EU HEALTHCARE: Ipsen (IPNFP; Baa3/BBB-/NR) UBS Bullish
Jul-10 15:09
Shares up nearly 4% today on UBS note
• UBS analyst Xian Deng notes that sales of Iqirvo are reportedly strong.
• Company reports 31st July.
• Iqirvo is a rare disease drug for liver disease.
• 2027 sales have been estimated at around €200m with €400m peak potential. Ipsen total annual sales are €3.67bn.
• The company is highly dependent on 3 drugs (71% of sales) so a successful new line is welcome.
• IPNFP 32s are screening z+136. Wider than all but Viatris.
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UK DATA: MNI UK Labour Market Insight: June 2025 Release
Jun-10 15:07
- The latest data confirm that the UK labour market is softening at an increasing pace.
- AWE wage data is on track to come in even lower in Q2 than the BOE’s Q1 forecast miss.
- There was also a deceleration in the HMRC PAYE RTI wage data.
- We look at the underlying data in detail and the trends in the AWE, RTI pay data and payrolls data.
OPTIONS: Expiries for Jun11 NY cut 1000ET (Source DTCC)
Jun-10 14:54
- EUR/USD: $1.1300(E2.2bln), $1.1400(E2.2bln), $1.1498-00(E1.0bln)
- USD/JPY: Y143.00($889mln), Y144.90-00($1.2bln)
- GBP/USD: $1.3450(Gbp758mln), $1.3600-05(Gbp565mln)
- AUD/USD: $0.6350-65(A$1.0bln) $0.6495-00(A$799mln)
- USD/CAD: C$1.3760($570mln), C$1.3800($527mln)
SOFR OPTIONS: Mixed Vol Trade, Put Spreads
Jun-10 14:48
- 5,000 SFRZ5 95.75/96.00 put spds ref 96.09
- -2,500 SFRZ5 97.12/SFRM6 96.50 straddle strip 127.0 to 126.5
- +2,000 SFRM6 96.00/97.00 strangles, 41.5
- +2,000 0QZ5 97.50/98.50 call spds 2.75 over SFRZ5 97.00/98.0 call spds
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