Ipsen drops 7% following US approval of Somatuline generic
Ipsen shares fall more than 7% Monday morning on the Paris Stock Exchange following US authorization of a generic version of lanreotide, the active ingredient in Somatuline. American pharmaceutical company Amneal, which obtained FDA approval, announces immediate product launch. The arrival of this new competitor was anticipated, but it brings to the forefront Ipsen's still significant dependence on its flagship medication.
Somatuline directly confronted with new generic in the United States
Ipsen loses 7.31% to €144.50 during the session, marking the largest decline of the SBF 120 at this stage of the day. The stock closed at €155.90 on Friday, September 18. Its decline now reaches 8.02% over one week and 11.57% over one month, while the SBF 120 advances 0.78% Monday morning.
The movement follows Friday evening's announcement by Amneal Pharmaceuticals of Food and Drug Administration authorization for its lanreotide 120 mg/0.5 ml injection, presented in a pre-filled syringe. The medication references Ipsen's Somatuline Depot and obtained "Competitive Generic Therapy" status. Amneal indicates it has dedicated internal production capacity and announces immediate launch in the United States.
The stakes are significant for Ipsen. According to IQVIA data cited by Amneal, Somatuline Depot represented 983 million dollars in sales in the United States over the twelve months ended in July 2026. Somatuline furthermore represents approximately 30% of Ipsen's revenue in the first half.
Competition from generic lanreotide is not, however, a surprise for the group. During its first-half results, Ipsen had explicitly built its 2026 objectives by integrating the hypothesis of generic arrival, while betting on continued growth in Somatuline sales. The company had then raised its annual objectives, with revenue growth exceeding 20% at constant exchange rates and operating margin of activities exceeding 37%.
Analysts primarily focus on impact from 2027 onwards
Uncertainty now centers more on the magnitude of competitive pressure than on its existence. Jefferies considers that the generic's arrival was already factored into 2026 estimates, but believes that rapid launch could weigh on 2027 expectations. The bank maintains its underperform recommendation, with a price target of €135. RBC Capital, for its part, notes that the dosage in question would represent approximately 60% of Somatuline volumes according to IQVIA. The bank also considers that the timing of Amneal's competitor's arrival is broadly in line with expectations and already integrated into Ipsen's forecasts. It remains at outperform with a target of €148. Over the longer term, competitive pressure could also come from Camurus. Jefferies notably monitors the study dedicated to CAM2029: a demonstration of superiority over Somatuline could, according to its estimates, result in a revision of approximately 10% of consensus earnings expectations for 2028 and 2029.
The decline also breaks several technical benchmarks
Today's fall accelerates a graphical deterioration already visible for several weeks. At €144.50, Ipsen trades below its 20-day moving average, located at €161.91, below that at 50 days at €160.89 and now below the 200-day moving average at €152.91. The stock had already broken its support at €155.40 on September 17. The RSI stands at 41, still above the zone generally associated with oversold conditions. The next technical challenge will be in particular a potential recovery of the 200-day moving average. On the fundamental front, the coming weeks will mainly allow for measuring the speed of Amneal's generic penetration in the American market and its impact on Somatuline sales.
