Ipsen Sa S/Adr

Hello and welcome to Ibsen's conference call and webcast on Q1 2026 results. I'll now hand you over to David Lowe, Ibsen's CEO.

Thank you, operator, and hello everyone. I'm pleased to welcome you this afternoon to our Q1 sales presentation, which can also be found on Ibsen.com. Please turn to slide two. Please take note of our forward-looking statements, which outline the routine risks and uncertainties contained within this presentation. Also, All of my comments on growth will be based on constant exchange rates. Please turn to slide three. I'm going to take you through our first quarter sales performance and provide you with a business update, after which our CFO, Aymeric Le Chatelier, will join me for the Q&A session. Let's begin by taking a look at today's highlights. Please turn to slide four. We delivered a strong top-line growth in Q1. Total sales grew by 22.6% this quarter, driven by all three therapeutic areas. We're pleased to see the very strong performance of our portfolio outside somatolin, which grew by 27.5% in the three-month period. Based on this continued solid momentum and strong growth, We confirm our 2026 guidance with total sales growth greater than 13% at constant exchange rates and a core operating margin greater than 35% of sales. Turning to the pipeline, we were delighted to announce the approval of Agenda following the positive CHMP opinion in the European Union as the first targeted therapy in relapsed or refractory pediatric low-grade glioma, regardless of BRAF alteration. Looking ahead, 2026 promises to be an exciting year for our pipeline, with several key milestones, including three pivotal phase three readouts expected in H2 2026, as well as the launch of three late-stage programs starting this year. Please turn to slide five. Our Q1 sales delivered solid 22.6% growth, fueled by all three therapeutic areas. The portfolio outside of somatoling grew by 27.5% in the quarter. Oncology performed well, with sales up 13%, driven by the strong performance of all products. Rare disease continues to stand out, propelled by the sustained performance of Aquervo and Bilvay. Neuroscience with this board delivered 18.5% growth this quarter. I'll now turn to oncology for more detail. Please turn to slide six. Starting with somatolin, sales were up by 12.8% in Q1. Both the US and Europe continued to benefit from shortages of generic lanreotide in addition to a solid performance in rest of the world. We do anticipate Lanoitai generic competition to resume in H2 2026. Cobometic sales were up by 16.4% with solid performance in Europe and in the rest of the world. NET launch in Europe continues to progress with additional launches planned this year. Decapeptil sales were up by 8.4% as we experienced volume growth in Europe and China. despite continued competition and some pricing pressure in some countries. Now let's turn to rare disease. Please turn to slide seven. In rare disease, iQurvo continued to track very well with sales reaching 79 million euros this quarter. In Q1, we continue to see strong growth in the US. We believe that the switching of our Caliva patients onto PPARs has now happened and took place mostly during Q4 last year. On the European side, we observe a sustained momentum with more countries coming online and further reimbursements achieved. Turning to Bilvey, we continue to perform well with Q1 sales of 61 million euros, growing by 51.5%, driven by strong demand in the US, in addition to Europe and some rest of world countries, such as Japan, where we recently opened a new affiliate. We're also starting to see benefits as the dedicated field force comes fully online in the US. Moving to neuroscience, let's turn to slide eight. The sport performed very well in aesthetics this quarter, with sales up 24.3%. We have seen continuous growth in most territories, augmented by share gains in some countries. European markets have remained robust. The good performance includes positive phasing of shipment in the rest of the world. In therapeutics, the sport sales grew by 10.5%, driven by both Europe and the US. This concludes the review of sales. Now let's turn to the pipeline. Please turn to slide nine. We have a well-balanced pipeline across the three therapeutic areas. I will cover the late-stage assets shortly, but you can see we are building an early to mid-stage pipeline, including several phase one oncology assets, and an extensive program across both aesthetics and therapeutics for our long-acting recombinant molecule, IPN10200, now known by its generic name, Corobotase. Please turn to slide 10. Now, I will provide more detail on the key readouts expected in the second half of this year. We have pivotal phase three readouts for Dysport in chronic and episodic migraine, IQIRVO in the less severe PBC patients, BILVE in biliary atresia. And lastly, further data from our phase two LANTIC trial for chorobotase in two additional aesthetics indications of forehead lines and lateral canthal lines. Please turn to slide 11. We're excited to be starting three late stage trials with a view to registration. Following the acquisition of Imcheck Therapeutics last year, we're initiating activities for the Phase 2b3 trial in frontline unfit AML. For Equivalent, following encouraging Phase 2 data in PSC, we have initiated the Phase 3 trial. Given it is a long-term outcome study, we anticipate the readout in three to four years. Finally, for the long-acting recombinant molecule, Corabotase, following last year's proof-of-concept data, we have started the Phase 3 program in glabellar lines with patients enrolling quickly. The data from the Stage 1 of the Phase 2 Lantik trial in glabellar line will be presented at the SCALE Symposium in Nashville in May. I would now like to conclude. ICSN has delivered a strong start to 2026. We are on track to build further momentum in our transformation and to achieve our objectives for the year. Our top line continues to deliver, driven by the launches and continued portfolio performance. We're increasing our investment in our launches and our preparations for upcoming launches as we advance our pipeline. To further strengthen our pipeline, we will continue to diligently evaluate external innovations leveraging our increasing firepower with priorities unchanged. With that, please turn to slide 13. This concludes our presentation, and we will now take your questions, operator, over to you.

Thank you. To ask a question, you will need to press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. We will now go to the first question. One moment, please. And your first question today comes from the line of Yihan Li from Barclays. Please go ahead.