Ipsen delivers excellent H1 2026 results and upgrades its full-year guidance
Rhea-AI Summary
Ipsen (ADR: IPSEY) reported strong H1 2026 results, with total sales of €2,190.2m, up 20.4% as reported and 23.5% at constant exchange rates, and portfolio-beyond-Somatuline sales growing 24.8% at CER. Core operating income rose 28.8% to €844.9m, lifting the core operating margin to 38.6%, up 2.5 points. IFRS net profit increased 20.0% to €402.6m, and free cash flow rose 34.9% to €651.7m, taking closing net cash to €1,004.9m.
On this basis, Ipsen upgraded its 2026 guidance to total sales growth >20% at constant currency (from >13%) and a core operating margin >37% (from >35%), while absorbing higher R&D and the dilutive impact of the Memo Therapeutics and Kartos Therapeutics acquisitions.
The company highlighted multiple pipeline advances, including positive Phase III results for Dysport in episodic and chronic migraine and for Iqirvo in primary biliary cholangitis, alongside the acquisition of Memo Therapeutics (potravitug) and an agreement to acquire Kartos Therapeutics (navtemadlin). Ipsen also reported that the Phase III BOLD trial of Bylvay in biliary atresia did not meet its primary endpoint.
Positive
- Total sales €2,190.2m in H1 2026, up 20.4% reported, 23.5% CER
- Core operating income €844.9m in H1 2026, up 28.8%, margin 38.6%
- Free cash flow €651.7m in H1 2026, up 34.9%, net cash €1,004.9m
- Upgraded 2026 sales guidance to >20% growth at constant currency (from >13%)
- Upgraded 2026 core margin guidance to >37% of sales (from >35%)
- Dysport Phase III met primary endpoints in both episodic and chronic migraine
- Iqirvo Phase IIIb ELSPIRE met primary endpoint; 85% ALP normalization vs 23% placebo
- Kartos deal $450m upfront plus up to $1.3bn milestones for navtemadlin
- Memo Therapeutics acquisition €200m upfront; total consideration may exceed €700m
Negative
- Bylvay BOLD Phase III in biliary atresia did not meet primary endpoint
- 2026 guidance includes adverse FX impact of around 1% on total sales
- 2026 margin guidance assumes dilutive impact from Memo and Kartos acquisitions
- Higher R&D expenses embedded in 2026 margin outlook from external innovation
AI-generated analysis. How Rhea-AI works. Not financial advice.
- H1 2026 results with sales growth of
23.5% at CER1, or20.4% as reported, with the portfolio beyond Somatuline® achieving sales growth of24.8% 1 and core operating income of€845m , growing by28.8% as reported, with a core operating margin of38.6% of total sales, increasing by 2.5 points - Upgraded FY 2026 financial guidance2: total sales growth greater than
20.0% at CER (prior guidance: greater than13.0% at CER); core operating margin greater than37.0% of total sales (prior guidance: greater than35.0% ) - Delivering on strategy to accelerate the growth of key medicines and expand the pipeline, adding multiple anticipated near-term launches of assets with blockbuster potential across the three therapeutic areas. Driven by several positive Phase III readouts, for Dysport® in episodic and chronic migraine, Iqirvo® in primary biliary cholangitis and the acquisitions of Kartos Therapeutics3 and Memo Therapeutics AG
PARIS, FRANCE, 30 July 2026 - Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-care biopharmaceutical company, today presents its financial results for the first half of 2026.
| Extract of consolidated results | H1 2026 | H1 2025 | % change | |
| €m | €m | Actual | TCC | |
| Total Sales | 2 190,2 | 1 819,8 | 20,4 % | 23,5 % |
| Core Operating Income | 844,9 | 655,8 | 28,8 % | |
| Core operating margin | 38,6 % | 36,0 % | +2,5 pts | |
| Core Consolidated Net Profit | 607,7 | 508,3 | 19,6 % | |
| Core earnings per share (fully diluted) | 7,33 € | 6,07 € | 20,7 % | |
| IFRS Operating Income | 564,8 | 451,6 | 25,1 % | |
| IFRS operating margin | 25,8 % | 24,8 % | +1,0 pts | |
| IFRS Consolidated Net Profit | 402,6 | 335,5 | 20,0 % | |
| IFRS earnings per share (fully diluted) | 4,86 € | 4,00 € | 21,4 % | |
| Free Cash Flow | 651,7 | 483,2 | 34,9 % | |
| Closing net cash/(debt) | 1 004,9 | 487,6 | n/a | |
“Our excellent first-half performance demonstrates the strength of Ipsen’s strategy, with all three therapeutic areas contributing to growth and the portfolio beyond Somatuline continuing to accelerate,” said David Loew, Chief Executive Officer, Ipsen. “This momentum enables us to upgrade our 2026 guidance while continuing to invest in innovation and future growth. Importantly, we have significantly strengthened our late-stage pipeline in the first half, with positive Phase III lifecycle management readouts for Dysport in episodic and chronic migraine and Iqirvo in primary biliary cholangitis, alongside the completed acquisition of Memo Therapeutics AG and the proposed acquisition of Kartos Therapeutics. These transactions add two innovative clinical assets—navtemadlin and potravitug—with the potential to address significant unmet needs and create long-term value. Our expanding pipeline and focused business development strategy further contribute to Ipsen’s sustainable growth outlook and our ability to bring meaningful innovation to patients worldwide.”
