FY 2025 was a year of strong execution and robust performance across all therapeutic areas, driving significant topline growth and reinforcing the company’s strategic momentum. Total sales grew 10.9% at constant exchange rates (CER), supported by a solid 7.5% growth in Q4.

Strong growth across all therapeutic areas

Oncology remained a cornerstone of our business, delivering 4.1% growth and accounting for 69% of total 2025 sales. Rare Disease was a standout performer in 2025, with sales doubling year‑over‑year (+102.5%). Neuroscience delivered high single‑digit growth (9.7%), supported by steady expansion across core markets.

We delivered a core operating margin of 35.2%, an improvement of 2.6 percentage points, reflecting strong cost discipline and improved mix.

With strong profitability, we closed the year with €3.2bn in firepower to invest in external innovation and strategic opportunities.

2026 outlook: continued growth and pipeline progress

We set our 2026 guidance: total sales growth above 13% at CER in FY 2026 and a core operating margin above 35%. This outlook is supported by accelerated momentum across the portfolio.

2026 will be a pivotal year for innovation, with five major milestones, including three pivotal readouts and the full Phase II presentation of IPN10200 in its first aesthetics indication (glabellar lines) at an upcoming medical meeting.

New in our A Life in Science series, we hear from Eli Leo, Early Development Asset Lead, about how teamwork, creativity, and even failure fuel progress in research. From seeing herself as a conductor guiding scientists like an orchestra to learning from the 98% of experiments that do not succeed, she shows how resilience and collaboration create meaningful breakthroughs for patients.

“I feel like I am a conductor of an orchestra. The violins are the bench scientists, other instruments are regulatory or clinical, and they need to make sure that they play together and their music is something that is good,” says Eli Leo, Early Development Asset Lead at Ipsen. 

For Eli, leading science means orchestrating people and processes as much as experiments. “In my current role, not only I can use my scientific skills, but the best is the ability to make sure that the scientists in my team work together in the best possible way.” 

That teamwork underpins early development, where progress is built on persistence. “In our jobs, unfortunately, the chances of success are very slim. But it’s very important to be able to accept that and also to learn from the failure, because failure is actually a sort of background you stand on and you just have to learn from your lack of success and make sure that the next time you leverage from the learnings that you have.” 

The odds are stark. “Probably 98% of what we do will fail,” Eli says. “But if that 2% works, it’s because… most importantly, you have learned a lot in your past experience with failed experiments.” 

It is a perspective that shows how resilience, creativity, and teamwork are not only vital for research, but also for turning promising science into medicines that can change lives. 

“Our role is to anticipate things: ‘Which dose is safe, which populations face higher risk, and how can we mitigate these risks?’”

Before a medicine reaches patients, its promise must be measured against its risks. For Lineu Domit, safety physician in Ipsen’s Global Patient Safety team, this balance is the essence of early development. Their assessments guide study protocols, inform investigators, and shape patient consent documents—critical foundations for moving forward responsibly.

Safety is often seen as reactive, but Lineu emphasizes its proactive role. “We are not raising red flags to slow down progress,” he says. “We are working with teams to find the safest path forward.”

That path begins with identifying risks by mechanism of action, population, and context, then translating them into practical safeguards. Reports come from multiple sources—clinical studies, hospitals, physicians, even patient call centers—and are assessed against strict global guidelines. “It is a very regulated environment,” he says. “Every case is captured, evaluated, and reported.”

For Lineu, this rigor is not bureaucracy but purpose. “At the clinic, I could help one patient at a time. In safety, we can help entire populations.”

Looking to the future, he sees technology as an accelerant. “AI will allow us to detect signals earlier, before patients are exposed,” he says. Already, visualization tools are making it easier to integrate data and identify trends at a glance.

At Ipsen, efficacy and safety advance together. By defining risks clearly and early, safety science strengthens the foundation for innovation. For Lineu, it is about more than compliance. It is about ensuring every medicine is not only effective, but the right treatment for the right patient at the right time.

