Slide 1: FY 2023 results
FY 2023 results 8 February 2024 Diana Living with post-stroke spasticity Sintra, Portugal
Slide 2: Disclaimer and safe harbor
Disclaimer and safe harbor This presentation includes only summary information and does not purport to be comprehensive. Forward-looking statements, targets and estimates contained herein are for illustrative purposes only and are based on management’s current views and assumptions. Such statements
Slide 3: Speakers
Speakers For Q&A David Loew Aymeric Le Chatelier Christelle Huguet CEO CFO Head of R&D 3
Slide 4: Our growth journey
Our growth journey Next phase of transformation built on strong foundations 2028+ Lasting momentum 2024-2027 Balanced & diversified Dynamic growth portfolio across three therapy areas 2020-2023 Several launches Sustained growth, Setting foundations supported by pipeline & Further pipeline expansion
Slide 5: Today's highlights
Today’s highlights 2023 financial results 2024 key milestones Total-sales: +6.7%1 Regulatory decisions Growth platforms: +13.0%1 Onivyde: U.S. elafibranor: U.S., E.U. Core operating margin: 32.0% odevixibat: E.U. Q4 pipeline progress 2024 guidance2 Regulatory submissions Total-sales growth elafibran
Slide 6: 2023 sales highlights
Image O/S 2023 sales highlights FY 2023 Q4 2023 €m % change €m % change Growth platforms 1,893 13.0% 486 4.9% New medicines 119 n/a 42 n/a Somatuline 1,066 -10.4% 278 -5.4% Other 51 -10.7% 13 18.9% Total Sales 3,128 6.7% 818 5.4% Packaging Operator Production All growth rates at constant exchange ra
Slide 7: Growth platforms: +13.0% in FY 2023
Growth platforms: +13.0% in FY 2023 Q4 Q4 Q4 Q4 -7.0% +19.0% +7.0% +14.7%1 Strong underlying Strong volume uptakes Good growth Further growth in aesthetic & therapeutics across most in China post-gemcitabine setting performance geographies Challenging baseline & Momentum in Robust performance 1L PDA
Slide 8: New medicines
New medicines FY 2023 FY 2023 FY 2023 €74m €38m €7m H2 U.S. launch in second indication, Completed strategic re-build of Recent launch in U.S.: first & only ALGS operational capabilities treatment for patients with FOP PFIC: increasing Focus on community setting & Sales from special-licence sales nu
Slide 9: Somatuline sales: Q4 -5.4%; FY -10.4%
Somatuline sales: Q4 -5.4%; FY -10.4% North Rest of America Europe Q4 World Q4 Q4 -4.5% -1.9% -17.6% Volumes stable in a Reduced baseline: one year after Impact from growing market generic launch in key countries generic launch in Australia Favorable one-off Benefit from Effects from phasing & tende
Slide 10: A high-value, sustainable pipeline
A high-value, sustainable pipeline Phase I Phase II Phase III Registration IPN60210 FIDRISERTIB CABOMETYX + ONIVYDE + 5-FU/LV + R/R multiple myeloma ATEZOLIZUMAB OXALIPLATIN & R/R DLBCL FOP 2L mCRPC 1L mPDAC IPN60260 ELAFIBRANOR TAZVERIK + R2 ODEVIXIBAT1 Viral cholestatic disease PSC 2L FL Alagille
Slide 11: Launching four new medicines or new indications in 2024
Launching four new medicines or new indications in 2024 Expected Indication Market regulatory-decision date 1L mPDAC U.S. only FDA: 13 Feb 2024 U.S. launch underway ALGS Global1 EMA: H2 2024 FDA: 10 Jun 2024 Elafibranor 2L PBC Global2 EMA: H2 2024 FOP U.S. & selected RoW U.S. launch underway 1L: fir
Slide 12: Generation Ipsen: sustainability-performance update
Generation Ipsen: sustainability-performance update Pillars KPIs 2023 performance Science-based GHG-emission reductions1 vs 2019 baseline by 2030 Environment Scope 1&2: -50% Scope 1&2: -36% Scope 3: -20% Scope 3: -29% Reduce time to make non-FDA/EMA Patients regulatory submissions by 25% First data
Slide 13: Financials
Financials Aymeric Le Chatelier Chief Financial Officer 13
Slide 14: Core P&L
Core P&L Solid sales growth; operating margin primarily reflects R&D investment from acquisitions FY 2023 FY 2022 change Total sales €m €m % Adverse impact from currencies Other revenue Total Sales 3,128 3,025 3.4% Favorable impact from license rights to Onivyde Other revenue 179 131 36.1% Cost of g
Slide 15: 2023 core operating margin evolution
2023 core operating margin evolution Reflective of dilutive impact from recent acquisitions Base business • Strong contribution of growth platforms • Pre-launch investment • Gradual decline of Somatuline Acquisitions • Dilutive Epizyme & Albireo impacts driven by commercial & R&D investments Onivyde
Slide 16: Core operating income to consolidated net profit
