Slides
Page 1
FY 2025 results 12 February 2026
Page 2
2 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 involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those anticipated in the summary information. Actual results may depart significantly from these targets given the occurrence of certain risks and uncertainties, notably given that a new medicine can appear to be promising at a preparatory stage of development or after clinical trials but never be launched on the market or be launched on the market but fail to sell notably for regulatory or competitive reasons. Ipsen must deal with or may have to deal with competition from generic medicines that may result in market-share losses, which could affect its level of growth in sales or profitability. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements, targets or estimates contained in this presentation to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based, unless so required by applicable law. All medicine names listed in this document are either licensed to Ipsen or are registered trademarks of Ipsen or its partners. The implementation of the strategy has to be submitted to the relevant staff representation authorities in each country concerned, in compliance with the specific procedures, terms and conditions set forth by each national legislation. In those countries in which public or private-health cover is provided, Ipsen is dependent on prices set for medicines, pricing and reimbursement-regime reforms and is vulnerable to the potential withdrawal of certain medicines from the list of reimbursable medicines by governments, and the relevant regulatory authorities in its locations. Ipsen operates in certain geographical regions whose governmental finances, local currencies or inflation rates could erode the local competitiveness of Ipsen’s medicines relative to competitors operating in local currency, and/or could be detrimental to Ipsen’s margins in those regions where Ipsen’s sales are billed in local currencies. In a number of countries, Ipsen markets its medicines via distributors or agents; some of these partners’ financial strengths could be impacted by changing economic or market conditions, potentially subjecting Ipsen to difficulties in recovering its receivables. Furthermore, in certain countries whose financial equilibrium is threatened by changing economic or market conditions, and where Ipsen sells its medicines directly to hospitals, Ipsen could be forced to lengthen its payment terms or could experience difficulties in recovering its receivables in full. Ipsen also faces various risks and uncertainties inherent to its activities identified under the caption ‘Risk Factors’ in the Company’s Universal Registration Document as well as risks arising from unexpected regulatory or political changes such as changes in tax regulation and regulations on trade and tariffs, such as protectionist measures, especially in the Unites States. All of the above risks could affect Ipsen’s future ability to achieve its financial targets, which were set assuming reasonable macroeconomic conditions based on the information available today. Forward-looking statements 2
Page 3
Business update R&D update Financial update 3 Speakers David Loew Chief Executive Officer Aymeric Le Chatelier Chief Financial Officer
Page 4
4 Business update David Loew Chief Executive Officer
Page 5
