UPDATE 2-Ipsen ups margin goal, diabetes drug hits test target

* Q3 sales up 7.8 pct, drug sales up 9.4 at constant rates

* Increases margin goal to 17-17.5 pct from around 14 pct

* Partner Roche says diabetes drug meets Phase III goal

* Dysport launched in U.S. for spasm in neck muscles

* Shares rise 6.32 percent

(Adds CEO comment, shares, detail)

By Caroline Jacobs

PARIS, Oct 29 (Reuters) - French drugmaker Ipsen (IPN.PA) said it had positive trial data on a potential blockbuster diabetes drug with Swiss partner Roche and had launched its treatment for neck spasms in the United States.

Ipsen on Wednesday raised its full-year operating margin due to royalties from a drug partnership deal after saying its third-quarter sales grew 7.3 percent.

Shares in Ipsen were up 6.3 percent at 35.05 euros by 1415 GMT.

Ipsen said Swiss partner Roche (ROG.VX) had found that Type 2 diabetes candidate drug Taspoglutide -- which originated in Ipsen laboratories -- met its main target in a final phase clinical trial. [ID:nLT171323]

Several analysts called the first data on Taspoglutide, a possible rival to Eli Lilly's (LLY.N) Byetta, "encouraging" but said they would wait for more data at the end of this year or early next. Type 2 diabetes is the most common form of the disease.

Ipsen sees Taspoglutide as a potential blockbuster and if cleared for marketing, it will get royalties of 15 percent of Roche's sales of the product on top of about 200 million euros in milestone payments linked to the drug's development.

Ibsen separately announced the launch of Dysport to treat muscle spasms in the neck, a disorder called cervical dystonia, in the United States, which makes it the company's third global product. The drug has been competing with Allergan's (AGN.N) Botox as an anti-wrinkle treatment in the world's biggest drug market since June.

Ipsen raised its operating margin forecast to 17 to 17.5 percent from its previous estimate of "around" 14 percent.

"Ipsen ... unsurprisingly adjusted its EBIT (earning before interest and taxes) guidance", Societe Generale analyst Rodolphe Besserve said. "This remains below our estimate, which is above 18 percent for the 2009."