For the full 2025 fiscal year, the pharmaceutical group's revenues rose by 8.1%, or 10.9% at constant exchange rates, reaching a total of 3.676 billion euros. At the same time, operating profit from activities amounted to 1.294 billion euros, up 16.7%, resulting in an operating margin from activities of 35.2%, an improvement of 2.6 points compared to 2024. Finally, consolidated net profit from activities increased by 17.6%, to 1.009 billion euros.

At Jefferies, analysts noted that the group's revenue beat consensus by 1%, while core EBIT (adjusted operating profit) exceeded it by 2%, thanks to milestone payments from Onivyde and strict cost management, despite a reclassification of distribution expenses.

Ambitions for 2026

Looking ahead, Ipsen is forecasting total sales growth above 13% at constant exchange rates, representing an acceleration from the 10.9% increase posted in 2025. At the same time, the operating margin from activities is expected to exceed 35% this year, including additional R&D spending from potential early- and mid-stage external innovation opportunities.
These targets factor in an acceleration of growth in the portfolio excluding Somatuline, as well as continued sales growth for Somatuline, given the production challenges faced by generic versions of lanreotide.

According to UBS, these targets are "significantly above consensus, mainly thanks to Somatuline." Jefferies analysts believe these initial forecasts are above even the market's highest expectations.

In the medium term, the company is confident in its ability to surpass an average total revenue growth of at least 7% over the 2023-2027 period, with an operating margin from activities representing at least 32% of total sales in 2027.