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French specialty pharmaceutical company focused on oncology, rare diseases and neuroscience (toxin-based treatments).
French specialty pharmaceutical company focused on oncology, rare diseases and neuroscience (toxin-based treatments).
Sells its drugs mainly to specialist doctors and hospitals; it markets Cabometyx outside the US and Japan under a licence from Exelixis, paying royalties, so one of its best-known products is not fully its own. The Beaufour family controls it through its holding company Mayroy.
Moat: narrow (IP / patents, process know-how). Focused specialty portfolio in oncology/rare disease with patent-protected key products.
Headquarters: Boulogne-Billancourt, France · Founded: 1929 · Employees: 5,535
Size Ipsen (IPN.PA) is a France Health Care company (Pharmaceuticals: Major) with a market value of $14.7B, the 39th largest of 206 France companies the cockpit tracks. Shares closed at €158.70 on 6 Nov 2026.
Performance Over six months the shares fell 4.3%, against +6.3% for the median peer and -0.4% for the France market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 13.6% over the last twelve months (peer median +18.9%); the operating margin is 30.1% (peer median 20.4%).
Valuation It trades at 10.9× forward earnings against a peer median of 29.8× (2nd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 17.2 points above its cost of capital (7.2% WACC).
Credit Ipsen has 1 bond outstanding ($557M), rated BBB- by the agencies and trading like BBB- at a weighted spread of 131 bp.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €4.05B | €3.68B | €3.40B | €3.13B | €3.02B |
| Revenue growth | — | +8% | +9% | +3% | — |
| Gross profit | €2.93B | €2.59B | €2.51B | €2.35B | €2.39B |
| EBITDA | €1.94B | €1.10B | €1.04B | €946M | €1.13B |
| Net income | €513M | €444M | €346M | €644M | €649M |
| Free cash flow | €1.23B | €1.03B | €734M | €727M | €857M |
| Capital expenditure | €210M | €329M | €782M | €183M | €253M |
| Total debt | n/a | €970M | €516M | €463M | €772M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ipsen IPN.PA | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% |
| Recordati REC.MI | $12.3B | +3% | +9% | 30% | 16.7× | 1.9% |
| Amgen AMGN | $249B | +40% | +9% | 36% | 18.9× | 1.8% |
| Ionis Pharmaceuticals IONS | $6.55B | -48% | -7% | -68% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IPN.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.2% | +7.3% | 9th highest of 21 |
| 6-month return | -4.3% | +6.3% | 4th lowest of 21 |
| Distance from 52-week high | -8.8% | -10.7% | 9th highest of 21 |
| Revenue growth (TTM) | +13.6% | +18.9% | 7th lowest of 21 |
| Operating margin | 30.1% | 20.4% | 6th highest of 21 |
| Forward P/E | 10.9× | 29.8× | 2nd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -7.3% | 11.7% | least demanding of 18 |
| Growth delivered (Del g) | +7.2% | +12.5% | 4th lowest of 18 |
| Hurdle (Req g minus delivered) | -14.5 pp | -10.8 pp | 7th least demanding of 18 |
| ROIC minus cost of capital | +17.2 pp | +1.8 pp | 5th highest of 21 |
| EV / EBITDA | 6.2× | 17.1× | cheapest of 15 |
| Net debt / EBITDA | -0.5× | -0.0× | 7th least indebted of 16 |
| Bond spread | 131 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ipsen IPN.PA | France | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% | +7.2% |
| Yunnan Baiyao 000538.SZ | China | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% | +4.7% |
| Jazz Pharmaceuticals Public JAZZ | United States | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% | +12.5% |
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | Hong Kong | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% | +33.7% |
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |
| Laurus Labs LAURUSLABS.NS | India | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% | +7.3% |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | n/a | n/a | n/a |
| Shionogi & 4507.T | Japan | $16.6B | -6% | +46% | 29% | 10.9× | -0.7% | +11.0% |
| Exelixis EXEL | United States | $17.0B | +44% | +9% | 40% | 18.2× | -3.7% | +18.6% |
| Sbp 1177.HK | Hong Kong | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% | +5.4% |
| Zydus Lifesciences ZYDUSLIFE.NS | India | $12.7B | +27% | +24% | 17% | 29.8× | n/a | n/a |
| Swedish Orphan Biovitrum SOBI.ST | Sweden | $17.6B | +13% | +15% | 30% | 25.5× | -1.1% | +13.1% |
| Recordati REC.MI | Italy | $12.3B | +3% | +9% | 30% | 16.7× | 1.9% | +12.6% |
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | China | $12.3B | -5% | -19% | 19% | 42.1× | 25.8% | +6.8% |
| Dr. Reddy's Laboratories DRREDDY.NS | India | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% | +12.1% |
| Torrent Pharmaceuticals TORNTPHARM.NS | India | $19.1B | +9% | +42% | 22% | 72.2× | 37.9% | +11.3% |
| Pharmaron Beijing 3759.HK | Hong Kong | $11.3B | +45% | +24% | 14% | 22.9× | n/a | n/a |
| Innovent Biologics 1801.HK | Hong Kong | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% | +26.8% |
| Repligen RGEN | United States | $11.1B | +41% | +14% | 9% | 71.3× | 56.4% | +15.0% |
Ipsen has 1 bond outstanding with $557M face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 4.38%, a spread of 131 bp over government bonds.