Ipsen holds 2008 profit, but future not bright

French drug firm Ipsen reported almost flat profit year-on-year for the  2008, but forecasts a difficult period ahead as European markets slow in  the global financial crisis.

Total revenues rose 5% to 1.04 billion euros ($1.33 billion), while R&D  expense was cut 1% to 182.9 million euros. Net income was 147.7 million  euros, or 1.75 euros per share, versus 150.6 million euros, or 1.79  euros per share.

Chief executive Jean-Luc Belingard said: "with revenues breaking above  the one billion euros mark for the first time...the group's performance  during 2008 was highly satisfactory and in line with the financial  objectives set a year ago, in spite of the downturn in the economic  environment." He added that, "in a context of increased uncertainty,  with all indicators suggesting that 2009 will be a tough year from a  macro-economic standpoint, the group remains confident in its ability to  apply its strategy rigorously and pursue further expansion by harnessing  its multiple sources of growth."