olivLaw · European equity research
Ipsen IPN.PA
France · Euronext Paris · ISIN FR0010259150 · Vertical: Listed companies from France
Ipsen is a French pharmaceutical group focused on Specialty Care, with an emphasis on oncology, and it depends on a few major products. The group consolidates 52 companies by full integration, and what matters now is its ability to replace products losing exclusivity through an innovative asset portfolio sourced internally and externally.
At the close of 05 Nov 2026, Ipsen (IPN.PA) stock was 159.40 EUR (+2.31% on the day), with market capitalisation 13.2 bn EUR, P/E 38.4 on diluted EPS of 4.15 EUR over the last 12 months, dividend yield 0.75%, beta 0.39, 52-week range 116.10–172.90 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 65.0
- strong (55–70)
- Bollinger (20, 2)
- 141.88 – 160.37
- in the upper half of the band · %B 0.95 · band width 12.2%
- SMA 50 / 200
- 152.36 / 157.08
- mixed trend
- MACD (12, 26, 9)
- 2.00 / 0.98
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.4% | −0.6% | +14.0 pp | — |
| 3 months | −1.5% | −4.2% | +2.6 pp | — |
| 6 months | −5.4% | +4.3% | −9.7 pp | — |
| Year to date | +33.9% | +7.5% | +26.4 pp | — |
| 1 year | +29.5% | +9.9% | +19.6 pp | −6.8% |
| 3 years | +43.7% | +49.8% | −6.1 pp | −15.9% |
| 5 years | +85.5% | +42.8% | +42.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 12.9, median 14.0, max 26.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 3.2 bn | 3.3 bn | 3.6 bn |
| Revenue YoY | unavailable | +4.8% | +8.1% |
| Net income | 648.6 m | 644.4 m | 345.9 m |
| Net income YoY | unavailable | −0.6% | −46.3% |
| Diluted EPS | 7.81 | 7.73 | 4.15 |
| Diluted EPS YoY | unavailable | −1.0% | −46.3% |
| net % | 20.5% | 19.5% | 9.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 678.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 4.2 bn EUR
- Total assets
- 6.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.34x
- ROE
- 8.6%
- ROA
- 5.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.2 bn | 3.3 bn | 3.6 bn | esef· 15 Apr 2025verified |
| Cost of revenue | 527.7 m | 571.2 m | 618.7 m | esef· 15 Apr 2025verified |
| Gross profit | 2.6 bn ≈ | 2.7 bn ≈ | 3.0 bn ≈ | esef· 15 Apr 2025derived |
| Research & development | 445.3 m | 619.3 m | 686.6 m | esef· 15 Apr 2025verified |
| Operating income | 729.9 m | 816.0 m | 496.7 m | esef· 15 Apr 2025verified |
| Income tax | 112.3 m | 136.2 m | 74.9 m | esef· 15 Apr 2025verified |
| Net income | 648.6 m | 644.4 m | 345.9 m | esef· 15 Apr 2025verified |
| Diluted EPS | 7.81 | 7.73 | 4.15 | esef· 15 Apr 2025verified |
| Dividend per share | — | 1.20 | 1.20 | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.2 bn | 528.4 m | 678.1 m | esef· 15 Apr 2025verified |
| Inventories | 284.1 m | 289.5 m | 285.5 m | esef· 15 Apr 2025verified |
| Current assets | 2.4 bn | 1.9 bn | 2.0 bn | esef· 15 Apr 2025verified |
| Goodwill | 579.9 m | 663.9 m | 699.5 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 1.6 bn | 2.7 bn | 2.5 bn | esef· 15 Apr 2025verified |
| Total assets | 5.6 bn | 6.3 bn | 6.4 bn | esef· 15 Apr 2025verified |
| Current liabilities | 1.3 bn | 1.6 bn | 1.5 bn | esef· 15 Apr 2025verified |
| Equity | 3.3 bn | 3.8 bn | 4.2 bn | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 82.4 m | 82.7 m | 82.8 m | esef· 15 Apr 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 13.2 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.32 – 123.67 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E46.03 – 123.67 (Mid 71.09)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)16.32 – 22.25 (Mid 18.83)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.7% | 90 (vs peers) | 30% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 45 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 38.4x | 17 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial45/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial90/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial17/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IPSEN (IPN.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 3.6 bn EUR in 2024; YoY growth 8.1%; net margin 9.7%; ROE 8.6%.
The estimated value range is 31.17–72.96 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 44.96 EUR, the price of 159.40 EUR leaves a potential of -71.8% (value / price − 1) and a margin of safety of -254.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 9.7%
What contradicts it
- P/E (TTM): 38.4x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| IPN.PAIpsen | 13.2 bn | 38.4 | 8.6% | 9.7% | +8.1% | +28% / +54% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for IPN.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 98.34 Total return -38% · Per year -38% | 173.57 Total return 10% · Per year 10% | 261.05 Total return 65% · Per year 65% |
| 3 years | 102.49 Total return -34% · Per year -13% | 202.86 Total return 30% · Per year 9% | 333.97 Total return 113% · Per year 29% |
| 5 years | 106.82 Total return -30% · Per year -7% | 237.09 Total return 54% · Per year 9% | 427.27 Total return 174% · Per year 22% |
- Exit P/E± 50.71
- Net margin± 35.50
- Annual revenue growth± 28.17
- Annual dilution± 2.98
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ipsen is a French pharmaceutical group focused on Specialty Care, with an emphasis on oncology, and it depends on a few major products. The group consolidates 52 companies by full integration 1, and what matters now is its ability to replace products losing exclusivity through an innovative asset portfolio sourced internally and externally 1.
