During 16 seasons he played for Athletic Bilbao, appearing in 413 official matches (179 goals) and winning seven major titles.
He was a member of a noted forward line, headed by Zarra with support from Panizo, Rafael Iriondo and Piru Gaínza At the age of 33, Panizo moved to another Basque club, modest SD Indautxu of the second tier, closing out his career after one year.
His teammates that season included younger brother Óscar, whose career was mostly spent at Barakaldo CF in the same division.
Panizo made his debut for Spain on 23 June 1946, in a 0–1 friendly loss to the Republic of Ireland in Madrid.
Panizo was selected for the squad present at the 1950 FIFA World Cup, appearing four times as the nation reached the second group stage of the competition.