R&D costs blunt Ipsen profits

European pharmaceuticals firm Ipsen posted first-half profits of €112.9 million on €463.2 million in sales. Though sales were up year-over-year by 7.6%, profits rose only 4.2 percent, in line with internal expectations, the company says. President Jean-Luc Bélingard attributed the sub-5 % earnings growth to a boost in R&D costs and to spending on its endeavor to build an endocrinology business in the States. Net profits actually fell by 11.6% to €78 million because of a loss on its 25% stake in Tercica, a U.S.-based drug developer. The company projects full-year results in line with its forecasted revenue growth of 5.5% to 6.5%, and expects big news before year's end, notably the U.S. approval of its endocrinology drug Somatuline. Report

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