Ipsen Falls Most in Six Months on Writedowns: Paris Mover
Ipsen SA (IPN) shares tumbled the most in six months after the French drugmaker said it may take writedowns of as much as 180 million euros ($237 million) against 2011 earnings.
The shares slid as much as 6.8 percent, the biggest intraday drop since August, and traded 5.2 percent lower at 21.80 euros as of 9:07 a.m. in Paris.
Ipsen said today that it may take writedowns to reflect lower sales prospects for a U.S. drugmaker in which it owns a stake, its French primary-care business and for a reduced supply of one drug.
Ipsen, which owns about 41 percent of Cambridge, Massachusetts-based Inspiration Biopharmaceuticals, is taking a part of the charge to reflect the U.S. company’s “sales forecasts in a rapidly evolving competitive environment,” it said in a statement today.
The charge, which may range from 150 million euros to 180 million euros before tax, also will cover “uncertainties” on the supply of Increlex, an Ipsen drug that uses an active ingredient from Lonza Group AG. (LONN)
Lonza received a warning letter from U.S. regulators at the plant that makes the ingredient, Ipsen said. The writedown also covers assets related to the company’s primary-care business, Ipsen said.
Fourth-quarter sales rose 15 percent to 295.8 million euros, said the company, based in Boulogne-Billancourt, just outside Paris.
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