Ipsen's Iqirvo Shows Strong Launch in Competitive Liver Disease Market

Ipsen's recently approved liver disease drug Iqirvo has demonstrated a promising start in the competitive primary biliary cholangitis (PBC) market, generating sales of 23 million euros ($26 million) in the first quarter of 2025. The drug, developed in partnership with Genfit, is now vying for market share against established and new competitors in the rare liver disease space.

Iqirvo's Market Performance and Competitive Landscape

Iqirvo, which received FDA approval last year, is facing competition from two other drugs in the PBC market. Intercept and Advanz's Ocaliva, approved in 2016, previously dominated the market but has recently faced setbacks. Gilead's Livdelzi, approved around the same time as Iqirvo, is also competing for market share.

Ipsen CEO David Loew expressed satisfaction with Iqirvo's launch, stating, "The launch continues to track well in line with our expectations." The company has reported successful launches in Germany and the UK, with plans to expand into other countries this year. Loew added, "We have been assuming about a third of market share, which is what we are seeing currently. We see about 60 percent of the patients coming de novo second line and the rest from Ocaliva switches."

Analysts have projected Iqirvo's sales to reach 193 million euros ($220 million) by 2027, with peak sales estimates of 400 million euros ($456 million). In comparison, Gilead's Livdelzi reported sales of $30 million in the fourth quarter of 2024.

Ipsen's Expanding Rare Liver Disease Portfolio

Iqirvo is not Ipsen's only entry in the rare liver disease market. The company's drug Bylvay, acquired through the purchase of Albireo Pharma two years ago, reported first-quarter sales of 43 million euros ($49 million), representing a 63% year-over-year increase. Bylvay, a once-daily ileal bile acid transport inhibitor (IBATi), was approved for progressive familial intrahepatic cholestasis (PFIC) in 2021 and for Alagille syndrome (ALGS) in 2023.

Analysts from ODDO BHF have noted that both Bylvay and Iqirvo are "chalking up good ramp-up scores," highlighting Ipsen's growing presence in the rare liver disease market.

Ipsen's Overall Performance and Future Outlook

Ipsen reported total first-quarter sales of 919 million euros ($1.05 billion), marking a 12% year-over-year increase. The company has reiterated its projection of at least 5% growth for the current year. However, despite the positive sales figures, Ipsen's share price declined by 5% following the earnings announcement.

The company faces challenges, including upcoming generic competition for its top-selling cancer drug Somatuline and disappointing patient uptake of its rare bone disease drug Sohonos. Ipsen took an impairment charge of 281 million euros ($319 million) on Sohonos in 2024, with first-quarter sales of the product down 47% year-over-year.

As Ipsen continues to navigate the competitive pharmaceutical landscape, the strong performance of its liver disease drugs Iqirvo and Bylvay provides a bright spot in the company's portfolio, potentially offsetting challenges in other areas.