Slide 1: H1 2023 results
Stephen Living with a neuroendocrine tumor, Ontario, Canada H1 2023 results 27 July 2023 © Ipsen 2022 / Sarah Palmer / CAPA Pictures Focus. Together. For patients & society 1
Slide 2: Disclaimer and safe harbor
Disclaimer and safe harbor − 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 statement
Slide 3: Speakers
Speakers For Q&A David Loew Aymeric Le Chatelier Howard Mayer Chief Executive Officer Chief Financial Officer Head of Research & Development 3
Slide 4: Agenda
Agenda 1 3 2 4 Business Conclusion overview Questions Financials 4
Slide 5: Business Overview
BUSINESS OVERVIEW ‘provaten for patent ere
Slide 6: Highlights
Highlights Consistent strong delivery on strategic roadmap Financial results Pipeline update • H1 total-sales growth of 7.4% • Onivyde: sNDA accepted (U.S.) - 1L PDAC • Growth platforms & newly acquired • Bylvay: FDA approval (U.S.) - ALGS medicines now represent around two • Palovarotene: favorable
Slide 7: Sales performance
Sales performance Growth platforms continuing to excel; contributions from newly acquired medicines H1 2023 Q2 2 0 2 3 €m change €m change Dysport 319 31.7% 165 38.3% Decapeptyl 277 6.0% 147 11.0% Cabometyx 266 26.3% 135 22.1% Onivyde 78 -8.0% 41 -3.7% Growth platforms 940 17.7% 488 20.6% Bylvay 23
Slide 8: Growth platforms: consistent strong performance
Growth platforms: consistent strong performance +31.7% +26.3% +6.0% +19.3%1 Further aesthetics-market Strong volume uptakes China sales recovery Growth in the U.S. driven growth, accompanied by across most post-COVID in Q2 by market-share gains favorable baseline effect geographies Continued strong
Slide 9: Somatuline sales: continuing to decline gradually
Somatuline sales: continuing to decline gradually Now around one third of total sales Somatuline quarterly sales growth Q1 Q2 Q3 Q4 Q1 Q2 H1 2023 -12.0% sales growth 2022 2022 2022 2022 2023 2023 North America -9.6% 2.9% • Solid volume-demand growth 0% • Ongoing adverse pricing -0.7% -9.8% -9.8% Eur
Slide 10: Recently acquired medicines
Recently acquired medicines €23m €19m Growth of 140%1 Growth of 18% in commercial sales2 Strong momentum in Focus on all-comers, new-patient North America and Europe starts & duration of therapy Increasing number Increasing share of treated PFIC patients of office-based patients All growth rates are
Slide 11: Building high-value, sustainable pipeline
Building high-value, sustainable pipeline Phase I Phase II Phase III Registration IPN60210 TAZVERIK CABOMETYX + ONIVYDE + 5-FU/LV + R/R multiple myeloma (various combinations) ATEZOLIZUMAB OXALIPLATIN & R/R DLBCL R/R malignancies 2L mCRPC 1L PDAC TAZVERIK IPN60260 TAZVERIK + R2 BYLVAY (+ hormonother
Slide 12: Pipeline: near-term milestones
Pipeline: near-term milestones Palovarotene Bylvay Onivyde FDA PDUFA Regulatory decision FDA PDUFA FOP (E.U.) ALGS 1L PDAC 16 August H21 13 February Cabometyx + atezolizumab Elafibranor Phase III data readout Regulatory submission 2L mCRPC (U.S., E.U.) H2 2L PBC H2 1. Subject to the outcome of an ap
Slide 13: Financials
FINANCIALS ‘provaten for patent ere
Slide 14: H1 2023 financial highlights
H1 2023 financial highlights Total sales €1,537m +7.4% Core operating income €523m -7.9% Core operating margin1 34.0% -5.6% pts Core EPS2 €4.73 -6.6% Free cash flow €371m +9.6% Total-sales growth is at constant exchange rates; all other growth rates are at actual exchange rates. 1. As a ratio of cor
Slide 15: Core P&L
Core P&L Strong sales growth and significant investment for growth €m H1 2023 H1 2022 Change Total sales Total Sales 1,536.6 1,433.7 7.2% Limited impact of currencies Other revenue 86.5 64.2 34.8% Other revenue Cost of goods sold (269.9) (242.1) 11.5% Favorable impact from license rights to Onivyde
Slide 16: H1 core operating margin evolution
H1 core operating margin evolution Reflected dilutive impact from recent acquisitions Core Operating margin (as a % of total sales) Base business • Contribution of growth platforms • Pre-launch & RoW commercial activities & existing pipeline investment • Gradual decline of Somatuline Acquisitions •
Slide 17: Core operating income to consolidated net profit
