Ipsen Sa · EURONEXT:IPN
Ipsen Sa — J.P. Morgan Healthcare Conference 2026
27 slides from Ipsen Sa's conference presentation, January 2026
Slide 1: Ipsen investor presentation
Ipsen investor presentation J.P. Morgan Healthcare Conference January 2026
Slide 2: Forward-looking statements
Forward-looking statements 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: Our vision
Our vision To be a leading global mid-sized biopharmaceutical company with a focus on transformative medicines Oncology Rare Disease Neuroscience 3
Slide 4: Our growth journey
Our growth journey Continued transformation built on solid foundations 2028+ Lasting momentum 2024-2027 Balanced & diversified Dynamic growth portfolio across three therapy areas 2020-2023 Multiple launches Sustained growth, Setting foundations supported by pipeline & Further pipeline external innov
Slide 5: Global leader with growth across all regions
Global leader with growth across all regions North America Europe Rest of World 35% 39% 26% of total sales1 of total sales1 of total sales1 Solid platform in oncology Sustained and diversified Multiple opportunities in and rare disease portfolio across three Asia-Pacific & Latin America therapeutic
Slide 6: A strong platform for growth
A strong platform for growth Current portfolio and external innovation to fuel sustained long-term growth External innovation >€3Bn firepower1 across early to late stage in three therapeutic areas Total sales Current portfolio & pipeline (excluding Somatuline) On market brands and lifecycle manageme
Slide 7: Building leadership in rare liver disease
Building leadership in rare liver disease Iqirvo and Bylvay approved in three indications with further pipeline opportunities Approved Pipeline Primary biliary Progressive familial Alagille Biliary Primary cholangitis intrahepatic cholestasis syndrome atresia sclerosing cholangitis 3,4,5 1,2 Ambitio
Slide 8: Iqirvo growing momentum
Iqirvo growing momentum Sales acceleration quarter on quarter U.S. Quarterly sales (M€) 49 • Growing PPAR market • Ocaliva switches 36 • New data at AASLD’25 on long term efficacy & safety including pruritus, 23 fatigue & fibrosis 14 6 Europe 1 • Launches across many countries Q2 24 Q3 24 Q4 24 Q1 2
Slide 9: Multiple new opportunities in 2026
Multiple new opportunities in 2026 Tovorafenib (FIREFLY-1)1 R/R pLGG Phase II Bylvay (BOLD) BA, Phase III Iqirvo (ELSPIRE) PBC, Phase III Dysport (C&E-BEOND) CM & EM, Phase III Oncology Regulatory decision Rare Disease Data readout Neuroscience Information shown as of December 2025 R/R: Relapsed/ref
Slide 10: Growing pipeline across three therapeutic areas
Growing pipeline across three Oncology Rare Disease Information shown therapeutic areas as of December 2025 Neuroscience Phase I Phase II Phase III Tazverik + R2: 2L FL SYMPHONY-1 Tovorafenib: 1L pLGG FIREFLY-21 IPN60340 (ICT01): 1L AML BNT3A activator IPN01194: solid tumors ERKi IPN01195: solid tum
Slide 11: IPN10200: First-in-class profile
IPN10200: First-in-class profile A differentiated long-acting recombinant molecule Aesthetics Therapeutics Phase II LANTIC Stage 1 data1 in Glabellar Lines: (GL) Phase II LANTIMA in Upper-limb spasticity • Substantial majority of patients experiencing clinically significant longer Phase II MERANTI i
Slide 12: External Innovation
External Innovation Multiple new pipeline deals in last 2 years Early-stage Mid-stage Late-stage Global Research Global Global License & Strategic Acquisition Ex-U.S. licensing licensing collaboration licensing licensing R&D collaboration collaboration Oncology Oncology Immuno- Oncology Oncology Neu
Slide 13: Expanding our pipeline in Oncology