Core operating income to consolidated net profit FY 2023 FY 2022 change Amortization of €m €m % intangible assets Increase mainly related to new assets: Bylvay, Core Operating Income 1,001 1,115 -10.3% Tazverik & Sohonos Amortization of intangible assets (207) (103) n/a Restructuring & other Restruc
Slide 17: Cash flow & net debt
Cash flow & net debt FY 2023 FY 2022 change Free cash-flow decline €m €m % driven by lower core operating income & higher Opening Net Cash 399 28 n/a level of capital expenditures & improved working capital Free cash flow 711 817 -13.0% Dividends (100) (100) - Net investments primarily reflected Alb
Slide 18: FY 2024 guidance
FY 2024 guidance Excluding any impact from potential late-stage1 external-innovation transactions CORE OPERATING TOTAL-SALES GROWTH MARGIN CORE OPERATING MARGIN >+6% ~30% of total` sales at constant exchange rates of total sales Expected adverse impact of around 1% Includes additional R&D expenses f
Slide 19: Conclusion
Conclusion David Loew Chief Executive Officer 19
Slide 20: Conclusion
Conclusion Next phase of transformation built on strong foundations Delivering Financial Results • Solid combination of top-line growth & core operating margin • Significant firepower for further transactions Progress with Pipeline • Regulatory decisions in 2024 across Oncology & Rare Disease • Adva
Slide 21: Questions
QUESTIONS
Slide 22: Appendix
APPENDIX SIPSEN
Slide 23: FY 2023 sales by region
FY 2023 sales by region North America Europe Rest of World 33% 40% 27% of total sales of total sales of total sales Europe is defined in this presentation as the E.U., the U.K., Iceland, Liechtenstein, Norway and Switzerland. 23
Slide 24: FY 2023 sales by therapeutic area
FY 2023 sales by therapeutic area Oncology Rare Disease Neuroscience 75% 4% 21% of total of total of total sales sales sales 24
Slide 25: FY 2023 total sales: unfavorable impact of fx rates
FY 2023 total sales: unfavorable impact of fx rates FY 2023 sales by currency Average rate changes (FY 2023 vs. FY 2022) Other USD: 1.08 BRL: 5.40 AUD: 1.63 CNY: 7.66 TRY: 25.74 1% EUR -3% -7% -8% 24.6% EUR 4% 22% 24.6% 34% 4% 33.5% CNY 33.5% 3.7% 4% 4.8% -16% -48% 35% 33.4% USD USD BRL AUD CNY TRY
Slide 26: Near to mid-term outlook
Data Regulatory Near to mid-term outlook readout decision Key milestones Medicine 2024 2025 2026 Onivyde 1L mPDAC, FDA Elafibranor 2L PBC, FDA Odevixibat ALGS, E.U. Cabometyx mCRPC, Phase III Fidrisertib FOP, Phase II Bylvay BA, Phase III Dysport Migraine, Phase III Tazverik 2L FL, Phase III1 1L: fi
Slide 27: Oncology
Oncology Key ongoing clinical-trial highlights PRIMARY TRIAL POPULATION PATIENTS DESIGN STATUS ENDPOINT(S) Second novel hormonal Cabometyx therapy (abiraterone & PFS endpoint met CONTACT-02 2L mCRPC 575 prednisone or enzalutamide) PFS, OS Phase III or Awaiting OS data NCT04446117 Cabometyx + atezoli
Slide 28: Oncology
Oncology Key ongoing clinical-trial highlights PRIMARY TRIAL POPULATION PATIENTS DESIGN STATUS ENDPOINT(S) R/R FL: following at least one prior Tazverik systemic Placebo + R2 SYMPHONY-1 chemotherapy, 540 or PFS Recruiting1 Phase III immunotherapy, or Tazverik + R2 NCT04224493 chemo- immunotherapy IP
Slide 29: Rare Disease
Rare Disease Key ongoing clinical-trial highlights TRIAL POPULATION PATIENTS DESIGN PRIMARY ENDPOINT STATUS Elafibranor Response to treatment Placebo Regulatory decisions: ELATIVE defined as ALP < 1.67 x ULN 2L PBC 161 or U.S.: June 2024 Phase III and total bilirubin ≤ ULN and elafibranor E.U.: H2 2
Slide 30: Rare Disease
Rare Disease Key ongoing clinical-trial highlights PRIMARY TRIAL POPULATION PATIENTS DESIGN STATUS ENDPOINT(S) 10mg IPN60250 tablet QD for IPN60250 12 weeks Primary sclerosing Phase II 12 Safety and tolerability Recruiting1 cholangitis NCT05642468 30mg (3 x 10mg) IPN60250 tablets QD for 12 weeks Ela
Slide 31: Neuroscience
Neuroscience Key ongoing clinical-trial highlights PRIMARY TRIAL POPULATION PATIENTS DESIGN STATUS ENDPOINT IPN10200 Ax Moderate to Dose escalation & LANTIC severe upper facial 191 dose-finding versus Safety Fully recruited1 Phase II NCT04821089 lines Dysport or placebo IPN10200 Tx Adult patients Do
Slide 32: Investor Relations
Investor Relations Craig Marks Nicolas Bogler Vice President, Senior Manager Investor Relations Investor Relations +44 7564 349 193 +33 6 52 19 98 92 craig.marks@ipsen.com nicolas.bogler@ipsen.com 32
Slide 33: Thank you
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