Ipsen rises after RBC ups on Iqirvo U.S. approval

Ipsen SA

16/09/2024 09:03

** Shares in Ipsen  IPN.PA  rise around 5% after RBC
upgraded the French biopharma company to "outperform" from
"sector perform", seeing mid-term support from Iqirvo (PBC)
after its U.S. FDA approval in June
    ** The broker now sees peak sales for the primary biliary
cholangiti treatment at 540 million euros, up from its previous
forecast of 300 million euros
    ** The broker also notes that acromegaly and neuroendrocrine
tumors medication Somatuline "is steadily becoming a smaller
proportion of sales", positive news for RBC as the drug's
erosion to generic competition affected recent growth and shares
    ** It adds that Ipsen shares now look cheap given the
mid-term prospect of 9% compound EPS growth
    ** Shares are on track for their best day since February
2023 if gains hold, and one of the top performers on France's
SBF 120  .SBF120  index

 (Reporting by Olivier Cherfan)
 ((olivier.cherfan@thomsonreuters.com))