Core operating income to consolidated net profit €m H1 2023 H1 2022 Change Amortization of intangible Core Operating Income 523.2 568.0 -7.9% assets Increase mainly from Amortization of intangible assets (90.7) (46.6) 94.6% Bylvay & Tazverik Restructuring and other operating (125.0) (20.0) n/a Restr
Slide 18: Cash flow & net debt
Cash flow & net debt €m H1 2023 H1 2022 Opening Net Cash/(Debt)1 398.8 28.0 Solid free cash flow: Free cash flow 371.5 339.0 growing by 9.6% Dividend (99.6) (100.2) Net investments (945.9) (101.9) Strong balance sheet: Change in cash from discontinued 13.9 6.1 closing net debt of €0.3bn activities O
Slide 19: Upgraded FY 2023 guidance
Upgraded FY 2023 guidance Total-sales growth greater than x.0% at constant exchange rates Total-sales growth Core operating margin greater than 6.0% at greater than 30.0% constant exchange rates of total sales Expected adverse impact of Excludes any potential impact around 3% from currencies, of inc
Slide 20: Conclusion
CONCLUSION 20
Slide 21: Conclusion
Conclusion Strategic roadmap driving growth story DELIVERING FURTHER ADVANCING STRONG RESULTS PIPELINE Growth platforms & newly Several programs acquired medicines added to driving sales growth pipeline A strong Favorable developments core operating margin in first half of year Cash generation suppo
Slide 22: Questions
QUESTIONS 22
Slide 23: Appendix
APPENDIX 23
Slide 24: A strong global footprint
A strong global footprint NORTH AMERICA REST OF WORLD 32% 28% OF TOTAL SALES OF TOTAL SALES 40+ EUROPE 110+ countries with Ipsen presence 40% countries where Ipsen medicines are marketed OF TOTAL SALES Based on H1 2023 total sales. In this presentation, Europe is defined as the E.U., the U.K., Icela
Slide 25: H1 2023 total sales: fx rates
H1 2023 total sales: fx rates Average rate changes (H1 2023 vs. H1 2022) USD: 1.08 BRL: 5.48 AUD: 1.60 CNY: 7.48 TRY: 21.49 --66% 1% 1% -5% -6% 4% 22% -32% -16% -29% USD BRL AUD CNY TRY Unfavorable -0.2% impact 25
Slide 26: Oncology
Oncology Key ongoing clinical-trial highlights P R I M ARY TRIAL P O P U L AT I O N PAT I E N T S DESIGN S TAT U S ENDPOINT(S) Second novel hormonal Cabometyx Recruiting1 therapy (abiraterone & CONTACT-02 2L mCRPC 580 prednisone or enzalutamide) OS, PFS Phase III Data anticipated or NCT04446117 H2 2
Slide 27: Oncology
Oncology Key ongoing clinical-trial highlights P R I M ARY TRIAL P O P U L AT I O N PAT I E N T S DESIGN S TAT U S ENDPOINT(S) Tazverik Tazverik in various ARIA R/R hematologic Phase Ib: dosing, safety 156 combinations: Recruiting1 Phase Ib/II malignancies Phase II: ORR multi-cohort NCT05205252 IPN6
Slide 28: Rare Disease
Rare Disease Key ongoing clinical-trial highlights P R I M ARY TRIAL P O P U L AT I O N PAT I E N T S DESIGN S TAT U S ENDPOINT Response to treatment Elafibranor Placebo defined as ALP < 1.67 x ELATIVE 2L PBC 161 or ULN and total bilirubin ≤ Primary endpoint met Phase III elafibranor ULN and ALP dec
Slide 29: Rare Disease
Rare Disease Key ongoing clinical-trial highlights P R I M ARY TRIAL P O P U L AT I O N PAT I E N T S DESIGN S TAT U S ENDPOINT(S) Palovarotene - Palovarotene 5mg QD and upon MOVE FOP flare-up, 20mg QD Annualized change in U.S. PDUFA date: 107 Phase III (chronic) for 28 days, new HO volume 16 August
Slide 30: Rare Disease
Rare Disease Key ongoing clinical-trial highlights P R I M ARY TRI AL P O P U L AT I O N PAT I E N T S DESIGN S TAT U S ENDPOINT(S) 10mg IPN60250 tablet QD for 12 IPN60250 weeks Primary sclerosing Treatment-related Phase II 12 Recruiting1 cholangitis adverse events NCT05642468 30mg (3x10 mg) IPN6025
Slide 31: Neuroscience
Neuroscience Key ongoing clinical-trial highlights P R I M ARY TRIAL P O P U L AT I O N PAT I E N T S DESIGN S TAT U S ENDPOINT IPN10200 Ax Dose escalation & Moderate to LANTIC dose finding First patient commenced severe upper 424 Safety Phase II versus Dysport or dosing Q1 2023 NCT04821089 facial l
Slide 32: Thank you
THANK YOU 32
Slide 33: Investor Relations
Investor Relations Adrien DUPIN DE SAINT-CYR Adrien DUPIN DE SAINT-CYR CraigRelations Investor MARKS Manager Nicolas BOGLER Investor Relations Manager Vice President, Investor Relations Investor Relations Senior Manager +44 7564 349 193 +33 6 52 19 98 92 craig.marks@ipsen.com nicolas.bogler@ipsen.co
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