Slides
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H1 2026 results 30 July 2026
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2 This presentationincludes only summary informationand does not purport to be comprehensive. Forward-looking statements,targets and estimatescontainedherein are for illustrativepurposes 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 competitionfrom 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,assumptionsor circumstanceson which any such statementsare based, unless so required by applicablelaw. All medicine names listed in this documentare either licensed to Ipsen or are registered trademarksof Ipsen or its partners. The implementationof 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 withdrawalof certain medicinesfrom the list of reimbursablemedicinesby governments,and the relevant regulatoryauthoritiesin 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 detrimentalto 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 distributorsor 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 medicinesdirectly to hospitals,Ipsen could be forced to lengthen its payment terms or could experience difficultiesin recovering its receivablesin 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 unexpectedregulatoryor political changes such as changes in tax regulationand regulationson trade and tariffs, such as protectionistmeasures,especially in the United States. All of the above risks could affect Ipsen’s future ability to achieve its financial targets, which were set assumingreasonablemacroeconomicconditionsbased on the informationavailable today. Forward-looking statements
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3 Speakers David Loew Chief Executive Officer Aymeric Le Chatelier Chief Financial Officer Christelle Huguet Head of R&D Mari Scheiffele Chief Product Officer
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4 Business update David Loew Chief Executive Officer
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Excellent H1 financials: sales growth1 +23.5% & core operating margin 38.6% 5 T oday’s highlights 1 At constant exchange rates; 2 Adverse impact of around -1% from currencies based on average exchange rates in June 2026; 3 Excluding any impact from potential late -stage (Phase III clinical development or later) external innovat ion transaction Three positive Phase III readouts Three late-stage trials underway Two clinical-stage acquisitions Guidance upgrade: sales growth2 >20.0% and core operating margin3 >37.0% Delivering on strategy to accelerate growth of key medicines & expand the pipeline
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6 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. Somatuline® 758 22.1 % 1,504 24.8 % H1 2026 sales performance Growth at const ant exchange rates
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7 1,452 305 434 €2,190m +23.5% OncologyNeuroscience Rare Disease +15.6%+16.6% +108.0% €686m +21.0% €351m +18.8% €284m +3.5% €108m +11.2% €257m +19.6% €170m +13.8% Aesthetics Therapeutics €173m +209.7% €120m +44.8% H1 2026 growth drivers Growth at const ant exchange rates
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PBC: Primary Biliary Cholangitis; ULN: Upper Limit Of Normal; GL: Glabellar Lines; PSC: Primary Sclerosing Cholangitis; 1L; First-Line; AML: Acute Myeloid Leukemia 8 Phase III readouts C-BEOND & E-BEOND - Dysport • First and only botulinum toxin with positive Phase III for both Chronic and Episodic migraine • Positive Phase III results for Iqirvo in PBC 1-1.67 x ULN ELSPIRE - Iqirvo Late-stage starts • Phase III in GL LAURITE - Corabotase • Phase III in PSC ELASCOPE - Elafibranor • Phase II/III in 1L AML EVICTION 3 - IPN60340 (ICT01) Late-stage pipeline evolution Three positive Phase III readouts supporting assets with blockbuster potential & three late-stage starts
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9 • Navtemadlin (MDM2i) for myelofibrosis, with the ongoing Phase III POIESIS trial, strengthening the hemato-oncology pipeline • $450m upfront + up to $1.3bn in milestones1 • Potravitug, a first-in-class anti-BKPyV antibody for post-transplant nephropathy, opening an indication with no approved targeted therapy • €200m upfront, total consideration >€700m Two strategic deals expand clinical pipeline Adding late-stage hemato-oncology and first-in-class transplant assets with blockbuster potential MDM2i: MDM2 Inhibitor; BKPyV: BK polyomavirus; 1 The transaction is expected to close in Q3 2026, subject to fulfilment of customary closing conditions, including the expirat ion of the wait ing period under the Hart -Scot t-Rodino Antitrust Improvements Act
