Ipsen: Miss on non-inferiority overshadows overall positive results for DNG
NEUTRAL, Fair Value EUR33 (+8%)
Ipsen released this morning clinical data for Dysport Next Generation, a ready-to-use liquid botulinum toxin A solution. Our assessment is globally positive on the clinical data with phase III in Cervical Dystonia and phase II in Glabellar lines both demonstrating better efficacy than placebo. However, and this represents an important source of questions, DNG did not demonstrate non-inferiority versus Dysport in Cervical Dystonia. Therefore, while Ipsen intends to file DNG in Europe and that we do not think the difference is clinically meaningful, the feedback from regulatory authorities is uncertain at this stage. As a reminder, Dysport represents c.20% of Ipsen sales. We do not include DNG sales in our model which we estimated at EUR30-50m of additional sales in the mid to long term.
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