- FY 2025 sales growth of 10.9% at CER1, or 8.1% as reported, driven by growth of the three therapeutic areas of Oncology (4.1%1), Rare Disease (102.5%1) and Neuroscience (9.7%1); Somatuline® sales growth of 4.3%1, with all other products, excluding Somatuline, achieving double-digit sales growth of 14.2%1
- FY 2025 core operating income of €1,294m, growing by 16.7% as reported, with a core operating margin of 35.2% of total sales, increasing by 2.6 points
- 2025 continued pipeline expansion, driven by significant regulatory and clinical milestones, integration of multiple preclinical assets with global rights and innovative approaches, and a mid-stage candidate from the acquisition of ImCheck Therapeutics
- Five major regulatory and clinical milestones expected in 2026, in addition to the full data readout for IPN10200 in an aesthetics indication
- Financial guidance2 for 2026 including total sales growth greater than 13.0%3 at CER, assuming an acceleration of our portfolio excluding Somatuline as well as the growth of Somatuline due to generic lanreotide production challenges, and core operating margin greater than 35.0% of total sales
PARIS, FRANCE, 12 February 2026 – Ipsen ((Euronext: IPN, OTC:IPSEY), a global specialty-care biopharmaceutical company, today presents its financial results for the full year (FY) 2025 and for the fourth quarter of 2025.
| Extract of consolidated results4 for FY25 and FY24
|
FY 2025 | FY 2024 | % change | |
| €m | €m | Actual | CER | |
| Total Sales | 3,675.9 | 3,400.6 | 8.1 % | 10.9 % |
| Core Operating Income | 1,294.1 | 1,109.4 | 16.7 % | |
| Core operating margin | 35.2 % | 32.6 % | +2.6pts | |
| Core Consolidated Net Profit | 1,009.1 | 857.8 | 17.6 % | |
| Core earnings per share (fully diluted) | €12.09 | €10.27 | 17.8 % | |
| IFRS Operating Income | 625.9 | 496.7 | 26.0 % | |
| IFRS operating margin | 17.0 % | 14.6 % | +2.4pts | |
| IFRS Consolidated Net Profit | 444.5 | 347.3 | 28.0 % | |
| IFRS earnings per share (fully diluted) | €5.32 | €4.15 | 28.3 % | |
| Free Cash Flow | 1,000.6 | 774.4 | 29.2 % | |
| Closing net cash/(debt) | 559.9 | 160.3 | n/a | |
“In 2025, Ipsen delivered strong sales and profit growth,” said David Loew, Chief Executive Officer, Ipsen. “We continued to execute across all three therapeutic areas, with a notable performance from Iqirvo. We have advanced multiple pipeline programs and further strengthened our innovation engine through targeted business development, including the acquisition of Imcheck Therapeutics. We also achieved promising proof-of-concept for IPN10200, our first-in-class differentiated long-acting recombinant molecule.
We are expecting another year of double-digit sales growth for 2026, supported by accelerated performance across the entire portfolio and a better outlook for Somatuline given the production challenges faced by generic competition. We anticipate five regulatory and clinical milestones this year and to further deliver on our external innovation strategy.”
Full-year 2026 guidance and mid-term outlook
Ipsen has set for FY 2026 the following financial guidance:
- Total sales growth greater than 13.0%, at constant currency. Based on the average level of exchange rates in January 2026, an adverse effect on total sales of around 2% of currencies is expected
- Core operating margin greater than 35.0% of total sales, which includes additional R&D expenses from anticipated early and mid-stage external-innovation opportunities
Guidance on total sales and core operating margin is assuming accelerated sales growth of the …