The Ipsen Investment Case

The Ipsen investment case 0:00 Strong Specialty Care franchise Geographical footprint Advancing R&D pipeline strategy A External- innovation Sound financial structure and strong cash generation Opportunities for further growth across the three therapeutic areas A well-balanced and expanding presence around the world A good mix of new molecules and lifecycle management Seven transactions completed in 2021; momentum into 2022 Building €3.5bn of firepower¹ for external innovation IPSEN Innovation for patient care 1. By 2024; based on net debt below 2.0x EBITDA and Includes proceeds from the sale of the Consumer Healthcare business. 4

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