Clinical Trial Highlights
Cash flow & net debt
€m
Opening Net Cash/(Debt)1
Free cash flow
Dividend
H1 2023
H1 2022
398.8
28.0
371.5
339.0
(99.6)
(100.2)
Net investments
(945.9)
(101.9)
Change in cash from discontinued
13.9
6.1
activities
Other (share buyback, FX, discontinued)
(10.9)
(2.8)
Change in net cash
(671.0)
140.3
Closing Net Cash/(Debt)1
(272.2)
168.2
IPSEN
Innovation for patient care
Γ
Solid free cash flow:
growing by 9.6%
Strong balance sheet:
closing net debt of €0.3bn
Significant firepower²
for external innovation:
€1.7bn at end of H1 2023
Due to rounding, sum of euro values may not agree to totals.
1. Net cash/(debt) excluding contingent liabilities (earnouts and contingent value rights), previously part of net cash/(debt) definition.
Opening H1 2023 net cash of €398.8m adjusted to exclude contingent liabilities (vs. closing H1 2022 reported net cash of €168.2m).
2. Based on net debt below 2.0x 12 months' rolling EBITDA and including contingent liabilities.
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