Ipsen: Sales Up 24.6% Over Nine Months, Annual Targets Raised
Ipsen published on October 22, 2026 revenue of 3,364.2 million euros over the first nine months of the year, up 24.6% at constant exchange rates. The laboratory simultaneously raised its annual targets for sales growth and current operating margin once again.
The publication comes after several weeks of stock market decline. On October 8, 2026, Ipsen shares had fallen 13% in one month, a decline initiated following the U.S. authorization of a generic version of lanreotide, the active ingredient in Somatuline.
Third-quarter figures show acceleration: sales grew 28.3% in reported data, compared to 23.0% over the full nine months. The group also factored the entry of a lanreotide generic in the fourth quarter into its new targets.
Sales Up 26.7% in Third Quarter at Constant Rates
Over the first nine months of 2026, revenue reached 3,364.2 million euros, compared to 2,734.8 million euros a year earlier, representing growth of 23.0% in reported data and 24.6% at constant exchange rates. In the third quarter alone, sales amounted to 1,173.9 million euros, compared to 915.0 million euros, up 28.3% in reported data and 26.7% at constant rates.
This quarterly amount is above the range of estimates collected prior to publication, which ranged between 1.11 billion euros and 1.13 billion euros (average of 1.12 billion euros, based on two analysts).
All three therapeutic areas are growing. Oncology, the group's leading business, achieved 2,196.9 million euros over nine months (+16.3% at constant rates) and 745.4 million euros in the third quarter (+17.7%). Neurosciences reached 669.1 million euros (+18.8%), with an increase of 23.1% in the latest quarter. Rare diseases increased from 255.4 million euros to 498.2 million euros, representing growth of 100.1% at constant rates, and 88.6% in the third quarter.
Growth Driven by Portfolio Excluding Somatuline
The core portfolio, which includes all medicines except Somatuline, shows growth of 24.2% over nine months, a pace close to that of the entire group. According to David Loew, Ipsen's Chief Executive Officer, performance is based on the "strength" of this portfolio and the continued growth of Somatuline.
In the third quarter, Ipsen completed the acquisitions of Memo Therapeutics and Kartos Therapeutics. They brought potravitug, a monoclonal antibody in advanced development for post-transplant nephropathy (Phase II/III program), and navtemadlin, an MDM2 inhibitor in Phase III for myelofibrosis, with results expected next year. When publishing its interim results on July 30, 2026, the group had cited the dilutive effect of these two transactions on margin among its risks.
On the development portfolio front, regulatory filings are underway for Dysport in chronic and episodic migraine, as well as for Iqirvo in primary biliary cholangitis. Elafibranor is continuing its Phase III in primary sclerosing cholangitis.
On the legal front, Galderma initiated in October 2026 two new arbitration proceedings, before the International Chamber of Commerce and the American Arbitration Association, concerning corabotase, Ipsen's new recombinant neuroinhibitor. The laboratory contests Galderma's position on distribution agreements concluded since 2007 and states it will defend its position. It specifies that it cannot, at this stage, anticipate the outcome of these proceedings or their potential financial impact. In January 2026, an arbitral tribunal of the International Chamber of Commerce had rendered a final award favorable to Ipsen in another dispute between the parties involving Galderma.
Current Operating Margin Targeted at Approximately 39.0%
Ipsen now targets sales growth of approximately 23.0% at constant exchange rates in 2026, compared to more than 20.0% previously. Based on average exchange rates for October, the group anticipates an unfavorable currency effect of approximately 0.5% on revenue. In July 2026, it estimated this effect at approximately 1%.
These objectives assume double-digit growth in the core portfolio and a rise in Somatuline sales, despite the entry of a lanreotide generic factored in during the fourth quarter.
Ipsen will publish its annual results and fourth-quarter revenue on February 11, 2027. Until then, the framework announced is based on two figures: sales growth of approximately 23.0% at constant rates and a current operating margin of approximately 39.0% of revenue, compared to a previous target of more than 37.0%.
