Ipsen : 2023 Integrated Annual Report

2023 INTEGRATED ANNUAL REPORT

INTRODUCTION	THERAPY AREAS	2023 BUSINESS REVIEW	GENERATION IPSEN	CORPORATE GOVERNANCE

The people behind Ipsen's purpose and passion

Behind the disease statistics and the performance indicators are people.

Some are living with high unmet medical needs. Some are not.

But they all share a common trait: they want to have a positive impact.

"I am inspired every day by the dedication of the people here at Ipsen - and the amazing opportunity we have to really make a difference for patients and their families."

Daniel is Senior Director, Neuroscience Marketing, North America.

"If someone's sad about FOP, then I would say, 'It's okay, because FOP is rare, and that means you're special.'"

Eight-year-oldSavannah lives with fibrodysplasia ossificans progressiva (FOP).

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INTRODUCTION	THERAPY AREAS	2023 BUSINESS REVIEW	GENERATION IPSEN	CORPORATE GOVERNANCE

Contents

INTRODUCTION

THERAPY AREAS

2023 BUSINESS REVIEW

GENERATION IPSEN

CORPORATE GOVERNANCE

The people behind Ipsen's		The people behind Ipsen's
purpose and passion:		purpose and passion:		R&D and innovation:
meet Daniel and Savannah	2	meet Hub and Stéphane	14	a closer look
2023 highlights		Oncology	15	Expanding our high-value,
and key results	4			sustainable pipeline
		Rare Disease	17
Bringing Ipsen into the next				Digital transformation
phase of growth: David Loew,		Neuroscience	19	to boost performance
Chief Executive Officer	5
		Prioritizing communication		Our global presence
2023: successfully		with patient organizations	21
implementing our strategy	7			Our production sites
Dynamic growth built				The people behind Ipsen's
on solid foundations	8			purpose and passion:
				meet Gill and Jay
Striving for balance
across our business	9
Ipsen's growth strategy:
accelerating innovation	10
Generation Ipsen	11
Purpose, passion, precision	12

23 Generation Ipsen: our four pillars

Accelerating value - addressing risk

24

Environment: caring for the planet

25

Patients:

1. driving everything we do
2. People:
   making a real impact, every day People:
3. caring for our communities
   Governance: acting with integrity and responsibility
   Fondation Ipsen
   The people behind Ipsen's purpose and passion: meet Jude and Marie

30	Board of Directors	40
31	Executive Leadership Team	41
	Creating value for
32	patients and society	42
	Assessing and defending
33	against risks	43
	2022-2023 financial KPIs	44
34
	2023 total sales	45

35 The people behind Ipsen's purpose and passion:

	meet Stephen and Justine	46
36	References and credits	48
37	Forward-looking
	statements	49

38

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INTRODUCTION	THERAPY AREAS	2023 BUSINESS REVIEW	GENERATION IPSEN	CORPORATE GOVERNANCE

2023 highlights and key results

Entering the next phase of growth

€3.128bn	+13%*	€119m
total sales	growth platform sales	sales of new medicines

32%†	€619m	€1.9bn
core operating margin	investment in R&D	in available firepower
	(20% of total sales)	(end 2023)††

Albireo acquisition enriches Rare Disease portfolio

In March 2023, Ipsen acquired Albireo Pharma, a leading innovator in the treatment of rare liver conditions.

Albireo's novel bile-acid modulators, such as Bylvay® (odevixibat), offer promising results for rare pediatric and adult cholestatic liver diseases. Bylvay® was approved in its second indication in June 2023 by the U.S. Food and Drug Administration (FDA) for patients living with cholestatic pruritus due to Alagille syndrome.

The acquisition of Albireo demonstrates Ipsen's continued strengthening of its rare disease expertise and focus.

* At constant exchange rates. † Of total sales. †† Based on net debt at 2.0 x EBITDA.

53% 25

WOMENCOUNTRIES

in the Global	recognize Ipsen
Leadership Team	as an employer
	of choice

>25 36%

NEW ASSETS	REDUCTION
added since 2020	in absolute facility
	and fleet (Scopes
	1 & 2) carbon
	emissions vs
	2019 base year

Four new medicines or indications for near-term launch

Onivyde®Bylvay®

elafibranor Sohonos®

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INTRODUCTION	THERAPY AREAS	2023 BUSINESS REVIEW	GENERATION IPSEN	CORPORATE GOVERNANCE

Bringing Ipsen into the next phase of growth

David Loew, Chief Executive Officer

2023 marked the beginning of a new phase for Ipsen, one that we began preparing when we launched our strategy at the end of 2020. Over the past three years, we have shifted from reliance on the blockbuster Somatuline® (lanreotide) to four growth platforms: Onivyde® (irinotecan liposome injection) , Cabometyx® (cabozantinib), Dysport® (abobotulinumtoxinA) and Decapeptyl® (triptorelin). We've enriched our portfolio, acquiring Epizyme (oncology) in 2022, and Albireo (rare liver disease) in early 2023. Our pipeline has also expanded, adding more than 25 new assets since 2020. This growth has been possible thanks to the efficiencies we have generated, which we have used to reinvest in expanding our pipeline and launching new medicines. We're developing our expertise and presence in rare liver diseases, with both Bylvay® and the investigational

medicine elafibranor, for which we expect regulatory decisions in the coming months in the U.S. and Europe. This progress demonstrates that our strategy is delivering, leading to a stronger, more resilient Ipsen.

