Ipsen (IPN) investor relations material

Executive summary

• Achieved double-digit sales growth of 10.9% at constant exchange rates in 2025, with all three therapeutic areas—oncology, rare disease, and neuroscience—contributing to growth and significant profit expansion.

• Core operating margin improved to 35.2% of sales, with core operating income up 16.7% to €1.3 billion.

• Free cash flow increased by 29.2% to €1.0 billion, supporting robust cash generation and external innovation capacity.

• Pipeline enriched through internal R&D and external acquisitions, with five major regulatory and clinical milestones expected in 2026.

• Significant regulatory milestones: EU approval of CABOMETYX in neuroendocrine tumors, MA submission for tovorafenib, and first data for IPN10200.

Financial highlights

• Total sales reached €3.7 billion, up 10.9% at constant exchange rates.

• Core operating income rose 16.7% to €1.3 billion, with a margin of 35.2%.

• IFRS consolidated net profit increased by 28% to €445 million, despite impairment losses.

• Gross margin improved to 86.5% of sales, up 2.1 points from the previous year.

• Free cash flow reached €1.0 billion, up 29.2% year-over-year.

Outlook and guidance

• 2026 guidance: total sales growth above 13% at constant exchange rates and core operating margin above 35%.

• Anticipates limited generic Somatuline supply in 2026, with potential entrant in H2.

• Confident in exceeding 7% annual sales growth and 32% margin by 2027.

• Guidance assumes continued Somatuline growth due to generic lanreotide production challenges and accelerated performance across the portfolio.

• Guidance excludes impact from potential late-stage external-innovation transactions.