Ipsen's six-month net income drops 10%
Profits for the first six months of 2007 at French drugmaker Ipsen fell 11.6% to 78.0 million euros ($108.4 million), equivalent to earnings per share of 0.92 euros. The decline was attributed to the combined impact of price cuts in Europe, a 3.5 million-euro loss incurred as a result of Tercica's performance, in which Ipsen holds a 25% stake, and the lack of payments for R&D work conducted on behalf of Swiss major Roche, as a result of the revised deal between the two (Marketletter July 31, 2006).
Despite this, Ipsen remained upbeat, commenting that sales had grown 7.6% to 463.2 million euros in the period, with Somatuline (lanreotide acetate), NutropinAq (controlled-release somatropin) and Dysport (botulinim toxin product), driving expansion. The firm also reiterated its guidance, forecasting a full-year total revenue increase of 4.0% to 5.0%.
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