Roxanne Ferdinand, SVP, Head of Global Medical Affairs, Oncology

As we prepare to mark World Cancer Day, which continues its three-year commitment to the powerful global theme of “United by Unique”, Ipsen acknowledges the immense, global challenge that cancer presents. The experience of navigating cancer is personal, but the fight against it is a shared one. It demands unity in our efforts, even as we recognize and respect our individual differences.

The theme “United by Unique” resonates strongly with Ipsen’s approach to developing innovative medicines for people living with cancer. We know that every patient’s cancer journey, whether in an adult or a child, is fundamentally unique. As a clinician, I’ve seen first-hand that no two patients are exactly alike. Every journey is shaped by individual biology, circumstances, and needs. This principal guides Ipsen’s strategy to bring innovative, personalized solutions that respect the diversity of patient experiences.

Addressing Unmet Needs in Oncology

We focus on tackling cancers where there are significant unmet needs, and where there is potential for science to make a real and meaningful difference. Our efforts are concentrated in treating complex and rare cancers, including Epithelioid Sarcoma, Neuroendocrine Tumors (NETs) and Renal Cell Carcinoma (RCC). In addition, we are committing substantial resources to focus on improving treatment outcomes for patients diagnosed with specific childhood brain tumors.

Personal Journeys, Shared Purpose

Our patient-centric ethos is best reflected in the stories of those we serve. We are proud to recognize the resilience of Stephen, living with neuroendocrine cancer, Melanie who shares here personal experience of being diagnosed with lung neuroendocrine tumors,  and Lily May, who is bravely living with pediatric low-grade glioma.

Personal stories like these fuel our mission and reinforce our commitment to advancing therapies for all patients, ensuring their uniqueness is met with dedicated and pioneering scientific effort.

Driving Innovation Through Collaboration

On World Cancer Day, Ipsen reaffirms its pledge to stand united with the global cancer community. The fight is formidable, but our collective resolve is stronger. By continuing to innovate and operate with an earnest commitment to each unique patient, we will move closer to a future where cancer is not feared, but is a manageable condition, and lives are not only extended, but also transformed.

We look forward together, unified by a shared purpose, and dedicated to the unique needs of every person facing cancer.

Together for the Climate: Ipsen Strengthens Its Climate Commitment with CDP A-List Recognition and SBTi Approval 

.

It’s official! Ipsen received an A score from CDP, placing us among the global leaders in environmental transparency and action.

We can be proud of this achievement that reflects the collective efforts made at site level, by affiliates and individuals, and the continuous work to maintain Ipsen’s decarbonization journey. Being on the CDP A list, is a clear signal that we lead the way in sustainability and earn strong credibility with our stakeholders.

What is CDP?  

CDP (Carbon Disclosure Project) is an international non-profit that runs the world’s leading environmental disclosure system. Each year, thousands of companies report their climate, water, and forest data to CDP, which assesses their performance and ambition. A CDP score reflects how well an organization measures, manages, and acts on its environmental impact.

Why does this matter?  

By scoring an A, Ipsen has demonstrated environmental leadership. We have shown a comprehensive understanding of our environmental dependencies, risks, and opportunities. But more importantly, it highlights the best practice actions aligned with a 1.5°C future.  

A renewed commitment to decarbonization  

This achievement comes alongside another milestone: Ipsen’s climate targets have been renewed in 2025 by the Science Based Targets Initiative (SBTi). Confirming that we are on the right track toward decarbonization and reinforcing our credibility with stakeholders. 

.

Sustainability touches every part of Ipsen – from social impact and diversity to climate, water, responsible sourcing, and beyond. It’s a shared responsibility across all areas of our business.  

Let’s build on this achievement and take Sustainability at Ipsen to the next level! 

“We were shocked” That is how Celine felt when her family received the news that her daughter Suzanne had been diagnosed with the rare liver disorder, Alagille Syndrome (ALGS) at just a few months old.

