Ipsen raises 2026 sales growth outlook to around 23.0%, lifts profitability target
Key Facts
Ipsen raised its 2026 sales growth outlook to around 23.0% at constant exchange rates, according to the company's update accompanying its nine-month sales announcement. It also increased its core operating margin target to around 39.0% of sales, lifting both its growth and profitability forecasts. Previous guidance issued in July targeted sales growth of more than 20.0% at constant exchange rates. It had also forecast a core operating margin above 37.0%, before raising its target in the latest update. The revised sales outlook measures growth at constant exchange rates, while the company expects an adverse currency impact on sales of around 0.5%. The estimated impact for 2026 is based on average exchange rates in October, according to Ipsen's disclosure.
Ipsen's third-quarter sales reached 1,173.9 million euros, compared with 915.0 million euros in the same period of 2025, according to the company's statement. That represents reported growth of 28.3%, while the increase at constant exchange rates was 26.7%. Sales for the first nine months of 2026 totaled 3,364.2 million euros. That compares with sales of 2,734.8 million euros in the corresponding period a year earlier. Reported nine-month sales growth was 23.0%, while growth at constant exchange rates reached 24.6%. Third-quarter growth therefore outpaced growth over the first nine months, both on a reported basis and at constant exchange rates.
Ipsen's chief executive attributed the performance to strength in the core portfolio and continued growth in Somatuline, according to the company's statement. The core portfolio, which excludes Somatuline, posted growth of 24.2% at constant exchange rates over the first nine months of 2026. By therapeutic area, rare disease medicines led percentage growth in the third quarter, with sales rising 88.6% at constant exchange rates. Neuroscience sales rose 23.1% on the same basis during the quarter. Oncology sales grew 17.7% at constant exchange rates in the third quarter. Sales therefore increased across all three therapeutic areas, with rare diseases leading, followed by neuroscience and oncology in terms of quarterly growth rates.
The guidance increase comes after Ipsen began 2026 with a sales growth target of more than 13% at constant exchange rates, according to its initial announcement for the year. Its core operating margin target at the time was above 35%, before subsequent increases in the company's forecasts. In terms of actual performance, Ipsen achieved a core operating margin of 38.6% in the first half of 2026. That compares with a margin of 36.0% in the first half of 2025, according to its half-year results. The actual improvement in first-half profitability thus preceded the latest increase in the annual margin target, after the company also raised its outlook in July.
Ipsen ended 2025 with annual sales of 3,675.9 million euros, according to its previous annual results. Sales in 2024 were around 3,400.6 million euros, providing the comparison base for last year's performance. The company recorded reported annual growth of 8.1% in 2025. Growth at constant exchange rates reached 10.9%, exceeding the reported increase for that year. The current results follow that annual growth, with sales in the first nine months of 2026 increasing at a faster pace on both bases.
For the remainder of the year, Ipsen's guidance assumes the market entry of a generic lanreotide competitor. The company specified the timing of that assumption as "in the final quarter" among the factors underpinning its annual outlook. The guidance also assumes continued growth in Somatuline alongside the core portfolio, according to the disclosure. The higher targets therefore factor anticipated generic competition into the company's outlook for the remainder of 2026. Ipsen plans to announce its 2026 financial year results and final-quarter sales on 11 February 2027.