(AOF) – Ipsen is among the biggest decliners in the SBF120 this morning after its downgrade by Jefferies. The broker went from Buy to Hold with a price target lowered from 130 to 116 euros, and the stock dropped 2.42% to 104.70 euros. Jefferies cites “medical verifications” which suggest risks weighing on the pharmaceutical laboratory’s pipeline: the drugs Onivyde, elafibranor, Tazverik and Decapepty have seen their sales prospects revised downwards by the broker after comments from doctors on their use in the real life.
Jefferies also cites the results of the Livmarli product, from the competing laboratory Mirum, which are expected in December: a success of this product could compromise 400 million euros in sales of Ipsen’s Bylvay.
Jefferies now expects annual sales growth of 5.4% between 2023 and 2027 compared to 6.6% for the consensus. The broker justifies the lowering of its recommendation by the “few catalysts” in sight in 2024.
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