5 Today’s highlights Total sales growth +10.9% CER1: Portfolio excluding Somatuline®: +14.2% Core operating margin: 35.2% of total sales 2025 Financial Results Tovorafenib: EMA regulatory submission Cabometyx®: EU approval in NETs IPN10200: Proof-of-concept data readout in aesthetics 2026 Key Catalysts Total sales growth: >13.0% at CER1 Core operating margin: >35.0% of total sales 2026 Guidance2 EMA: European Medicines Agency; EU: European Union; NETs: Neuroendocrine Tumors 1 At constant exchange rates; 2 Excludes any impact of potential late-stage external-innovation opportunities Five key milestones including three pivotal readouts IPN10200: Full phase II data presentation 2025 Regulatory Highlights
Page 6
6 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 excl. Somatuline® 19.6% 14.2% Growth at constant exchange rates
Page 7
7 Oncology portfolio FY 2025 sales growth of 4.1% Good performance in the U.S. & Europe, ongoing generic lanreotide shortages Double-digit growth in Rest of World €1,135m +4.3% Solid performance, driven by increasing market share in 1L RCC and launch in NETs in Germany Competition in Rest of World €613m +5.1% Expansion of use in the 1L PDAC setting in the U.S. Sustained performance from ex-U.S. partner €207m +6.2% Volume growth in Europe and Rest of World Continued competition and pricing pressure in certain countries €543m +2.7% 1L: First Line; RCC: Renal Cell Carcinoma; NETs: Neuroendocrine Tumors; PDAC: Pancreatic Ductal Adenocarcinoma Growth at constant exchange rate
Page 8
8 Rare Disease portfolio FY 2025 sales growth of 102.5% Strong volume growth in the U.S. driven by PFIC and ALGS indications Increased ex-U.S. contribution in PFIC from new patient initiations, dosing & geographical expansion €180m +36.3% €184m +770% Accelerated sales growth in the U.S. and in Europe driven by fast uptake from new patients, switch & market expansion PFIC: Progressive Familial Intrahepatic Cholestasis; ALGS: Alagille Syndrome Growth at constant exchange rates
Page 9
9 Iqirvogrowing momentum Sales acceleration quarter on quarter U.S. • Growing PPAR market • Ocaliva switches • New data at AASLD’25 on long term efficacy & safety including pruritus, fatigue & fibrosis Europe • Launches across many countries • Increasing uptake from new patients, switch & market expansion Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Quarterly sales (€m) 6 PPAR: Peroxisome proliferator-activated receptor; AASLD: American Association for the Study of Liver Diseases 1 14 23 36 49 77
Page 10
10 Neuroscience portfolio FY 2025 sales growth of 9.7% Growth at constant exchange rates Continued strong sales growth in the U.S. and in Rest of World in Ipsen’s & partner’s territories Q4 performance impacted by phasing of shipments and channel mix in the U.S. €436m +13.7% €298m +4.2% Solid growth in the U.S. and Europe Rest of World impacted by phasing of orders in Brazil Aesthetics Therapeutics
Page 11
11 Financial update Aymeric Le Chatelier Chief Financial Officer
Page 12
FY 2025 financial highlights €3.7bn +10.9%1 Total Sales €1.3bn +16.7% Core Operating Income €1.0bn +29.2% Free Cash Flow €3.2bn2 External Innovation Firepower 1 At constant exchange rates; 2 Based on net debt, including contingent liabilities, at two times EBITDA Strong results across the board 12
Page 13
P&L to core operating income All growth rates at actual exchange rate 1 Considers the reclassification of distribution expenses from SG&A to Gross Margin without any impact on Core Operating Income For a detailed breakdown of the financial changes, please refer to slide 29 of this presentation Total sales Including adverse impact from currencies Gross margin Higher other revenues from milestones and growth in royalties SG&A expenses Higher commercial efforts to support launches, partly offset by the impact of the efficiency program R&D expenses Increased investment to strengthen the internal pipeline, mainly in Neuroscience and early-stage Oncology assets FY 2025 FY 2024 Change €m €m % Total Sales 3,676 3,401 8.1% Gross Margin1 3,178 2,870 10.7% % of total sales 86.5% 84.4% 2.1 pts SG&A expenses1 (1,163) (1,088) 6.9% % of total sales 31.6% 32.0% (0.3 pt) R&D expenses (754) (687) 9.8% % of total sales 20.5% 20.2% 0.3 pt Other core operating income & expenses 33 14 n/a Core Operating Income 1,294 1,109 16.7% % of total sales 35.2% 32.6% 2.6 pts Core Operating Margin improvement 13
