UPDATE 1-Drugmaker Ipsen keeps targets despite lower H1 profit

* H1 net profit falls 10.9 percent

* Keeps financial targets

(Adds detail, background)

PARIS, Aug 28 (Reuters) - French drugmaker Ipsen IPN.PA reported a 10.9 percent fall in first-half net profit on Friday but maintained its 2009 financial targets.

Ipsen maintained its 2009 targets for group drug sales growth of 7-9 percent, excluding the impact of foreign exchange rates.

First-half net profit fell to 98.7 million euros ($141 million), reflecting the impact of higher administrative and research costs.

Ipsen's Dysport muscle relaxant product won regulatory clearance in April for an anti-wrinkle treatment as well as for a treatment for cervical dystonia, or spasms of the neck muscles. As an anti-wrinkle treatment, Dysport is the only rival to Allergan's AGN.N Botox product.

Ipsen shares closed up 0.2 percent at 33.85 euros on Thursday, giving the company a market capitalisation of 2.85 billion euros. The stock has risen 21 percent this year, having fallen 32 percent in 2008. (Reporting by Sudip Kar-Gupta and Caroline Jacobs; Editing by Dan Lalor) ($1 = 0.7024 euro)