Press release

Ipsen delivers strong sales in the first nine months
of 2025 and further upgrades its full-year guidance

• Year-to-date total sales growth of 12.1% at CER 1, or 9.6% as reported, driven by all three therapeutic
areas and including strong performance from Iqirvo®, Bylvay® and Somatuline®
• Further upgrade of full-year 2025 financial guidance based on slower than anticipated erosion of
Somatuline® and accelerated sales growth of the rest of the portfolio: total sales growth of around
10.0%2 at CER (prior guidance greater than 7.0%); core operating margin of around 35.0% of total
sales (prior guidance greater than 32.0%)
• Announcement today of the proposed acquisition of ImCheck Therapeutics bringing a first-in-class
Phase II asset, expanding pipeline in oncology



PARIS, FRANCE, 22 October 2025 - Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-care
biopharmaceutical company, today presents its sales for the year to date and the third quarter of 2025.

YTD YTD % Q3 Q3 %
2025 2024 change 2025 2024 change
€m €m Actual CER €m €m Actual CER
Oncology 1,912.0 1,829.8 4.5 % 6.6 % 624.0 604.0 3.3 % 7.0 %
Rare Disease 255.4 129.7 97.0 % 101.0 % 102.0 50.8 100.8 % 109.1 %
Neuroscience 567.3 536.4 5.8 % 9.5 % 188.9 181.9 3.9 % 9.1 %
Total Sales 2,734.8 2,495.9 9.6 % 12.1 % 915.0 836.6 9.4 % 13.7 %


“We have demonstrated strong momentum through the first nine months of 2025, with solid growth
across all three therapeutic areas and increasing contributions from our rare liver disease franchise. As
a result, we are further upgrading our full-year guidance to reflect this performance." said David Loew,
Chief Executive Officer, Ipsen.
"This quarter, we were also pleased with the data from the Phase II LANTIC trial in aesthetics, with a
differentiated first-in-class long-acting molecule, IPN10200. With the proposed acquisition of ImCheck
Therapeutics announced this morning, we are adding a first-in-class asset to expand our oncology
pipeline. Our efforts remain focused on advancing science with purpose to bring the benefits patients
are looking for, as we believe everyone deserves a life fully lived.”




1
At constant exchange rates (CER), which exclude any foreign-exchange impact by recalculating the performance for the
relevant period by applying the exchange rates used for the prior period.
2
Based on the average level of exchange rates in September 2025, an adverse impact on total sales of around 3% from
currencies is expected.



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Press release


Full-year 2025 guidance
Based on the strong performance in the third quarter, Ipsen further upgrades its financial guidance
for 2025:
• Total sales growth of around 10.0%, at CER (prior guidance greater than 7.0%). Based on the average
level of exchange rates in September 2025, an adverse impact on total sales of around 3% from
currencies is expected
• Core operating margin of around 35.0% of total sales (prior guidance greater than 32.0%)

This guidance assumes a limited impact from lanreotide generic on Somatuline® sales and an
accelerated sales growth from the rest of the portfolio.



Pipeline update for Q3 2025
On 22 September 2025 Ipsen announced that the LANTIC Phase II trial in aesthetics delivered a first-
in-class, differentiated long-acting clinical profile for IPN10200, a recombinant, first-in-class molecule
uniquely engineered to generate increased receptor affinity and internalization that produces a longer
duration of action. Data showed a rapid onset of action, peak effect superior to placebo and a
substantial majority of patients experiencing clinically significant longer duration of effect vs placebo
and vs Dysport®, defined as a score of “none” or “mild” of line severity at Week 24. The data will be
presented at an upcoming scientific conference in H1 2026, and Phase III start-up activities have been
initiated.
On 19 September 2025 Ipsen announced regulatory approval for Bylvay® (odevixibat) for the treatment
of pruritus associated with progressive familial intrahepatic cholestasis (PFIC) in Japan, offering a non-
surgical treatment option for infants, young children and adults.
On 23 July 2025, Ipsen received European Commission approval for Cabometyx® (cabozantinib)
in previously treated advanced neuroendocrine tumors (NETs), based on positive outcomes from
the Phase III CABINET trial.



