The Ipsen Investment Case

Delivering efficiencies Improving the ratio of SG&A costs to total sales to 36.1% 2,576 2019 Total sales (Em) +11.4% SG&A costs (Єm) +1.5% 1,020 2019 39.6% 2019 Ratio (%) -3.5pts 2,869 2021 1,035 2021 36.1% 2021 Reducing the ratio by 3.5% pts since 2019, driven by: Efficiency gains from procurement savings, project prioritization, restructuring and digital initiatives Spending smart, simpler operations, accelerating transformation Reduced T&E and medical & marketing activities due to the pandemic Further efficiencies expected in 2022 to offset anticipated normalization and investment for growth IPSEN Innovation for patient care All growth rates and values are at actual exchange rates. 13

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