Ipsen

What Ipsen does

Ipsen is a publicly traded French specialty biopharmaceutical company headquartered in Boulogne-Billancourt, focused on three therapeutic areas: oncology, rare disease, and neuroscience. The company develops, in-licenses, and commercializes small molecules, monoclonal antibodies, antibody-drug conjugates, and recombinant neuroinhibitors (notably corabotase/IPN10200, the first WHO/USAN-designated Recombinant NeuroInhibitor). Its marketed portfolio spans Dysport (botulinum toxin for spasticity and aesthetics), Cabometyx, Somatuline, and Onivyde in oncology; Bylvay, Iqirvo, and Sohonos in rare liver and ultra-rare disease; and Ojemda in pediatric low-grade glioma, supplemented by an in-licensed and acquired pipeline (ICT01, navtemadlin, IPN01203, IPN60300).

Ipsen's business model combines direct global commercialization with strategic licensing and M&A. The company sells through direct enterprise field sales teams, medical science liaisons, and key account managers targeting academic medical centers, hospital systems, and specialty pharmacies across 30+ countries; aesthetics distribution for Dysport runs through Galderma. Revenue is augmented by royalties and milestones from partnerships such as GENFIT (Iqirvo) and contract manufacturing through Quotient Sciences. The model is roll-up in nature: Ipsen has acquired Epizyme ($247M, 2022), Albireo ($886M, 2023), ImCheck (up to EUR 1B, 2025), and announced Kartos (up to $1.75B, 2026), funded by product cash flow, EUR 3.2B in firepower, and a EUR 1.5B revolving credit facility.

In FY2025 the company generated EUR 3.68B in total sales (10.9% growth at constant exchange rates), EUR 1.29B in core operating income (35.2% margin), and EUR 754M in R&D investment, with Q1 2026 sales up 22.6% and 2026 guidance above 13% growth at constant exchange rates. The pipeline is concentrated in late-stage oncology (navtemadlin Phase III), immuno-oncology (ICT01, IPN01203), and next-generation neurotoxins (corabotase), with rare disease and pediatric indications providing differentiated orphan-drug economics.

Name

Ipsen

Legal name

Ipsen Pharma

Website

http://www.ipsen.com

Company type

Public

Founded year

1929

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Ipsen is a French specialty biopharmaceutical company that develops and commercializes therapeutics in oncology, rare disease, and neuroscience across 30+ countries, combining in-house biologics and toxin platforms with an active licensing and M&A-led pipeline expansion strategy.

Ownership category

akta.pro rank

Product category

Specialty Biopharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

akta.pro secondary industries

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF), Immunology & Autoimmune Specialty Pharmaceuticals (HLAIACAB)

Keywords

• Specialty biopharmaceuticals
• Oncology therapeutics
• Rare disease treatments
• Neuroscience medicines
• Botulinum toxin products

Headquarters

HQ city

Boulogne-billancourt

HQ country

France

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Supply Chain, Operations

Revenue model

1. Product Sales - Oncology: Direct pharmaceutical product sales across oncology portfolio including Cabometyx (cabozantinib), Onivyde, Tazverik (withdrawn 2026), Somatuline, and newly acquired assets. Sales through hospital and specialty pharmacy channels globally.
2. Product Sales - Rare Disease: Direct sales of rare disease treatments including Bylvay (odevixibat), Iqirvo (elafibranor), and Sohonos (palovarotene) through specialty distribution channels.
3. Product Sales - Neuroscience: Sales of Dysport (abobotulinumtoxinA) for therapeutic and aesthetic indications, primarily through Galderma partnership for aesthetics.
4. Royalties from Licensing - GENFIT: Ongoing royalty payments from GENFIT based on Iqirvo net sales for Primary Biliary Cholangitis, generating EUR 21.8 million in 2025 royalties.
5. Milestone Payments: Development and regulatory milestone payments received from partners including triggered payments when sales thresholds are exceeded, such as the US$20M milestone from Iqirvo exceeding US$200M net sales threshold.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Ipsen is a global specialty biopharmaceutical company that develops, manufactures, and commercializes prescription medicines in three therapeutic areas: Oncology (e.g., Cabometyx, Somatuline, Onivyde), Rare Disease (e.g., Bylvay, Iqirvo, Sohonos), and Neuroscience (e.g., Dysport). Its portfolio combines in-house pipeline assets, in-licensed products, and brands acquired through M&A (Epizyme, Albireo, ImCheck, Kartos), sold through direct field sales, specialty pharmacy, hospital channels, and a Galderma aesthetics partnership across 30+ countries.

