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|
2020 financial objectives
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||> +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.
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.
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