Business development
On 22 October 2025 Ipsen announced a definitive share purchase agreement to acquire ImCheck
Therapeutics, a private French biotechnology company pioneering next-generation immuno-oncology
therapies. The acquisition is focused on the lead Phase I/II program ICT01 in first line unfit acute
myeloid leukemia (AML) with a Phase IIb/III to start in 2026. ICT01 is a first-in-class monoclonal
antibody targeting BTN3A, a key immune-regulatory molecule broadly expressed across cancer, and
which has received Orphan Drug Designation from the U.S. Food and Drug Administration and Orphan
designation from the European Medicines Agency in July 2025.

Under the terms of the agreement, shareholders of ImCheck Therapeutics will receive a €350m cash
payment at closing of the transaction, and deferred payments contingent upon the achievement of
specified regulatory approvals and sales-based milestones. The transaction is expected to close by
the end of Q1 2026, subject to fulfilment of customary closing conditions.



Conference call
A conference call and webcast for investors and analysts will begin today at 1pm CET. Participants can
access the call and its details by registering here; webcast details can be found here.



Calendar
Ipsen intends to publish its full-year and fourth-quarter results on 12 February 2026.


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Press release


Notes
All financial figures are in € millions (€m). The performance shown in this announcement covers the
nine-month period to 30 September 2025 (YTD 2025) and the three-month period to 30 September
2025 (Q3 2025), compared to the nine-month period to 30 September 2024 (YTD 2024) and the
three-month period to 30 September 2024 (Q3 2024), respectively, unless stated otherwise.
Commentary is based on the performance YTD 2025, unless stated otherwise.


About Ipsen
We are a global biopharmaceutical company with a focus on bringing transformative medicines to
patients in three therapeutic areas: Oncology, Rare Disease and Neuroscience.
Our pipeline is fueled by internal and external innovation and supported by nearly 100 years of
development experience and global hubs in the U.S., France and the U.K. Our teams in more than
40 countries and our partnerships around the world enable us to bring medicines to patients in more
than 100 countries.
Ipsen is listed in Paris (Euronext: IPN) and in the U.S. through a Sponsored Level I American Depositary
Receipt program (ADR: IPSEY). For more information, visit ipsen.com.


Ipsen Contacts

Investors
Henry Wheeler henry.wheeler@ipsen.com - +33 7 64 47 11 49
Khalid Deojee khalid.deojee@ipsen.com - +33 6 66 01 95 26

Media
Sally Bain sally.bain@ipsen.com - +1 857 320 0517
Anne Liontas anne.liontas.ext@ipsen.com - +33 7 67 34 72 96