We at Ipsen are standing alongside the Alagille Syndrome Alliance on 24^th January, which is ALGS Awareness Day, and every day. We understand the importance of supporting patient organisations in raising awareness about these rare and challenging diseases, so that families know they are not alone.

Hear from Roberta Smith, President of the Allagille Syndrome Alliance as she shares what she wishes everyone knew about ALGS and the importance of awareness days.

The Alagille Syndrome Alliance works to serve families across the world, who are living with a diagnosis of ALGS. The organization aims to bring together the ALGS community including patients, caregivers, and friends to better understand the complex and difficult nature of ALGS. Their mission is to mobilize resources, facilitate connections, promote unity, and advocate for a cure to inspire, empower, and enrich the lives of people affected by Alagille Syndrome.

To learn more about ALGS from a family living with the disorder, listen to Celine and Suzanne’s story here.

By Sandra Silvestri, EVP & Chief Medical Officer, Ipsen

At Ipsen, our heritage in neuroscience has always been about more than advancing science – it is about transforming lives. Despite advances in care and numerous initiatives to prevent stroke, cases continue to rise over recent decades.[i] A key challenge we continue to face today is post‑stroke spasticity (PSS), a condition that affects around one in four stroke survivors. Yet despite its prevalence, too many people are left without timely access to care. Only a fraction receive support, and even fewer continue with regular follow‑up.

These gaps in care are not inevitable. They are the result of fragmented pathways, inconsistent monitoring, and uneven access to specialist services. Survivors often move between multiple teams — neurology, rehabilitation, community therapy, pain services, and specialist clinics — without a clear point of accountability. This complexity means spasticity can go unnoticed or untreated, leaving patients and caregivers struggling to navigate the system.

At Ipsen, we believe these challenges can be addressed. By embedding structured follow‑up, encouraging multidisciplinary collaboration, and simplifying referral routes, we can help patients move through the pathway more smoothly and access care sooner. Just as importantly, we must see the whole person. Recovery after stroke is shaped not only by physical symptoms but also by mood, motivation, comorbidities, and the daily realities faced by caregivers. Compassionate, practical support — from mood checks and clear information to coordinated appointments that reduce travel and cost — is essential to sustaining engagement.

Our proactive approach is grounded in evidence and collaboration. Through real‑world studies, patient journey mapping, and partnerships across the global neurotoxin community, we are uncovering where care breaks down and designing solutions to close those gaps. This work is already delivering measurable gains: earlier treatment starts, better goal attainment, and renewed confidence for patients and carers.

Above all, we listen. The voices of survivors, families, and clinicians guide our mission. Their lived experiences remind us that recovery is not only about survival, but about life fully lived. As one survivor shared: “I have discovered that I could be strong and overcome difficulties — and give strength to others.”

Ipsen’s commitment to neuroscience is rooted in this belief: that every stroke survivor deserves the chance not only to live, but to thrive. By investing in education, evidence, and collaboration, we are working to ensure that care gaps are closed and that life after stroke is defined by possibility, not limitation.

[i] https://journals.sagepub.com/doi/10.1177/17474930241308142

“I felt, during my career path, that I was more a scientist rather than a leader; in my current role, I’m bridging the two as a research leader.” Elisabetta Leo is moving science forward at the heart of early development. This involves progressing nonclinical data and novel molecules in oncology, from bench to bedside. As Early Development Asset Lead, she leads a diverse team to align data packages, regulatory timelines, and cross-functional coordination to meet critical milestones. Her role covers every step of the transition from nonclinical to clinical. “I work with scientists, clinicians, clinical operations, regulatory, supply chain, and beyond” she notes. Though it encompasses a lot, the goal is simple: ensure the readiness of each program across all functions. This includes maintaining alignment with external partners and involves collaborating on the most promising modalities, shaping them to develop the strategy to test them in humans for the first time—ultimately determining the potential of a medicine in patients.