Product overview

Ipsen is a global biopharmaceutical company with a diversified portfolio of specialty medicines across three therapeutic areas: Oncology (including neuroendocrine tumors, kidney, liver, pancreas, thyroid, prostate and breast cancers, and hematology), Rare Disease (rare liver diseases including PFIC, PBC, Alagille syndrome, biliary atresia, and ultra-rare bone diseases like FOP), and Neuroscience (spasticity, cervical dystonia, and medical aesthetics). The company's product portfolio consists of both in-house developed medicines and acquired brands, including key products like Dysport (botulinum toxin), Bylvay (for rare liver diseases), Iqirvo (for PBC), Somatuline, Onivyde, and Cabometyx. Ipsen has actively expanded through acquisitions including Epizyme (Tazverik), Albireo (Bylvay, Sohonos), ImCheck Therapeutics (ICT01), and Kartos Therapeutics (navtemadlin), as well as licensing agreements for Ojemda (tovorafenib) and corabotase as a first-in-class recombinant neuroinhibitor. The pipeline includes early-stage immuno-oncology programs (IPN01203, IPN60300) developed through partnerships with Marengo Therapeutics and Foreseen Biotechnology.

Differentiator

Problem solved

Functional benefit

Brands

• Fondation Ipsen: Social and educational foundation established to raise awareness of rare diseases, under the aegis of Fondation de France

Products and services

• Cabometyx (cabozantinib)
• Somatuline (lanreotide)
• Onivyde (irinotecan)
• Ojemda (tovorafenib)
• Bylvay (odevixibat)
• Iqirvo (elafibranor)
• Sohonos (palovarotene)
• Dysport (abobotulinumtoxinA)
• corabotase (IPN10200)
• ICT01 (IPN60340)
• navtemadlin
• IPN01203
• IPN60300

Quantifiable outcome

• 10.9% sales growth at constant exchange rates in 2025
• +7 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered minor, core and major.

• Simcere ZaimingminorStrategic or Co-development Partner · 1 February 2026Licensing agreement for an antibody-drug conjugate targeting LRCC15, announced February 2026.
• Quotient SciencescoreImplementation/ SI/ Consulting Partner · 1 January 2026Extended commercial manufacturing partnership for Sohonos (palovarotene) capsules, the only FDA-approved treatment for Fibrodysplasia Ossificans Progressiva. Ipsen invested in specialized equipment for Boothwyn, Pennsylvania facility.
• Marengo TherapeuticsmajorStrategic or Co-development Partner · 1 January 2026Partnership for IPN01203/STAR0501, a T cell activator program using Marengo's STAR platform for solid tumors. Selected for presentation at AACR 2026 New Drugs on the Horizon session.
• Origami TherapeuticsmajorStrategic or Co-development Partner · 1 January 2026Global collaboration and option agreement for a small-molecule protein degrader program targeting a rare, inherited neurodegenerative disorder. Ipsen receives exclusive option to license following drug candidate nomination.
• Skyhawk TherapeuticsminorStrategic or Co-development Partner · 1 April 2024Partnership to develop RNA-targeting small molecule treatments for rare neurological diseases, announced April 2024.
• Day One BiopharmaceuticalscoreStrategic or Co-development Partner · 1 January 2024Licensing agreement for tovorafenib (Ojemda) ex-U.S. rights for pediatric low-grade glioma. Ipsen secured European rights and achieved EU approval in April 2026. The drug was first approved in the U.S. under accelerated approval.
• GENFITcoreStrategic or Co-development Partner · 1 January 2020Licensing and collaboration agreement for elafibranor (Iqirvo) for Primary Biliary Cholangitis. Ipsen commercializes the product with ongoing royalty payments to GENFIT. Strong commercial performance with EUR 184 million in 2025 sales triggering milestone payments.
• IRICoR / Université de MontréalmajorStrategic or Co-development Partner · 1 January 2020Long-term academic-industry partnership focused on oncology research targeting the MAPK pathway, altered in approximately 40% of human tumors. Partnership initiated in 2020 and extended twice, with four active programs including one in Phase I trials.
• GaldermacoreChannel Partner/ Reseller/ Distributor · 1 January 2014Commercialization partnership for Dysport in aesthetic medicine. Galderma commercializes Dysport under brand names including Azzalure, Alluzience, and Relfydess. Arbitration in 2026 confirmed termination of early-stage R&D partnership while affirming continued commercialization rights.

