Slides
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Q3 2026 update 22 October 2026
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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 United 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
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Speakers David Loew Chief Executive Officer Aymeric Le Chatelier Chief Financial Officer Christelle Huguet Head of R&D Presentation Joining for Q&A
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4 Today’s highlights 1 At constant exchange rates; 2 All medicines excluding Somatuline; PBC: Primary Biliary Cholangitis Financial Performance Q3 sales growth of +26.7% at CER1 YTD sales growth of +24.6% at CER • Core Portfolio2: +24.2% • Somatuline®: +25.5% Upgraded 2026 guidance • Total sales growth around +23.0% at CER (prior guidance: > +20.0%) • Core operating margin around 39.0% of total sales (prior guidance: > 37.0%) Portfolio Progression • Dysport®: Regulatory submissions underway in chronic and episodic migraine • Iqirvo®: ELSPIRE regulatory submission underway for PBC label update • Navtemadlin: Ongoing Phase III; Kartos Therapeutics integration • Potravitug: Phase II/III initiation; Memo Therapeutics integration
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5 Growth at constant exchange rates; 1 All medicines excluding Somatuline Q3 2026 YTD 2026 €m % change €m % change Oncology 745 17.7% 2,197 16.3% Rare Disease 194 88.6% 498 100.1% Neuroscience 235 23.1% 669 18.8% Total Sales 1,174 26.7% 3,364 24.6% Core Portfolio1 Sales 793 23.3% 2,297 24.2% Q3 & YTD sales performance
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6 2,197 498 669 €3,364m +24.6% OncologyNeuroscience Rare Disease +16.3%+18.8% +100.1% €1,067m +25.5% €523m +15.6% €426m +5.0% €147m +0.0% €25m €416m +25.6% €243m +9.2% Aesthetics Therapeutics €283m +170.8% €189m +43.8% YTD 2026 sales growth by key medicine Growth at constant exchange rates
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7 Total sales growth ~+23.0% at constant exchange rates (prior >+20.0%) Impact of around -0.5% from currencies1 Core operating margin ~39.0% of total sales (prior >37.0%) Upgraded FY 2026 guidance 1 Based on current average exchange rates in October 2026
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8 Advancing late-stage assets toward blockbuster potential PBC: Primary Biliary Cholangitis; Tx: Therapeutics; C/E: Chronic/Episodic; AML: Acute Myeloid Leukemia; P.T: Post-Transplant Ax: Aesthetics; GL: Glabellar Lines; 1 Additional potential with PSC for elafibranor; 2 Includes All Therapeutic Indications; 3 Sales Potential>$1Bn; PSC: Primary Sclerosing Cholangitis Disclaimer: trials are event-driven and timelines can change Blockbuster3 Potential ONCOLOGY RARE DISEASE NEUROSCIENCE Navtemadlin • Myelofibrosis • Ph. III POIESIS • Readout 2027 IPN60340 • AML • Ph. II/III EVICTION-3 • Readout 2031 Potravitug • P.T. Nephropathy • Ph. II/III SAFE KIDNEY 3 • Readout 2030 Iqirvo1 • PBC • Ph. III ELSPIRE • Reg. Filing 2026 Corabotase • Ax Ph. III LAURITE GL readout 2028 • Tx Ph. II readouts 2027/2028 Dysport Tx2 • Migraine • Ph. III C/E-BEOND • Reg. Filing 2026
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Asset MoA Phase I Phase II Phase III Regulatory Tovorafenib Type II RAFi Navtemadlin MDM2i IPN603402 BTN3A T-Cell Activator IPN60300 ADC IPN01203 TCA Iqirvo PPAR α/δ agonist Elafibranor PPAR α/δ agonist Potravitug Monoclonal antibody Dysport BoNTA Dysport BoNTA Corabotase RNITM Corabotase RNITM Corabotase RNITM Corabotase RNITM Corabotase RNITM 9 FIREFLY-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) CATALPA: Cervical Dystonia (Tx) LAURITE 1 & 2: GL (Ax) ONCOLOGY RARE DISEASENEUROSCIENCE R&D pipeline across three therapeutic areas E-BEOND: Episodic Migraine POIESIS: Myelofibrosis SAFE KIDNEY 3: Post-Transplant Nephropathy Information shown as of September 2026 MoA: Mechanism of Action; RAFi: RAF inhibitor of the MAPK pathway; 1L: First-line; pLGG: Pediatric Low-Grade Glioma; MDM2i: Mouse Double Minute 2 inhibitor; BTN3A: Butyrophilin-3A; Unfit: including high-risk patients who are ineligible for intensive chemotherapy AML: Acute Myeloid Leukemia; ADC: Antibody–drug conjugate; TCA: T Cell Activator; PPAR: Peroxisome Proliferator-Activated Receptor; PBC: Primary Biliary Cholangitis; PSC: Primary Sclerosing Cholangitis; BoNTA: Botulinum Toxin Serotype A; RNITM: 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, a Servier Group Company; 2This project has been funded by the French State under France 2030; Disclaimer: trials are event -driven and timelines can change
