|Craig Marks||Adrien Dupin de Saint-Cyr|
|Vice President, Investor Relations||Investor Relations Manager|
|+44 7584 349 193||+33 6 64 26 17 49|
2020 Universal Registration Document
This registration document contains forward-looking statements about Ipsen’s targets and forecasts, including the Annual Financial Report. The registration document provides a comprehensive information about the Company its activities, financial information, colleagues and legal informationDownload
Shares in Ipsen S.A. have been traded on the Eurolist by Euronext™ market (Compartment A) since 7 December 2005, when the IPO (Initial Public Offering) price was €22.20 per share.
Ipsen shares joined the Deferred Settlement System on 28 March 2007 and joined the SBF120 index on 24 December 2007.
Ipsen has implemented a Sponsored Level I American Depositary Receipt (ADR) program and trades on the over-thecounter market in the United States under the symbol IPSEY.
|Share information||2020 trading data|
|ISIN Code||FR0010259150||Average share price||€73.46|
|Euronext Code||IPN.PA||Highest price (17/09/2020)||€95.90|
|ADR Code||IPSEY||Lowest price (19/03/2020)||€34.20|
|SRD / PEA Eligibility||Yes/Yes||Stock market capitalization(1)||€5,691.01 M|
|Total Shares||83.8M||Average daily volume||153,847|
Comparison between Ipsen’s share price performance and the principal stock market indicators between 2 January 2020 and 31 December 2020 (Source: Onvista)
Price (Base 100 on 2 January 2020)
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).
Financial objectives and outlook
Our top-line sales growth and bottom-line performance in 2020 were better than they have ever been – and our pipeline is stronger than ever.
2021 financial objectives
The Company upgraded its financial guidance for FY 2021 on 29 July 2021. This guidance incorporates an assumed progressive global recovery from COVID-19 in the second half of the year. Subsequent to the July 2021 launch of generic lanreotide in Germany, further launches of generic lanreotide in Europe in the second half of the year are also assumed; Ipsen does not, however, anticipate the launch of octreotide or lanreotide generics in the U.S. in 2021. Guidance is as follows:
Total sales – growth greater than 8.0%, at constant exchange rates
A core operating margin of around 32.0%, excluding any potential impact of incremental investments from external innovation
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