Ipsen SA (IPN) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Ipsen SA stock €119, price €159, that is 25.6% below the price, quality 73 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Our calculation puts a fair price 26% below what the stock costs today.
Quality 73/100
Solidly profitable · 11.9% net margin (TTM)
Low debt
Generates free cash flow
1.0% dividend yield · Well covered
Ranks above peers(9/15)
Positive coverage
Broad data
Revenue last quarter +19% vs. a year ago.
Mixed Growth(revenue 5y +6.5 %/yr in EUR)
Moderate moat64/100 · thin data
Fair value €118.65 · Overvalued (−25.6%)
Risks from the AI analysis
🚩Camurus CAM2029 could erode Somatuline sales🚩Long-acting rivals could pressure Dysport in aesthetics and therapeutics🚩Patent expiry could expose Somatuline to generics
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range €73.95 – €171.10 · fair‑value band €88.99 – €148.32 · the €159.40 price screens above the €118.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Ipsen S.A., a biopharmaceutical company, develops and commercializes medicines in the areas of oncology, rare disease, and neuroscience in North America, Europe, and internationally.
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It engages in the development of Somatuline for neuroendocrine tumors and acromegaly indications; and Dysport for motor muscular disorders and medical aesthetics indications; and Decapeptyl for advanced metastatic prostate cancer, uterine fibroids, central precocious puberty, endometriosis, female infertility, and early-stage breast cancer in combination with hormone therapy.
The company also develops Cabometyx for renal cell carcinoma, second line hepatocellular carcinoma, differentiated thyroid cancer, and neuroendocrine tumors; Onivyde for second-line metastatic pancreatic cancer; and Bylvay for the treatment of progressive familial intrahepatic cholestasis and cholestatic pruritus in patients with both PFIC and Alagille syndrome.
In addition, it is involved in the development of Iqirvo for the second line treatment for primary biliary cholangitis; Sohonos for the treatment to reduce new, abnormal bone formation in soft and connective tissues, in people living with ultra-rare bone disease, and fibrodysplasia ossificans progressiva; and IPN60340 in Phase I/II clinical trial for first line acute myeloid leukemia indications.
Further, the company develops Tazverik + rituximab and lenalidomide in Phase III clinical trials for second line follicular lymphoma indications; Tovorafenib in Phase III clinical trials for first line pediatric low-grade gliomas indications; and IPN01194, IPN01195, IPN60300, and IPN01203 in Phase I for solid tumors indications; and IPN10200 in Phase II clinical trials for aesthetic and therapeutic indications.
Ipsen S.A. was founded in 1929 and is headquartered in Paris, France.
Stock analysis
Ipsen SA (IPN) currently trades at €159.40, while our model-based Fair Value estimate is €118.65, 26% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €181.85 per share, and 12 of the 26 models we run sit above the €159.40 price.
Bear case: the Dividend Discount group reads lowest at €23.24, and 14 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: €88.99 (bear) to €148.32 (bull), the price of €159.40 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Ipsen SA reported revenue of €3.7B in FY2025 versus €2.7B in FY2021, a compound +7.5%/yr. Reported net income was €445M in FY2025, compounding −8.9%/yr from FY2021.
Key figures
Market cap €13.2B Large · P/E ratio 25.8 · P/S ratio 3.08 · EPS (TTM) €6.18 · Dividend yield 1.0% · Net margin 11.9% · Return on equity 11.4% · Return on assets (EBIT) 13.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 7% below its 52-week high and 39% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at −26%, IPN screens cheaper than that median.
Fair Value models
Bear€88.99Fair Value €118.65Bull€148.32
Price €159.40 · Downside -25.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€3.88 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.5%
Start year 2020 (pandemic). Over 10 years: +9.2% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−4.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.8%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−5.8% vs 8.8%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.28% → 20%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−2.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −4.5% a year for the price and +4.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Ipsen's neuroscience track record backs a promising new botulinum toxin candidate, yet limited public signals and absent moat evidence leave profitability sustainability unclear.
Main risk: Camurus’ CAM2029 candidate could demonstrate superiority to Ipsen’s Somatuline, which accounts for around 30% of group sales, and capture significant market share in neuroendocrine tumors and acromegaly.
Bull case: Ipsen could leverage its new recombinant botulinum toxin IPN10200 and expanded Dysport indications such as migraine to offset any Somatuline losses and grow the aesthetics and neuroscience franchises.
Bear case: If Camurus and other rivals succeed and generics intensify, Ipsen could see sustained declines in its two largest products Somatuline and Dysport, limiting overall growth despite pipeline efforts.
Ipsen just reported positive Phase II results for its recombinant botulinum toxin candidate IPN10200, with statistically significant longer-lasting effects than Dysport in glabellar lines and a clean safety profile. This milestone advances a first-in-class asset in aesthetics on the back of the company's long neuroscience track record. Our models currently see the stock as overvalued. Will the aesthetics pipeline add meaningful new growth, or will core products continue to carry the business?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 554 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside−25.6% · Below median
Profitability
Return on equity (12 months)11.4% · Above median
Return on assets6.4% · Above median
Net margin (12 months)11.9% · Above median
Operating margin (12 months)28.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)18.7% · Top 25%
Dividend yield (12 months)1.0% · Below median
Balance sheet
Debt / equity0.17× · Above median
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/E (12 months)25.8× · Pricier than median
P/B3.05× · Priciest 25%
P/S (12 months)3.08× · Pricier than median
Price / free cash flow12.8× · Cheaper than median
EV/EBITDA8.3× · Cheaper than median
PEG0.51× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 16
FUTURE (revenue growth)94· sector 25
PAST (return on equity)46· sector 29
HEALTH (low debt)91· sector 96
DIVIDEND (yield)20· sector 33
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Ipsen SA Fair Value". https://www.fairvalue-calculator.com/stock/IPN
Frequently asked questions
Is Ipsen SA (IPN) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of €118.65 versus a price of €159.40, about 26% lower (overvalued).