Page 14
FY 2025 FY 2024 Change €m €m % Core Operating Income 1,294 1,109 16.7% Amortization of intangible assets (265) (273) (3.3%) Restructuring & other operating expenses (56) (58) (3.3%) Impairment losses (347) (281) 23.6% IFRS Operating Income 626 497 26.0% Financial expenses (47) (65) (27.4%) Income tax (134) (75) 78.4% Share of net profit/(loss)1 (1) 1 n/a Net profit/(loss) from discontinued operations 0 (10) n/a IFRS Consolidated Net Profit 445 347 28.0% IFRS consolidated net profit IFRS Operating Income +26% Impairment losses related mainly to Tazverik, fidrisertib and the discontinuation of early-stage assets IFRS Consolidated Net Profit +28.0% Lower financial expenses from favourable currencies exchange differences Increased income tax due to higher pre-tax income and higher effective tax rate All growth rates at actual exchange rates 1 Equity-accounted companies Solid profitability despite impairment losses 14
Page 15
Cash-flow statement 1 Including share buyback, discontinued operations & foreign -exchange difference on debt; 2 Based on net debt, including contingent liabilities, at two times EBITDA FY 2025 FY 2024 Change €m €m €m % Opening Net Cash 160 65 95 EBITDA 1,383 1,200 184 15.3% Free Cash Flow 1,001 774 226 29.2% Dividends (116) (100) 16 Net investments (483) (542) (59) Other1 (2) (38) (36) Change in Net Cash 400 95 304 Closing Net Cash 560 160 400 Free cash-flow Growth driven by higher EBITDA, sound management of capital expenditures and working capital Net investments Related to the acquisition of ImCheck Therapeutics and regulatory & commercial milestones Firepower2 for external innovation at €3.2bn Strong cashflow generation 15
Page 16
16 FY 2026 guidance1 Total sales growth >13.0% at constant exchange • Acceleration of portfolio excl. Somatuline • Expected growth of Somatuline due to generic- lanreotide challenges Adverse impact of currencies2 of around 2% Core operating margin >35.0% of total sales3 1 Excluding any impact from potential late -stage (Phase III clinical development or later) external innovation transaction; 2 Based on average exchange rates in January 2026; 3 Including additional R&D expenses from anticipated early and mid-stage external-innovation opportunities; 4Total-sales growth greater than 7% (CAGR 2023 -2027 at constant exchange rates) and 2027 core operating margin greater than 32% o f total sales Highly confident to exceed 2027 outlook4
Page 17
17 R&D update David Loew Chief Executive Officer
Page 18
IPN60300 (ADC) Solid tumors IPN01203 (TCA) IPN01194 (ERKi) Solid tumors IPN01195 (RAFi) Solid tumors BOLD: BA ELASCOPE: PSC C/E-BEOND: Chronic & Episodic migraine ELSPIRE: PBC LANTIC: GL, FHL, LCL (Ax) Solid tumors Bylvay (IBATi) Iqirvo (PPAR α/δ agonist) Iqirvo (PPAR α/δ agonist) Dysport (BoNTA) IPN10200 (recombinant molecule) IPN10200 (recombinant molecule) IPN10200 (recombinant molecule) LANTIMA: AUL (Tx) MERANTI : Migraine (Tx) IPN10200 (recombinant molecule) CATALPA: Cervical dystonia (Tx) Growing pipeline across three therapeutic areas Tazverik + R2 (EZH2 inhibitor) SYMPHONY-1: 2L FL Tovorafenib(Type II RAF-kinase inhibitor) IPN60340/ICT01 (BTN3A T-cell activator) 1L AML FIREFLY-21: 1L pLGG Phase I Phase II Phase III Information shown as of February 2026 R2: