Ipsen delivers outstanding sales growth in the first nine months of 2026 and further upgrades its full-year guidance

The upgraded outlook assumes Somatuline sales growth despite assumed generic lanreotide entry in the fourth quarter.

Rhea-AI Summary

Ipsen (IPSEY) reported nine-month sales of €3,364.2 million and raised its full-year sales growth and core operating margin guidance. Sales increased 23.0% as reported and 24.6% at constant exchange rates (CER), which exclude currency effects. Third-quarter sales reached €1,173.9 million, up 28.3% as reported and 26.7% at CER.

Ipsen now expects 2026 sales growth around 23.0% at CER, versus greater than 20.0% previously, and core operating margin around 39.0%, versus greater than 37.0%. It expects an adverse currency effect around 0.5% on sales. Oncology, Rare Disease and Neuroscience all recorded nine-month growth. Completed acquisitions of Memo Therapeutics and Kartos Therapeutics added potravitug and navtemadlin. Regulatory submissions are underway for Dysport in migraine and Iqirvo in primary biliary cholangitis.

18 points · 1 major

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Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 sales growth guidance raised to around 23.0% at CER from greater than 20.0%.
• Moderate pointNine-month sales of €3,364.2 million rose 23.0% as reported and 24.6% at CER versus 2025.
• Minor pointThird-quarter sales of €1,173.9 million rose 28.3% as reported and 26.7% at CER versus 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 core operating margin guidance raised to around 39.0% of sales from greater than 37.0%.
• Minor pointCore portfolio nine-month sales, excluding Somatuline, grew 24.2% at CER.

13 minor points

• Minor pointOncology sales reached €2,196.9 million over nine months, up 14.9% reported and 16.3% at CER.
• Minor pointOncology third-quarter sales reached €745.4 million, up 19.4% reported and 17.7% at CER.
• Minor pointRare Disease sales reached €498.2 million over nine months, up 95.0% reported and 100.1% at CER.
• Minor pointRare Disease third-quarter sales reached €193.5 million, up 89.6% reported and 88.6% at CER.
• Minor pointNeuroscience sales reached €669.1 million over nine months, up 17.9% reported and 18.8% at CER.
• Minor pointNeuroscience third-quarter sales reached €235.1 million, up 24.4% reported and 23.1% at CER.
• Minor pointMemo Therapeutics acquisition completed in the third quarter, adding potravitug for post-transplant nephropathy in Phase II/III.
• Minor pointKartos Therapeutics acquisition completed in the third quarter, adding Phase III myelofibrosis treatment navtemadlin.
• Minor point. Forward-looking: it has not happened yet and may not happen.Navtemadlin Phase III readout in myelofibrosis is expected by Ipsen next year.
• Minor pointElafibranor continues Phase III development in primary sclerosing cholangitis.
• Minor pointIqirvo regulatory filings in primary biliary cholangitis are underway.
• Minor pointDysport regulatory submissions are underway following positive topline Phase III results in chronic and episodic migraine.
• Minor pointCorabotase development continues through Phase II and Phase III across therapeutic and aesthetic indications.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.Generic lanreotide entry in the fourth quarter is assumed in Ipsen’s full-year guidance.
• Minor point. Forward-looking: it has not happened yet and may not happen.Currency effects are expected to reduce full-year sales by around 0.5%, based on October average exchange rates.

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• Year-to-date total sales growth of 24.6% at CER¹, or 23.0% as reported, with the core portfolio² achieving sales growth of 24.2%¹
• Further upgraded FY 2026 financial guidance: total sales growth around 23.0% at CER (prior guidance: greater than 20.0% at CER); core operating margin around 39.0% of total sales (prior guidance: greater than 37.0%)
• Multiple late-stage pipeline assets with blockbuster potential in Oncology, Rare Disease and Neuroscience, strengthening Ipsen's future growth profile
  

PARIS, FRANCE, 22 October 2026 - Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-care biopharmaceutical company, today presents its sales for the year-to-date and third quarter of 2026. 

	YTD 2026	YTD 2025	% change		Q3 2026	Q3 2025	% change
	€m	€m	Actual	CER	€m	€m	Actual	CER
Oncology	2,196.9	1,912.0	14.9%	16.3%	745.4	624.0	19.4%	17.7%
Rare Disease	498.2	255.4	95.0%	100.1%	193.5	102.0	89.6%	88.6%
Neuroscience	669.1	567.3	17.9%	18.8%	235.1	188.9	24.4%	23.1%
Total Sales	3,364.2	2,734.8	23.0%	24.6%	1,173.9	915.0	28.3%	26.7%

“Our outstanding performance in the first nine months of 2026 is driven by the strength of our core portfolio and continued growth of Somatuline. This momentum, combined with disciplined execution, supports our further upgraded sales and margin guidance for the year,” said David Loew, Chief Executive Officer, Ipsen. “Looking ahead, we are excited by the significant opportunities emerging from our pipeline. We have the potential to address substantial unmet needs and expand our reach to new patient populations through Dysport in episodic and chronic migraine and, through Iqirvo with a potential label update in primary biliary cholangitis. We also look forward to the Phase III readout of navtemadlin in myelofibrosis next year. Together with potravitug in post-transplant nephropathy, these differentiated late-stage assets underscore our ambition to bring forward new medicines with blockbuster potential and make a meaningful difference for patients.”

