Ipsen Records 10.9% Sales Growth in 2025 and Raises Targets for 2026
The biopharmaceutical group Ipsen has published its 2025 financial results, showing an increase in revenue and operating income. For the current fiscal year, the group anticipates growth exceeding 13.0% at constant exchange rates.
Strong Performance Across Therapeutic Portfolio
In 2025, Ipsen recorded a 10.9% growth in total sales at constant exchange rates, amounting to 3,675.9 million euros in published data (an 8.1% increase). This growth was driven by its entire therapeutic portfolio. Oncology grew by 4.1%, while rare diseases saw an expansion of 102.5%. The neuroscience sector progressed by 9.7%. Within this portfolio, Somatuline experienced a growth of 4.3%, while all other drugs grew by 14.2%. Operating income from activities reached 1,294.1 million euros, up by 16.7%, representing an operating margin of 35.2% of total sales, an increase of 2.6 points compared to 2024. The consolidated net income from activities reached 1,009.1 million euros, up by 17.6%. Diluted earnings per share from activities were established at 12.09 euros, compared to 10.27 euros the previous year.
Anticipating Further Growth in 2026
For the 2026 fiscal year, Ipsen is targeting sales growth exceeding 13.0% at constant exchange rates, anticipating an unfavorable currency effect of about 2% based on January 2026 exchange rates. The operating margin from activities is expected to exceed 35.0% of total sales. These forecasts include an acceleration of growth in the portfolio excluding Somatuline and an increase in Somatuline sales due to production difficulties with generic lanreotide. The group also anticipates five major regulatory and clinical milestones during the year. Free cash flow was established at 1,000.6 million euros in 2025, up by 29.2%, while net cash reached 559.9 million euros compared to 160.3 million in 2024.
Key Milestones Achieved in 2025
Ipsen achieved several important milestones in 2025. In December 2025, the group acquired ImCheck Therapeutics, strengthening its immuno-oncology portfolio. This acquisition brought IPN60340, a monoclonal antibody in phase I/II development for acute myeloid leukemia. In January 2026, the FDA granted Breakthrough Therapy designation to this asset. The group also strengthened its oncology portfolio through two initiatives: an exclusive licensing agreement with Simcere Zaiming for SIM0613, covering global rights outside Greater China, and a research collaboration with the University of Montreal and IRICoR. In January 2026, the International Chamber of Commerce arbitration tribunal rendered a favorable decision for Ipsen concerning its R&D partnership with Galderma, confirming the group's rights over IPN10200. Five key milestones are expected in 2026: the European regulatory decision for tovorafenib, the presentation of phase III results for Bylvay in biliary atresia, Iqirvo in primary biliary cholangitis, Dysport in migraine, and the complete phase II results for IPN10200 in aesthetic indication.
