28 April 2016 – Ipsen today reported its sales for the first quarter 2016.
First quarter 2016 unaudited IFRS consolidated sales
|(in million euros)||Q1 2016||Q1 2015||% Change||% Change at constant currency|
|of which Somatuline®||
|of which Decapeptyl®||78,2||82,9||-5,6%||-4,6%|
of which Smecta®
of which Forlax®
|of which Tanakan®||9,8||10,5||-6,9%||-4,1%|
* Drug-related sales (active ingredients and raw materials) are recorded within Primary care sales.
Commenting on the first quarter 2016 performance, Marc de Garidel, Chairman and Chief Executive Officer of Ipsen said: “In the first quarter, the Group continued to benefit from the acceleration of the growth of Somatuline® in neuroendocrine tumors, both in the United States and Europe. However, the environment in emerging markets, especially in China , is still adversely affecting the performance of Decapeptyl® and the primary care.” Marc de Garidel added: “We are fully committed, upon regulatory approval, to preparing the upcoming commercial launches of cabozantinib in advanced renal cell carcinoma in Europe, and Dysport® in pediatric lower limb spasticity in the United States.”
First quarter 2016 sales highlights
Note: Unless stated otherwise, all variations in sales are stated excluding foreign exchange impacts.
Consolidated Group sales grew 4.7% to €362.0 million.
Sales of Specialty care products reached €288.1 million, up 9.7% year-on-year. Oncology sales grew by 16.3% while neurosciences and endocrinology sales decreased by respectively 3.9% and 1.4%. The relative weight of specialty care continued to increase to reach 79.6% of Group sales, compared to 75.9% the previous year.
Sales of Somatuline® reached €121.7 million, up 36.3%, driven by a strong growth in North America following the launch of the new indication of neuroendocrine tumors at the beginning of 2015, and the strong performance in most European countries, notably in Germany, France, Poland, Italy and the UK.
Sales of Dysport® reached €63.2 million, down 4.2% year-on-year impacted by unfavorable inventory effects in the aesthetic indication through the Galderma partnership. These effects were partly offset by a very good performance in Russia and to a lesser extent in Germany and the United States with a limited growth in therapeutic sales.
Sales of Decapeptyl® reached €78.2 million, down 4.6% year-on-year, mainly impacted by negative inventory effects in the Middle East and Algeria. In China , the product suffered from a high comparison base in the first quarter 2015, and from increased price pressure in some provinces. However, the product registered a good performance in some European countries especially in Russia, the United Kingdom and Belgium.
Primary care sales reached €73.9 million, down 11.0% year-on-year. International sales declined 13.7%, while sales were down 3.6% in France. Over the period, primary care sales represented 20.4% of total Group sales, compared to 24.1% the previous year.
Sales of Smecta® reached €29.3 million, down 16.9% year-on-year, affected by inventory effects in China related to the change in business model in a slower market.
Sales of Forlax® reached €10.0 million, up 11.5%, driven by supply sales to the Group’s partners in charge of marketing the generic versions of the product.
Sales of Tanakan® reached €9.8 million, down 4.1% year-on-year, penalized by a market slowdown in France and in Russia.
2016 financial objectives
The Group confirms its financial targets for 2016:
- Specialty care sales growth year-on-year in excess of 10.0%;
- Slight primary care sales growth year-on-year;
- Core operating margin of around 21%, including the impact from the investment required to prepare the commercial launch of cabozantinib for the treatment of advanced renal cell carcinoma in Europe.
Sales objectives are set at constant currency.
1Year-on-year growth excluding foreign exchange impacts