Lenalidomide + Rituximab; EZH2: Enhancer of zeste homolog 2; 2L: Second Line; FL: Follicular Lymphoma; RAF: Rapidly Accelerated Fibrosarcoma; 1L: First line; pLGG: Pediatric Low-Grade Glioma; BTN3A: Butyrophilin-3A; AML: Acute Myeloid Leukemia; ERKi: ERK inhibitor of the MAPK pathway; RAFi: RAF inhibitor of the MAPK pathway; ADC: Antibody–drug conjugate; TCA: T-cell activator; IBAT: Ileal Bile Acid Transporter; BA: Biliary Atresia; PPAR: Peroxisome Proliferator-Activated Receptor; PBC: Primary Biliary Cholangitis; PSC: Primary Sclerosing Cholangitis; BoNTA: Botulinum Toxin Serotype A; GL: Glabellar Lines; FHL: Forehead Lines; LCL: Lateral Canthal Lines; AUL: Adult Upper Limb Spasticity; Ax: Aesthetics; Tx: Therapeutics; 1 Executed by Day One Biopharmaceuticals Disclaimer: trials are event-driven & timings can change 18 Rare Disease NeuroscienceOncology
Page 19
TCR: T-Cell Receptor Antibody-Drug Conjugate T-cell Activator • First-and best-in-class potential antibody-drug conjugate IPN60300 • Targets a novel, never evaluated, tumor antigen known to be overexpressed in many different cancer types including solid tumors • First-in-class potential T-cell activator IPN01203 • Selectively activates Vβ6 T-cells through TCR and IL-15R pathways, enhancing their ability to recognize and target tumors New modalities in Phase I A future portfolio built on precision immunomodulation to transform outcomes for patients 19
Page 20
• 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-NRS) and fatigue (FACIT), alongside other exploratory endpoints Screening period Elafibranor (120mg) OD (n=175) Placebo (n=175) Randomization 1:1 (10 weeks) Safety follow-up ALP: Alkaline phosphatase; WI-NRS: Worst Itch Numerical Rating Scale; PSC: Primary sclerosing cholangitis; FACIT: Functional Assessment of Chronic Illness Therapy; OD: Once Daily; C. Levy et al. Safety and efficacy of elafibranor in primary sclerosing cholangitis: The ELMWOOD phase II randomized -controlled trial. Journal of Hepatology. January 2026: 84:75 https://www.journal-of-hepatology.eu/article/S0168-8278(25)00252-1/fulltext 20 Evaluating elafibranor in PSC ELASCOPE: Phase III program initiated following positive Phase II data No approved treatments ~40k patients in the U.S. Transplant rates – 50% at 10 years
Page 21
21 • 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 • One trial will evaluate safety & efficacy of re-treatment of IPN10200 • Secondary endpoints will include patient satisfaction & time to re-treatment Total patient numbers 1600 across both Phase III programs with >95% of patients expected to receive at least 1 dose of IPN10200 21 IPN10200: Phase III glabellar lines Two global, multicenter, double-blind, randomized, placebo-controlled Phase III trials in moderate to severe glabellar lines
Page 22
22 External Innovation Preclinical antibody-drug conjugate (ADC) Early-Stage Global Licensing (ex-greater China) Preclinical MAPK-related pathway inhibition Expansion of existing early-stage Research collaboration Mid-Stage Acquisition Phase II anti-BTN3A γδT-cell activator in unfit 1L AML U.S. FDA Breakthrough Therapy Designation BTN3A: Butyrophilin-3A; Unfit: including high risk patients who are ineligible for intensive chemotherapy; 1L: First line; AML: Acute Myeloid Leukemia; FDA: Food And Drug Administration; MAP Kinase: Mitogen-activated protein kinase Expansion of our oncology pipeline in Q4 2025
Page 23
