On Monday, Jefferies downgraded its recommendation on Ipsen shares from 'buy' to 'hold', while reducing its target price from 130 to 116 euros, saying it sees few catalysts in the 2024 horizon.

In a research note, the financial intermediary indicates that it has revised downwards its sales forecasts for the pharmaceutical group's four main drugs (Onivyde, elafibranor, Tazverik, Decapeptyl) after contacting doctors about their prescription levels.

The American analyst also believes that Livmarli, a treatment developed by Mirum, could wipe out some 400 million euros in sales currently recorded by Bylvay.

As a result, Jefferies reduces its forecast for average annual growth over the period 2023-2027 to 5.4%, from 6.6% previously.

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