Full-year 2026 guidance
Based on the strong performance in the first half, Ipsen upgrades its financial guidance for 2026:
- Total sales growth greater than
20.0% , at constant currency. Based on the average level of exchange rates in June 2026, an adverse effect on total sales of around1% of currencies is expected - Core operating margin greater than
37.0% of total sales, which includes additional R&D expenses from anticipated early and mid-stage external innovation opportunities and assumes the dilutive impact of the acquisitions of Memo Therapeutics AG and Kartos Therapeutics
Guidance4 on total sales and core operating margin in 2026 is assuming accelerated sales growth of the portfolio excluding Somatuline and the continued growth of Somatuline sales despite potential entry of generic lanreotide.
Pipeline progress since Q1 2026
Ipsen presented in May late-breaking Phase II data in Glabellar Lines for corabotase, its first-in-class recombinant neuroinhibitor (RNI™), demonstrating a rapid onset of action, a statistically superior peak effect versus placebo at Week 4 and a clinically significant sustained duration of effect, outperforming both placebo and Dysport at Week 24. Corabotase has been recognized by the WHO (World Health Organization) and USAN (United States Adopted Name) as a novel botase molecule.
Ipsen announced positive topline Phase III results from the BEOND migraine program in July, with Dysport meeting the primary endpoint in both the episodic, E-BEOND and chronic, C-BEOND trials by demonstrating statistically significant reductions in monthly migraine days versus placebo. These results make Dysport the first botulinum toxin to show efficacy in Phase III trials across both episodic and chronic migraine prevention. Dysport was well tolerated, with a safety profile consistent with its established use and no new safety signals identified. Ipsen intends to submit to regulatory authorities and detailed results will be presented at a future scientific congress.
Ipsen announced positive topline results from the Phase IIIb ELSPIRE study of Iqirvo in primary biliary cholangitis (PBC) in July. The study met its primary endpoint, with
Ipsen announced in July that the Phase III BOLD trial evaluating Bylvay® (odevixibat) versus placebo in patients with biliary atresia who had already undergone a Kasai hepatoportoenterostomy did not meet its primary endpoint of improved native liver survival. Topline safety data remained consistent with odevixibat's well-established profile in its approved indications, with no new signals identified.
External innovation
Ipsen recently announced its agreement to acquire Kartos Therapeutics, a clinical-stage biopharmaceutical company, centered on navtemadlin, a Phase III oral MDM2 inhibitor for myelofibrosis designed to restore p53 tumor-suppressor activity in patients with a suboptimal response to ruxolitinib. Top-line data from the registrational POIESIS trial are expected in 2027. Under the terms of the agreement, Kartos shareholders will receive
Ipsen acquired Memo Therapeutics AG in July, a clinical-stage biotechnology company focused on potravitug, a Phase II antibody targeting BK polyomavirus (BKPyV), a frequent cause of nephropathy, graft loss and transplant failure in kidney transplant recipients. Potravitug received FDA Fast Track designation in 2023 and EU Orphan Drug designation in 2025. Under the terms of the agreement, Memo Therapeutics AG shareholders received
Consolidated financial statements
The Board of Directors approved the condensed consolidated financial statements on 29 July 2026. The Company’s auditors performed a limited review of the H1 2026 condensed consolidated financial statements. The interim financial report, with regards to the regulated information, will be available on ipsen.com in due course, under the Reports and Accounts tab in the Investor Relations section.
Conference call
A conference call and webcast for investors and analysts will begin today at 2pm CEST. Participants can access the webcast here. Analysts can join the call and ask questions by registering here.
Calendar
Ipsen intends to publish its year-to-date and third-quarter sales update on 22 October 2026.