Full-year 2026 guidance
Based on the strong year-to-date performance, Ipsen further upgrades its financial guidance for 2026:

• Total sales growth around 23.0%, at CER. Based on the current average level of exchange rates in October, an adverse effect from currencies of around 0.5% on total sales is expected
• Core operating margin around 39.0% of total sales

Full-year guidance on total sales and core operating margin assumes strong double-digit sales growth of the core portfolio and the growth of Somatuline sales despite the assumed entry of generic lanreotide in the fourth quarter.

External innovation
During the third quarter, Ipsen completed the acquisitions of Memo Therapeutics and Kartos Therapeutics, adding potravitug, a late-stage anti-BK polyomavirus monoclonal antibody, and navtemadlin, a Phase III MDM2 inhibitor for myelofibrosis. These transactions further strengthen Ipsen’s Rare Disease and Oncology pipelines and support the Group’s strategy of building long-term growth through differentiated late-stage assets.

Pipeline update
Ipsen strengthened its late-stage pipeline, advancing key programs and expanding into new disease areas:

• In Oncology, the acquisition of navtemadlin, alongside IPN60340, expanded Ipsen’s late-stage presence in hematology across myelofibrosis and acute myeloid leukemia
• In Rare Disease, elafibranor continues Phase III development in primary sclerosing cholangitis and regulatory filings for Iqirvo in primary biliary cholangitis are underway, while the recently acquired potravitug adds a Phase II/III program in post-transplant nephropathy
• In Neuroscience, regulatory submissions are underway for Dysport as a first botulinum toxin to achieve positive topline Phase III results in chronic and episodic migraine, while corabotase first-in-class recombinant neuroinhibitor (RNI^TM) progresses through Phase II and Phase III development across therapeutic and aesthetic indications
  
  

Galderma arbitration
In October 2026, Galderma initiated two further arbitration proceedings before the International Court of Arbitration of the International Chamber of Commerce (ICC) and the American Arbitration Association (AAA) concerning Ipsen’s new proprietary recombinant neuroinhibitor corabotase. Ipsen disagrees with Galderma's position regarding the distribution agreements entered into between the Parties since 2007 and intends to vigorously defend its position in both proceedings. In separate proceedings, an ICC Arbitral Tribunal issued a final ruling in January 2026 in favor of Ipsen, dismissing Galderma’s claim related to Ipsen’s alleged wrongful termination of the R&D agreement entered into in 2014; as a result, Ipsen regained full rights to its clinical stage programs in the aesthetic field. Ipsen cannot at this stage reasonably predict the outcome of the proceedings or any potential financial impact.

Conference call
A conference call and webcast for investors and analysts will begin today at 1pm CEST. Participants can access the webcast here. Analysts can join the call and ask questions by registering here.

Calendar
Ipsen intends to publish its full-year results and fourth-quarter sales on 11 February 2027.

Notes
All financial figures are in € millions (€m). The performance shown in this announcement covers the nine-month period to 30 September 2026 (YTD 2026) and the three-month period to 30 September 2026 (Q3 2026), compared to the nine-month period to 30 September 2025 (YTD 2025) and the three-month period to 30 September 2025 (Q3 2025), respectively, unless stated otherwise. Commentary is based on the performance in YTD 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 66 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 0517
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.

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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 All medicines excluding Somatuline

Attachment

• Ipsen – YTD 2026 results announcement

FAQ

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How much did Ipsen sales grow in the first nine months of 2026?

Ipsen’s nine-month sales reached €3,364.2 million, increasing 23.0% as reported and 24.6% at constant exchange rates compared with the first nine months of 2025. Constant exchange rates exclude foreign-exchange effects.

What is Ipsen’s upgraded full-year 2026 guidance?

Ipsen expects sales growth around 23.0% at constant exchange rates and core operating margin around 39.0% of total sales. Previous guidance called for sales growth greater than 20.0% at constant exchange rates and core operating margin greater than 37.0%.

What portfolio assumptions underpin Ipsen’s 2026 guidance?

Ipsen’s guidance assumes strong double-digit sales growth in its core portfolio and growth in Somatuline sales despite assumed generic lanreotide entry in the fourth quarter. The core portfolio comprises all medicines excluding Somatuline.