Slide 1: FY 2025 results
FY 2025 results 12 February 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: Speakers
Speakers Business update Financial update R&D update David Loew Aymeric Le Chatelier Chief Executive Officer Chief Financial Officer 3
Slide 4: Business update
Business update David Loew Chief Executive Officer 4
Slide 5: Today's highlights
Today’s highlights 2025 Financial Results 2025 Regulatory Highlights Total sales growth +10.9% CER1: Tovorafenib: EMA regulatory Portfolio excluding Somatuline®: +14.2% submission Core operating margin: Cabometyx®: EU approval in NETs 35.2% of total sales IPN10200: Proof-of-concept data readout in a
Slide 6: Sales performance
Sales performance Q4 2025 FY 2025 €m % change €m % change Oncology 633 (2.6%) 2,545 4.1% Rare Disease 129 105.6% 384 102.5% Neuroscience 179 10.2% 747 9.7% Total Sales 941 7.5% 3,676 10.9% Total sales growth 19.6% 14.2% excl. Somatuline® Growth at constant exchange rates 6
Slide 7: Oncology portfolio
Oncology portfolio FY 2025 sales growth of 4.1% €1,135m €613m €543m €207m +4.3% +5.1% +2.7% +6.2% Good performance in Solid performance, Volume growth in Expansion of use in the the U.S. & Europe, driven by increasing Europe and 1L PDAC setting in the ongoing generic market share in 1L RCC Rest of W
Slide 8: Rare Disease portfolio
Rare Disease portfolio FY 2025 sales growth of 102.5% €180m €184m +36.3% +770% 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 fast uptake from Increased ex-U.S. contribution new patients, switch & in PFIC from new pat
Slide 9: Iqirvo growing momentum
Iqirvo growing momentum Sales acceleration quarter on quarter U.S. Quarterly sales (€m) • Growing PPAR market • Ocaliva switches 77 • New data at AASLD’25 on long term efficacy & safety including pruritus, 49 fatigue & fibrosis 36 23 Europe 14 6 • Launches across many 1 countries Q2 24 Q3 24 Q4 24 Q
Slide 10: Neuroscience portfolio
Neuroscience portfolio FY 2025 sales growth of 9.7% Aesthetics Therapeutics €436m €298m +13.7% +4.2% 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 impacted by phasing of orders in Brazil Q4 performa
Slide 11: Financial update
Financial update Aymeric Le Chatelier Chief Financial Officer 11
Slide 12: FY 2025 financial highlights
FY 2025 financial highlights Strong results across the board Total Sales Core Operating Income €3.7bn €1.3bn +10.9%1 +16.7% Free Cash Flow External Innovation Firepower €1.0bn €3.2bn2 +29.2% 1 At constant exchange rates; 2 Based on net debt, including contingent liabilities, at two times EBITDA 12
Slide 13: P&L to core operating income
P&L to core operating income Core Operating Margin improvement Total sales Including adverse impact from FY 2025 FY 2024 Change currencies €m €m % Gross margin Total Sales 3,676 3,401 8.1% Higher other revenues from milestones and growth in Gross Margin1 3,178 2,870 10.7% royalties % of total sales
Slide 14: IFRS consolidated net profit
IFRS consolidated net profit Solid profitability despite impairment losses FY 2025 FY 2024 Change IFRS Operating Income +26% €m €m % Impairment losses related mainly to Tazverik, fidrisertib and the Core Operating Income 1,294 1,109 16.7% discontinuation of early-stage assets Amortization of intangi
Slide 15: Cash-flow statement
Cash-flow statement Strong cashflow generation FY 2025 FY 2024 Change €m €m €m % Free cash-flow Growth driven by higher EBITDA, Opening Net Cash 160 65 95 sound management of capital expenditures and working capital EBITDA 1,383 1,200 184 15.3% Net investments Related to the acquisition of Free Cash
Slide 16: FY 2026 guidance
FY 2026 guidance 1 Total sales growth Core operating margin >13.0% at constant exchange >35.0% • Acceleration of portfolio excl. Somatuline of total sales3 • Expected growth of Somatuline due to generic- lanreotide challenges Adverse impact of currencies2 of around 2% Highly confident to exceed 2027
Slide 17: R&D update
R&D update David Loew Chief Executive Officer 17
Slide 18: Growing pipeline across three therapeutic areas
