The Ipsen Investment Case
Update of mid-term 2020-24 outlook
Financial outlook reflects Specialty Care only1
Total sales
CAGR between
+4% & +6%2
At constant exchange rates
and scope
Assumes potential risk-adjusted
additional indications
Commitment to invest in
R&D supported by SG&A
efficiencies
Higher R&D costs
as a % of total sales
driven by external innovation
Reduced SG&A costs
as a % of total sales
driven by further efficiencies
€3.5bn cumulative
remaining firepower by 2024
for external innovation
Based on net debt below
2.0x EBITDA
Includes proceeds from the sale
of the Consumer Healthcare
business
IPSEN
Innovation for patient care
1. Assumes application of discontinued operations (Consumer Healthcare) from 1 January 2022 and compares to the FY 2020 operating performance
excluding the contribution from the Consumer Healthcare business.
2. Prior outlook, outlined in 2020, included a total-sales 2020-24 CAGR of 2% to 5% at constant exchange rates.
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