Information shown as of February 2026 RAF: Rapidly Accelerated Fibrosarcoma; R/R: Relapsed/Refractory; pLGG: Pediatric Low-Grade Glioma; ; IBATi: Ileal Bile Acid Transporter, BA: Biliary atresia; PPAR: Peroxisome Proliferator-Activated Receptor; PBC: Primary Biliary Cholangitis; BoNTA: Botulinum Toxin Serotype A; CM: Chronic Migraine; EM: Episodic Migraine; FHL: Forehead Lines; LCL: Lateral Canthal Lines; AUL: Adult Upper Limb Spasticity; EZH2: Enhancer of zeste homolog 2: 2L: Second Line; FL: Follicular Lymphoma 1 Data readout — Disclaimer: trials are event-driven & timings can change; 2 Executed by Day One Biopharmaceuticals Rare Disease NeuroscienceOncology Regulatory decisionData readout Phase II FIREFLY-11: R/R pLGG Phase III BOLD: BA Major upcoming milestones 23 20272026 Phase III ELSPIRE: PBC Phase III C&E BEOND: CM & EM Phase II LANTIC: FHL & LCL Phase II LANTIMA: AUL Phase II MERANTI: Migraine Phase III1 SYMPHONY-1: 2L FL Phase III2 FIREFLY-2: pLGG Tovorafenib (Type II RAF-kinase inhibitor) Bylvay (IBATi) Iqirvo (PPAR α/δ agonist) Dysport (BoNTA) IPN10200 (recombinant molecule) IPN10200 (recombinant molecule) IPN10200 (recombinant molecule) Tazverik (EZH2 inhibitor) Tovorafenib (Type II RAF-kinase inhibitor)
Page 24
Key takeaways Maintaining strong trajectory toward 2027 objectives 24 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 sales growth • Five major regulatory and clinical milestones • Execute on external innovation with €3.2bn firepower2 1 At constant exchange rates; 2 Based on net debt, including contingent liabilities, at two times EBITDA
Page 25
Questions 25
Page 26
Appendix 26
Page 27
27 Ipsen’s sustainability impact in 2025 Environment People Greenhouse gas emissions by 2030 • 57% reduction in absolute Scope 1 & 2 • 28% reduction in absolute Scope 3 100% of global electricity sourced from renewable energy by 2025 Targets1 Performance In 20251 % of reduction for Scopes 1 & 2 % of reduction for Scope 3 Renewable electricity across all sites 54% 16% 100% Targets Gender balance in Global Leadership Team (includes Executive Leadership Team) Performance In 2025 53% Women Ratings Ranked 58 Top 10% Scored A Scored A Top 4% 30 locations Ipsen recognized as Employer of choice, representing 96.3% of employees 1 Based on the 2019 baseline; SBTI 2025 validation : approved Ipsen’s near-term and long-term targets in July 2025. Ipsen has committed to reduce its absolute Scope 1 and 2 emissions by 57% and its Scope 3 emissions by 28% by 2030
Page 28
33,0% 35,1% 4,3% 3,2% 24,3% 28 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 EUR USD GBP CNY -4% USD: 1,13 -26% TRY: 44,86 -8% BRL: 6,31 -9% MXN: 21,68 -4% CNY: 8,12
Page 29
29 Distribution expenses reclassification 1 Considers the reclassification of distribution expenses 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 Margin1 3,178 2,870 3,260 2,956 (82) (86) % of total sales 86.5% 84.4% 88.7% 86.9% (2.2 pts) (2.5 pts) SG&A expenses1 (1,163) (1,088) (1245) (1,173) 82 86 % of total sales 31.6% 32.0% 33.9% 34.5% +2.2 pts +2.5 pts R&D expenses (754) (687) (754) (687) % of total sales 20.5% 20.2% 20.5% 20.2% Other core operating income and expenses 33 14 33 14 Core Operating Income 1,294 1,109 1,294 1,109 % of total sales 35,2% 32.6% 35,2% 32.6% From SG&A to Gross Margin without any impact on Core Operating Income
Page 30
Oncology T r i a l I n d i c a t i o n P a t i e n t s D e s i g n P r i m a r y E n d p o i n t ( s ) S t a t u s Tazverik SYMPHONY-1 Phase III NCT04224493 R/R FL 612 Tazverik + R2 or placebo + R2 PFS Recruiting1 tovorafenib FIREFLY-2 Phase III NCT05566795 1L pLGG 400 tovorafenib or chemotherapeutic ORR Recruiting1,2 IPN60340 (ICT01) EVICTION-2 Phase I/IIa NCT05307874 1L AML 56 IPN60340 (ICT01) + azacitidine-venetoclax CRR Completed1 30 Key ongoing clinical-trial highlights R/R: Relapsed/refractory; FL: Follicular lymphoma; R2: Lenalidomide + rituximab; PFS: Progression-free survival; 1L: First line; pLGG: Pediatric low-grade glioma ORR: Overall response rate; AML: Acute myeloid leukemia; CRR : Complete response rate 1 Recruitment status as per ct.gov, February 2026; 2 Executed by Day One Biopharmaceuticals
