The Ipsen Investment Case
FY 2022 guidance, excluding CHC
Continued top-line growth and a robust core operating margin
Total-sales growth greater than 2.0% at constant exchange rates
Expected favorable impact of around 2% from currencies based on the level of exchange rates in January 2022
IPSEN
Innovation for patient care
Core operating margin greater than 35.0% of total sales
Excludes any potential impact of incremental investments from external-innovation transactions
Guidance assumptions
Further generic-lanreotide launches in other countries in the E.U., as well as increased competition in the U.S.
An ongoing global return to normal healthcare systems
Assumes application of discontinued operations (Consumer Healthcare) from 1 January 2022 and compares to the FY 2021 operating performance
excluding the contribution from the Consumer Healthcare business.
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