Slide 1: FY 2024 results
FY 2024 results 13 February 2025
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 Financial update R&D update David Loew Aymeric Le Chatelier Christelle Huguet Chief Executive Officer Chief Financial Officer Head of R&D 3
Slide 4: Business update
Business update David Loew Chief Executive Officer
Slide 5: Today's highlights
Today’s highlights Solid 2024 results 2024 financial results 2024 regulatory highlights Total sales growth: +9.9%1 Approvals Ex-Somatuline growth: +12.2%1 Onivyde: 1L PDAC U.S. Iqirvo: U.S., E.U. Core operating margin: 32.6% of total sales Kayfanda: E.U. 2025 key milestones 2025 guidance2 Cabometyx
Slide 6: Strong sales performance
Strong sales performance Growth across all therapeutic areas Q4 2024 FY 2024 €m % change €m % change Oncology 675 11.7% 2,505 7.3% Rare Disease 66 60.0% 196 67.4% Neuroscience 164 1.7% 700 9.2% Total Sales 905 12.1% 3,401 9.9% Growth at constant exchange rates Jenny 6 Product Development Scientist,
Slide 7: Oncology portfolio
Oncology portfolio Sales growth of +7.3% in FY 2024 FY24 FY24 FY24 FY24 FY24 +5.6% +13.3% -1.1% +24.0% +23.7% Sales growth, reflecting Growth supported by Increased competition & Growth driven by growing U.S. growth driven by the continued benefit of increased volumes in 1L pricing pressure in Europ
Slide 8: Onivyde 1L mPDAC U.S. launch progressing
Onivyde 1L mPDAC U.S. launch progressing US FY 2024 sales growth of +19.9% U.S. Onivyde Monthly Sales • 32% growth in Top-25 accounts1 • Expanding utilization into community practices • New data presented at ASCO-GI showing improved OS of 1L Onivyde in Napoli III vs. FDA approval in 1L real world Fo
Slide 9: Rare Diseases portfolio
Rare Diseases portfolio Sales growth of 67.4% in FY 2024 FY24 FY24 FY24 €136m €22m €21m Growth driven by Growth driven by Low patient uptake in continued global uptake in the U.S. the U.S. impacted by demand & market following FDA approval FOP patients enrolled in leadership in PFIC and in June 2024
Slide 10: Iqirvo continued momentum
Iqirvo continued momentum FY 2024 sales: €22m U.S. U.S. Cumulative Demand1 • Doubled number reimbursed patients Q3 to Q4 • 85%+ prior authorization approved for patients • New data at AASLD’24 on long term efficacy & safety including pruritus, fatigue & fibrosis Europe • First launch following EMA a
Slide 11: Neuroscience portfolio
Neuroscience portfolio Sales growth of 9.2% in FY 2024 Aesthetics Therapeutics FY 2024 FY 2024 +8.3% +10.4% Solid demand growth across Strong performance in most markets geographies including Ipsen & including North America & Latin partnered territories driven by market America driven by market shar
Slide 12: Financial update
Financial update Aymeric Le Chatelier Chief Financial Officer
Slide 13: Financial highlights
Financial highlights Solid 2024 financial results Core Free External Total sales Operating Innovation cash flow Income Firepower €3,401m €1,109m €774m €2.3bn2 +9.9%1 +10.8% +8.9% 1At constant exchange rates 2 Based on net debt, including contingent liabilities, at two times EBITDA Eva, People Servic
Slide 14: Core P&L
Core P&L Solid core operating margin at 32.6% of sales reflecting R&D & launch investments Total sales FY 2024 FY 2023 change Including adverse impact from currencies €m €m % Gross margin Total Sales 3,401 3,128 8.7% Limited decrease due to one-off other revenue in Gross Profit 2,956 2,735 8.1% 2023
Slide 15: Core operating income to IFRS consolidated net profit
Core operating income to IFRS consolidated net profit Net Profit impacted by Sohonos impairment, Core EPS growing 12.3% FY 2024 FY 2023 Change IFRS Operating Income €m €m % Level of amortization driven by Core Operating Income 1,109 1,001 10.8% increased intangibles Amortization of intangible assets
Slide 16: Cash-flow & net debt
Cash-flow & net debt Strong balance sheet with substantial firepower for external innovation FY 2024 FY 2023 change Free cash-flow €m €m % Growth driven by EBITDA and sound management of working Opening Net Cash 65 399 -83.7% capital and capex Free Cash Flow 774 711 +8.9% Net investments Dividends (
Slide 17: FY 2025 guidance
FY 2025 guidance1 Another year of sales growth despite expected Somatuline erosion TOTAL SALES GROWTH CORE OPERATING MARGIN >+5.0% >30.0% at constant exchange2 of total sales3 Accelerated sales growth of the ex-Somatuline portfolio Assuming negative impact on Somatuline sales due to increased generi