Notes
All financial figures are in € millions (€m). The performance shown in this announcement covers the six-month period to 30 June 2026 (H1 2026) and the three-month period to 30 June 2026 (Q2 2026), compared to the six-month period to 30 June 2025 (H1 2025) and the three-month period to 30 June 2025 (Q2 2025), respectively, unless stated otherwise. Commentary is based on the performance in H1 2026, unless stated otherwise.
About Ipsen
We are a global biopharmaceutical company with a focus on bringing transformative medicines to patients in three therapeutic areas: Oncology, Rare Disease and Neuroscience. Our pipeline is fueled by internal and external innovation and supported by nearly 100 years of development experience and global hubs in the U.S., France and the U.K. Our teams in more than 40 countries and our partnerships around the world enable us to bring medicines to patients in more than 100 countries.
Ipsen is listed in Paris (Euronext: IPN) and in the U.S. through a Sponsored Level I American Depositary Receipt program (ADR: IPSEY). For more information, visit ipsen.com.
Ipsen Contacts
Investors
| Henry Wheeler | henry.wheeler@ipsen.com | +33 7 64 47 11 49 |
| Khalid Deojee | khalid.deojee@ipsen.com | +33 6 66 01 95 26 |
Media
| Sally Bain | sally.bain@ipsen.com | +1 857 320 05 17 |
| Anne Liontas | anne.liontas.ext@ipsen.com | +33 7 67 34 72 96 |
Disclaimers and/or forward-looking statements
The forward-looking statements, objectives and targets contained herein are based on Ipsen’s management strategy, current views and assumptions. Such statements involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those anticipated herein. All of the above risks could affect Ipsen’s future ability to achieve its financial targets, which were set assuming reasonable macroeconomic conditions based on the information available today. Use of the words ‘believes’, ‘anticipates’ and ‘expects’ and similar expressions are intended to identify forward-looking statements, including Ipsen’s expectations regarding future events, including regulatory filings and determinations. Moreover, the targets described in this document were prepared without taking into account external-growth assumptions and potential future acquisitions, which may alter these parameters. These objectives are based on data and assumptions regarded as reasonable by Ipsen. These targets depend on conditions or facts likely to happen in the future, and not exclusively on historical data. Actual results may depart significantly from these targets given the occurrence of certain risks and uncertainties, notably the fact that a promising medicine in early development phase or clinical trial may end up never being launched on the market or reaching its commercial targets, notably for regulatory or competition reasons. Ipsen must face or might face competition from generic medicine that might translate into a loss of market share. Furthermore, the research and development process involves several stages each of which involves the substantial risk that Ipsen may fail to achieve its objectives and be forced to abandon its efforts with regards to a medicine in which it has invested significant sums. Therefore, Ipsen cannot be certain that favorable results obtained during preclinical trials will be confirmed subsequently during clinical trials, or that the results of clinical trials will be sufficient to demonstrate the safe and effective nature of the medicine concerned. There can be no guarantees a medicine will receive the necessary regulatory approvals or that the medicine will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements. Other risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and healthcare legislation and risks arising from unexpected regulatory or political changes such as changes in tax regulation and regulations on trade and tariffs, such as protectionist measures, especially in the United States; global trends toward healthcare cost containment; technological advances, new medicine and patents attained by competitors; challenges inherent in new-medicine development, including obtaining regulatory approval; Ipsen’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of Ipsen’s patents and other protections for innovative medicines; and the exposure to litigation, including patent litigation, and/or regulatory actions. Ipsen also depends on third parties to develop and market some of its medicines which could potentially generate substantial royalties; these partners could behave in such ways which could cause damage to Ipsen’s activities and financial results. Ipsen cannot be certain that its partners will fulfil their obligations. It might be unable to obtain any benefit from those agreements. A default by any of Ipsen’s partners could generate lower revenues than expected. Such situations could have a negative impact on Ipsen’s business, financial position or performance. Ipsen expressly disclaims any obligation or undertaking to update or revise any forward-looking statements, targets or estimates contained in this press release to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based, unless so required by applicable law. Ipsen’s business is subject to the risk factors outlined in its registration documents filed with the French Autorité des Marchés Financiers. The risks and uncertainties set out are not exhaustive and the reader is advised to refer to Ipsen’s latest Universal Registration Document, available on ipsen.com.
1 At constant exchange rates (CER), which exclude any foreign-exchange impact by recalculating the performance for the relevant period by applying the exchange rates used for the prior period.
2 Excluding any impact from potential late-stage (Phase III clinical development or later) external-innovation transactions.
3 Subject to satisfaction of customary deal closing conditions
4 Excluding any impact from potential late-stage (Phase III clinical development or later) external-innovation transactions.
Attachment
