Ipsen SA（IPN.PA）Iqirvo key competitor drug approved

Investment Rating - The report assigns a "Buy" rating for Ipsen SA with a 12-month price target of €145.00, indicating a potential upside from the current price of €106.80 [2][15][18]. Core Insights - Ipsen SA is focused on the launch of its drug Igirvo, recently approved for a rare liver disease, which is in competition with Gilead's Livdelzi [2]. - The report highlights the comparable indications and usage sections of both Igirvo and Livdelzi, noting that both drugs are approved for 2L primary biliary cholangitis (PBC) [2]. - Physician feedback suggests that the lack of pruritus indication for Livdelzi may not significantly impact the competitive landscape for Igirvo [2]. - The report anticipates positive sentiment support for Ipsen, especially following a recent stock pullback [2]. Financial Forecasts - Revenue projections for Ipsen are expected to grow from €3,306 million in 2023 to €4,526 million by 2028 [2]. - EBIT is forecasted to increase from €1,001 million in 2023 to €1,480 million in 2028 [2]. - Net earnings are projected to rise from €763 million in 2023 to €1,140 million in 2028 [2]. - The diluted EPS is expected to grow from €9.15 in 2023 to €13.67 in 2028 [2]. Valuation Methodology - The valuation of Ipsen is based on a 50/50 blend of a DCF-based sum-of-the-parts (SOTP) analysis and peer multiples [3][6]. Market Outlook - The report indicates a forecast price appreciation of 35.8% and a forecast stock return of 36.9%, suggesting a strong investment opportunity relative to the market return assumption of 8.0% [4].