Ipsen's strategy

• Bring the full potential of our innovative medicines to patients
• Build a high-value, sustainable pipeline
• Deliver efficiencies to enable investments and support growth
• Boost a culture of collaboration, excellence and impact on society

A robust strategy

Three years ago, Ipsen was facing headwinds: our blockbuster medicine had lost exclusivity and generic competitors were beginning to appear. Our pipeline was also low on promising assets. To continue to flourish and ensure we could bring crucial innovation to patients, we needed to diversify our portfolio and expand our pipeline. Our mission, "Focus. Together. For patients and society," gave us a clear direction, while the four pillars of strategy laid out our next steps. Our ambition: to be a leading global mid-size biopharmaceutical company in our three therapy areas of Oncology, Rare Disease and Neuroscience. It's exciting to see how far we have already come, and to look ahead to our big plans for 2024 and beyond to continue on our growth trajectory.

"Over the past three years, we have shifted from reliance on the blockbuster Somatuline® to four growth platforms. Our strategy is delivering, leading to a stronger,

more resilient Ipsen."

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INTRODUCTION	THERAPY AREAS	2023 BUSINESS REVIEW	GENERATION IPSEN	CORPORATE GOVERNANCE

Sustainability:

a core value at Ipsen

Sustainability has always been important at Ipsen, with its 95-year history and its commitment to improving people's health. But sustainability is more than just a question of carbon footprint. Since joining the company in 2020, my goal has been to ensure that Ipsen is sustainable across the board: environmentally, of course, but also in terms of the health and longevity of the business, of our culture, and of society as a whole.

"My goal is to ensure that Ipsen is sustainable across the board: environmentally, but also in terms of the health and longevity of the business, of our culture, and of society as a whole."

Generation Ipsen:

Environment, Patients, People, Governance

Everyone at Ipsen is deeply proud of the contributions we make to improving the lives of people living with high unmet medical needs. And everyone at Ipsen strives continually to do more: we're proud of our culture of impact. That's one of the reasons we created Generation Ipsen, our sustainability framework. We're ambitious, not only in terms of what we do, but also how we do it. We want to have a positive impact across the board. That means taking tangible steps to preserve the environment for future generations. It means building a culture where talent is nurtured and developed in a diverse, equitable and inclusive environment. It means ensuring we bring transformative medicines to patients, and in doing so, listening to them every step of the way. And it means upholding the highest ethical standards at every step, ensuring robust governance across the organization. You'll find a lot more information in the coming pages about how we are building robust actions across all four pillars of Generation Ipsen. I'm very proud of the progress we've made in each of these four pillars.

A bright future ahead

2023 saw a tremendous amount of progress, teeing us up for another strong year in 2024. With four potential launches this year, we're focused on excellence, execution and rapidity. We continue to set bold goals and ensure we have the resources to achieve them. We have a bright future ahead, guided by our deep-rooted belief that taking a sustainable approach will ensure we make a positive impact and deliver outstanding results for people around the world living with high unmet medical needs.

David Loew, Ipsen CEO

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INTRODUCTION	THERAPY AREAS	2023 BUSINESS REVIEW	GENERATION IPSEN	CORPORATE GOVERNANCE

2023: successfully implementing our strategy

Our ambition is to be a leading, global mid-size biopharmaceutical company with a focus on transformative medicines in Oncology, Rare Disease and Neuroscience.

Focus. Together. For patients and society.

In 2020, we rolled out our strategy, designed to boost and focus our collective strengths to create a real impact for people living with high unmet medical needs worldwide.

Over the past three years, our strategy has delivered sustainable growth, ensuring a strong foundation for the future.

>25

Four pillars for sustainable growth

Bring the full potential of	Build a high-value,	Deliver efficiencies to
our innovative medicines	sustainable pipeline	enable investments &
to patients		support growth

Achieving our goals

Boost a culture of collaboration, excellence & impact on society

NEW PROGRAMS added to Ipsen's portfolio through partnership, licensing and acquisitions since 2020

95%

of electricity used in Ipsen facilities is renewable

Since 2020, our strategy has delivered tangible results. Our growth platforms have seen a double-digit increase in sales, while our enhanced commercial and medical capabilities helped us manage the decline of Somatuline® following the arrival of competitors in various markets.

Our focus on external innovation has enabled us to diversify our pipeline and portfolio.

Since 2020, we have added more than

25 new programs to our pipeline through partnerships, licensing and acquisitions. This includes Bylvay®, through our acquisition of Albireo in early 2023. We have further expanded manufacturing capacities and rolled out efficiency initiatives, all while embracing a simplification mindset and digital tools.

