The Ipsen Investment Case

Core 2021 financials excluding CHC An improvement in the core operating profit margin to 37.1% Total Sales As reported €2,869m Excluding CHC €2,643m IPSEN Innovation for patient care R&D costs ratio SG&A costs ratio 14.9% 36.1% 16.1% Core operating margin As reported 35.2% Excluding CHC 37.1% 34.8% 16

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