Ipsen: Sales in line with company guidance, FX weighs
NEUTRAL, Fair Value EUR33 (+6%)
Ipsen released FY 2013 sales in line with the company’s guidance with Specialty Care (73% of sales) up 3% CER and Primary Care (27% of sales) flat at CER, slightly above initial expectations of -1% CER. Ipsen had a 1.5% negative FX impact on a full-year basis (2.7% in Q4) which could explain the slight difference versus consensus expectations (-0.8%). All in all, FY sales were up 2.1% CER and 0.4% in reported figures. Key takeaways: 1/ Decapetyl is back to growth in the quarter (3% CER) driven by Northern Europe and a stabilisation in China. 2/ Dysport (7% CER) and Somatuline (11.1% CER) remain Ipsen’s growth drivers. 3/ International primary care continues to grow double-digits (+13.6% CER) mitigating the French decline (-22% CER, 30% of primary care sales). As usual, no guidance is provided at this stage. We remain Neutral on Ipsen but the YTD performance (-9.2%) might represent an attractive entry in coming weeks.
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