Narrow-Moat Ipsen Reports Strong Full-Year Results; Maintaining FVE of EUR 120, Shares Undervalued

Ipsen reported strong 2022 results, highlighted by total revenue exceeding EUR 3 billion, representing growth of 8.5% year over year, adjusting for the divestment of the consumer healthcare segment. Ipsen’s results were in line with our expectations, and revenue growth was primarily driven by continued strong performance from its growth platforms (Dysport, Decapeptyl, Cabometyx, and Onivyde), which all delivered double-digit sales increases from the prior year. In particular, Dysport delivered robust performance as its sales grew over 29% in 2022 and Cabometyx was up nearly 24%.