Ipsen delivers strong results in the first half of 2025 and upgrades its full-year guidance
- H1 total sales growth of 11.4% at CER1, or 9.7% as reported, driven by the three therapeutic areas: 95.7% in Rare Disease, 9.7% in Neuroscience, and 6.4% in Oncology
- H1 core operating income of €656m, growing by 21.9% as reported, with a core operating margin of 36.0% of total sales, increasing by 3.6 points
- Upgraded FY 2025 financial guidance2: total-sales growth greater than 7.0% at CER (prior guidance: greater than 5.0% at CER); core operating margin greater than 32.0% of total sales (prior guidance: greater than 30%)
- Pipeline progression including regulatory filing of tovorafenib in Europe, and initiation of a Phase II trial of LANT3 (IPN10200) in cervical dystonia
- European Commission approval on 23 July 2025 of Cabometyx® in advanced neuroendocrine tumors (NETs), the sixth indication
- Key upcoming milestones with the pivotal FALKON trial results for fidrisertib in FOP4 and the Proof-of-Concept data readout for the LANT in aesthetics
PARIS, FRANCE, 31 July 2025 - Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-care
biopharmaceutical company, today presents its financial results for the first half of 2025.
| Extract of consolidated results | H1 2025 | H1 2024 | % change | |
| €m | €m | Actual | CER | |
| | | | | |
| Total Sales | 1,819.8 | 1,659.3 | 9.7% | 11,4 % |
| Core Operating Income | 655.8 | 538.0 | 21.9% | |
| Core operating margin | 36.0% | 32.4% | +3.6pts | |
| Core Consolidated Net Profit | 508.3 | 399.4 | 27.3% | |
| Core earnings per share (fully diluted) | €6.07 | €4.78 | 27.0% | |
| IFRS Operating Income | 451.6 | 317.8 | 42.1% | |
| IFRS operating margin | 24.8% | 19.2% | +5.7pts | |
| IFRS Consolidated Net Profit | 335.5 | 232.3 | 44.4% | |
| IFRS earnings per share (fully diluted) | €4.00 | €2.78 | 44.0% | |
| Free Cash Flow | 483.2 | 393.5 | 22.8% | |
| Closing Net cash / (Debt) | 487.6 | (6.8) | n/a | |
“Our half year results reflect continued strong momentum, with growth across all three therapeutic areas, particularly in our rare liver disease franchise, which is expanding rapidly and progressing well,” said David Loew, Chief Executive Officer, Ipsen. “Building on that performance, I am pleased to increase our full year guidance in terms of sales and profitability.”
“I’m also delighted to report robust progression in our pipeline and portfolio, including the recent European Commission approval of Cabometyx® in advanced neuroendocrine tumors, an area where Ipsen has a strong legacy. In the second half of the year, we are anticipating the readout of our pivotal study of fidrisertib in fibrodysplasia ossificans progressiva and the proof-of-concept trial of our long-acting neurotoxin in aesthetics. Our focused strategy, our culture of excellence in execution and our commitment to science with purpose position us to provide a positive impact for patients and society.”
Full-year 2025 guidance
Based on the strong performance in the first half, Ipsen upgrades its financial guidance for 2025:
- Total-sales growth greater than 7.0%, at CER. Based on the average level of exchange rates in June 2025, an adverse impact on total sales of around 2% from currencies is expected
- Core operating margin greater than 32.0% of total sales, which includes additional R&D expenses from anticipated early and mid-stage external-innovation opportunities
Guidance includes a negative impact on Somatuline sales due to a potential increased generic competition in the U.S. and Europe. It excludes any impact from potential late-stage (Phase III clinical development or later) business development transactions.
Pipeline update since Q1 2025
In May 2025, Ipsen presented data on Iqirvo® (elafibranor) from the Phase II ELMWOOD study at the European Association for the Study of the Liver congress. It showed a favorable safety profile and demonstrated dose-dependent efficacy over 12 weeks for people living with PSC5, a rare liver disease with no approved treatment options.
In June 2025, Ipsen initiated a Phase II study of LANT (IPN10200), in cervical dystonia. This marked the fourth study in the global long-acting neurotoxin development plan in therapeutics and aesthetics indications.
On 23 July 2025, Ipsen received European Commission approval for Cabometyx® (cabozantinib) in previously treated advanced neuroendocrine tumors. This approval was based on positive outcomes from the Phase III CABINET trial.
Consolidated financial statements
The Board of Directors approved the condensed consolidated financial statements on 30 July 2025. The Company’s auditors performed a limited review of the H1 2025 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 1pm CET. Participants can access the call and its details by registering here; webcast details can be found here.
Calendar
Ipsen intends to publish its year-to-date and third-quarter sales update on 22 October 2025.
Notes
All financial figures are in € millions (€m). The performance shown in this announcement covers the six-month period to 30 June 2025 (H1 2025) and the three-month period to 30 June 2025 (Q2 2025), compared to the six-month period to 30 June 2024 (H1 2024) and the three-month period to 30 June 2024 (H1 2024), respectively, unless stated otherwise. Commentary is based on the performance in H1 2025, unless stated otherwise.
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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 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 80 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.
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IPSEN CONTACTS
Investors
Khalid Deojee khalid.deojee@ipsen.com +33 6 66 01 95 26
Media
Sally Bain sally.bain@ipsen.com +1 857 32 00 517
Anne Liontas anne.liontas@ipsen.com +33 7 67 34 72 96
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 Long-acting neurotoxin.
4 Fibrodysplasia ossificans progressiva.
5 Primary sclerosing cholangitis
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