What is the fair value of IPN?
Our model-based fair value for Ipsen SA is €118.65 (as of Nov 3, 2026), built from audited fundamentals. The current price: €159.40.
What is the quality score of IPN?
Ipsen SA has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ipsen SA (IPN)?
Our model-based price target is the fair value of €118.65 (as of Nov 3, 2026) from 26 valuation models. Cautious scenario €88.99, optimistic scenario €148.32. It is a calculation from audited fundamentals, not an analyst target.
What is the Ipsen SA stock forecast for 2026?
Our models put fair value at €118.65, about 26% lower versus a price of €159.40 (overvalued). Cautious scenario €88.99, optimistic scenario €148.32. The calculation is refreshed regularly with new filings.
What is the revenue of Ipsen SA (IPN)?
Ipsen SA reported trailing-twelve-month revenue of about €4.3B (latest available figure, as of Nov 3, 2026).
Does Ipsen SA pay a dividend?
Ipsen SA currently shows a dividend yield of 1.00% relative to its recent price (as of Nov 3, 2026).
What growth is priced into Ipsen SA (IPN)?
For today's price to be fair in a discounted-cash-flow model, Ipsen SA would have to grow free cash flow by -2.5 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.5 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of IPN use?
Our models discount Ipsen SA at 8.6 %: a base by market capitalisation (large), damped by beta 0.35, country premium for France. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Ipsen SA that is -2.5 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Ipsen SA (IPN) delivered so far?
Over the past 5 years revenue at Ipsen SA grew +6.5 % a year. The price currently implies -2.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Ipsen SA (IPN) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Ipsen SA (-2.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ipsen SA (IPN)?
The free-cash-flow yield on the price is 7.81 %: that much free cash flow Ipsen SA produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ipsen SA (IPN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ipsen SA it is €118.65 per share (as of Nov 3, 2026), against a price of €159.40. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Ipsen SA stock overvalued or undervalued in 2026?
As of Nov 3, 2026, IPN trades above its calculated fair value: price €159.40, fair value €118.65, a gap of about −26% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IPN?
No. The price is what the market pays today (€159.40); the fair value is what the company's own numbers justify (€118.65). For Ipsen SA the two are €40.75 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ipsen SA worth?
The market values Ipsen SA at about €13.2B (market capitalisation, as of Nov 3, 2026). Per share that is €159.40; our models calculate a fair value of €118.65 per share.
What do the bullish and bearish scenarios say about IPN?
Our models span a range for Ipsen SA: cautious scenario €88.99, base €118.65, optimistic €148.32 per share (as of Nov 3, 2026, price €159.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IPN?
Ipsen SA trades at a price-to-earnings ratio of 25.8 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €118.65 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 22.4. Other multiples: PEG 0.5, P/B 3.1, P/S 3.1, EV/EBITDA 8.3.
What is the PEG ratio of IPN?
The PEG ratio of Ipsen SA is 0.51 (P/E divided by earnings growth, as of Nov 3, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Ipsen SA (IPN)?
Balance-sheet figures for Ipsen SA (as of Nov 3, 2026): return on equity 11.4%, debt of 0.17 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is IPN from its 52-week high?
Ipsen SA trades at €159.40, about 7% below its 52-week high of €171.10 and 39% above the low of €114.88 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €118.65 is for.
Which stocks are comparable to Ipsen SA?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ipsen SA stock attractive at the current price?
The data as of Nov 3, 2026: price €159.40, calculated fair value €118.65 (−26%), Quality Score 73/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IPN calculated?
We run Ipsen SA through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €118.65, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Ipsen SA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ipsen SA (IPN)?
The closing price on Nov 5, 2026 was €159.40. Our model-based fair value is €118.65, about 26% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ipsen SA right now?
The price sits above even our optimistic bull case (€148.32). The favourable scenario is already priced in. Solid but not exceptional quality (73/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Ipsen SA (IPN) come from?
Earnings per share at Ipsen SA grew +10.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.7 %, EBIT margin −0.4 %, tax rate +0.6 %, residual (interest, one-offs) +0.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Ipsen SA
How large is the market capitalisation of Ipsen SA (IPN)?
The market capitalisation of Ipsen SA is €13.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ipsen SA (IPN)?
The price-to-sales ratio of Ipsen SA is 3.08 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ipsen SA (IPN)?
Earnings per share at Ipsen SA are €6.18 (price ÷ EPS = P/E 25.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ipsen SA (IPN)?
The dividend yield of Ipsen SA is 1.0% (payout 25.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Ipsen SA (IPN)?
The net margin of Ipsen SA is 11.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ipsen SA (IPN)?
The return on equity (ROE) of Ipsen SA is 11.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ipsen SA (IPN)?
On an EBIT basis the return on assets of Ipsen SA is 13.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ipsen SA (IPN)?
The operating margin of Ipsen SA is 28.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ipsen SA (IPN)?
Revenue at Ipsen SA is growing +18.7% versus a year earlier (3y avg +5.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ipsen SA (IPN)?
Earnings per share at Ipsen SA are growing +21.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Ipsen SA (IPN) hold?
Ipsen SA holds more cash than debt, €471M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 3, 2026