Slide 1: H1 2025 results
H1 2025 results 31 July 2025 SIPSEN
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: Speakers
Speakers Business update R&D update Financial update David Loew Christelle Huguet Aymeric Le Chatelier Chief Executive Officer Head of R&D Chief Financial Officer 3
Slide 4: Business update
Business update David Loew Chief Executive Officer 4
Slide 5: Today's highlights
Today’s highlights H1 2025 Financial Results H2 2025 Milestones Fidrisertib: Pivotal data readout in FOP3 Total sales growth : 11.4% at CER1 LANT4 : Proof-of-concept data readout Core operating margin: 36.0% of total in aesthetics sales Pipeline Progression Upgraded 2025 Guidance5 Cabometyx®: EU app
Slide 6: H1 sales performance
H1 sales performance Q2 2025 H1 2025 €m % change €m % change Oncology 633 4.9% 1,288 6.4% Rare Disease 83 117% 153 95.7% Neuroscience 185 9.8% 378 9.7% Total Sales 901 11.2% 1,820 11.4% Growth at constant exchange rates 6
Slide 7: Oncology portfolio
Oncology portfolio H1 2025 sales growth of 6.4% €589m €297m €277m €103m +14.1% -0.2% +0.5% +6.5% Continued generic- Strong performance in Volume growth in Moderate growth in the lanreotide shortages in Europe from increased Europe and China, U.S. in the 1L mPDAC the U.S. & Europe volumes in 1L & 2L
Slide 8: Rare Disease portfolio
Rare Disease portfolio H1 2025 sales growth of 95.7% €87m €59m +53.7% - Strong demand growth in the Accelerated sales growth in U.S. driven by PFIC and ALGS the U.S. and in Europe indications (mainly Germany & U.K.) driven by increasing uptake Increased ex-U.S. from new patients, switch & contributi
Slide 9: Neuroscience portfolio
Neuroscience portfolio H1 2025 sales growth of 9.7% Aesthetics Therapeutics €221m €150m +17.5% -0.7% Continued strong Solid growth in Europe and performance in the U.S. and the U.S. in Rest of the World in Ipsen’s & partner’s territories Rest of World impacted by unfavorable phasing of Solid demand
Slide 10: Major upcoming milestones
Major upcoming Oncology Rare Disease Regulatory decision milestones Data readout Neuroscience 2025 2026 Fidrisertib (FALKON)² FOP, Phase IIb2 LANT (LANTIC) Proof of concept Tovorafenib (FIREFLY-1)1 R/R pLGG Phase II Bylvay (BOLD) BA, Phase III Iqirvo (ELSPIRE) PBC, Phase III Dysport (C-BEOND) CM, Ph
Slide 11: R&D update
R&D update Christelle Huguet Head of R&D 11
Slide 12: Cabometyx in NETs
Cabometyx in NETs European Commission approval on 23 July 2025 CABINET: Phase III open-label, randomized, multi-center trial in patients with advanced NETs after progression on prior therapy (n = 298)1–3 Primary endpoint mPFS significantly longer with cabozantinib vs placebo in both epNET and pNET c
Slide 13: Growing pipeline across three therapeutic areas
Growing pipeline across three Oncology Rare Disease Information shown therapeutic areas as of June 2025 Neuroscience Phase I Phase II Phase III Tazverik + R2: 2L FL SYMPHONY-1 Tovorafenib: 1L pLGG FIREFLY-2* IPN01194: solid tumors ERKi IPN01195: solid tumors RAFi Bylvay: BA BOLD Iqirvo: PBC ELSPIRE
Slide 14: Fidrisertib in FOP
Fidrisertib in FOP Pivotal study data expected in H2 2025 FALKON: Phase II, registrational double-blind, randomized, placebo-controlled trial in 3 parts1,2 – efficacy and safety of two dosing regimens of fidrisertib in adult/pediatric patients with FOP Primary endpoint: change in HO volume from base
Slide 15: Expanding elafibranor's potential in PBC
Expanding elafibranor’s potential in PBC Dual PPAR α/δ agonism driving improvement in fatigue independent of reduction of pruritus Late-breaking presentations on elafibranor during the European Association for the Study of the Liver congress 67% ELATIVE study1 shows meaningful improvement elafibrano
Slide 16: Elafibranor's potential in PSC
Elafibranor’s potential in PSC Week 12: elafibranor showed favorable safety profile (vs placebo) and dose-dependent efficacy2-4 ELMWOOD: Phase II multicenter, double-blind, randomized, placebo-controlled trial and long-term OLE (n = 68) evaluating safety and efficacy of elafibranor in adults with PS