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10 Financial update Aymeric Le Chatelier Chief Financial Officer
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11 €2.2bn +23.5%1 Total Sales €845m +28.8% Core Operating Income €652m +34.9% Free Cash Flow €2.0bn2 Proforma post acquisition of Kartos Therapeutics & Memo Therapeutics AG External Innovation Firepower H1 2026 financial highlights 1 At constant exchange rates; 2 Based on net debt, including contingent liabilit ies (including off -balance sheet commitments) at two times EBITDA
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12 Total sales Adverse impact from currencies Gross margin Lower milestone revenue Better cost of sales SG&A expenses Commercial investment to support launches R&D expenses Investment in pipeline, mainly in Neuroscience and early-stage Oncology assets H1 2026 H1 2025 Change €m €m Total Sales 2,190 1,820 20.4% Other revenues 109 117 (7.0%) Cost of sales (435) (371) 17.3% Gross Margin1 1,864 1,566 19.0% % of total sales 85.1% 86.1% (1.0 pt) SG&A expenses 1 (608) (561) 8.4% % of total sales 27.7% 30.8% (3.1 pts) R&D expenses (402) (365) 10.3% % of total sales 18.4% 20.1% (1.7 pts) Other operating income and expenses (9) 15 n/a Core Operating Income 845 656 28.8% % of total sales 38.6% 36.0% 2.5 pts P&L to core operating income Core operating margin improved by 2.5 pts All growth rates at actual exchange rates 1 Considers t he 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 31 of this presentation
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13 H1 2026 H1 2025 Change €m €m €m % Opening Net Cash 560 160 400 n/a EBITDA 890 699 191 27.3% Free Cash Flow 652 483 168 34.9% Dividends (132) (116) (16) 13.5% Net investments (40) (80) 40 (49.9%) Other1 (35) 40 (75) n/a Change in Net Cash 445 327 118 35.9% Closing Net Cash / (Debt) 1,005 488 517 n/a Free cash flow growth +35% driven by higher EBITDA, sound management of capital expenditures Net cash position at €1.0bn Firepower2 for external innovation at €2.0bn pro forma post-acquisition of Kartos Therapeutics & Memo Therapeutics AG Cash-flow statement Strong cash flow generation 1 Including share buyback and foreign -exchange differences on debt; 2 Based on net debt, including contingent liabilit ies (including off -balance sheet commitments) at two times EBITDA
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14 Total sales growth >20.0% at constant exchange (prior >13.0%) Adverse impact of around -1% from currencies2 Core operating margin >37.0% of total sales (prior >35.0%) Upgraded FY 2026 guidance1 1 Excluding any impact from potential late -stage (Phase III clinical development or later) external innovat ion transaction 2 Based on average exchange rates in June 2026
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15 R&D update Christelle Huguet Head of R&D
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Asset MoA Phase I Phase II Phase III Tovorafenib Type II RAFi IPN60340 /ICT01* BTN3A T-Cell Activator IPN01195 RAFi IPN60300 ADC IPN01203 T Cell Activator Iqirvo PPAR α/δ agonist Elafibranor PPAR α/δ agonist Dysport BoNTA Dysport BoNTA Corabotase RNITM Corabotase RNITM Corabotase RNITM Corabotase RNITM Corabotase RNITM 16 FIREFL Y-21: 1L pLGG EVICTION-3: 1L unfit AML Solid Tumors Solid Tumors ELSPIRE: PBC ELASCOPE: PSC C-BEOND: Chronic Migraine LANTIC: GL, FHL, LCL (Ax) LANTIMA: AUL (Tx) MERANTI: Migraine (Tx) CAT ALP A: Cervical Dystonia (Tx) LAURITE 1 & 2: GL (Ax) Solid Tumors ONCOLOGY RARE DISEASENEUROSCIENCE Positive readout R&D pipeline across three therapeutic areas Informat ion shown as of June 2026 (excluding BO LD Phase III trial) MoA: Mechanism of Action; RAFi: RAF inhibitor of the MAPK pathway; 1L: First-line; pLGG: Pediatric Low-Grade Glioma; BTN3A: Butyrophilin -3A; AML: Acute Myeloid Leukemia ; ADC: Antibody–drug conjugate; TCA: T Cell Activator; IBAT: Ileal Bile Acid Transporter; PPAR: Peroxisome Proliferator -Act ivat ed Recept or; PBC: Primary Biliary Cholangitis; PSC: Primary Sclerosing Cholangitis; BoNTA: Botulinum Toxin Serotype A; RN ITM: Recombinant NeuroInhibitor ; GL: Glabellar Lines; Ax: Aesthetics; FHL: Forehead Lines; LCL: Lateral Canthal Lines; AUL: Adult Upper Limb Spasticity; Tx: Therapeutics; 1 Executed by Day One Biopharmaceuticals; *This project has been funded by the French State under France 2030; Disclaimer: tria ls are event -driven and timelines can change E-BEOND: Episodic Migraine
