Ipsen SA

IPN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€619.00	Tqpfz	Mhhxswbl

Ipsen Earnings: Strong Dysport, Cabometyx Sales Drive Top-Line Growth, Shares Slightly Undervalued

Rachel Elfman

Jul 28, 2023

Ipsen reported strong second-quarter results highlighted by total revenue of EUR 795 million, representing nearly 7% growth from the prior-year period. Strong revenue contributions from Dysport and Cabometyx helped drive the company’s growth during the quarter as their sales increased 33% and nearly 19.5% year over year, respectively. We maintain our fair value estimate of EUR 120 per share and view the stock as slightly undervalued, currently trading at a 6% 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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