Page 31
Oncology T r i a l I n d i c a t i o n P a t i e n t s D e s i g n P r i m a r y E n d p o i n t ( s ) S t a t u s IPN01194 Phase I/IIa NCT06305247 Solid tumors (advanced) 220 IPN01194 Safety and efficacy Recruiting1 IPN01195 Phase I/IIa NCT06833008 Solid tumors (advanced) 85 IPN01195 Safety and efficacy Recruiting1 IPN60300 Phase I NCT07213817 Solid tumors (advanced) 102 IPN60300 Safety and efficacy Recruiting1 IPN01203 Phase I NCT07213830 Solid tumors (advanced) 102 IPN01203 Safety and efficacy Recruiting1 31 Key ongoing clinical-trial highlights 1 Recruitment status as per ct.gov, February 2026
Page 32
Rare Disease 32 Key ongoing clinical-trial highlights BA: Biliary atresia; 2L: Second line; PBC: Primary biliary cholangitis; ALP: Alkaline phosphatase; PSC: Primary sclerosing cholangitis 1 Recruitment status as per ct.gov, February 2026 T r i a l I n d i c a t i o n P a t i e n t s D e s i g n P r i m a r y E n d p o i n t ( s ) S t a t u s Bylvay BOLD Phase III NCT04336722 BA 254 Placebo or Bylvay Time from randomization to first occurrence of liver transplant, or death Active, not recruiting1 Iqirvo ELSPIRE2 Phase III NCT06383403 2L PBC 69 Placebo or Iqirvo Percentage of participants with normalisation of ALP levels Active, not recruiting1 Iqirvo ELASCOPE Phase III NCT07387549 PSC 350 Placebo or Iqirvo Event-Free Survival Not yet recruiting1
Page 33
Neuroscience - Dysport 33 Key ongoing clinical-trial highlights 1 Pre-defined step of trial design; 2 Recruitment status as per ct.gov, February 2026 T r i a l I n d i c a t i o n P a t i e n t s D e s i g n P r i m a r y E n d p o i n t ( s ) S t a t u s Dysport C-BEOND Phase III NCT06047444 Chronic migraine 720 Two dosing regimes of Dysport or placebo Change from baseline in monthly migraine days (MMD) Active, not recruiting1,2 Dysport E-BEOND Phase III NCT06047457 Episodic migraine 714 Two dosing regimes of Dysport or placebo Change from baseline in monthly migraine days (MMD) Active, not recruiting1,2
Page 34
Neuroscience – IPN10200 34 Key ongoing clinical-trial highlights GL: Glabellar lines; FHL: Forehead lines; LCL: Lateral canthal lines; SSA: Subject’s Self-Assessment; w4: Week 4 1 Recruitment status as per ct.gov, February 2026 T r i a l I n d i c a t i o n P a t i e n t s D e s i g n P r i m a r y E n d p o i n t ( s ) S t a t u s IPN10200 LANTIC Phase II NCT04821089 Stage 1 : Moderate to severe GL 727 Dose escalation & dose- finding versus Dysport or placebo Response - composite response of 2-grade improvement on SSA at maximum contraction at w4 Recruiting1 Stage 2 : Moderate to severe GL + FHL, FHL or LCL Dose-finding versus placebo Recruiting1 Stage 3 : Moderate to severe in GL, FHL and LCL Placebo-controlled safety evaluation Recruiting1 IPN10200 LANTIMA Phase II NCT04752774 Adult patients with upper-limb spasticity 240 Dose escalation & dose- finding versus Dysport or placebo Efficacy and safety Recruiting1 IPN10200 MERANTI Phase II NCT06625060 Adults with chronic or episodic migraine 641 Dose escalation & dose- finding versus placebo Efficacy and safety Recruiting1 IPN10200 CATALPA Phase II NCT06937931 Adults with cervical dystonia 132 Dose escalation & dose- finding versus placebo Efficacy and safety Recruiting1
Page 35
Investor Relations 35 +33 6 66 01 95 26 khalid.deojee@ipsen.com +33 7 64 47 11 49 henry.wheeler@ipsen.com Khalid Deojee Senior Manager Investor Relations Henry Wheeler Vice President Investor Relations
Page 36
Thank You Learn more about us