We continue to foster a culture of inclusion and excellence. In 2023, for the first time, women made up over half of our Global Leadership Team. And in the same year, 25 Ipsen sites received external certifications for our culture.. Last but certainly not least, we continue to reduce our carbon (CO2) footprint, having switched to 95% green electricity use in 2023.

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INTRODUCTION	THERAPY AREAS	2023 BUSINESS REVIEW	GENERATION IPSEN	CORPORATE GOVERNANCE

Dynamic growth built on solid foundations

Our strategy is serving as a springboard into the next phase of Ipsen's transformation: growth and expansion

Four promising launch opportunities are driving growth across our business.

In February 2024, Onivyde® was approved by the FDA for use in first-line pancreatic ductal adenocarcinoma (PDAC).

Our two rare liver disease assets, Bylvay® and elafibranor, have the potential to deliver benefits to patients. We are already rolling out

Bylvay® for Alagille syndrome in the U.S., and we anticipate a regulatory decision for elafibranor for primary biliary cholangitis under a brand name in 2024.

Sohonos® saw U.S. FDA approval in August 2023. Sohonos® is the first-ever treatment for the ultra-rare bone disorder fibrodysplasia ossificans progressiva (FOP).

Looking ahead

Our mid-term priorities are clear. We have several more launch opportunities that we expect to drive attractive growth, and we aim to complement these with further expansion of our pipeline.

Over the longer term, Ipsen will build on this momentum to deliver a more balanced and diversified portfolio of medicines across our three therapy areas. Our ambition is to achieve sustained growth through the end of the decade and beyond, supported both by our internal pipeline and by further acquisitions and in-licensing opportunities.

4 MEDICINES

that reached at least

€500 million each in sales in 2023

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INTRODUCTION	THERAPY AREAS	2023 BUSINESS REVIEW	GENERATION IPSEN	CORPORATE GOVERNANCE

Striving for balance across our business

Achieving balance-between therapeutic areas as well as across geographies- is a key long-term goal of our dynamic growth phase

Today, our Oncology business accounts for 75% of total annual sales. Over the next three years, we aim to diversify our pipeline by investing in promising treatments in all three of our therapy areas: Oncology, Rare Disease and Neuroscience.

Pursuing growth opportunities in all regions

Balance is our ambition: not only across our therapy areas, but also across geographies.

We aim to achieve a balance between European, American and Rest of World markets.

In North America, we see strong growth potential and aim to leverage our growth through multiple potential launches. Meanwhile, we see ample opportunities in the Asia-Pacific and Latin America markets to increase our presence and the availability of our treatments.

Total sales per region

33%

of total sales1

North America

40%

of total sales1

Europe2

27%

of total sales1

Rest of World

1. Based on September year-to-date 2023 total sales. 2. Europe is defined here as the E.U., the U.K., Iceland, Liechtenstein, Norway and Switzerland.

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INTRODUCTION	THERAPY AREAS	2023 BUSINESS REVIEW	GENERATION IPSEN	CORPORATE GOVERNANCE

Ipsen's growth strategy: accelerating innovation

For the past three years, we have strengthened our clinical development expertise across our three therapeutic areas. Our well-established expertise in small molecule and complex biologic development, our clinical know-how and our strong partnerships give us the rapid scale-up model we need to execute with precision and focus.

We continue to accelerate innovation through partnership by design to bring first- or best-in-class treatments to patients around the world. We are strengthening and expanding our pipeline at every stage of development to drive sustainable growth.

We recognize that the best innovation takes place in academia and biotechs. For this reason, we source our pipeline through external innovation. We choose partners who share our vision, culture and focus - going above and beyond to create a relationship that delivers shared success.

Our pipeline is constantly evolving and advancing. Bringing high-stakes innovation to patients is never simple, but we remain unfazed by challenges. With the experience, expertise and capability

to deliver continued R&D excellence, our 700 R&D employees and our external partners are progressing our pipeline of innovations to bring new treatments to patients.

>25	>15
NEW PROGRAMS	EARLY DEVELOPMENT
added to Ipsen's portfolio	programs added
through partnerships, licensing	since 2020
and acquisitions since 2020

Spotlight on our late-stage programs

Bylvay® (Phase III) is in late-stage development to treat biliary atresia, a rare pediatric liver disease. Already available for other indications in the U.S. and Europe, Bylvay® has the potential to improve patient well-being even further.

Dysport® is in two Phase III clinical studies: for managing chronic migraine, and for managing episodic migraine.

Elafibranor (Phase II) is an investigative second-line treatment for primary sclerosing cholangitis (PSC). Additionally, it is

in registration phase and under U.S. FDA priority review for primary biliary cholangitis (PBC), a rare liver disease.

IPN10200 (Phase II), a long-acting neurotoxin, is under evaluation to treat glabellar lines and adult upper limb spasticity, and its potential will also be evaluated for other indications.

It has the potential to deliver better outcomes for patients with an increased duration of action leading to a potential reduction in injection frequency and enhanced tolerability.

Tazverik® (Phases II and III) is a first-in-class chemotherapy- free EZH2 inhibitor indicated for patients with

relapsed or refractory follicular lymphoma (FL).

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