We met on Friday Ipsen's CFO Aymeric Le Chatelier at a credit lunch in Paris. The group has solid operating and financial profiles (shadow rating estimated at BBB+) but we recapped on the potential credit topics: strong focus on certain drugs (Somatuline), risks linked to expansion towards new franchises chiefly via debt1efinanced acquisitions. - >Strong focus on Somatuline but generic risk remains limited - Somatuline has driven the recent earnings growth. It now represents 37% of sales and...
Nous avons reçu vendredi le directeur financier d’Ipsen Aymeric le Chatelier pour un déjeuner crédit à Paris. Le groupe présente un profil opérationnel et financier solide (shadow rating estimé à BBB+) mais nous sommes revenus sur les sujets potentiels crédit : concentration produit forte (Somatuline), risques associés à l’expansion vers de nouvelles franchises via notamment des acquisitions financées par dette. - >Une concentration forte sur Somatuline mais un risque génériqu...
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