On February 12, 2026 Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-care biopharmaceutical company, reported its financial results for the full year (FY) 2025 and for the fourth quarter of 2025.
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Extract of consolidated results4 for FY25 and FY24
FY 2025 FY 2024 % change
€m €m Actual CER
Total Sales 3,675.9 3,400.6 8.1 % 10.9 %
Core Operating Income 1,294.1 1,109.4 16.7 %
Core operating margin 35.2 % 32.6 % +2.6pts
Core Consolidated Net Profit 1,009.1 857.8 17.6 %
Core earnings per share (fully diluted) €12.09 €10.27 17.8 %
IFRS Operating Income 625.9 496.7 26.0 %
IFRS operating margin 17.0 % 14.6 % +2.4pts
IFRS Consolidated Net Profit 444.5 347.3 28.0 %
IFRS earnings per share (fully diluted) €5.32 €4.15 28.3 %
Free Cash Flow 1,000.6 774.4 29.2 %
Closing net cash/(debt) 559.9 160.3 n/a
"In 2025, Ipsen delivered strong sales and profit growth," said David Loew, Chief Executive Officer, Ipsen. "We continued to execute across all three therapeutic areas, with a notable performance from Iqirvo. We have advanced multiple pipeline programs and further strengthened our innovation engine through targeted business development, including the acquisition of Imcheck Therapeutics. We also achieved promising proof-of-concept for IPN10200, our first-in-class differentiated long-acting recombinant molecule.
We are expecting another year of double-digit sales growth for 2026, supported by accelerated performance across the entire portfolio and a better outlook for Somatuline given the production challenges faced by generic competition. We anticipate five regulatory and clinical milestones this year and to further deliver on our external innovation strategy."
Full-year 2026 guidance and mid-term outlook
Ipsen has set for FY 2026 the following financial guidance:
Total sales growth greater than 13.0%, at constant currency. Based on the average level of exchange rates in January 2026, an adverse effect on total sales of around 2% of currencies is expected
Core operating margin greater than 35.0% of total sales, which includes additional R&D expenses from anticipated early and mid-stage external-innovation opportunities
Guidance on total sales and core operating margin is assuming accelerated sales growth of the portfolio excluding Somatuline and the growth of Somatuline sales due to generic lanreotide challenges. It excludes any impact from potential late-stage (Phase III clinical development or later) business development transactions.
As part of its ongoing review of long-term assumptions including competitive intensity and product lifecycle considerations, Ipsen no longer expects to achieve the €500m peak sales for Onivyde and Tazverik.
Based on higher expected Somatuline sales due to continued generic lanreotide production challenges and the performance of the broader portfolio, Ipsen is highly confident on its 2027 mid-term outlook to exceed the total-sales average growth5 of at least 7% per year for the period 2023-27 and core operating margin in 2027 of at least 32%6 of total sales.
Pipeline progress
During 2025, Ipsen achieved a number of important regulatory and clinical milestones across its portfolio, reflecting continued advancement of its pipeline across the three therapeutic areas.
In the first quarter of 2025, the regulatory filing for tovorafenib, an oral, type II RAF-kinase inhibitor for pediatric low-grade glioma, was accepted for review by the European Medicines Agency (EMA).
In May 2025, Ipsen presented Phase II data from the ELMWOOD study of Iqirvo (elafibranor) at the European Association for the Study of the Liver (EASL) Congress, demonstrating a favorable safety profile and dose-dependent efficacy over 12 weeks in people living with primary sclerosing cholangitis, a condition with high unmet medical need.
In July 2025, the European Commission approved Cabometyx (cabozantinib) for the treatment of previously treated advanced neuroendocrine tumors (NETs), based on positive results from the Phase III CABINET trial.
In September 2025, positive Phase II data from the LANTIC trial in aesthetics were reported, demonstrating a differentiated, long-acting clinical profile for IPN10200. During the year, Ipsen also initiated a Phase II study of IPN10200 in cervical dystonia, representing the fourth clinical study in the development plan of the global long-acting recombinant molecule across therapeutic and aesthetic indications.
In December 2025, Ipsen announced that the pivotal Phase II FALKON trial of fidrisertib in fibrodysplasia ossificans progressiva (FOP) did not meet its primary endpoint and that the study was subsequently closed; fidrisertib was generally well-tolerated, with no safety concerns identified.
In addition, Ipsen initiated multiple Phase I oncology studies across IPN01195, a RAF inhibitor, the antibody-drug conjugate IPN60300 and the T-cell activator IPN01203, further strengthening its targeted oncology pipeline.