Growing pipeline across three therapeutic areas Phase I Phase II Phase III Tazverik + R2 (EZH2 inhibitor) SYMPHONY-1: 2L FL Tovorafenib (Type II RAF-kinase inhibitor) FIREFLY-21: 1L pLGG IPN60340/ICT01 (BTN3A T-cell activator) 1L AML IPN01194 (ERKi) Solid tumors IPN01195 (RAFi) Solid tumors IPN60300
Slide 19: New modalities in Phase I
New modalities in Phase I A future portfolio built on precision immunomodulation to transform outcomes for patients Antibody-Drug Conjugate T-cell Activator • First-and best-in-class potential • First-in-class potential T-cell activator antibody-drug conjugate IPN60300 IPN01203 • Targets a novel, ne
Slide 20: Evaluating elafibranor in PSC
Evaluating elafibranor in PSC ELASCOPE: Phase III program initiated following positive Phase II data • Primary endpoint: efficacy & safety of elafibranor (120mg) vs placebo based on time to first occurrence of clinical outcomes events • Secondary endpoints: change from baseline in ALP, pruritus (WI-
Slide 21: IPN10200: Phase III glabellar lines
IPN10200: Phase III glabellar lines Two global, multicenter, double-blind, randomized, placebo-controlled Phase III trials in moderate to severe glabellar lines • Two Phase III global trials to open in H1 2026 • Both trials will evaluate safety & efficacy of IPN10200 at Week 4 and 24 vs placebo • On
Slide 22: External Innovation
External Innovation Expansion of our oncology pipeline in Q4 2025 Early-Stage Expansion of existing Mid-Stage Global Licensing early-stage Acquisition (ex-greater China) Research collaboration Phase II anti-BTN3A Preclinical Preclinical γδT-cell activator in antibody-drug MAPK-related pathway unfit
Slide 23: Major upcoming milestones
Major upcoming milestones 2026 2027 Tovorafenib (Type II RAF-kinase inhibitor) Phase II FIREFLY-11: R/R pLGG Bylvay (IBATi) Phase III BOLD: BA Iqirvo (PPAR α/δ agonist) Phase III ELSPIRE: PBC Dysport (BoNTA) Phase III C&E BEOND: CM & EM IPN10200 (recombinant molecule) Phase II LANTIC: FHL & LCL IPN1
Slide 24: Key takeaways
Key takeaways Maintaining strong trajectory toward 2027 objectives Delivering Strong Performance • Double-digit sales1 and profit growth • Enriched clinically differentiated pipeline through internal and external innovation • Strong cash generation 2026 Objectives • Another year of double-digit sale
Slide 25: Questions
$IPSEN Questions 25
Slide 26: Appendix
Appendix $IPSEN
Slide 27: Ipsen's sustainability impact in 2025
Ipsen’s sustainability impact in 2025 Environment People Targets1 Targets Greenhouse gas emissions by 2030 100% of global Gender balance in Global Leadership Team (includes Executive electricity sourced Leadership Team) • 57% reduction in absolute Scope 1 & 2 from renewable • 28% reduction in absolu
Slide 28: Currency impact FY 2025 sales
Currency impact FY 2025 sales FX negative impact of 2,8pts FY 2025 sales by currency Average rate changes (FY 2025 vs. FY 2024) Other 24,3% EUR 33,0% -26% -9% -8% -4% -4% CNY 3,2% 4,3% GBP 35,1% USD TRY: 44,86 MXN: 21,68 BRL: 6,31 USD: 1,13 CNY: 8,12 28
Slide 29: Distribution expenses reclassification
Distribution expenses reclassification From SG&A to Gross Margin without any impact on Core Operating Income New Prior Change 2025 2024 2025 2024 2025 2024 €m €m €m €m €m €m Total Sales 3,676 3,401 3,676 3,401 Other Revenues 253 174 253 174 Cost of Sales1 (751) (705) (669) (619) (82) (86) Gross Marg
Slide 30: 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 31: 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 32: 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 33: 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 Active, not recruiting1,2 Phase III Dysport or placebo (MMD) NCT06047444 D
Slide 34: 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 Recruiting1 to severe GL Dysport or placebo IPN10200 Response - composite LANTIC Stage 2 : Moderate response of 2-grade
Slide 35: 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 35
Slide 36: Thank You
Thank You Learn more about us