Ipsen Delivers Encouraging Sales Growth in the First Quarter of 2021 Despite the Pandemic, and Confirms Its Full-Year Guidance

Rhea-AI Summary

Ipsen announced its Q1 2021 sales results with total sales reaching €658.5 million, reflecting a growth of 0.6% as reported and 5.5% at constant exchange rates (CER). A notable increase of 6.4% in Specialty Care sales to €611.5 million was driven by strong performances of key products like Cabometyx and Somatuline. Conversely, Consumer Healthcare faced a decline of 5.4% to €47.0 million due to ongoing pandemic effects. The company confirmed its FY 2021 guidance, anticipating over 4% sales growth at CER.

Positive

• Specialty Care sales increased by 6.4% to €611.5 million.
• Total sales grew by 5.5% at CER to €658.5 million.
• European Commission approved Cabometyx® for advanced renal cell carcinoma, marking a significant launch.
• FY 2021 guidance confirmed, expecting sales growth of over 4% at CER.

Negative

• Consumer Healthcare sales fell by 5.4% to €47.0 million due to pandemic impact.
• Currency fluctuations expected to negatively affect total sales by 2% in FY 2021.

Regulatory News:

Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-driven biopharmaceutical group, publishes its sales performance for the first quarter of 2021:

Q1 2021 sales summary
(unaudited IFRS consolidated sales)

		Q1 2021
		€m		% change
				Actual		CER1
Specialty Care		611.5		1.5		6.4
Consumer Healthcare		47.0		-9.6		-5.4
Total Sales		658.5		0.6		5.5

Highlights

• Total Sales growth of 5.5% at CER, or 0.6% as reported, to €658.5m, despite impact of the pandemic
• An increase in Specialty Care sales of 6.4%¹ to €611.5m, driven by the growth of Cabometyx^® (cabozantinib), Decapeptyl^® (triptorelin), Somatuline^® (lanreotide) and Dysport^® (botulinum toxin type A)
• A Consumer Healthcare sales decline of 5.4%¹ to €47.0m, reflecting the ongoing effects of COVID-19, partly offset by recovery in China
• European Commission approval of Cabometyx^®, in combination with nivolumab, as a first-line treatment for patients living with advanced renal cell carcinoma
• Guidance for FY 2021 confirmed

David Loew, Chief Executive Officer, commented:
“We delivered a strong performance in the first quarter, despite the persistently difficult COVID-19 environment, driven by our unrelenting focus on patients. Our execution was in line with our plans and our financial guidance for the year. Ipsen’s Oncology medicines stood out in the period, while the regulatory approval in Europe of the Cabometyx^® combination with nivolumab in first-line renal cell carcinoma marked the start of an important launch. The anticipated registration of a lanreotide-generic medicine in Europe is fully aligned with our expectations.

In the near term, we look forward to trial results in first-line liver cancer for the Cabometyx^® combination with atezolizumab, as well as regulatory progress with palovarotene in FOP. We continue to support our ambitions of strengthening the pipeline and driving sustainable growth, based on our patient-focused strategy. I am very proud of the great execution by colleagues around the world, especially as many teams continue to experience challenging conditions during the pandemic.”

FY 2021 guidance
The Company today confirms its financial guidance for FY 2021, which incorporates an assumed progressive global recovery from COVID-19 by H2 2021. A phased launch of generic lanreotide in Europe by mid-2021 is also assumed, as is a limited impact of the potential launch of octreotide or lanreotide generics in the U.S.

Total Sales		Growth of more than 4.0% at CER
Core Operating Margin		Greater than 30.0%, excluding any potential impact of incremental investments from external innovation

Currency impact
Ipsen anticipates an adverse impact of 2% from currencies on Total Sales in FY 2021, based on the level of exchange rates at the end of March 2021.

Somatuline^®-generic update
During the quarter, a positive outco

FAQ

What are Ipsen's sales figures for Q1 2021?

Ipsen reported total sales of €658.5 million for Q1 2021, reflecting a 0.6% growth as reported and 5.5% at constant exchange rates.

Which product contributed to the growth in Specialty Care sales for Ipsen?

Key products such as Cabometyx®, Somatuline®, and Dysport® drove Specialty Care sales up by 6.4% to €611.5 million.

What caused the decline in Consumer Healthcare sales for Ipsen in Q1 2021?

The 5.4% decline in Consumer Healthcare sales to €47.0 million was primarily due to the ongoing effects of COVID-19.

What is Ipsen's FY 2021 sales guidance?

Ipsen confirmed its FY 2021 guidance, expecting total sales growth of over 4% at constant exchange rates.

What impact will currency fluctuations have on Ipsen's total sales?

Ipsen anticipates a 2% adverse impact from currency fluctuations on total sales in FY 2021.