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Ipsen: RBC maintains 'in-line performance' rating

( - Royal Bank of Canada on Wednesday reiterated its 'performance in line with sector' opinion and 122 euro price target on Ipsen, just over a week ahead of the group's investor day, scheduled for Thursday December 7.

In a research note, the broker says it expects the pharmaceutical company to unveil its sales forecasts for its flagship products, as well as its medium-term growth targets.

After a financial year 2023 marked by a contraction in profit margins and a fall in earnings, due to its recent acquisitions, Ipsen should return to growth in 2024 and beyond, the broker recalls.

RBC points out that the consensus expects average annual growth of 6% over the period 2023-2027, accompanied by a 9% rise in operating income recurring.

The professional also expects Ipsen to provide an update on several of its drugs, starting with elafibranor, which recently received positive Phase III results.

The broker anticipates a commercial launch in 2024, with sales expected to reach 140 million euros in 2027 before peaking at around 250 million in the longer term.

As far as Bylvay is concerned, RBC points to a more contrasted situation, with an indication extension in the US on the one hand, and a more delicate situation in Europe on the other.

According to its calculations, the compound should reach peak sales of 650 million euros, far from the 800 million dollar forecast provided by the management team.

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