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Press release


Total sales by therapy area and medicine
YTD YTD Q3 Q3
% change % change
2025 2024 2025 2024
€m €m Actual CER €m €m Actual CER
Oncology 1,912.0 1,829.8 4.5% 6.6% 624.0 604.0 3.3% 7.0%
Somatuline® 867.7 793.8 9.3 % 11.7 % 279.1 271.5 2.8 % 7.3 %
Cabometyx® 452.1 449.5 0.6 % 2.9 % 155.3 145.3 6.9 % 9.3 %
Decapeptyl® 406.0 401.3 1.2 % 2.2 % 128.8 124.4 3.6 % 5.9 %
Onivyde® 151.3 147.9 2.3 % 4.8 % 48.7 50.7 -4.1 % 1.6 %
Tazverik® 30.7 34.6 -11.1 % -8.4 % 10.4 11.2 -7.0 % -0.9 %
Other Oncology 4.2 2.8 50.7 % 50.6 % 1.7 0.9 87.1 % 87.1 %
Neuroscience 567.3 536.4 5.8% 9.5% 188.9 181.9 3.9% 9.1%
Dysport® 557.9 528.8 5.5 % 9.4 % 187.0 180.1 3.8 % 9.2 %
Dysport Aesthetics 336.8 314.2 7.2 % 12.3 % 115.4 119.5 -3.5 % 3.7 %
Dysport Therapeutics 221.2 214.6 3.0 % 5.2 % 71.6 60.6 18.2 % 19.6 %
Other Neuroscience 9.4 7.6 24.0 % 19.8 % 1.9 1.8 11.1 % 6.3 %
Rare Disease 255.4 129.7 97.0% n/a 102.0 50.8 n/a n/a
Bylvay® 3
134.7 93.8 43.6 % 46.4 % 48.0 37.1 29.5 % 35.4 %
Iqirvo® 107.4 7.6 n/a n/a 48.6 6.3 n/a n/a
Sohonos® 13.8 13.3 3.7 % 3.8 % 5.5 2.9 86.5 % 86.7 %
Other Rare Disease -0.4 15.0 n/a n/a 0.0 4.5 n/a n/a
Total Sales 2,734.8 2,495.9 9.6% 12.1% 915.0 836.6 9.4% 13.7%

• Somatuline®: sales growth reflecting the continuous generic lanreotide shortages and supply
constraints in North America and Europe, in addition to a solid performance in Rest of World.

• Cabometyx®: limited sales growth with solid performance in Europe due to increased volumes, offset
by prior quarter shipment phasing and increased competition in Rest of World despite a strong third
quarter growth.
• Decapeptyl®: limited sales growth from Europe and China due to increased competition and pricing
pressure.

• Onivyde®: moderate sales growth in the U.S. due to limited expansion in the first-line metastatic
pancreatic ductal adenocarcinoma (mPDAC) indication and higher sales to Ipsen’s ex-U.S. partner.
• Tazverik®: flat sales in the third quarter and declining YTD sales due to adverse pricing impact and
limited demand growth.
• Dysport®: good performance driven by continued growth in aesthetics markets in North America and
Rest of World, offset by shipment phasing in Europe; therapeutics sales benefitting from solid growth
in North America and Europe offset by unfavorable phasing of orders in Brazil from prior quarters.




3
Including sales of odevixibat under the brand name Kayfanda® approved in European Union for cholestatic pruritus in Alagille
Syndrome.



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• Bylvay®: strong growth in the two indications of progressive familial intrahepatic cholestasis (PFIC)
and Alagille syndrome indications in the U.S. in addition to Europe and some Rest of World countries
mainly in PFIC.
• Iqirvo®: accelerated sales growth in the U.S. and in Europe driven by a strong patient uptake.

• Sohonos®: limited sales growth impacted in the U.S. by limited number of new patients.

• Other Rare Disease: impact of NutropinAq® end of commercialization and Increlex® divestment in 2024.

Total sales by geographical area
YTD YTD Q3 Q3
% change % change
2025 2024 2025 2024
€m €m Actual CER €m €m Actual CER
North America 962.9 841.5 14.4 % 18.0 % 328.0 299.6 9.5 % 17.3 %
Europe4 1,073.9 975.7 10.1 % 10.0 % 352.0 328.1 7.3 % 7.6 %
Rest of World 698.0 678.7 2.8 % 7.9 % 235.0 208.9 12.5 % 17.9 %
Total Sales 2,734.8 2,495.9 9.6% 12.1% 915.0 836.6 9.4% 13.7%

North America: strong double-digit sales growth driven by the increased contribution of Iqirvo® and
Bylvay® in Rare Disease, as well as Somatuline® benefiting from generic lanreotide slow supply recovery,
in addition to solid performance of Dysport® in both aesthetics and therapeutics markets.

