Ipsen: Solid Q1, Increlex shortage and slight delay on TASQ waiting for OS
BUY, Fair Value EUR29 (+12%)
Ipsen released solid Q1 sales (+5.1%, 3% higher than consensus expectations) driven by the continuous solid growth of specialty care (+8%) and the resilience of primary (“only” down 1.9%). Somatuline and Dysport are still the growth engines while Smecta had a very strong quarter (+11%). All in all and despite the announcement of a shortage of Increlex in the US, guidance is maintained at 6-8% for specialty care and a decline between -6% and -8% for primary care. With this press release, Ipsen also announced that it will wait for maturing data on Overall Survival for TASQ due in 2014, which represents a slight delay versus the previous plan (Q4 2013 for PFS) but should strengthen the product profile.
Full report available to subscribers
Please contact email@example.com