Q1 2024 sales update

24 April 2024

Janice

Living with cervical dystonia, Tennessee, U.S.

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 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.

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.

2

Speakers

For Q&A

David Loew

Aymeric Le Chatelier

CEO

CFO

3

Today's highlights

Strong top-line growth

  • Total sales +13.3%

- Growth platforms1 +16.2%

  • Increased contribution from new medicines2

Launches progressing

  • Onivyde: encouraging early start in 1L mPDAC

- Bylvay & Sohonos : launch on-going in the U.S.

  • Elafibranor: launch preparation with PDUFA date in June and EMA decision in H2

Pipeline progress

  • FDA regulatory approval in February for Onivyde in U.S. in 1L mPDAC
  • Two pre-clinical transactions

2024 guidance3

confirmed

Total-sales growth >+6% at CER

Core operating margin ~30%

1L: first line; mPDAC: metastatic pancreatic ductal adenocarcinoma; PDUFA: Prescription Drug User Fee Act; ADC: antibody-drug conjugate. All growth rates at constant exchange rates (CER). 1 Dysport®, Decapeptyl®, Cabometyx® and Onivyde®. 2 Bylvay®, Tazverik® & Sohonos®.

3 Excludes any impact of any additional late-stage (Phase III clinical development or later) external-innovation opportunities and incorporates expectations for Somatuline of further

generic lanreotide products in the U.S & E.U - expected adverse impact of ~1% from currencies on sales, based on average level of exchange rates in March 2024.

4

Q1 2024 sales

€m % change

Growth platforms1

New medicines2

Somatuline®

Other

509.7 16.2%

45.5 n/a

257.8 -1.3%

9.5 -20.5%

Total Sales

822.4

13.3%

All growth rates at constant exchange rates.

1 Dysport®, Decapeptyl®, Cabometyx® & Onivyde®.

2 Bylvay®, Tazverik® & Sohonos®.

Packaging Operator

Production

Signes, France

Somatuline sales: -1.3%

North

Rest of

Europe

America

World

-10.0%

+9.3%

+14.7%

Market-share gains in a

Benefit from generic-competitor

Ongoing strong performance

growing NET market

shortages in some markets

& share gains in

non-generic markets,

Continued adverse pricing from

including Latin America

Continued growth in markets

channel mix & increased rebates

with no generic

NET: neuroendocrine tumors.

All growth rates at constant exchange rates.

In this presentation, Europe is defined as the E.U., the U.K., Iceland, Liechtenstein, Norway and Switzerland.

6

Growth platforms: +16.2%

+19.3%

€177m

+22.2%

€155m

+2.6%

€131m

+14.8%1

€41m1

Strong performance across aesthetics & therapeutics

Growing & attractive

market dynamics

Robust volume performance

Strong growth

Positive early start

supported by

in China

in 1L mPDAC

share gains in 1L

Favorable phasing in

Increased competitive

Market-share growth in

Rest of World

activity & pricing pressure

post-gem setting

in Europe

Growth platforms: Dysport, Decapeptyl, Cabometyx & Onivyde; 1L: first line; mPDAC: metastatic pancreatic ductal adenocarcinoma.

All growth rates at constant exchange rates.

1 North America only; excludes sales to ex-U.S. partner.

7

A good early start for Onivyde in 1L mPDAC

U.S. FDA approval: 13 February

Orphan Exclusivity in 1L to 2031

Positive uplift in post-launch demand

"The approval of this Onivyde regimen is an important milestone for people living with mPDAC, their families and healthcare providers."

Dr. Zev Wainberg, Professor of Medicine &

Co-Director of the UCLA GI Oncology

Program

1L: first line; mPDAC: metastatic pancreatic

ductal adenocarcinoma.

Significant

Potential

potential,

to become new standard of

with high unmet

care

medical need

Patients

SoC

`

AccessFeedback

Reimbursement

Encouraging

& formulary entry

feedback across

progressing well

academic &

community centers

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Dysport: strong growth across indications

Aesthetics

- Strong performance in all markets in Ipsen & partner territories, including U.S.

- Solid market growth `

- Phasing adversely impacted sales in Europe

+24.3%

€102m

Therapeutics

  • Solid performance, driven by Rest of World & North America
  • Continued growing market across indications

+12.9%

€75m

All growth rates at constant exchange rates.

9

New medicines: increased contributions

€26m

€12m

€7m

Strong performance & patient uptake

Solid demand growth

Launch focus in U.S. on driving sense

in PFIC, despite challenging pricing

in a challenging

of urgency to treat existing,

mechanisms in Europe

FL landscape

diagnosed & identified patients

Progressive expected uptake

Competitive environment

Geographic expansion

in ALGS in U.S.

intensifying

planned

PFIC: progressive familial intrahepatic cholestasis; ALGS: Alagille syndrome; FL: follicular lymphoma.

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Ipsen SA published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 11:39:07 UTC.