Europe4: solid performance driven by Somatuline® benefiting from continuous generic-lanreotide
shortages, the recent launch of Iqirvo® and the increased contribution of Bylvay® in Rare Disease, the
growth Cabometyx® driven by the first-line combination with nivolumab, partly offset by Dysport®
shipment phasing in the aesthetic markets in the third quarter.

Rest of World: growth driven by the solid performance of Dysport® in the aesthetics markets; the
continued growth of Somatuline® in the region; lower Cabometyx® sales due to shipment phasing and
competitive pressure; lower Dysport® sales in Brazil in the therapeutics market.




4
Defined in this announcement as the E.U., the U.K., Iceland, Liechtenstein, Norway and Switzerland



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Appendix: YTD geographic breakdown of total sales by medicine
Total North America Europe Rest of World
YTD YTD YTD YTD YTD YTD YTD YTD
% change % change % change % change
2025 2024 2025 2024 2025 2024 2025 2024
€m €m Actual CER €m €m Actual CER €m €m Actual CER €m €m Actual CER
Oncology 1,912.0 1,829.8 4.5% 6.6% 624.4 603.3 3.5% 6.8% 859.8 788.2 9.1% 8.9% 427.8 438.3 -2.4% 2.1%
Somatuline® 867.7 793.8 9.3 % 11.7 % 451.3 423.4 6.6 % 10.0 % 294.7 262.1 12.5 % 12.1 % 121.7 108.3 12.3 % 17.6 %
Cabometyx® 452.1 449.5 0.6 % 2.9 % 14.7 15.8 -6.6 % -1.2 % 320.2 295.0 8.5 % 8.4 % 117.1 138.7 -15.5 % -8.7 %
Decapeptyl® 406.0 401.3 1.2 % 2.2 % — — — — 219.3 211.0 4.0 % 3.9 % 186.6 190.3 -1.9 % 0.3 %
Onivyde® 151.3 147.9 2.3 % 4.8 % 128.4 129.6 -0.9 % 2.0 % 22.1 17.5 26.3 % 25.8 % 0.9 0.9 4.1 % 5.3 %
Tazverik® 30.7 34.6 -11.1 % -8.4 % 29.9 34.6 -13.4 % -10.8 % — — — — 0.8 — n/a n/a
Other Oncology 4.2 2.8 50.7 % 50.6 % — — — — 3.6 2.7 32.8 % 32.6 % 0.6 0.1 n/a n/a

Neuroscience 567.3 536.4 5.8% 9.5% 163.1 153.2 6.4% 9.8% 148.0 147.9 0.1% 0.4% 256.3 235.3 8.9% 15.1%
Dysport® 557.9 528.8 5.5 % 9.4 % 163.1 153.2 6.4 % 9.8 % 148.0 147.9 0.1 % 0.4 % 246.9 227.7 8.4 % 15.0 %

Dysport Aesthetics 336.8 314.2 7.2 % 12.3 % 118.0 113.5 4.0 % 7.3 % 33.4 39.6 -15.6 % -13.7 % 185.3 161.1 15.1 % 22.2 %

Dysport Therapeutics 221.2 214.6 3.0 % 5.2 % 45.1 39.7 13.5 % 17.0 % 114.5 108.3 5.8 % 5.5 % 61.5 66.7 -7.7 % -2.6 %
Other Neuroscience 9.4 7.6 24.0 % 19.8 % — — — — — — — — 9.4 7.6 24.0 % 19.8 %

Rare Disease 255.4 129.7 97.0% n/a 175.4 85.0 n/a n/a 66.1 39.6 67.0% 66.6% 14.0 5.2 n/a n/a
Bylvay® 134.7 93.8 43.6 % 46.4 % 82.7 59.4 39.2 % 43.3 % 42.7 32.1 32.9 % 32.4 % 9.3 2.2 n/a n/a
Iqirvo® 107.4 7.6 n/a n/a 84.4 7.6 n/a n/a 22.5 — n/a n/a 0.4 — n/a n/a
Sohonos® 13.8 13.3 3.7 % 3.8 % 8.2 10.9 -25.0 % -22.8 % 1.2 0.6 n/a n/a 4.3 1.8 n/a n/a
Other Rare Disease -0.4 15.0 n/a n/a — 7.0 n/a n/a -0.4 6.9 n/a n/a — 1.1 n/a n/a