Expanding our pipeline in Oncology Acquisition of ImCheck Therapeutics Lead clinical-stage program IPN60340 (ICT01): first-in-class monoclonal antibody targeting BTN3A Phase I/II EVICTION1 trial ongoing: evaluating IPN60340 in combination with venetoclax and azacitidine in 1L unfit AML2 1L unfit AML
Slide 14: Conclusion
Conclusion Successfully executing on a consistent strategy to continue our growth journey Portfolio Pipeline Financials People and performance Expansion Sustainability Double-digit sales Diversified across Strong 2025 Building long-term growth excluding three therapeutic financial benefit for patien
Slide 15: Questions
$IPSEN Questions 15
Slide 16: Q3 & YTD sales performance
Q3 & YTD sales performance Q3 2025 YTD 2025 €m % change €m % change Oncology 624 7.0% 1,912 6.6% Rare Disease 102 109.1% 255 101.0% Neuroscience 189 9.1% 567 9.5% Total Sales 915 13.7% 2,735 12.1% Total sales growth 16.7% 12.3% excl. Somatuline® Growth at constant exchange rates 16
Slide 17: Oncology portfolio
Oncology portfolio Q3 YTD 2025 sales growth of 6.6% €868m €452m €406m €151m +11.7% +2.9% +2.2% +4.8% Solid growth in the U.S. Solid performance in Volume growth in Moderate sales growth & Europe, continued Europe reflecting Europe and in the U.S. in 1L & 2L generic lanreotide increasing market share
Slide 18: Rare Disease portfolio
Rare Disease portfolio Q3 YTD 2025 sales growth of 101.0% €135m €107m +46.4% - Strong volume growth in the Accelerated sales growth in U.S. driven by PFIC and ALGS the U.S. and in Europe indications driven by increasing uptake from new patients, switch & Increased ex-U.S. contribution market expansi
Slide 19: Neuroscience portfolio
Neuroscience portfolio Q3 YTD 2025 sales growth of 9.5% Aesthetics Therapeutics €337m €221m +12.3% +5.2% Continued strong sales Solid growth in the U.S. and growth in the U.S. and in Rest Europe of World in Ipsen’s & partner’s territories Rest of World strong growth in Q3; first half Q3 performance
Slide 20: Appendix
Appendix $IPSEN
Slide 21: Oncology
Oncology Key ongoing clinical-trial highlights Primary Trial Indication Patients Design Status Endpoint(s) Tazverik Tazverik + R2 SYMPHONY-1 R/R FL 612 or PFS Recruiting1 Phase III placebo + R2 NCT04224493 tovorafenib tovorafenib FIREFLY-2 1L pLGG 400 or ORR Recruiting1,2 Phase III chemotherapeutic
Slide 22: Oncology
Oncology Key ongoing clinical-trial highlights Primary Trial Indication Patients Design Status Endpoint(s) IPN01194 Solid tumors Phase I/IIa 220 IPN01194 Safety and efficacy Recruiting1 (advanced) NCT06305247 IPN01195 Solid tumors Phase I/IIa 85 IPN01195 Safety and efficacy Recruiting1 (advanced) NC
Slide 23: Rare Disease
Rare Disease Key ongoing clinical-trial highlights Primary Trial Indication Patients Design Status Endpoint(s) Bylvay Placebo Time from randomization to BOLD BA 254 or first occurrence of liver Active, not recruiting1 Phase III Bylvay transplant, or death NCT04336722 Iqirvo Placebo Percentage of par
Slide 24: Neuroscience – IPN10200
Neuroscience – IPN10200 Key ongoing clinical-trial highlights Primary Trial Indication Patients Design Status Endpoint(s) Dose escalation & dose- Stage 1 : Moderate finding versus Active, not recruiting1 to severe GL Dysport or placebo IPN10200 Response - composite LANTIC Stage 2 : Moderate response
Slide 25: Neuroscience - Dysport
Neuroscience - Dysport Key ongoing clinical-trial highlights Primary Trial Indication Patients Design Status Endpoint(s) Dysport Change from baseline in C-BEOND Two dosing regimes of Chronic migraine 720 monthly migraine days Recruiting1,2 Phase III Dysport or placebo (MMD) NCT06047444 Dysport Chang
Slide 26: Investor Relations
Investor Relations Henry Wheeler Khalid Deojee Vice President Investor Relations Senior Manager Investor Relations +33 7 64 47 11 49 +33 6 66 01 95 26 henry.wheeler@ipsen.com khalid.deojee@ipsen.com 26
Slide 27: Thank You
Thank You Learn more about us