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Investing.com -- Ipsen (EPA:IPN) shares fell more than 6% on Thursday after the company raised its full-year guidance, as strong sales of Somatuline were offset by weaker results across its broader portfolio and concerns about the sales mix.
The drugmaker now expects full-year 2025 total sales growth of more than 7% at constant exchange rates, up from a prior forecast of 5%.
Core operating margin is projected above 32%, revised from 30%. Second-quarter sales totaled €901 million, broadly in line with consensus.
Somatuline, Ipsen’s treatment for neuroendocrine tumors, posted €278 million in sales, up 9% at constant exchange rates and ahead of expectations due to ongoing generic supply constraints.
However, the company’s key product portfolio underperformed, missing consensus by 2%.
Bylvay generated €43 million in revenue, up 46% year over year on a constant currency basis but flat versus the previous quarter and 11.6% below expectations.
Dysport sales fell 2.4% short at €180.7 million, while Decapeptyl and Cabometyx underdelivered by 2.5% and 3%, respectively. Onivyde posted €51 million, missing by 6.1%.
Iqirvo, Ipsen’s newly launched liver disease drug, beat estimates with €35.5 million in second-quarter sales, 26% above consensus. The product contributed €58.8 million in revenue in the first half.
Group revenue for the first half reached €1.94 billion. Core operating income rose to €655.8 million, beating consensus by 9.7%, driven by an 18.5% reduction in selling, general and administrative costs.
Core consolidated net profit climbed 9.4% to €508.3 million, with fully diluted core EPS up 9.3% to €6.1. IFRS net profit for the half fell 6.7% to €335.5 million.
Ipsen noted that it expects increased generic erosion of Somatuline in the second half.
Upcoming pipeline milestones include results from the pivotal FALKON trial for fidrisertib in fibrodysplasia ossificans progressiva and proof-of-concept data for LANT in aesthetic indications.