Scale indicators13 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• UCB: Belgian specialty biopharmaceutical company focused on neurology (including spasticity/epilepsy) and immunology. Comparable to Ipsen's neuroscience pillar (Dysport, corabotase) and rare-disease positioning, with similar specialty-care commercial model.
• Jazz Pharmaceuticals: Ireland-headquartered specialty biopharmaceutical company focused on neuroscience (including movement disorders/sleep) and oncology. Comparable to Ipsen's neuroscience pillar and rare-disease commercial model with similar bolt-on M&A strategy.
• Lundbeck: Danish specialty pharmaceutical company focused on CNS disorders including movement disorders and neurology. Comparable to Ipsen's neuroscience franchise (cervical dystonia, spasticity) and as a mid-sized European specialty pharma with similar pipeline depth.
• Recordati: Italian specialty pharmaceutical company with a focus on rare diseases and specialty therapeutics across Europe and the US. Comparable as a European specialty pharma peer pursuing rare-disease and niche therapeutic franchises through acquisitions.

Broad incumbents

• Sanofi: French-headquartered global biopharmaceutical company with specialty care franchises in rare disease, oncology, and immunology. Comparable as a fellow French specialty pharma peer with similar geographic base and therapeutic breadth, though at substantially larger scale.
• Takeda Pharmaceutical: Japan-based global specialty biopharmaceutical company with strong rare disease, oncology, and neuroscience franchises following the Shire acquisition. Comparable for its specialty-care focus and reliance on bolt-on M&A in rare disease, though at substantially larger scale.
• Bayer Pharmaceuticals: German global life sciences company with pharmaceutical division focused on specialty care, women's health, and rare disease. Comparable as a European incumbent with similar specialty pharma orientation and rare-disease ambitions.

Regional players

• Almirall: Spanish specialty pharmaceutical company focused on dermatology and specialty therapeutics, primarily serving European markets. Comparable as a European specialty pharma peer with similar therapeutic-area focus and bolt-on partnership approach, though smaller and more regional.

Others

• Galderma: Global dermatology and aesthetics company that commercializes Dysport for aesthetic indications. Comparable as Ipsen's key channel partner for the Dysport aesthetics franchise and a related player in the neurotoxin/aesthetics market.

Emerging players

• Incyte: US-based biopharmaceutical company focused on oncology and inflammation, including myelofibrosis (Jakafi). Comparable for its overlap with Ipsen's oncology pipeline, particularly in hematology where Kartos's navtemadlin targets myelofibrosis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/IpsenBiopharmaceutical
• Facebookfacebook.com/Ipsengroup
• LinkedInlinkedin.com/company/ipsen
• Instagraminstagram.com/ipsengroup
• Xx.com/Ipsengroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A14 records

Investments14 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ipsen