External innovation
In December 2025, Ipsen expanded its immuno-oncology portfolio with the acquisition of ImCheck Therapeutics, a biotechnology company developing next-generation immuno-oncology therapies including IPN60340 (ICT01), a first-in-class monoclonal antibody targeting BTN3A, currently in Phase I/II development, with a Phase IIb/III study planned to start in 2026. IPN60340 has the potential to be a new standard of care in combination in first line unfit acute myeloid leukemia, an aggressive blood cancer affecting older adults.
Interim data orally presented at the annual American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) 2025 from the Phase I/II EVICTION trial showed treatment with ICT01 in combination with venetoclax and azacitidine (Ven-Aza) achieved very encouraging high responses. In this single-arm trial, treatment response nearly doubled relative to those seen in historical standard-of-care data across all molecular subtypes in newly diagnosed patients including sub-types typically less responsive to standard-of-care (Ven-Aza). In January 2026, Ipsen also announced that IPN60340 received U.S. FDA Breakthrough Therapy Designation in first-line unfit acute myeloid leukemia.
In December 2025, Ipsen further strengthened its oncology and early-stage pipeline through two additional targeted business development and research collaborations. Ipsen entered into an exclusive licensing agreement with Simcere Zaiming for rights outside Greater China to SIM0613, an antibody–drug conjugate (ADC) targeting LRRC15. Ipsen also announced a new research collaboration and option agreement with the Université de Montréal and IRICoR, encompassing two discovery-stage programs focused on novel inhibition of pathways complementary to the MAP kinase pathway.
2026 Upcoming Milestones
Ipsen anticipates several key milestones across its portfolio in 2026, including:
Tovorafenib (FIREFLY-1) – European regulatory decision for pediatric low-grade glioma
Bylvay (BOLD) – Readout of pivotal Phase III in biliary atresia
Iqirvo (ELSPIRE) – Readout of pivotal Phase III in primary biliary cholangitis
Dysport (BEOND) – Readout of pivotal Phase III trials in chronic and episodic migraine
IPN10200 (LANTIC) – Readout of Phase II in lateral canthal lines and forehead lines
These milestones reinforce Ipsen’s commitment to advancing innovative therapies and expanding treatment options for patients worldwide.
Full data from the Phase II LANTIC study of IPN10200, which demonstrated a positive first-in-class, differentiated long-acting clinical profile enabling the initiation of Phase III, are expected to be presented in the first half of 2026 at an upcoming congress.
Galderma arbitration
In January 2026, the Arbitral Tribunal of the International Chamber of Commerce (ICC) issued a final decision in favor of Ipsen, dismissing the claim brought by Galderma in connection with Ipsen’s termination of the R&D agreement. The Tribunal confirmed Ipsen’s full rights to its clinical-stage toxin programs in the aesthetics field, including IPN10200. Ipsen continues to assess all options to maximize the value of its long-acting program.
Environmental, Social and Governance
Ipsen took important steps in 2025 to deliver its ambitious sustainability strategy, continuing to embed sustainability across its operations and decision-making. From reducing its environmental footprint to advancing patient access and strengthening its workplace culture, Ipsen reinforced its commitment to delivering progress for patients, employees, communities, and the planet.
Ipsen made good progress across multiple environmental targets, including:
54% reduction in Scopes 1 & 2 greenhouse gas emissions (vs. a 2019 baseline)
16% reduction in Scope 3, fully in line with our 2030 targets (vs. a 2019 baseline)
100% of Ipsen’s global electricity now comes from renewable sources
55% of the company fleet now comprised of electric vehicles as of 2025 through the Fleet for Future Project
Ipsen received an A rating from CDP for our best-practice environmental actions and transparency, and for demonstrating our comprehensive understanding of environmental dependencies, risks, and opportunities.
Ipsen is proud to be one of the first biopharmaceutical companies to achieve full gender parity within the Executive Leadership Team, and with women now representing 53% of the Global Leadership Team.
Consolidated financial statements
The Board of Directors approved the consolidated financial statements on 11 February 2026. The consolidated financial statements have been audited, and the Statutory Auditors’ report is in the process of being published. Ipsen’s comprehensive audited financial statements 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 CET. Participants can access the webcast here. Analysts can join the call and ask questions by registering here.
(Press release, Ipsen, FEB 12, 2026, View Source [SID1234662640])