Total Sales 2,734.8 2,495.9 9.6% 12.1% 962.9 841.5 14.4% 18.0% 1,073.9 975.7 10.1% 10.0% 698.0 678.7 2.8% 7.9%




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Appendix: Q3 geographic breakdown of total sales by medicine
Total North America Europe Rest of World
Q3 Q3
Q3 2025 Q3 2024 % change Q3 2025 Q3 2024 % change Q3 2025 Q3 2024 % change % change
2025 2024
€m €m Actual CER €m €m Actual CER €m €m Actual CER €m €m Actual CER
Oncology 624.0 604.0 3.3% 7.0% 199.5 201.8 -1.1% 5.9% 283.4 267.6 5.9% 6.1% 141.1 134.6 4.9% 10.3%
Somatuline® 279.1 271.5 2.8 % 7.3 % 142.2 139.9 1.6 % 8.9 % 97.8 95.1 2.8 % 3.1 % 39.1 36.5 7.2 % 11.8 %
Cabometyx® 155.3 145.3 6.9 % 9.3 % 5.2 5.7 -7.9 % -1.1 % 108.9 101.7 7.1 % 7.2 % 41.2 37.9 8.9 % 16.4 %
Decapeptyl® 128.8 124.4 3.6 % 5.9 % — — — — 68.5 64.3 6.5 % 6.7 % 60.4 60.1 0.5 % 5.1 %
Onivyde® 48.7 50.7 -4.1 % 1.6 % 41.8 45.1 -7.4 % -1.0 % 6.9 5.6 22.8 % 22.5 % — — n/a n/a
Tazverik® 10.4 11.2 -7.0 % -0.9 % 10.4 11.2 -7.1 % -1.2 % — — — — — — n/a n/a
Other Oncology 1.7 0.9 87.1 % 87.1 % — — — — 1.3 0.8 64.6 % 64.6 % 0.4 0.1 n/a n/a

Neuroscience 188.9 181.9 3.9% 9.1% 56.6 62.9 -9.9% -1.8% 45.4 47.9 -5.1% -4.2% 86.8 71.1 22.1% 27.3%
Dysport® 187.0 180.1 3.8 % 9.2 % 56.6 62.9 -9.9 % -1.8 % 45.4 47.9 -5.1 % -4.2 % 84.9 69.4 22.3 % 27.8 %
Dysport Aesthetics 115.4 119.5 -3.5 % 3.7 % 41.6 48.6 -14.5 % -6.2 % 8.1 13.2 -38.4 % -35.1 % 65.6 57.7 13.7 % 20.7 %
Dysport Therapeutics 71.6 60.6 18.2 % 19.6 % 15.0 14.2 5.8 % 13.1 % 37.3 34.7 7.6 % 7.4 % 19.2 11.7 64.9 % 60.4 %
Other Neuroscience 1.9 1.8 11.1 % 6.3 % — — — — — — — — 1.9 1.8 11.1 % 6.3 %

Rare Disease 102.0 50.8 n/a n/a 71.8 34.9 n/a n/a 23.1 12.7 82.8% 82.6% 7.1 3.2 n/a n/a
Bylvay® 48.0 37.1 29.5 % 35.4 % 29.8 23.5 26.7 % 34.8 % 13.8 11.8 17.3 % 17.1 % 4.4 1.8 n/a n/a
Iqirvo® 48.6 6.3 n/a n/a 39.2 6.3 n/a n/a 9.2 — n/a n/a 0.1 — n/a n/a
Sohonos® 5.5 2.9 86.5 % 86.7 % 2.8 2.6 6.5 % 12.9 % 0.2 -0.3 n/a n/a 2.5 0.6 n/a n/a
Other Rare Disease — 4.5 n/a n/a — 2.5 n/a n/a — 1.1 n/a n/a — 0.8 n/a n/a