What drives her is not just the scientific challenge; it’s also human connection. “The people here are exceptional,” she says. “The size of the company allows us to be very connected.” She also values the visibility that comes with Ipsen’s scale. “In some global corporations there are several layers. Here, it is much more agile.”

“I now lead both science and people—and I am really enjoying that.”

It is that combination of leadership, along with curiosity, structure, and purpose—that defines Elisabetta’s work and continues to guide her and her team toward promising results for patients.

Philippe Lopes-Fernandes, EVP & Chief Business Officer, shares how Ipsen’s tenacious approach to dealmaking is transforming breakthrough science into global impact—solidly.

At Ipsen, strategic M&A is more than a growth engine—it’s a commitment to purposeful science. We acquire with intent: to accelerate innovation, expand our therapeutic reach, and deliver meaningful impact for patients with few or no options.

Our approach begins with great science. We seek programs with strong biological rationale and the potential to transform care—whether it’s a novel mechanism in rare liver disease or a differentiated approach in hematology-oncology. But we go further. We look for science that can anchor a franchise, open new pathways, and offer optionality for future expansion. This is how we build sustainable value and long-term leadership.

We don’t wait for innovation to come to us. We proactively engage with biotech founders, academic labs, and early-stage platforms where bold ideas are born. Our partnering model is personal and purposeful—grounded in shared ambition and a clear path to scale. Ipsen is becoming the preferred partner for innovators with purpose, ready to accelerate and go global.

And we don’t stop at acquisition. What sets Ipsen apart is our continuity model. The same team that leads the deal stays with the science—bringing deep cross-functional expertise across R&D, regulatory, medical, and commercial. This seamless integration accelerates development, reduces risk, and sets a benchmark for post-deal execution.

The results speak for themselves. Our newly built rare liver franchise is now recognized as an industry leader, with two medicines approved across three indications and a pipeline of assets targeting five rare cholestatic liver diseases. We’re expanding therapeutic possibilities where options are limited, and our commitment to combination strategies and novel mechanisms is unlocking new potential.

In hematology-oncology, we’re building momentum with assets that address immune-evasive tumors and complex cancers. Our strategy is focused on optionality—developing assets that can be combined, sequenced, or expanded into adjacent indications, always with the patient need front and center.

Across our portfolio, the impact is clear. In the past five years, we’ve added over 35  programs with an attrition rate below 30%—a testament to our scientific discipline and execution excellence.

Every deal reflects Ipsen’s commitment to science with purpose. Through strategic M&A, we’re not just acquiring assets—we’re building franchises, expanding therapeutic possibilities, and ensuring that transformative innovation reaches patients worldwide with speed, precision, and care.

“We all know someone affected by cancer, so for me, there’s an urgency, especially when I think about the patient.”

Developing an antibody-drug conjugate (ADC) is a technical challenge. Across Ipsen’s work in ADCs Will Olughu leads a team driving the chemistry, manufacturing, and controls (CMC) effort to bring this complex science into reality.

Will and his team approach work with the “end” in mind. They start by defining the quality target product profile and then work backwards to identify critical process parameters and considering necessary controls early. “You do not wait until the end to check quality,” he explained during his interview. “You build it into the process from the beginning.”

This philosophy is especially important when working with novel payloads and sensitive linkers. The science is unforgiving, and the stakes are high. Ipsen drives these stakes to the finish line, accelerating timelines while aligning data, decisions, and regulatory requirements in real-time.

Will’s interest in process optimization runs deep. His ongoing academic work explores sustainable manufacturing using biological systems—an approach that reduces energy and material demands while increasing efficiency and productivity. That mindset now informs his vision for the future. “I want to see personalized medicine mature,” he says. “To make this a reality, we need systems that can deliver viable therapies tailored to a single person at scale. That changes everything—from supply chains to regulatory thinking.”

For now, his focus is on building the foundation. Ipsen’s ADC efforts are advancing, but the process, platform, and principles Will has helped establish offer a model for what comes next: precision-guided medicines, built for patients from the onset.