Jefferies cuts Ipsen  to 'underperform' on Somatuline competition risk

Ipsen SA

03/08/2026 08:00

** Jefferies downgrades French pharma firm Ipsen IPN.PA to "underperform" from "neutral," citing  long-term risks to its Somatuline drug
** The broker forecasts Somatuline sales to drop 20% in 2027 as generic competition and Camurus' CAMX.ST CAM2029 increase pressure on the cancer drug
** "While generic risks have dominated near-term debate, we believe competitor Camurus' CAM2029 has a reasonable likelihood to show superiority to IPN's Somatuline in late-'26E/early-'27E, which if successful would notably accelerate erosion," it says 
** Jefferies also warns that the Onivyde medicine faces growing competitive pressure from Revolution Medicines' RVMD.O daraxonrasib, which could further weigh on Ipsen's earnings outlook
** Out of 16 analysts that cover Ipsen, eight rate the stock "strong buy" or "buy, "​six rate "hold" and two​ rate the stock "strong sell" or "sell" - LSEG data

(Reporting by Ronan Corcoran in Gdansk)
((ronan.corcoran@thomsonreuters.com))