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17 • Primary endpoints of monthly migraine days (MMD) met in both episodic (E-BEOND) & chronic (C-BEOND) migraine • >1,500 patients treated • First and only botulinum toxin to demonstrate a statistically significant reduction in MMD days vs placebo • Dysport well-tolerated across both trials with safety consistent with the known profile Migraine affects nearly a billion people worldwide and profoundly impacts daily life, work, family and social activities Dysport: potential first-in-class treatment for a broad migraine population Regulatory submission H2 2026 Dysport reduces monthly migraine days BEOND Phase III program positive in both episodic & chronic migraine
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18 Statistically significant primary endpoint met: ALP normalization in patients on Iqirvo 85% vs 23% on placebo (p=<0.0001) Iqirvo positive Phase IIIb ELSPIRE trial in PBC Iqirvo achieves ALP normalization in the vast majorityof patients with ALP 1-1.67 • ELSPIRE evaluated Iqirvo 80 mg (n=62) vs placebo (n=30) in PBC patients with ALP 1-1.67 x ULN on or after UDCA treatment • Normalization of ALP (≤1 ULN) is recognized as a key treatment goal for improving long-term prognosis and slowing disease progression in PBC PBC: Primary Biliary Cholangitis; ALP: Alkaline Phosphatase; ULN: Upper Limit Of Normal; UDCA: Ursodeoxycholic Acid Data are expected to be presented at a scientific congress in H2 2026
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Information shown as of June 2026 * St age 2 of LANTIC, Stage 3 to include GL, FHL & LCL; MoA: Mechanism of Action; RN ITM: Recombinant NeuroInhibitor ; FHL: Forehead Lines; LCL: Lateral Canthal Lines; Ax: Aest hetics; AUL: Adult Upper Limb Spast icity; Tx: Therapeutics; RAFi: RAF inhibitor of the MAPK pathway; 1L: First-line; pLGG: Pediatric Low-Grade Glioma; GL: Glabellar Lines; 1 Executed by Day One Biopharmaceuticals; Disclaimer: trials are event -driven and timelines can change 19 ONCOLOGY RARE DISEASE NEUROSCIENCE Asset MoA Stage 2026 2027 2028 Corabotase RNITM Phase II Corabotase RNITM Phase II Corabotase RNITM Phase II Tovorafenib Type II RAFi Phase III Corabotase RNITM Phase II Corabotase RNITM Phase III FIREFL Y-21: 1L pLGG LANTIC*: FHL & LCL (Ax) LANTIMA: AUL (Tx) MERANTI: Migraine (Tx) CATALPA: Cervical Dystonia (Tx) LAURITE 1 & 2: GL (Ax) Major upcoming milestones
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20 Building the late-stage pipeline Kartos Therapeutics1 Memo Therapeutics • Navtemadlin: an oral MDM2i for myelofibrosis • Phase Ib/II data demonstrated potential disease - modifying activity • The Phase III POIESIS trial with navtemadlin is ongoing, supporting a novel treatment paradigm • Potravitug: first-in-class monoclonal antibody targeting BK polyomavirus (BKPyV) in kidney transplant recipients • Binds the surface protein of BK virus, preventing cellular entry and viral proliferation • Phase II SAFE KIDNEY II: significant antiviral effect, histological improvement and a well -tolerated safety profile Phase III readout: 2027 Initiation of a pivotal Phase II/III: 2026 MDM2i: MDM2 Inhibitor 1 The transacti on is expected to close in Q3 2026, subject to fulfilment of customary closing conditions, including the expirat ion of the wait ing period under the Hart -Scot t-Rodino Antitrust Improvements Act
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21 Commercial update Mari Scheiffele Chief Product Officer
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22 Migraine Opportunity o Migraine is an attractive indication: a large and fast-growing segment o Significant opportunity in the chronic migraine market with a new option for patients o First-in-class potential in episodic migraine – a substantially larger patient population than chronic migraine Global therapeutic botulinum toxin market (2025) 15% 30% 15% 40% Cervical dystonia Spasticity Other Migraine Approved BEOND Some indications approved ~€4bn Significant opportunity for Dysport in migraine
