsen announced on 2026-08-21 that it had completed the acquisition.
- Other
Ipsen starts buy-back of up to 350,000 shares
On 2026-05-18 Ipsen said it had appointed an investment services provider to buy up to 350,000 of its own shares, about 0.42% of share capital, over a maximum of six months. The shares are mainly meant to cover the company's free employee share-allocation plan. The program uses the authorization granted by the annual general meeting held on 2026-05-13.
- Governance
AMF exempts Ipsen shareholder Beech Tree from a mandatory tender offer
On 2026-04-03 Ipsen announced that Beech Tree, which holds 26.03% of its share capital and 33.05% of its voting rights, obtained an exemption from France's Autorite des marches financiers from the obligation to file a public tender offer for all Ipsen shares. The decision is part of the transfer of Henri Beaufour's stake in Beech Tree to the Alasol Foundation, which agreed to hold its shares for at least 15 years.
- Regulatory
Ipsen contests EUR 215 million in a proposed French tax adjustment
Ipsen's 2025 Universal Registration Document, filed with the AMF on 2026-04-01, says the French tax authorities issued a proposed adjustment in December 2024 rejecting the tax deductibility of a capital loss incurred in 2020 as part of an internal legal restructuring. The financial consequences notified for 2020 to 2023 amount to 215 million euros in taxes, late payment interest and penalties. Ipsen states that it considers the authorities' arguments unfounded, contests the proposal, and has not recorded a provision as of 2025-12-31.
- Regulatory
Ipsen voluntarily withdraws Tazverik in all indications
On 2026-03-09 Ipsen announced it was voluntarily withdrawing Tazverik (tazemetostat) in all indications from all Ipsen markets. The decision followed emerging data from the Phase Ib/III SYMPHONY-1 trial, where the independent data monitoring committee advised that adverse events of secondary hematologic malignancies meant risks may outweigh benefits. Ipsen said the withdrawal is not expected to affect its financial guidance.
- Litigation
ICC tribunal dismisses Galderma's claim against Ipsen over R&D agreement
On 2026-01-21 Ipsen announced that the Arbitral Tribunal of the International Chamber of Commerce had issued a final decision in its favor, dismissing the claim initiated by Galderma in arbitration proceedings related to Ipsen's termination of an R&D agreement. According to Ipsen's 2025 Universal Registration Document, Galderma initiated the arbitration in November 2023 following Ipsen's termination of the July 2014 R&D collaboration agreement covering clinical-stage toxins, including IPN10200, in the aesthetic field. Ipsen said the decision confirms its full rights to its clinical-stage toxin programs in the aesthetic field. The document lists the materiality of this risk as Low.
- Other
Ipsen agrees to acquire ImCheck Therapeutics for EUR 350 million at closing
On 2025-10-22 Ipsen agreed to buy all shares of French biotech ImCheck Therapeutics, whose lead program is ICT01 in acute myeloid leukemia. Shareholders receive 350 million euros at closing and deferred milestone payments, for a total potential consideration of up to 1 billion euros. Ipsen announced on 2025-12-15 that it had completed the acquisition.
- Financing
Ipsen issues inaugural EUR 500 million rated public bond
On 2025-03-19 Ipsen announced completion of its first rated public bond, issuing 500 million euros with a coupon of 3.875% maturing in March 2032. The company said the transaction followed investment grade ratings assigned by both S&P and Moody's, and described the bond as its inaugural rated public issuance.
Pipeline
| Program | Indication | Stage |
|---|---|---|
| Navtemadlin (oral MDM2 inhibitor, from Kartos) | Myelofibrosis, add-on to ruxolitinib | Phase 3 (POIESIS); top-line data expected 2027 Source |
| Dysport (abobotulinumtoxinA) | Episodic and chronic migraine prevention | Positive phase 3 (BEOND); regulatory submissions underway Source |
| Iqirvo (elafibranor) | Primary biliary cholangitis (label expansion); primary sclerosing cholangitis | Marketed in PBC; positive phase 3b ELSPIRE, filings underway; phase 3 in PSC Source |
| Potravitug (anti-BK polyomavirus antibody, from Memo) | BK virus nephropathy after kidney transplant | Phase 2/3 program Source |
| Corabotase (recombinant neuroinhibitor) | Therapeutic and aesthetic indications | Phase 2 and phase 3 Source |
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