Ipsen commentary a positive for Allergan’s Botox business: Wells Fargo

Wells Fargo analyst David Maris notes that Ipsen (IPSEY) reported Q1 results and reported overall sales of Dysport of approximately EUR$94M, up 10% over Q1 2018, citing strong performance in the U.S. in both therapeutics and aesthetics. The analyst believes the commentary from Ipsen is a positive read through to Allergan (AGN) and its key franchise, Botox, in the near-future and over the longer-term. Allergan has cited market expansion as a tailwind for Botox in the past as well, and Ipsen’s commentary reiterates that viewpoint, he adds. Maris reiterates an Outperform rating and a $189 price target on Allergan’s shares.

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