Investors

2018 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.

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2019 half year financial report

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Phone: +44 (0)1 753 627 721 Phone: +33 (0)1 58 33 53 31

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ADR program

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
AST
Operations Center
6201 15th Avenue
Brooklyn, NY 11219
USA

Email: DB@astfinancial.com
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).

Analyst coverage

Bank of America Merrill Lynch	Sachin Jain
Barclays	Emily Field
Berenberg	Klara Fernandez
Bryan Garnier	Eric Le Berrigaud
Credit Suisse	Matthew Weston
Exane BNP Paribas	Luisa Hector
Gilbert Dupont	Guillaume Cuvillier
Goldman Sachs	Diana Na
Jefferies	Peter Welford
JP Morgan	Richard Vosser
Midcap Partners	Pierre Vaurice
Morgan Stanley	Vincent Meunier
Oddo & Cie	Christophe-Raphaël Ganet
Portzamparc	Christophe Dombu
Societe Generale	Delphine Le Louet
UBS	Jack Scannell

Stock information

Research & Development pipeline

Ipsen R&D has a valuable pipeline encompassing both lifecycle management of our well-established products, and the development of innovative new molecules.

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We are focused on accelerating our sales growth while improving our profitability and cash flow generation, in order to further invest in business development to build an innovative and sustainable pipeline and to maintain the growth momentum of the business.

Aymeric Le Chatelier, CFO

2020 financial objectives

Upgraded Full Year 2020 guidance

The Group has set the following financial targets for the current year, assuming no impact in 2020 of new somatostatin analog (SSA) generic entry:

Group sales growth year-on-year greater than +6.0% at constant currency; no impact of currency expected based on the current level of exchange rates.
Core Operating margin around 30.0% of net sales, excluding incremental investments in pipeline expansion initiatives.

	Initial guidance	Updated guidance
Sales growth[1]	> +13.0%	> +14.0%
Core Operating margin (as a % of net sales)	around 30.0%	around 30.0%

¹ Subsidiaries involved in the partnership between Ipsen and Schwabe Group are consolidated in accordance with the equity method starting 1 January, 2019. Year-on-year growth excluding foreign exchange impact established by recalculating net sales for the relevant period at the rate used for the previous period.

2022 Financial outlook

The Group has updated its 2022 outlook taking into account the latest developments in its current business, mainly in the palovarotene development program:

Group net sales greater than €2.8 billion, assuming current level of exchange rates;
Core Operating margin greater than 28.0% of net sales

The outlook has been updated assuming no approval of additional meaningful products or indications (including no contribution from palovarotene), progressive entry of additional octreotide and lanreotide generics globally from 2021 and excluding the impact of incremental investments in pipeline expansion initiatives

[3] Assuming current level of exchange rates.

[4] Including both flare-up and chronic indications for FOP

Financial objectives

Annual Report 2018

2018 was a remarkable year for Ipsen. We remain focused on executing our internal and exter,nal innovations trategy to build a robust pipeline, ensure continued growth and optimize value for patients and stakeholders.

Annual Report

2019 - a record year for Ipsen

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2018 Registration Document

2019 half year financial report

Contact

Stock information

Ipsen shares

ADR program

CONTACT DETAILS FOR ADR HOLDERS:

Shareholding structure

Analyst coverage

Research & Development pipeline

Financial objectives and outlook

2020 financial objectives

2022 Financial outlook

Annual Report 2018

In 2019, Group sales grew by 14.8%, driven by Oncology which was up 20%.

In 2019, we saw double-digit growth in Europe and growth of almost 20% in North America.

Our Core Operating Income showed a 19% increase and our Core operating margin was 30.4% of sales, up 0.7 points.

Specialty Care sales growth was nearly 17%, reflecting strong performance across all major products and geographies.