BNP Paribas Exane downgrades Ipsen to 'underperform' amid competitive pressures

Ipsen SA

26/11/2025 07:09

** BNP Paribas Exane downgrades French pharma firm Ipsen IPN.PA to "underperform" from "neutral", citing mounting competitive threats to its key products

** The broker sees pressure on Somatuline, a treatment for tumours, as "getting harder to ignore" and now models a 20% year-on-year sales erosion for the drug in 2026

** Ipsen's neurotoxin franchise, led by Dysport, is also seen as under threat from its own partner Galderma, which could weigh on long-term growth

** "We think Ipsen's fortunes may soon reverse," the brokerage states, highlighting a slower earnings growth outlook and the potential for dilutive acquisitions ahead

** Out of 14 analysts that cover Ipsen, five rate the stock "strong buy" or "buy," ​eight rate "hold" and one rates the stock "sell" - LSEG data

 (Reporting by Hugo Lhomedet)

 ((hugo.lhomedet@thomsonreuters.com))