Slide 17: IPN10200 in upper facial lines
IPN10200 in upper facial lines Proof-of-concept data readout in H2 20251 LANTIC: Phase Ib/II, multicenter, double-blind, randomized, placebo-controlled, dose escalation and dose-finding study to evaluate the safety and efficacy of IPN102002 Integrated, multi-stage Phase I/II study design Population
Slide 18: Financial update
Financial update Aymeric Le Chatelier Chief Financial Officer 18
Slide 19: H1 2025 Financial highlights
H1 2025 Financial highlights Total Sales Core Operating Income €1,820m €656m +11.4%1 +21.9% Free Cash Flow External Innovation Firepower €483m €3.0bn2 +22.8% 1 At constant exchange rates; 2 Based on net debt, including contingent liabilities, at two times EBITDA 19
Slide 20: P&L to core operating income
P&L to core operating income Total sales H1 2025 H1 2024 Change Adverse impact from currencies €m €m % Gross margin Total Sales 1,820 1,659 9.7% Favourable product mix and higher other Gross Profit 1,612 1,435 12.3% revenues from partners % of total sales 88.6% 86.5% 2.1 pts R&D expenses (365) (323)
Slide 21: IFRS consolidated net profit
IFRS consolidated net profit H1 2025 H1 2024 Change IFRS Operating Income +42% €m €m % Lower level of Core Operating Income 656 538 21.9% restructuring and other operating expenses Amortization of intangible assets (132) (123) 7.4% Impairment of Restructuring & other operating expense (19) (97) -80.
Slide 22: Cash-flow statement
Cash-flow statement H1 2025 H1 2024 Change Free cash-flow Growth driven by higher EBITDA, sound €m €m €m % management of capital expenditures and working capital Opening Net Cash 160 65 95 Net investments EBITDA 699 583 116 20.0% Related to regulatory and commercial milestones Free Cash Flow 483 394
Slide 23: Upgraded FY 2025 guidance
Upgraded FY 2025 guidance1 Total sales growth Core operating margin >7.0% >32.0% at constant exchange of total sales3 (prior >5.0%) (prior >30.0%) Adverse impact of around -2% from currencies2 1 Excluding any impact from potential late-stage (Phase III clinical development or later) external innovat
Slide 24: Conclusion
Conclusion David Loew Chief Executive Officer 24
Slide 25: Topline growth fueled by launches and portfolio
Topline growth Investment in Significant firepower fueled by launches launches, growth for external and portfolio products and innovation performance pipeline 25
Slide 26: Questions
$IPSEN Questions 26
Slide 27: Appendix
Appendix $IPSEN
Slide 28: Currency impact on H1 2025 sales
Currency impact on H1 2025 sales Adverse impact of -1.7pts H1 2025 salesby currency Averageratechanges (H1 2025 vs. H1 2024) Other --66% 3% 24,4% -1% EUR 32,8% -5% CNY 3,4% -15% -18% 4,5% -20% GBP 34,9% USD RUB: 95,18 USD: 1,09 AUD: 1,72 BRL: 6,29 MXN: 21,81 TRY: 41,12 28
Slide 29: Oncology: key ongoing clinical-trial highlights
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,* Phase III chemotherapeutic
Slide 30: Rare Disease: key ongoing clinical-trial highlights
Rare Disease Key ongoing clinical-trial highlights Primary Trial Indication Patients Design Status Endpoint(s) Bylvay Placebo BOLD Time to first occurrence of BA 254 or Active, not recruiting1 Phase III liver transplant, or death Bylvay NCT04336722 Iqirvo Placebo ELSPIRE2 2L PBC 72 or Normalisation
Slide 31: Neuroscience: key ongoing clinical-trial highlights
Neuroscience Key ongoing clinical-trial highlights Primary Trial Indication Patients Design Status Endpoint(s) Dysport C-BEOND Two dosing regimes of Chronic migraine 720 Efficacy and safety Recruiting1,2 Phase III Dysport or placebo NCT06047444 Dysport E-BEOND Two dosing regimes of Episodic migraine
Slide 32: Investor Relations
Investor Relations Khalid Deojee Senior Manager Investor Relations +33 6 66 01 95 26 khalid.deojee@ipsen.com 32
Slide 33: Thank You
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