Slide 18: Ipsen's sustainability impact
Ipsen’s sustainability impact 2024 progress towards sustainability goals ENVIRONMENT PEOPLE RATING GOALS1 GOALS Greenhouse gas emissions by 2030 Gender balance in SCOPE 50% reduction in absolute Scope 1 & 2 Global Leadership Ranked 61 20% reduction in absolute Scope 3 Team 100% of global electricity
Slide 19: R&D update
R&D update Christelle Huguet Head of R&D
Slide 20: Growing pipeline across therapeutic areas
Growing pipeline across therapeutic areas Phase I Phase II Phase III Tazverik + R2: SYMPHONY-1 2L FL Tovorafenib: FIREFLY-2* 1L pLGG Tovorafenib: FIREFLY-1* R/R pLGG IPN01194 Solid tumors Bylvay: BOLD Biliary atresia Iqirvo: ELSPIRE PBC Iqirvo: ELMWOOD PSC Ritivixibat PSC Fidrisertib: FALKON1 FOP Dy
Slide 21: Long-Acting Neurotoxin – LANT AB (IPN10200)
Long-Acting Neurotoxin – LANT AB (IPN10200) Expanding and advancing our Phase II programs LANT AB Structure • Recombinant BONT AB toxin engineered to deliver longer duration of action: • Increased receptor affinity & internalization • Higher expression of BONT B receptors on neurons • Three ongoing
Slide 22: Tovorafenib for pediatric Low-Grade Glioma (pLGG)
Tovorafenib for pediatric Low-Grade Glioma (pLGG) Ex-U.S. filing expected in H1 2025 Regulatory submission MRI sequences - Left basal ganglia No approved targeted treatments outside of the Baseline 3 months U.S. in R/R pLGG caused by BRAF alterations, Primary tovorafenib treatment including BRAF fus
Slide 23: External Innovation
External Innovation Up to eight new assets added to the pipeline in 2024 Early-stage Late-stage Global licensing Strategic License & Global licensing Global licensing in Ex-U.S. licensing in oncology collaboration R&D collaboration in oncology immuno-oncology in pediatric in neuroscience in oncology
Slide 24: Upcoming pipeline milestones
Upcoming pipeline milestones Several milestones across all therapeutic areas in 2025 & 2026 Medicine 2025 2026 Cabometyx (CABINET): 2L+ pNET & epNET Tovorafenib (FIREFLY-11): R/R pLGG Fidrisertib (FALKON): FOP, Phase IIb2 LANT (LANTIC): Ax, Phase II Bylvay (BOLD) BA, Phase III Iqirvo (ELSPIRE) PBC,
Slide 25: Conclusion
Conclusion David Loew Chief Executive Officer
Slide 26: Conclusion
Conclusion Strong momentum to deliver on 2027 objectives Continued topline growth based on strong portfolio and solid 2024 results Multiple upcoming milestones to grow a broad and diversified pipeline External innovation strategy based on strong balance sheet and increased firepower
Slide 27: Questions
QUESTIONS
Slide 28: Appendix
APPENDIX SIPSEN
Slide 29: Oncology
Oncology Key ongoing clinical-trial highlights PRIMARY TRIAL INDICATION PATIENTS DESIGN STATUS ENDPOINT(S) Primary endpoint met Tovorafenib FIREFLY-1 Anticipated R/R pLGG 140 Tovorafenib ORR & safety Phase II regulatory submission NCT04775485 (E.U.) 2025 Tovorafenib Tovorafenib FIREFLY-2 1L pLGG 400
Slide 30: Oncology
Oncology Key ongoing clinical-trial highlights PRIMARY TRIAL INDICATION PATIENTS DESIGN STATUS ENDPOINT(S) R/R FL: following at least one prior Tazverik systemic Tazverik + R2 SYMPHONY-1 chemotherapeutic, 612 or PFS Recruiting1 Phase III immunotherapeutic placebo + R2 NCT04224493 , or chemo- immunot
Slide 31: Rare Disease
Rare Disease Key ongoing clinical-trial highlights PRIMARY TRIAL INDICATION PATIENTS DESIGN STATUS ENDPOINT Iqirvo Placebo ELMWOOD PSC 68 or Safety and tolerability Fully recruited1 Phase II Iqirvo NCT05627362 Iqirvo Placebo ELSPIRE2 2L PBC 72 or Normalisation of ALP Recruiting1 Phase III Iqirvo NCT
Slide 32: Rare Disease
Rare Disease Key ongoing clinical-trial highlights PRIMARY TRIAL INDICATION PATIENTS DESIGN STATUS ENDPOINT(S) Bylvay Placebo BOLD Time to first occurrence of Biliary atresia 254 or Fully recruited1 Phase III liver transplant, or death Bylvay NCT04336722 Fidrisertib Placebo or FALKON* FOP two dosing
Slide 33: Neuroscience
Neuroscience Key ongoing clinical-trial highlights PRIMARY TRIAL POPULATION PATIENTS DESIGN STATUS ENDPOINT IPN10200 Ax Dose escalation & dose- LANTIC Moderate to severe 727 finding versus Safety Recruiting1 Phase II upper facial lines Dysport or placebo NCT04821089 IPN10200 Tx Dose escalation & dos
Slide 34: Investor Relations
Investor Relations Alina Levchuk Nicolas Bogler Vice President Senior Manager Investor Relations Investor Relations +41 79 572 8712 +33 6 52 19 98 92 alina.levchuk@ipsen.com nicolas.bogler@ipsen.com 34
Slide 35: Thank you
Thank you Follow us: www.ipsen.com