Ipsen SA

IPN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€214.00	Hnqqrs	Gttrbvtd

Ipsen Earnings: Dysport & Cabometyx Drive Growth as Pipeline Develops; Shares Slightly Undervalued

Rachel Elfman

Oct 27, 2023

Ipsen reported solid third-quarter results highlighted by total revenue of EUR 772 million, representing 6.5% growth from the prior-year period at constant exchange rates. Strong sales from Dysport and Cabometyx helped drive the company's growth during the quarter, as their sales increased 13.4% and nearly 21% year-over-year at constant exchange rates, respectively. We maintain our fair value estimate of EUR 120 per share and view the stock as slightly undervalued, currently trading at a 7% discount to our fair value estimate. We maintain Ipsen's narrow economic moat rating, which is based on its strong intangible assets.

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