The Ipsen Investment Case

Core P&L: excluding CHC FY 2021 Total Sales 2,868.9 As reported €m CHC €m Excluding CHC €m 225.6 2,643.3 105.4 Other revenue Cost of goods sold Gross profit 130.2 24.9 (538.0) (98.4) (439.6) 2,461.2 152.1 2,309.1 % of total sales 85.8% 67.4% 87.4% R&D expenses (428.4) (3.7) % of total sales 14.9% Selling expenses (835.7) (105.9) % of total sales 29.1% G&A expenses (199.6) (10.8) 1.7% 46.9% (424.7) 16.1% (729.8) 27.6% (188.8) % of total sales 7.0% 4.8% 7.1% Other operating income and 13.8 0.0 13.8 expenses Core Operating Income 1,011.3 31.7 979.5 % of total sales 35.2% 14.1% 37.1% IPSEN Innovation for patient care 26

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