Ipsen's 2012 financials beat own projections

French drugmaker Ipsen (Euronext: IPN) posted financial results for 2012, showing that group sales rose 5.1% to 1.22 billion euros ($1.64 billion), despite a 4.3% decline to 518.5 million euros in its largest geographical region, Major Western European countries. Specialty care product turnover rose 13.6% to 862.5 million euros, while primary care sales slumped 11.9% to 324.6 million euros, negatively impacted by performance in France, down 29.7%. However, the company said that sales for the year were above the firm’s objectives.

In the fourth quarter 2012, group drug sales were stable year-on-year, driven by specialty care up 8.6%, fully offset by a decline of French primary care sales, down 17.3% year-on-year. Consolidated group sales reached 294.9 million euros, down 0.3% year-on year.

Commenting on the performance, Marc de Garidel, chairman and chief executive of Ipsen said: “From the first year on, Ipsen’s drug sales performance illustrates the relevance of the Group’s strategy of focus, with specialty care up 11.3%, growing internationally and at an accelerating pace. In parallel, the group has been addressing two of its main challenges: the adjustment of French primary care sales organization and the sale of hemophilia-related assets.” He added: “Our therapeutic areas and geographical footprint form robust foundations for the achievement of our 2020 ambition.”