The Ipsen Investment Case

Strong balance sheet and further cash generation Funding significant potential external innovation €m EBITDA 1,121 +20% Free cash flow 807 +25% Net debt 126 -76%1 Net debt to EBITDA of 0.1x Capital allocation prioritized to external innovation Firepower² for external innovation of €2.1bn at the end of FY 2021 IPSEN Innovation for patient care All growth rates are at actual exchange rates. 1. Versus 31 December 2020. 2. Based on net debt below 2.0x EBITDA. 14

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