The Ipsen Investment Case

FY 2021 financial highlights Operating leverage driving margin growth and strong cash generation Total sales Core operating margin Free cash flow Specialty Care €2.9bn Consumer Healthcare +12.3% Specialty Care +12.7% Consumer Healthcare +8.1% IPSEN Innovation for patient care 35.2% of total sales +3.2% points1 €807m +24.9%¹ Focus on efficiency Continued investment in R&D Strong EBITDA growth of 20.2%¹ Net debt at €126m Proposed² 2021 dividend per share of €1.20 All growth rates are at constant exchange rates, unless stated otherwise. 1. At actual exchange rates. 2. Decided by the Ipsen SA Board of Directors; to be proposed at the annual shareholder's meeting on 24 May 2022. 12

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