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10 Asset MoA Stage 2026 2027 2028 Navtemadlin MDM2i Phase III Tovorafenib Type II RAFi Phase III Corabotase RNITM Phase II Corabotase RNITM Phase II Corabotase RNITM Phase II Corabotase RNITM Phase II Corabotase RNITM Phase III Potravitug Monoclonal antibody Phase II LANTIC2: GL, FHL & LCL (Ax) LANTIMA: AUL (Tx) MERANTI: Migraine (Tx) CATALPA: Cervical Dystonia (Tx) LAURITE 1 & 2: GL (Ax) FIREFLY-21: 1L pLGG POIESIS: Myelofibrosis Major upcoming milestones SAFE KIDNEY 3: Post-Transplant Nephropathy ONCOLOGY RARE DISEASE NEUROSCIENCE Information shown as of September 2026 MoA: Mechanism of Action; MDM2i: Mouse Double Minute 2 inhibitor; RAFi: RAF inhibitor of the MAPK pathway; 1L: First-line; pLGG: Pediatric Low-Grade Glioma; RNITM: Recombinant NeuroInhibitor; AUL: Adult Upper Limb Spasticity; Tx: Therapeutics; GL: Glabellar Lines; FHL: Forehead Lines; LCL: Lateral Canthal Lines; Ax: Aesthetics; 1 Executed by Day One, a Servier Group Company; 2 Stage 3: GL, FHL & LCL Disclaimer: trials are event-driven and timelines can change
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Key takeaways Executing on 2026 priorities 11 Delivering Strong Financials • Solid double-digit sales growth momentum • Further upgraded full-year guidance Expanding Portfolio of Late-Stage Assets • Preparing for the next wave of major launches • Multiple blockbuster-potential catalysts over the next 18 months • Significant firepower to expand portfolio
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Questions 12
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Appendix 13
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14 YTD 2026 sales by currency Average rate changes (YTD 2026 vs. YTD 2025) Other EUR USD GBP CNY -22% -4% -3% +5% +7% USD: 1.16 TRY: 53.13 AUD : 1.65BRL: 5.98 MXN: 20.20 USD Currency impact YTD 2026 sales FX negative impact of -1.6 pts 31.3% 23.3% 3.2% 4.4% 37.7% +5%
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1 Recruitment status as per ct.gov, September 2026; 2 Executed by Day One, a Servier Group Company; 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 15 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 Tovorafenib FIREFLY-2 Phase III NCT05566795 1L pLGG 418 Tovorafenib or SoC chemotherapy ORR Active, not recruiting1,2 Navtemadlin POIESIS Phase III NCT06479135 Myelofibrosis 600 Navtemadlin + Ruxolitinib or Placebo + Ruxolitinib Spleen volume reduction (SVR35) Total symptom score improvement (TSS50) Recruiting1 IPN60340 EVICTION-3 Phase II/III NCT07623187 1L AML 540 IPN60340 + Azacitidine + Venetoclax or Placebo + Azacitidine + Venetoclax CRR Not yet recruiting1 IPN60300 Phase I NCT07213817 Solid tumors (advanced) 114 IPN60300 DLT and ORR Recruiting1 IPN01203 Phase I/II NCT07213830 Solid tumors (advanced) 102 IPN01203 DLT and ORR Recruiting1 Oncology Key ongoing clinical-trial highlights
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16 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 Iqirvo ELSPIRE1 Phase III NCT06383403 2L PBC 92 Iqirvo or Placebo Percentage of participants with normalization of ALP levels Completed2 Elafibranor ELASCOPE Phase III NCT07387549 PSC 350 Elafibranor or Placebo Event-free survival : time from randomisation to either adjudicated disease progression or death, whichever occurs first Recruiting2 Potravitug SAFE KIDNEY 2 Phase II/III NCT05769582 Post-Transplant Nephropathy 95 Potravitug or Placebo Proportion of participants with undetectable BKV DNAemia in the blood at Day 141 Completed2 Rare Disease Key ongoing clinical-trial highlights 1 Based on ALP >1.00 × ULN and <1.67 × ULN; 2 Recruitment status as per ct.gov, September 2026; 2L: Second-line; PBC: Primary Biliary Cholangitis; ALP: Alkaline Phosphatase; PSC: Primary Sclerosing Cholangitis; BKV: BK Virus
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17 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 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 Recruitment status as per ct.gov, September 2026 ; 2 Pre-defined step of trial design
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18 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 Corabotase LAURITE 1 & 2 Phase III NCT07427797 NCT07435428 Moderate to severe GL 1,600 Corabotase or Placebo Composite response of 2-grade improvement on SSA and ILA at maximum contraction at w4 Active, not recruiting1 Corabotase LANTIC Phase II NCT04821089 Stage 2 : Moderate to severe GL+FHL, FHL or LCL Stage 3 : Moderate to severe in GL+FHL+LCL 727 Dose-finding versus placebo Placebo-controlled safety evaluation Composite response of 2-grade improvement on SSA at maximum contraction at w4 Completed1 Active, not recruiting1 Corabotase LANTIMA Phase II NCT04752774 Adult patients with upper-limb spasticity 240 Dose escalation & dose-finding versus Dysport or placebo Efficacy and safety Recruiting1 Corabotase MERANTI Phase II NCT06625060 Adults with chronic or episodic migraine 641 Dose escalation & dose-finding versus placebo Efficacy and safety Active, not recruiting1 Corabotase 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, September 2026; GL: Glabellar Lines; SSA: Subject Self‐Assessment; ILA: Investigator Live Assessment; FHL: Forehead Lines; LCL: Lateral Canthal Lines
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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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