SWOT
Strengths
- The group has a global geographic presence and commercial strength in Specialty Care, supported by an extensive network of consolidated companies 1.
- The portfolio includes major products with established positions in several therapeutic areas, giving a stable commercial base 1.
- Dedicated structures for external innovation and risk management, with formal governance, support strategic execution 1.
Weaknesses
- Sales depend on a few major products, making results sensitive to their performance 1.
- The group relies on third parties for research, manufacturing and commercialisation, limiting direct control over the value chain 1.
- Competitors have greater size, experience and capital resources, which can constrain the group's ability to respond 1.
Opportunities
- Acquisitions and licence agreements could complement the portfolio and reduce dependence on current products if integration succeeds 1.
- Developing the Specialty Care portfolio across major geographies could add volume in existing markets 1.
- Rapid adaptation to new technologies and scientific advances could open new product lines 1.
Risks
- Acquisitions and integrationhigh
Agreements and acquisitions could fail if prior due diligence is inadequate or integration is unsuccessful 1.
- Third-party dependencehigh
Research, manufacturing and commercialisation partners could adopt behaviour that harms the group's activities 1.
- Competition in oncologyhigh
Larger and fast-evolving competitors could reduce the group's position in its main markets 1.
- State price controlmedium
New measures to reduce public health spending could affect sales and profitability 1.
- Intellectual propertymedium
The group depends on intellectual property rights held by third parties, and partners could claim rights over its innovations 1.
Investment thesis
What would need to be true (bull case)
- If innovation agreements bring new assets into the portfolio, the group could offset pressure on its current products.
- Its international presence and global commercial strength could support growth of its Specialty Care products across several markets.
- Formalised governance of risk and innovation could reduce the likelihood of execution failures.
What would break the thesis
- If results stay concentrated on a few major products, weakness in one of them could seriously affect the whole.
- State pressure on prices could limit margins even where demand is good.
- Acquisitions that do not integrate well could consume resources without delivering the expected value.
What to watch
- Effect of state measures cutting prices and reimbursements on profitability2027
- Outcome of recent licence agreements and acquisition integration2027
- Emergence of new alternatives to products losing exclusivity2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ipsen S.A., the parent company, has no economic activity of its own and acts as a simple holding for its subsidiaries; research and development, production, commercialisation and administration are carried out by the group's companies 1. The group consolidates 52 companies by full integration and set up a subsidiary in China in 2024 1. In 2024 Ipsen restructured some non-operating subsidiaries and optimised its equity holdings, acquiring no company that year apart from the partnerships mentioned 1.
Segments
Specialty Care
The group develops its Specialty Care portfolio across all major geographic areas, leveraging its international presence and global commercial strength 1. The main products are Somatuline, Decapeptyl, Dysport, Cabometyx and Onivyde, on whose performance a significant part of revenue and results depends 1.
Market context
The markets in which the group operates are well established, evolve quickly and are marked by intense competition, especially in oncology, where rivals are large international pharmaceutical groups with greater resources 1. Public authorities in many countries where Ipsen operates are introducing measures to cut health spending, and some have already affected the group's sales and profitability 1. In France, the price of reimbursable medicines is set by a government authority based on scientific value and prices in other countries 1.
Trends
- State price pressureheadwind
Governments are reducing prices and reimbursements, including by aligning reimbursement prices to the lowest price in a therapeutic class and encouraging substitution with generics, which could compress the group's margins 1.
- Replacement by alternative productsheadwind
The group has faced alternatives to Somatuline since 2021, an event it says it anticipated; other major products could face similar developments 1.
- Innovation agreements and partnershipstailwind
The group invests in business development through innovative agreement structures and actively seeks new external assets, which could refresh the portfolio 1.
- Third-party dependence and execution riskmixed
Research, manufacturing and commercialisation rely on external partners, and acquisition integration can fail, adding operational uncertainty 1.
Competitive position
Ipsen competes mainly in oncology with large international pharmaceutical groups whose size, experience and capital resources exceed its own 1. The group must adapt quickly to new technologies and scientific advances from competitors 1. The sources analysed do not name specific competitors.
- Large international pharmaceutical groups
Oncology competitors with greater financial resources and experience, not named in the source analysed 1.
- Producers of Somatuline alternatives
Alternative products registered since 2021, whose emergence the group anticipated 1.
- Companies with digital technologies and new scientific advances
Competitors that can quickly change market standards, forcing the group to adapt 1.
- Rivals bidding for external assets
Companies seeking the same innovative assets outside the group, a competitive factor for licences 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Ipsen · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.