The Ipsen Investment Case
Core P&L: leveraging strong sales growth
FY 2021
€m
FY 2020
Change
€m
Total Sales
2,868.9
2,591.6
10.7%
Other revenue
130.2
94.5
37.8%
Other revenue: growth in
Cost of goods sold
(538.0)
(490.6)
9.6%
Gross profit
2,461.2
2,195.6
12.1%
% of total sales
85.8%
84.7%
+1.1% pts
R&D expenses
(428.4)
(405.6)
% of total sales
14.9%
15.6%
5.6%
-0.7% pts
Selling expenses
(835.7)
(784.0)
% of total sales
29.1%
30.3%
G&A expenses
(199.6)
(187.8)
6.6%
-1.1% pts
6.3%
% of total sales
7.0%
7.2%
-0.3% pts
Other operating income
13.8
11.2
23.6%
and expenses
royalties paid by partners
Gross profit margin ratio:
+1.1% pts from favorable mix;
improved volumes impacting
manufacturing variances
Research and development
expenses ratio: 14.9%,
supporting investment in lifecycle
management and new molecules
SG&A expenses ratio:
efficiencies improving the ratio by
1.4% pts to 36.1%
Core Operating Income
1,011.3
829.3
% of total sales
35.2%
32.0%
21.9%
+3.2% pts
IPSEN
Innovation for patient care
All growth rates are at actual exchange rates.
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