Ipsen: Still room to rerate

BUY, Fair Value EUR29 (+9%)

News published on February Thursday 28, 2013
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Following the analysts’ meeting and FY results, Ipsen will be driven by three key catalysts over the course of 2013: 1/Performance of specialty care (guidance 6-8%) where we believe that despite the Increlex situation, growth drivers such as Dysport and Somatuline will continue to deliver. 2/Focus will progressively turn into margins and 2013 should be the last year of transition before starting to see a gradual expansion. 3/Continue to refuel the R&D pipeline with late stage assets that fit into key franchises and reinforce geographic reach in emerging countries. Should Ipsen deliver on these elements, we see room to rerate on specialty care multiples.

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