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23 U.S. example: 2L PBC patient flow: # of U.S. patients Growing global 2L PBC market 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 receiving 2L treatment o Normalization of ALP is emerging as a new patient treatment goal Patients diagnosed with PBC ~100K 1L treated patients ~75K Uncontrolled patients (>1.67 ULN) ~25-30K Patients (1-1.67 ULN) ~20K ELSPIRE opportunity 2L-eligible patients Expanding the Iqirvo opportunity in PBC Upgraded Iqirvo peak sales of €1bn in PBC 2L: Second -line; PBC: Primary Biliary Cholangitis; 1L: First-line; ULN: Upper limit of normal; ALP: Alkaline Phosphatase
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24 Hemato-Oncology acquisition Navtemadlinopportunity to establish a novel treatment paradigm Patient opportunity o Significant number of Myelofibrosis (MF) patients with suboptimal response to standard -of-care ruxolitinib as measured by TSS or SVR • Response waning over time • Up to 70% of patients on ruxolitinib become suboptimal responders o Navtemadlin as a potential add-on treatment Overview without anemia or low platelets, ~60% Intermediate- to high-risk MF patients (~6,000 diagnosed patients in U.S.) 1L ruxolitinib treatment Suboptimal response (up to 70%) ruxolitinib + navtemadlin opportunity MF: Myelofibrosis ; 1L: First-line; TSS: Total Spleen Score; SVR: Spleen Volume Reduction The transaction is expected to close by end Q3 2026, subject to fulfilment of customary closing conditions, including the exp iration of t he waiting period under the Hart -Scot t-Rodino Anti trust Improvements Act
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25 Rare Disease acquisition Potravitug: Addressing a critical unmet need in post-kidney transplant care o Opportunity to change the treatment paradigm in post-transplant BKV • Potravitug potential first targeted anti-BK polyomavirus therapy • Current standard to reduce immunosuppression increases risk of graft rejection o FDA Fast Track (May 2023) & EU ODD (December 2025) granted Overview Potravitug target population BKVAN; BK Virus -Associat ed Nephropathy; BKV: BK Viremia; IU/mL: International Units per Milliliter; ODD: Orphan Drug Designation Patient journey >28,000 kidney transplants in the U.S. annually Post transplant immunosuppression BK virus reactivation ~25% develop BK viremia ~65% maintain elevated viral load (>5,000 IU/mL), a strong risk factor for progression to BKVAN and adverse graft outcomes
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26 Conclusion David Loew Chief Executive Officer
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Delivering very strong topline growth of key medicines & upgraded guidance 27 Key takeaways Pipeline expansion through positive readouts & additional late-stage trials across three therapeutic areas Acquisitions of clinical assets Several potential blockbuster launches to come Strong cash generation to fuel external innovation Delivering on strategy
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Questions 28
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Appendix 29
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30 H1 2026 sales by currency Average rate changes (H1 2026 vs. H1 2025) Other EUR USD GBP CNY -27% -7% -3% +4% +7% USD: 1.17 TRY: 52.11 BRL: 6.01 GBP: 0.87 MXN: 20.38 USD Currency impact H1 2026 sales FX negative impact of -3.1pts 32.4% 23.5% 3.0% 4.4% 36.7%
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31 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) (44) (46) Gross Margin1 1,864 1,566 1,909 1,612 (44) (46) % of total sales 85.1% 86.1% 87.1% 88.6% (2.0 pts) (2.5 pts) SG&A expenses 1 (608) (561) (652) (607) 44 46 % of total sales 27.7% 30.8% 29.8% 33.3% +2.0 pts +2.5 pts R&D expenses (402) (365) (403) (365) % of total sales 18.4% 20.1% 18.4% 20.1% Other core operating income and expenses (9) 15 (9) 15 Core Operating Income 845 656 845 656 % of total sales 38.6% 36.0% 38.6% 36.0% Distribution expenses reclassification From SG&A to Gross Margin without any impact on Core Operating Income 1 Considers t he reclassification of distribution expenses from SG&A to Gross Margin without any impact on Core Operating Income
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32 H1 2026 H1 2025 Change €m €m Core Operating Income 845 656 28.8% Amortization of intangible assets (123) (132) (7.1%) Restructuring & other operating expense (72) (19) n/a Impairment losses (85) (53) 60.8% IFRS Operating Income 565 452 25.1% Financial expenses (17) (26) (34.6%) Income tax (145) (90) 62.2% Share of net loss1 0 (1) n/a Net profit from discontinued operations - - n/a IFRS Consolidated Net Profit 403 336 20.0% Impairment losses mainly due to Tazverik’s withdrawal in March 2026 Financial expenses including lower cost of hedging Higher effective tax rate including the impact of the exceptional French tax contribution and the Base Erosion and Anti-Abuse Tax (BEAT) IFRS consolidated net profit Solid profitability despite impairment losses All growth rates at actual exchange rates 1 Equit y-accounted companies
