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Ipsen posts fall in profit

Ipsen reports disappointing figures for 2010 following the decision to stop clinical trials of a hormone treatment

French drugmaker Ipsen has reported a 39 per cent drop in its 2010 net profit to €95.3m after it halted the development of one its drugs.

The company's profit was affected by non-recurring impairment of €80.3m after tax, partly due to Ipsen's decision to stop developing a growth hormone drug in mid-stage clinical trials.

Consolidated group sales reached €1.1bn in 2010, excluding the impact of the exchange rate, an increase of 5 per cent year-on-year.

Ipsen said it expected sales of its specialty care drugs to rise by about 8 per cent in 2011, while sales of primary care treatments could fall by up to 10 per cent.

Marc de Garidel, chairman and chief executive, said: "Results for 2010 highlight Ipsen's strategy: strong growth of specialty care products, a historical presence in the very dynamic emerging countries, an important contribution from partnerships to the group's growth and profitability, as well as sustained investment in research and development.

"These results also underline the challenges that the group is confronted to: further price pressure, notably in primary care, attrition of some of our R&D projects, break-even still to be reached in North America. Furthermore, several one-off events weighted on Ipsen's profitability in 2010. Nevertheless, on a recurring and adjusted basis, all 2010 financial objectives have been met."

Ipsen was dealt a blow when disappointing results of diabetes treatment taspoglutide led Swiss partner Roche to end their partnership.

However, more positively, Ipsen has been expanding in the US, launching Dysport. It also sealed a haemophilia partnership with Inspiration Biopharmaceuticals.

3rd March 2011

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