Ipsen : Still a low-risk credit despite growing dependence on Somatuline. Buy reiterated
We are reviewing Ipsen's latest results. In a difficult environment, the group performed well, even though its latest earnings attest to the widening gap between the impressive performance of Somatuline, the group's blockbuster, and the lacklustre showing of other products. A large-scale acquisition is undoubtedly on the group's agenda, but it should not jeopardise the group's credit profile before the bond matures in 2023. - >Somatuline, the group's blockbuster, continues...Ipsen is global biotechnology specialty care company. Co. engages in research, development, manufacture and sale of pharmaceutical products for human healthcare. Co.'s product portfolio includes pharmaceutical products marketed around the world to specialists working in its targeted therapeutic areas (oncology, endocrinology, neurology and haematology). These products are specialist care drugs. Co. also markets products in other therapeutic areas including gastroenterology, cardiovascular and cognitive disorders. These products are primary care drugs. Co.'s brand names include Decapeptyl®, Somatuline®, Dysport®, Nutropin Aq®, Smecta®, Forlax®, Nisis®,Adrovance®, Exforge® and Adenuric®.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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