Ipsen Sa · EURONEXT:IPN
Ipsen Sa — H1 2026 Earnings Presentation
38 slides from Ipsen Sa's earnings presentation, Jul 30, 2026
Slide 1: H1 2026 results
H1 2026 results 30 July 2026 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 David Loew Aymeric Le Chatelier Christelle Huguet Mari Scheiffele Chief Executive Officer Chief Financial Officer Head of R&D Chief Product Officer 3
Slide 4: Business update
Business update David Loew Chief Executive Officer 4
Slide 5: Today's highlights
Today’s highlights Delivering on strategy to accelerate growth of key medicines & expand the pipeline Excellent H1 financials: sales growth1 +23.5% & core operating margin 38.6% Three positive Phase III readouts Three late-stage trials underway Two clinical-stage acquisitions Guidance upgrade: sales
Slide 6: H1 2026 sales performance
H1 2026 sales performance Q2 2026 H1 2026 €m % change €m % change Oncology 744 18.2 % 1,452 15.6 % Rare Disease 158 94.0 % 305 108.0 % Neuroscience 214 14.7 % 434 16.6 % Total Sales 1,115 24.5 % 2,190 23.5 % Total sales growth excl. 758 22.1 % 1,504 24.8 % Somatuline® Growth at const ant exchange ra
Slide 7: H1 2026 growth drivers
H1 2026 growth drivers Neuroscience Oncology +16.6% +15.6% €257m €686m Aesthetics +19.6% +21.0% 434 1,452 €170m €351m Therapeutics +13.8% +18.8% €2,190m +23.5% 305 €284m Rare Disease +3.5% €173m +108.0% +209.7% €108m +11.2% €120m +44.8% Growth at const ant exchange rates 7
Slide 8: Late-stage pipeline evolution
Late-stage pipeline evolution Three positive Phase III readouts supporting assets with blockbuster potential & three late-stage starts Phase III readouts Late-stage starts LAURITE - Corabotase C-BEOND & E-BEOND - Dysport • Phase III in GL • First and only botulinum toxin with positive Phase III for
Slide 9: Two strategic deals expand clinical pipeline
Two strategic deals expand clinical pipeline Adding late-stage hemato-oncology and first-in-class transplant assets with blockbuster potential • Navtemadlin (MDM2i) for myelofibrosis, with the ongoing Phase III POIESIS trial, strengthening the hemato-oncology pipeline • $450m upfront + up to $1.3bn
Slide 10: Financial update
Financial update Aymeric Le Chatelier Chief Financial Officer 10
Slide 11: H1 2026 financial highlights
H1 2026 financial highlights Total Sales Core Operating Income €2.2bn €845m +23.5%1 +28.8% Free Cash Flow External Innovation Firepower €652m €2.0bn2 Proforma post acquisition +34.9% of Kartos Therapeutics & Memo Therapeutics AG 1 At constant exchange rates; 2 Based on net debt, including contingent
Slide 12: P&L to core operating income
P&L to core operating income Core operating margin improved by 2.5 pts H1 2026 H1 2025 Change €m €m Total sales Total Sales 2,190 1,820 20.4% Adverse impact from currencies Other revenues 109 117 (7.0%) Gross margin Cost of sales (435) (371) 17.3% Lower milestone revenue Gross Margin 1 1,864 1,566 1
Slide 13: Cash-flow statement
Cash-flow statement Strong cash flow generation H1 2026 H1 2025 Change €m €m €m % Free cash flow growth +35% driven by higher EBITDA, sound management of capital expenditures Opening Net Cash 560 160 400 n/a EBITDA 890 699 191 27.3% Net cash position at €1.0bn Free Cash Flow 652 483 168 34.9% Divide
Slide 14: Upgraded FY 2026 guidance
Upgraded FY 2026 guidance1 Total sales growth Core operating margin >20.0% >37.0% at constant exchange of total sales (prior >13.0%) (prior >35.0%) Adverse impact of around -1% from currencies2 1 Excludi ng any impact from potenti al l ate-stage (Phase III cli ni cal development or later) external i
Slide 15: R&D update
R&D update Christelle Huguet Head of R&D 15
Slide 16: R&D pipeline across three therapeutic areas
R&D pipeline across three therapeutic areas Asset MoA Phase I Phase II Phase III Tovorafenib Type II RAFi FIREFLY-21: 1L pLGG ONCOLOGY IPN60340 /ICT01* BTN3A T-Cell Activator EVICTION-3: 1L unfit AML IPN01195 RAFi Solid Tumors IPN60300 ADC Solid Tumors IPN01203 T Cell Activator Solid Tumors DISEASE
Slide 17: Dysport reduces monthly migraine days
Dysport reduces monthly migraine days BEOND Phase III program positive in both episodic & chronic migraine • Primary endpoints of monthly migraine days (MMD) met in both episodic (E-BEOND) & chronic (C-BEOND) migraine Migraine affects nearly • >1,500 patients treated a billion people worldwide and •
Slide 18: Iqirvo positive Phase IIIb ELSPIRE trial in PBC
Iqirvo positive Phase IIIb ELSPIRE trial in PBC Iqirvo achieves ALP normalization in the vast majority of patients with ALP 1-1.67 Statistically significant primary endpoint met: ALP normalization in patients on Iqirvo 85% vs 23% on placebo (p=<0.0001) • ELSPIRE evaluated Iqirvo 80 mg (n=62) vs plac
Slide 19: Major upcoming milestones
Major upcoming milestones Asset MoA Stage 2026 2027 2028 Corabotase RNITM Phase II LANTIC*: FHL & LCL (Ax) Corabotase RNITM Phase II LANTIMA: AUL (Tx) Corabotase RNITM Phase II MERANTI: Migraine (Tx) Tovorafenib Type II RAFi Phase III FIREFLY-21: 1L pLGG Corabotase RNITM Phase II CATALPA: Cervical D
