Ipsen delivers a strong sales performance in the first quarter of 2022
Paris (France), 27 April 2022 - Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-driven biopharmaceutical group, publishes its sales performance for the first quarter of 2022.
Highlights
- A strong first-quarter total-sales performance, with growth of 9.6% at CER [1] (12.5% as reported) to €687.9m, driven by Decapeptyl® (triptorelin), Dysport® (botulinum toxin type A), Cabometyx® (cabozantinib) and Onivyde® (irinotecan liposome injection) double-digit growth and flat sales of Somatuline® (lanreotide)
- Confirmation of full-year guidance for 2022, with total-sales growth greater than 2.0% at CER1 and a core operating margin greater than 35.0% of total sales
- Transaction announced in February 2022 for the divestment of the Consumer HealthCare (CHC) business anticipated to be completed by end of Q3 2022
Q1 2022 total sales
Total sales in this announcement are unaudited IFRS consolidated sales and reflect Specialty Care sales only, in accordance with IFRS 5.
| First Quarter | |||||
| 2022 | 2021 | % change | |||
| €m | €m | Actual | CER1 | ||
| Oncology | 556.4 | 495.4 | 12.3% | 8.9% | |
| Neuroscience | 120.2 | 103.1 | 16.6% | 15.7% | |
| Rare Disease | 11.3 | 13.1 | -13.4% | -15.0% | |
| Total | 687.9 | 611.5 | 12.5% | 9.6% | |
| | | | | | |
David Loew, Chief Executive Officer, commented:
"The execution of our strategy was reflected in our first-quarter performance across the business. The strong sales were in line with our expectations, with Decapeptyl, Dysport, Cabometyx and Onivyde all delivering double-digit growth. Our guidance for the year, which assumes increasing levels of competition for Somatuline, is underpinned by our strong platform of growth across these core and innovative medicines.
Alongside the anticipated U.S. regulatory resubmission for palovarotene in the first half of the year, we look forward to a number of important data readouts in the second half, while our pipeline will continue to be replenished through the external-innovation strategy. It is an exciting time for Ipsen as we deliver on our strategy, produce strong results, expand our pipeline and focus together, for patients and society."
Full-year 2022 guidance
Ipsen today confirms its financial guidance for FY 2022, which excludes any contribution from CHC:
- Total-sales growth greater than 2.0%, at CER [2]. Based on the level of exchange rates in Q1 2022, Ipsen anticipates an additional favorable impact of 2% from currencies in the year
- Core operating margin greater than 35.0% of total sales, excluding any potential impact of incremental investments from future external-innovation transactions
This guidance incorporates expectations for Somatuline of further launches of generic lanreotide in other countries in the E.U., as well as increased competition in the U.S.
Ongoing conflict in Ukraine
Ipsen is firmly committed to the safety and care of its employees and to providing essential support and access to its treatments and medicines for patients.
Since the beginning of the conflict in Ukraine, Ipsen's immediate actions have been to ensure that all colleagues are safe and to limit any impact on the supply of medicines. The Company has also provided humanitarian relief via a donation of €1.5m in favor of two highly reputed humanitarian organizations: Tulipe, a pharmaceutical distributor managing donations from health companies to meet the emergency needs of populations in distress, and The Red Cross.
Ipsen's position is to continue to serve patients with their healthcare needs, regardless of their country origin and in compliance with applicable laws. In Russia, the Company has, however, suspended several promotional activities, including advertising. No new clinical trials will be initiated in Russia.
In 2021, Ipsen's Specialty Care sales in Russia and Ukraine were less than 3.0% of total Specialty Care sales.
Consumer HealthCare
In February 2022, Ipsen announced that it had entered into exclusive negotiations with Mayoly Spindler for the divestment of its global CHC business, a major step forward in the Company's execution of its strategic roadmap towards building a more-focused Ipsen, centering on Specialty Care. Ipsen confirms that the transaction is anticipated to close by the end of Q3 2022, subject to regulatory approvals and customary closing conditions.
[1] At constant exchange rates (CER), which exclude any foreign-exchange impact by recalculating the performance for the relevant period by applying the exchange rates used for the prior period.
[2] At CER, which excludes any foreign-exchange impact by recalculating the performance for the relevant period by applying the exchange rates used for the prior period.
