Ipsen, a global specialty-care biopharmaceutical company, reported robust financial results for the first half of 2026, driven by accelerated growth across its therapeutic areas and an expanding pipeline. Total sales rose 23.5% at constant exchange rates (CER) to €2,190.2 million, outpacing the prior guidance of greater than 13.0% at CER. The portfolio beyond Somatuline led the charge with 24.8% sales growth, enabling the company to upgrade its full-year 2026 outlook for both revenue and profitability.

The Board of Directors approved the condensed consolidated financial statements on July 29, 2026. The company’s auditors performed a limited review of the H1 2026 condensed consolidated financial statements. These results reflect strong operational execution and strategic investments in late-stage assets, including positive Phase III readouts for Dysport and Iqirvo, alongside the acquisitions of Memo Therapeutics AG and Kartos Therapeutics.

Financial Performance Highlights

Ipsen’s core operating income surged 28.8% to €844.9 million, compared to €655.8 million in the same period last year. This growth was supported by a core operating margin expansion of 2.5 percentage points to 38.6%. Free cash flow also strengthened significantly, rising 34.9% to €651.7 million from €483.2 million in H1 2025.

Under IFRS standards, consolidated net profit increased 20.0% to €402.6 million, while earnings per share (fully diluted) rose 21.4% to €4.86. The closing net cash position improved substantially to €1,004.9 million from €487.6 million in the prior period.

Upgraded Full-Year Guidance

Based on the strong first-half performance, Ipsen upgraded its financial guidance for FY 2026. The company now expects total sales growth greater than 20.0% at CER, up from the previous target of greater than 13.0%. Additionally, the core operating margin guidance was raised to greater than 37.0% of total sales, from the earlier projection of greater than 35.0%.

The updated guidance assumes continued growth in Somatuline sales despite potential generic entry, as well as accelerated expansion in the rest of the portfolio. It also factors in additional R&D expenses from anticipated early and mid-stage external innovation opportunities and the dilutive impact of recent acquisitions.

Pipeline Progress and Strategic Acquisitions

Ipsen strengthened its late-stage pipeline through several key developments. Positive Phase III results were announced for Dysport in episodic and chronic migraine, making it the first botulinum toxin to demonstrate efficacy in both indications. Similarly, Iqirvo met its primary endpoint in primary biliary cholangitis, with 85% of patients achieving alkaline phosphatase normalization.

Strategically, Ipsen completed the acquisition of Memo Therapeutics AG in July for an upfront payment of €200 million, with potential total consideration exceeding €700 million. The company also agreed to acquire Kartos Therapeutics for $450 million upfront, plus up to $1.3 billion in milestones, subject to customary closing conditions expected by the end of Q3 2026. These deals add navtemadlin and potravitug to Ipsen’s portfolio, targeting unmet needs in myelofibrosis and kidney transplant nephropathy.

Ipsen appointed Catherine Bradley as an independent director to its Board of Directors effective July 29, 2026. The Paris-based biopharmaceutical company made the announcement to fill the vacancy left by Ms. Witts, who stepped down following the Annual General Meeting held on May 13, 2026. Bradley’s appointment strengthens the Board’s financial oversight capabilities, bringing her extensive background in investment banking and corporate governance to a company focused on oncology, rare diseases, and neuroscience.

Bradley succeeds Ms. Witts with immediate effect. Her appointment is subject to ratification by shareholders at the next Annual Shareholders’ Meeting. If ratified, her term will continue for the remainder of Ms. Witts’ original tenure, concluding at the Annual Shareholders’ Meeting scheduled for 2029. This interim appointment ensures continuity in governance while maintaining the Board’s required composition during the transition period.

The Board of Directors also assigned Bradley key committee roles immediately upon her joining. She was appointed Chair of the Audit Committee and named as a member of the Compensation Committee. These roles leverage her specific experience in audit committee governance, having previously chaired audit committees for the Financial Conduct Authority (FCA), Aberdeen plc, Groupe Peugeot SA, and Worldpay LLC.

Professional Background

Catherine Bradley brings more than three decades of experience in investment banking and international financial markets, followed by over ten years as a non-executive director. She is a recognized expert in the financial sector and corporate governance. Her career includes senior leadership positions at major global financial institutions such as Merrill Lynch, Crédit Suisse, and BNP Paribas.

Beyond her banking career, Bradley currently serves as a non-executive director on several boards. She chairs Interactive Investor Limited and serves on the boards of Johnson Electric Holdings Limited in Asia and easyJet plc, where she chairs the Finance Committee. She holds a degree from HEC Paris, specializing in finance and international economics, and is a Commander of the Order of the British Empire (CBE).

Board Composition

Following Bradley’s appointment, Ipsen’s Board of Directors comprises 14 directors. The Board maintains equal gender representation with seven women and seven men, excluding employee representatives from the gender calculation as per Article L. 225-18-1 of the French Code of Commerce. The Board includes four independent directors and two employee representatives.

Ipsen operates global hubs in the U.S., France, and the U.K., serving patients in more than 100 countries. The company is listed on Euronext Paris (IPN) and trades in the U.S. through a Sponsored Level I American Depositary Receipt program (OTC: IPSEY).