Market Overview

Ipsen Delivers Strong Double-digit Sales Growth for the Third Quarter of 2019 and Confirms Full Year 2019 Guidance

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Regulatory News:

Ipsen ((Euronext: IPN, OTC:IPSEY), a global specialty-driven biopharmaceutical group, today announced sales for the third quarter of 2019.

Financial highlights

  • Q3 2019 Group sales growth of +16.0% as reported and +14.5%1 at constant exchange rates and consolidation scope, driven by Specialty Care sales growth of 16.5%1, reflecting strong double-digit momentum of Somatuline® (lanreotide) and the continued growth from Cabometyx® (cabozantinib) and Decapeptyl® (triptorelin)
  • YTD Group sales growth of +15.7% as reported and +14.3%1 at constant exchange rates and consolidation scope fueled by strong Specialty Care sales growth of 16.8%1
  • Full Year 2019 guidance confirmed with Group sales growth greater than +14.0% at constant currency and consolidation scope1 and Core Operating margin at around 30.0% of net sales

Recent pipeline highlights

  • Positive interim Phase 1/2 clinical data evaluating Onivyde® (liposomal irinotecan) as first-line treatment for metastatic pancreatic cancer presented at ESMO 21st World Congress on Gastrointestinal Cancer
  • Positive interim data from seamless Phase 2/3 clinical trial evaluating Onivyde as a second-line treatment for small cell lung cancer (SCLC) presented at the IASLC 2019 World Conference on Lung Cancer
  • FDA approval of Dysport® (abobotulinumtoxinA) for the treatment of upper limb spasticity in children two years of age and older, excluding spasticity caused by cerebral palsy (CP)
  • In-licensing of BLU-782 from Blueprint Medicines, a highly selective ALK2 inhibitor in Phase 1 development for the treatment of fibrodysplasia ossificans progressiva (FOP)
  • Palovarotene regulatory submission to the FDA for the episodic treatment of FOP now expected in Q1 2020 as a result of the processing of additional supportive data.

Key figures

Unaudited IFRS consolidated sales

 

 

Third Quarter

 

Nine Months

 

(in million euros)

 2019

2018

%

Variation

%

Variation

at constant

currency and

consolidation

scope1

 

2019

2018

%

Variation

%

Variation at

constant currency

and consolidation

scope 1

 

 

 

 

 

 

 

 

 

 

Specialty Care

574.2

484.1

18.6%

16.5%

 

1,674.1

1,404.2

19.2%

16.8%

Consumer Healthcare2

70.6

71.9

-1.8%

0.1%

 

200.2

216.2

-7.4%

-2.4%

 

 

 

 

 

 

 

 

 

 

Group sales

644.7

555.9

16.0%

14.5%

 

1,874.3

1,620.4

15.7%

14.3%

1 Subsidiaries involved in the partnership between Ipsen and Schwabe Group are consolidated in accordance with the equity method starting 1 January, 2019. Year-on-year growth excluding foreign exchange impact established by recalculating net sales for the relevant period at the rate used for the previous period.

David Meek, Chief Executive Officer of Ipsen stated: "In the third quarter, we continued to execute on our objectives with a strong performance of our Specialty Care business, including double-digit growth of Somatuline in both the U.S. and Europe. With our excellent performance year-to-date, we are increasingly confident in our ability to achieve our 2019 financial guidance.

"We remain focused on the successful execution of the palovarotene program to bring the first therapeutic treatment to FOP patients as expeditiously as possible. We also continue to deliver on our external innovation strategy. The recent in-licensing of BLU-782 reinforces our leadership in FOP with a different and potentially complementary mechanism of action to palovarotene, expands our portfolio approach in this complex ultra-rare bone disorder and leverages our clinical and commercial capabilities. Advancing our pipeline remains a key focus going forward to deliver on our growth strategy and to bring additional value to patients and shareholders."

Third quarter 2019 sales highlights

Note: Unless stated otherwise, all variations in sales are stated excluding foreign exchange impacts (currency effects established by recalculating net sales for the relevant period at the exchange rates from the previous period)

(in million euros)

2019

2018

% Variation

%

Variation

at constant

currency and

consolidation

scope21

 

 

 

 

 

 

 

 

Specialty Care

574.2

484.1

18.6%

16.5%

Somatuline®

264.0

217.0

21.7%

18.8%

Decapeptyl®

98.9

89.2

10.9%

10.5%

Cabometyx®

64.5

38.8

66.5%

66.3%

 

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