The Ipsen Investment Case

FY 2021: Oncology sales highlights Decapeptyl and Onivyde €m sales +17.5% 460 391 Decapeptyl® triptorelin Excellent performance driven by recovery in China Further market-share gains elsewhere 2020 2021 Єm sales +7.2% IPSEN Innovation for patient care 123 2020 127 2021 onivyde® (irinotecan liposome injection) Higher sales to ex-U.S. partner and strong volume growth in the U.S. Continued impact from the pandemic on rates of diagnosis All growth rates are at constant exchange rates. Absolute values are shown at actual exchange rates. 23

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