Slide 20: Building the late-stage pipeline
Building the late-stage pipeline Kartos Therapeutics1 Memo Therapeutics • Navtemadlin: an oral MDM2i for myelofibrosis • Potravitug: first-in-class monoclonal antibody targeting BK polyomavirus (BKPyV) in kidney • Phase Ib/II data demonstrated potential disease- transplant recipients modifying activ
Slide 21: Commercial update
Commercial update Mari Scheiffele Chief Product Officer 21
Slide 22: Significant opportunity for Dysport in migraine
Significant opportunity for Dysport in migraine Global therapeutic Migraine Opportunity botulinum toxin market (2025) ~€4bn o Migraine is an attractive indication: a large and fast-growing segment BEOND 40% Migraine o Significant opportunity in the chronic migraine market with a new option for Some
Slide 23: Expanding the Iqirvo opportunity in PBC
Expanding the Iqirvo opportunity in PBC U.S. example: 2L PBC patient flow: Growing global 2L PBC market # of U.S. patients o PPAR class established as a standard of care in 2L o ELSPIRE data an opportunity to expand the market, increasing the number of Patients patients receiving 2L treatment diagno
Slide 24: Hemato-Oncology acquisition
Hemato-Oncology acquisition Navtemadlin opportunity to establish a novel treatment paradigm Patient opportunity Overview Intermediate- to high-risk MF patients o Significant number of Myelofibrosis (MF) patients (~6,000 diagnosed patients in U.S.) with suboptimal response to standard-of-care ruxolit
Slide 25: Rare Disease acquisition
Rare Disease acquisition Potravitug: Addressing a critical unmet need in post-kidney transplant care Patient journey Overview >28,000 kidney transplants in the o Opportunity to change the treatment paradigm in U.S. annually post-transplant BKV Post transplant immunosuppression • Potravitug potential
Slide 26: Conclusion
Conclusion David Loew Chief Executive Officer 26
Slide 27: Key takeaways
Key takeaways Delivering on strategy Delivering very strong topline growth of key medicines & upgraded guidance Pipeline expansion through positive readouts & additional late-stage trials across three therapeutic areas Acquisitions of clinical assets Several potential blockbuster launches to come St
Slide 28: Questions
SIPSEN Questions 28
Slide 29: Appendix
Appendix SIPSEN
Slide 30: Currency impact H1 2026 sales
Currency impact H1 2026 sales FX negative impact of -3.1pts H1 2026 sales by currency Average rate changes (H1 2026 vs. H1 2025) MXN: 20.38 BRL: 6.01 Other 23.5% +4% +7% 32.4% EUR -27% -7% -3% GBP: 0.87 USD: 1.17 CNY 3.0% 4.4% GBP 36.7% USD USD TRY: 52.11 30
Slide 31: Distribution expenses reclassification
Distribution expenses reclassification From SG&A to Gross Margin without any impact on Core Operating Income New Prior Change H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 €m €m €m €m €m €m Total Sales 2,190 1,820 2,190 1,820 Other Revenues 109 117 109 117 Cost of Sales1 (435) (371) (391) (325) (4
Slide 32: IFRS consolidated net profit
IFRS consolidated net profit Solid profitability despite impairment losses H1 2026 H1 2025 Change €m €m Impairment losses mainly due to Core Operating Income 845 656 28.8% Tazverik’s withdrawal in March 2026 Amortization of intangible assets (123) (132) (7.1%) Restructuring & other operating expense
Slide 33: Oncology
Oncology Key ongoing clinical-trial highlights Primary Tr i al I nd i c at i o n Pa t i e n t s Design S ta t u s E n dp o i nt ( s ) tovorafenib tovorafenib FIREFLY-2 1L pLGG 418 or ORR Active, not recruiting1,2 Phase III SoC chemotherapy NCT05566795 IPN60340 IPN60340 + azacitidine Phase II/III 1L
Slide 34: Rare Disease
Rare Disease Key ongoing clinical-trial highlights Primary Tr i al I nd i c at i o n Pa tien ts D esign S ta t u s E n dp o i nt ( s ) Iqirvo Percentage of Placebo ELSPIRE2 participants with 2L PBC 92 or Completed1 Phase III normalization of ALP Iqirvo NCT06383403 levels Event-free survival : time E
Slide 35: Neuroscience - Dysport
Neuroscience - Dysport Key ongoing clinical-trial highlights Primary Tr i al I nd i c at i o n Pa t i e n t s Design S ta t u s E n dp o i nt ( s ) Dysport Change from baseline in C-BEOND Two dosing regimes of Chronic migraine 759 monthly migraine days Active, not recruiting1,2 Phase III Dysport or
Slide 36: Neuroscience – corabotase
Neuroscience – corabotase Key ongoing clinical-trial highlights Primary Tr i al I nd i c at i o n Pa t i e n t s Design S ta t u s E n dp o i nt ( s ) Corabotase (IPN10200) Composite response of 2- LAURITE 1 & 2 grade improvement on Moderate to severe GL 1,600 Corabotase or placebo Recruiting1 Phase
Slide 37: 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 37
Slide 38: Thank You
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