Ipsen leaps on strong first-half results; expands links with Inspiration Biopharma and names new CFO
On a very busy news days for French drugmaker Ipsen (Euronext: IPN), the company saw its shares jump as much as 11% to 24.48 euros after reporting a 22 % increase in profit, raising its sales forecast, announcing an expanded collaboration with Inspiration Biopharmaceuticals and appointing a new chief financial officer.
For the first half of 2011, Ipsen said that net income reached 91.7 million euros ($133 million) up from 75.5 million euros a year earlier, significantly beating the average analysts’ estimate of 78.7 million euros. Earnings per share leapt 22.5% to 1.09 euros. Operating profit grew 15% to 121 million euros and total revenues were up 5.8% at 619.4 million euros for the six-month period. Total drug sales rose 5.4% to 566.6 million euros, with specialty care revenues growing 8.2% to 381.0 million and primary care sales flat at 185.6 million euros.
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