On July 30, 2026 Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-care biopharmaceutical company, reported its financial results for the first half of 2026.

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Extract of consolidated results H1 2026 H1 2025 % change
€m €m Actual CER
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 around 1% 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 85% of patients receiving Iqirvo achieving alkaline phosphatase (ALP) normalization at Week 52 versus 23% on placebo (p=<0.0001), while maintaining a safety profile consistent with previous studies and identifying no new safety signals. ELSPIRE evaluated patients with ALP levels of 1-1.67x ULN, and supports the potential to significantly expand the addressable population for Iqirvo. Ipsen plans to submit the data to regulatory authorities and present these data at an upcoming scientific congress.

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 $450m upfront and may be eligible for up to $1.3bn in milestone payments, with closing anticipated by the end of Q3 2026, subject to customary conditions.

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 €200m upfront, with the potential for total consideration exceeding €700m through development, regulatory and sales milestones.

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.

(Press release, Ipsen, JUL 30, 2026, View Source [SID1234669534])