Ipsen returns to profit, with drug sales up 2.1%

Full-year 2013 group revenues at French drugmaker Ipsen (Euronext: IPN) came in at 1.28 billion euros ($17.59 billion), a rise of 0.3%, although drug sales increased 2.1% to 1.19 billion euros, the company reported this morning. The company’s shares dipped 1.4% to 30.76 euros in morning trading.

Operating profit leapt 62.9% to 190.7 million euros, and consolidated profit was 153.1 million euros compared with a loss of 27.5 million euros in 2012, when it exited the hemophilia market. Earnings per share were 1.83 euros, versus a loss of 0.33 euros. Recurring adjusted fully diluted EPS was 1.85 euros compared with 1.76 euros, up 5.1%.

Commenting the 2013 performance, Marc de Garidel, chairman and chief executive of Ipsen, stated: “2013 results highlight the improvement of the group’s operating result in the last two years and reflect the past restructuring efforts. The recurring adjusted1 operating margin reached 17%, above expectations. From a clinical standpoint, 2013 was marked by important results for Dysport [abobotulinumtoxinA]and Somatuline [lanreotide, a treatment against neuroendocrine tumors]. In 2014, the group intends to accelerate specialty care growth and is preparing for the US launch of Somatulinein NET and the tasquinimod Phase III results in prostate cancer.”