(Update: comment by David Loew, CEO of Ipsen, stock price)
PARIS (Agefi-Dow Jones)–The Ipsen share rose 5.1% on Friday, to 95.30 euros, while the turnover and operating margin of the pharmaceutical laboratory’s activities exceeded last year’s objectives set for 2022. Investors also welcome the negotiations initiated by Ipsen for the sale of its family health division.
In 2021, the group controlled by the heirs of Henri Beaufour saw its consolidated net profit from activities reach 758.1 million euros, an improvement of 24.2% compared to the net profit of 610.5 million euros. achieved in 2020. Over the period, business operating income increased by 21.9%, to €1.01 billion, while revenue increased by 12.3% at scope and exchange rates. constant, at 2.87 billion euros. The operating margin of the activities thus stood at 35.2%, compared to 32% in 2020.
Last October, Ipsen had indicated that it expected revenue growth of more than 11% in 2021 at constant exchange rates as well as an operating margin from activities of around 34% of its sales, excluding the potential impact of additional investments in external innovation. According to FactSet, analysts on average had expected annual revenue of 2.91 billion euros and business operating profit of 929 million euros, or 31.9% of sales.
Ipsen has thus achieved its objectives set for 2022 a year in advance. euros and an operating margin of activities representing more than 28% of sales.
Ipsen, which intends to propose the payment of a dividend of 1.20 euros per share for the 2021 financial year, up 20%, now forecasts for 2022 an operating margin of the activities higher than 35% and a growth of its sales of more than 2% at constant exchange rates and excluding the family health division, in the process of being sold.
Family health valued at 350 million euros
Ipsen announced on Friday the entry into exclusive negotiations with the independent pharmaceutical laboratory Mayoly Spindler for the sale of its family health division, confirming the information published Thursday evening by L’Agefi. The transaction could be completed before the end of the third quarter, based on a maximum enterprise value of 350 million euros.
“We are expected to receive an upfront payment of €300 million upon completion of the transaction, while a conditional payment of €50 million could occur in 2023, depending on the sales made by these assets,” he said. said David Loew, CEO of Ipsen, in an interview with the Agefi-Dow Jones agency.
For Ipsen, the sale of its family health division – including in particular the drugs Smecta, Forlax, Tanakan, Fortrans/Ezilcen – became necessary. For more than a year, the group led by David Loew has been heading towards refocusing its activity around rare diseases, oncology and neurosciences. More profitable markets, where growth is also on the agenda.
In order to take into account future changes in its scope, Ipsen has adjusted its medium-term ambitions. The laboratory plans to increase its sales by 4% to 6% per year on average between now and 2024, at constant exchange rates and excluding family health. By 2024, Ipsen also plans to have a cumulative investment capacity of 3.5 billion euros, including the disposal of the family health division.
“Ipsen will focus its investments on oncology, hematology, rare diseases, neurology and make acquisitions or sign licensing agreements across the full breadth of the product portfolio”, detailed David Loew.
“We will certainly give priority to the acquisition of a product at an advanced stage of development in order to counter the expected drop in revenues from our drug Somatuline, which is already in competition in the United States with the appearance of generics”, added the manager.
-Dimitri Delmond, Agefi-Dow Jones; +33 (0)1 41 27 47 31; [email protected] ed: LBO – ECH
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February 11, 2022 03:15 ET (08:15 GMT)