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1 Recruitment status as per ct.gov, June 2026; 2 Executed by Day One Biopharmaceuticals; 1L: First-line; pLGG: Pediatric Low -Grade Glioma; SoC: Standard of Care; ORR: Overall Response Rate; AML: Acute Myeloid Leukemia; CRR: Complete Response Rate; DLT: Dose Limiting Toxicity 33 Tr i al I nd i c at i o n Pa t i e n t s D e s i g n P r i m a r y E n dp o i nt ( s ) S ta t u s tovorafenib FIREFLY-2 Phase III NCT05566795 1L pLGG 418 tovorafenib or SoC chemotherapy ORR Active, not recruiting1,2 IPN60340 Phase II/III NCT07623187 1L AML 450 IPN60340 + azacitidine + venetoclax CRR Not yet recruiting1 IPN01195 Phase I/II NCT06833008 Solid tumors (advanced) 85 IPN01195 DL T and ORR Recruiting1 IPN60300 Phase I NCT07213817 Solid tumors (advanced) 114 IPN60300 DLT and ORR Recruiting1 IPN01203 Phase I/II NCT07213830 Solid tumors (advanced) 102 IPN01203 DL T and ORR Recruiting1 Oncology Key ongoing clinical-trial highlights
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34 Tr i al I nd i c at i o n Pa t i e n t s D e s i g n P r i m a r y E n dp o i nt ( s ) S ta t u s Iqirvo ELSPIRE2 Phase III NCT06383403 2L PBC 92 Placebo or Iqirvo Percentage of participants with normalization of ALP levels Completed1 Elafibranor ELASCOPE Phase III NCT07387549 PSC 350 Placebo or Elafibranor Event-free survival : time from randomisation to either adjudicated disease progression or death, whichever occurs first Recruiting1 Rare Disease Key ongoing clinical-trial highlights 1 Recruitment status as per ct.gov, June 2026 (excluding BOLD Phase III trial); 2 Based on ALP >1.00 × ULN and <1.67 × ULN 2L: Second -line; PBC: Primary Biliary Cholangitis; ALP: Alkaline Phosphat ase; PSC: Primary Sclerosing Cholangitis
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35 Tr i al I nd i c at i o n Pa t i e n t s D e s i g n P r i m a r y E n dp o i nt ( s ) S ta t u s Dysport C-BEOND Phase III NCT06047444 Chronic migraine 759 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 751 Two dosing regimes of Dysport or placebo Change from baseline in monthly migraine days (MMD) Active, not recruiting1,2 Neuroscience - Dysport Key ongoing clinical-trial highlights 1 Pre-defined step of trial design; 2 Recruitment stat us as per ct.gov, June 2026
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36 Tr i al I nd i c at i o n Pa t i e n t s D e s i g n P r i m a r y E n dp o i nt ( s ) S ta t u s Corabotase(IPN10200) LAURITE 1 & 2 Phase III NCT07427797 Moderate to severe GL 1,600 Corabotase or placebo Composite response of 2- grade improvement on SSA and ILA at maximum contraction at w4 Recruiting1 Corabotase(IPN10200) LANTIC Phase II NCT04821089 Stage 2 : Moderate to severe GL + FHL or LCL Stage 3 : Moderate to severe in GL, FHL and LCL 727 Dose-finding versus placebo Placebo-controlled safety evaluation Composite response of 2- grade improvement on SSA at maximum contraction at w4 Active, not recruiting1 Active, not recruiting1 Corabotase(IPN10200) LANTIMA Phase II NCT04752774 Adult patients with upper- limb spasticity 240 Dose escalation & dose- finding versus Dysport or placebo Efficacy and safety Recruiting1 Corabotase(IPN10200) MERANTI Phase II NCT06625060 Adults with chronic or episodic migraine 641 Dose escalation & dose- finding versus placebo Efficacy and safety Recruiting1 Corabotase(IPN10200) CATALPA Phase II NCT06937931 Adults with cervical dystonia 132 Dose escalation & dose- finding versus placebo Efficacy and safety Recruiting1 Neuroscience – corabotase Key ongoing clinical-trial highlights 1 Recruitment status as per ct.gov, June 2026 GL: Glabellar Lines; SSA: Subject Self‐Assessment ; ILA: Investigator Live Assessment ; FHL: Forehead Lines; LCL: Lateral Canthal Lines
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37 Henry Wheeler Vice President, Investor Relations Khalid Deojee Senior Manager, Investor Relations Investor Relations +33 6 66 01 95 26 khalid.deojee@ipsen.com +33 7 64 47 11 49 henry.wheeler@ipsen.com
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