2019 Universal Registration Document
This registration document contains forward-looking statements about the Group’s targets and forecasts, including the Annual Financial Report. The registration document provides a comprehensive information about our company, its activities, financial information, HR, and legal information.
- Listed on: segment A of Euronext Paris
- ISIN code: FR 0010259150
- Mnemonic: IPN
- FTSE classification: 486 – pharmaceuticals
- Sectorial classification ICB: 4577 – pharmaceuticals
- Nominal value: 1 euro
- First trading day: December 7, 2005
Ipsen established a sponsored level I American Depository Receipt (ADR) program in the United States in June 2010 with Deutsche Bank trust company Americas (Deutsche Bank).
- Ticker: IPSEY
- Structure: Sponsored Level I ADR
- Exchange: OTC
- Ratio (ORD:ADR): 1:4
- ADR ISIN: US4626291060
- ORD ISIN: FR0010259150
CONTACT DETAILS FOR ADR HOLDERS:
Deutsche Bank Shareholder Services
6201 15th Avenue
Brooklyn, NY 11219
Toll-free number: +1 (866) 706-0509
Direct Dial: +1 (718) 921-8137
The Company’s ADR program is sponsored by Deutsche Bank. As the depository bank Deutsche Bank performs the following roles for ADR holders:
- Records and maintains the register of ADR holders
- Is the stock transfer agent
- Distributes dividends in U.S. dollars (if applicable)
- Facilitates the proxy voting process and exercises the voting rights on behalf of ADR holders (if applicable)
- Issues and cancels Ipsen ADSs (American Depository Shares)
- Can distribute company circulars and Annual General Meeting documentation (if applicable)
For those holders who are not registered because their shares are held through a ‘Street name’ (nominee account), your nominee will receive company documents from time to time from Deutsche Bank to distribute to ADR holders. You need to make arrangements with your nominee if you wish to receive such documents and to be able to exercise your vote through the depositary bank at general meetings (if applicable).
||Eric Le Berrigaud|
||Delphine Le Louet|
Financial objectives and outlook
Our top-line sales growth and bottom-line performance in 2019 were better than they have ever been – and our pipeline is stronger than ever.
2020 financial objectives
The Group has reinstated the following financial targets for the current year
- Group sales growth greater than +2.0% at constant currency, with an expected negative impact of 0.5% from currencies based on the current level of exchange rates.
- Core Operating margin greater than 30.0% of net sales, excluding incremental investments in pipeline expansion initiatives.
Guidance takes into account the high level of uncertainty regarding COVID-19 and assumes only a gradual recovery from the pandemic as well as no impact of any new somatostatin analog (SSA) generic entry.
The 25th of March 2020, Ipsen provided an update related to the impact of the Covid-19 pandemic on its global business which is affected in varying degrees in the countries impacted by the coronavirus, with very different and evolving situations from one country to another.
Since the start of the health crisis, Ipsen has taken the necessary measures to ensure the safety of its employees around the world and to focus on business continuity so that it can provide patients with access to its medicines. As part of these preventive measures, and in line with local health authorities’ guidance, Ipsen has instituted a global travel ban as well as home office policies where appropriate. Ipsen has also paused in-person interactions with healthcare professionals in several markets where its field-based employees are working from home using technology to interact virtually with healthcare professionals (HCPs).
Ipsen sees a limited financial impact today given its resilient product portfolio comprised mostly of diversified treatments with highly-differentiating and long-acting formulations for critical chronic conditions. However, given the general economic slowdown, its performance year-to-date in China, reduced interactions with healthcare professionals and the uncertainty about the duration and scale of the health crisis, Ipsen has decided to suspend its 2020 financial guidance announced in February as it is not possible at this stage to quantify its impact on the Group’s financial statements. Further updates will be provided as the situation evolves.
Mid-term financial outlook and capital allocation strategy
Ipsen provides its financial outlook for the period 2020-20241:
- Group Net Sales CAGR2 between +2% and +5%3,assuming potential additional indications
- Commitment to invest in R&D supported by SG&A efficiencies
- Lower SG&A as a percentage of net sales driven by further focus and optimization
- Higher R&D as a percentage of net sales driven by external innovation strategy
External innovation is Ipsen’s number one priority for capital allocation. In support of its external innovation strategy, Ipsen expects to generate by 2024 a cumulative €3bn4 of firepower for pipeline expansion, excluding the sale of any assets.
1 Ipsen is on track to deliver its previous 2022 financial targets and is committed now to a new 2024 financial outlook
2 Compound Annual Growth Rate
3 At constant exchange rates and scope
4 Based on Net Debt remaining below 2.0x EBITDA