Total Sales 915.0 836.6 9.4% 13.7% 328.0 299.6 9.5% 17.3% 352.0 328.1 7.3% 7.6% 235.0 208.9 12.5% 17.9%




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Disclaimers and/or forward-looking statements

The forward-looking statements, objectives and targets contained herein are based on Ipsen’s
management strategy, current views and assumptions. Such statements involve known and unknown
risks and uncertainties that may cause actual results, performance or events to differ materially from
those anticipated herein. All of the above risks could affect Ipsen’s future ability to achieve its financial
targets, which were set assuming reasonable macroeconomic conditions based on the information
available today. Use of the words ‘believes’, ‘anticipates’ and ‘expects’ and similar expressions are
intended to identify forward-looking statements, including Ipsen’s expectations regarding future
events, including regulatory filings and determinations. Moreover, the targets described in this
document were prepared without taking into account external-growth assumptions and potential
future acquisitions, which may alter these parameters. These objectives are based on data and
assumptions regarded as reasonable by Ipsen. These targets depend on conditions or facts likely to
happen in the future, and not exclusively on historical data. Actual results may depart significantly from
these targets given the occurrence of certain risks and uncertainties, notably the fact that a promising
medicine in early development phase or clinical trial may end up never being launched on the market
or reaching its commercial targets, notably for regulatory or competition reasons. Ipsen must face or
might face competition from generic medicine that might translate into a loss of market share.
Furthermore, the research and development process involves several stages each of which involves the
substantial risk that Ipsen may fail to achieve its objectives and be forced to abandon its efforts with
regards to a medicine in which it has invested significant sums. Therefore, Ipsen cannot be certain that
favorable results obtained during preclinical trials will be confirmed subsequently during clinical trials,
or that the results of clinical trials will be sufficient to demonstrate the safe and effective nature of the
medicine concerned. There can be no guarantees a medicine will receive the necessary regulatory
approvals or that the medicine will prove to be commercially successful. If underlying assumptions
prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those
set forth in the forward-looking statements. Other risks and uncertainties include but are not limited to,
general industry conditions and competition; general economic factors, including interest rate and
currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and healthcare
legislation and risks arising from unexpected regulatory or political changes such as changes in tax
regulation and regulations on trade and tariffs, such as protectionist measures, especially in the United
States; global trends toward healthcare cost containment; technological advances, new medicine and
patents attained by competitors; challenges inherent in new-medicine development, including
obtaining regulatory approval; Ipsen’s ability to accurately predict future market conditions;
manufacturing difficulties or delays; financial instability of international economies and sovereign risk;
dependence on the effectiveness of Ipsen’s patents and other protections for innovative medicines;
and the exposure to litigation, including patent litigation, and/or regulatory actions. Ipsen also depends
on third parties to develop and market some of its medicines which could potentially generate
substantial royalties; these partners could behave in such ways which could cause damage to Ipsen’s
activities and financial results. Ipsen cannot be certain that its partners will fulfil their obligations.
It might be unable to obtain any benefit from those agreements. A default by any of Ipsen’s partners
could generate lower revenues than expected. Such situations could have a negative impact on Ipsen’s
business, financial position or performance. Ipsen expressly disclaims any obligation or undertaking to
update or revise any forward-looking statements, targets or estimates contained in this press release
to reflect any change in events, conditions, assumptions or circumstances on which any such
statements are based, unless so required by applicable law. Ipsen’s business is subject to the risk
factors outlined in its registration documents filed with the French Autorité des Marchés Financiers. The
risks and uncertainties set out are not exhaustive and the reader is advised to refer to Ipsen’s latest
Universal Registration Document, available on ipsen.com.




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