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IPSEN Position and development in the pharmaceutical domain C. d’Avout, D. Fernet, A. Brunel IPSEN Position and development in the pharmaceutical domain C. d’Avout, D. Fernet, A. Brunel UV I 2 2006 -2007

Safe Harbor This is an independent study performed by students from the Faculté des Safe Harbor This is an independent study performed by students from the Faculté des Sciences Pharmaceutiques de Lille The opinions expressed are our own and not necessarily those of Ipsen

Ipsen in a nutshell C. d’Avout, D. Fernet, A. Brunel Ipsen in a nutshell C. d’Avout, D. Fernet, A. Brunel

p 1929: Created by Doctor Henri Beaufour in Dreux p French independent laboratory p p 1929: Created by Doctor Henri Beaufour in Dreux p French independent laboratory p Eighth pharmaceutical firm in EU p More than 20 products marketed in over 100 countries C. d’Avout, D. Fernet, A. Brunel

p Profile: n Primary care product: Gastroenterology, cardiovasular, cognitive disorders n 3 targeted therapeutic p Profile: n Primary care product: Gastroenterology, cardiovasular, cognitive disorders n 3 targeted therapeutic areas: Oncology, endocrinology, neuromuscular disorders p Sales of 861, 7 M€ in 2006 (↑ 6, 8% / 2005) p 4 R&D centers n 169 MЄ (20, 9%)→ R&D in 2005 C. d’Avout, D. Fernet, A. Brunel

Ipsen in current context C. d’Avout, D. Fernet, A. Brunel Ipsen in current context C. d’Avout, D. Fernet, A. Brunel

Pharmaceutical industry p Had known a very high growth rate p Very profitable in Pharmaceutical industry p Had known a very high growth rate p Very profitable in the XX century C. d’Avout, D. Fernet, A. Brunel

p Social security / assurance p High competition p Blockbusters « culture » Longer p Social security / assurance p High competition p Blockbusters « culture » Longer Development delay p C. d’Avout, D. Fernet, A. Brunel p p Regulation / Generic Negative public opinion

2001: Jean Luc Belingard C. d’Avout, D. Fernet, A. Brunel 2001: Jean Luc Belingard C. d’Avout, D. Fernet, A. Brunel

Items Regulation, generic Competitive, blockbuster Big pharma high budget Ipsen’s strategy Focus strategy, Life Items Regulation, generic Competitive, blockbuster Big pharma high budget Ipsen’s strategy Focus strategy, Life cycle product management Partnership, R&D, International development Financial strategy, stock exchange Performent staff race Human resource, IDEA Negative pharmaceutical industries image Ipsen foundation, Ethic C. d’Avout, D. Fernet, A. Brunel

Items Regulation, generic Competitive, blockbuster Big pharma high budget Performent staff race Negative pharmaceutical Items Regulation, generic Competitive, blockbuster Big pharma high budget Performent staff race Negative pharmaceutical industries image C. d’Avout, D. Fernet, A. Brunel Ipsen’s strategy Focus strategy, Life cycle product management Partnership, R&D, International development Financial strategy, stock exchange Human resource, IDEA Ipsen foundation, Ethic

Ipsen faces up to regulation and generic C. d’Avout, D. Fernet, A. Brunel Ipsen faces up to regulation and generic C. d’Avout, D. Fernet, A. Brunel

Ipsen’s strategy Regulation, Generic Focus strategy Life cycle management C. d’Avout, D. Fernet, A. Ipsen’s strategy Regulation, Generic Focus strategy Life cycle management C. d’Avout, D. Fernet, A. Brunel

Government measures p European governments introduce various measure to public health spending p In Government measures p European governments introduce various measure to public health spending p In France: because of growing sales of reimbursable drugs → agreement with the « Comité Economique des Produits de Santé » p Failing price due both to the goverment measures and market pressures C. d’Avout, D. Fernet, A. Brunel

Impact on the Group p Ipsen → dependent on the setting of prices for Impact on the Group p Ipsen → dependent on the setting of prices for medicines → vulnerable to the possible withdrawal of certain products from the list of reimbursable products C. d’Avout, D. Fernet, A. Brunel

Products Domains: n Primary care cash cows Gastroenterology: Smecta®, Forlax® p Cognitives disorders: Tanakan® Products Domains: n Primary care cash cows Gastroenterology: Smecta®, Forlax® p Cognitives disorders: Tanakan® p Cardio-vascular: Ginkor fort®, Nisisco® p n Targeted therapy star products Oncology: Décapeptyl® p Endocrinology: Somatuline®, Nutropin. Aq®, Testim® p Neuromuscular disorders: Dysport® p C. d’Avout, D. Fernet, A. Brunel

Star product and cash cow turnover STARS PRODUCTS CASH COW Neuromuscular disorders Gastroenterology Endocrinology Star product and cash cow turnover STARS PRODUCTS CASH COW Neuromuscular disorders Gastroenterology Endocrinology Cardiovascular Oncology C. d’Avout, D. Fernet, A. Brunel Cognitive disorder Others

Cash cow’s threat: Regulation Tanakan® Active substance: EGb 761® (Ginkgo biloba) antioxidant, neuroprotective, vasoactive Cash cow’s threat: Regulation Tanakan® Active substance: EGb 761® (Ginkgo biloba) antioxidant, neuroprotective, vasoactive properties Indications: q q Age-related cognitive disorders pathophysiological deficiency cochleovestibular disorders retinal deficit C. d’Avout, D. Fernet, A. Brunel

q Marketing: q q q 15 % of sales (2005) France in 1975 → q Marketing: q q q 15 % of sales (2005) France in 1975 → 60 countries (Europe and Asia) Tanakan® R&D: - Phase III → validate the clinical benefits in neuro degenerative disorders (Alzeihmer) 8 000 patients 8 clinical studies currently C. d’Avout, D. Fernet, A. Brunel

Ginkor Fort® q Active substances: q Troxerutin A, heptaminol chlorhydrate, Ginkgo biloba extract q Ginkor Fort® q Active substances: q Troxerutin A, heptaminol chlorhydrate, Ginkgo biloba extract q Indications: q q Treatment of vascular conditions, venous insufficiency of the lower limbs, acute haemorrhoid episodes Marketing q 15 % of sales C. d’Avout, D. Fernet, A. Brunel

Tanakan ® New assessment of the medical benefit on February 2006 Recommendation to the Tanakan ® New assessment of the medical benefit on February 2006 Recommendation to the Health Ministry C. d’Avout, D. Fernet, A. Brunel Ginkor Fort® 15 % of the price on february 2006 the reimbursement rate to 15% (until december 2007) 1 January 2008: withdrawn from the list of reimbursable drugs

Primary care: Cash cow Smecta® Diosmectine ( natural clay) • Chronic and acuate diarrhoea Primary care: Cash cow Smecta® Diosmectine ( natural clay) • Chronic and acuate diarrhoea • Pain associated with gastric, colonic disorders C. d’Avout, D. Fernet, A. Brunel Forlax® Macrogol 4000 (polyethylene glycol polymer) Constipation (2005: paediatric formulation)

1977, France 1996, France 18 % of sales 11 % of sales 70 countries 1977, France 1996, France 18 % of sales 11 % of sales 70 countries 60 countries Patent expired (1995) No patent field C. d’Avout, D. Fernet, A. Brunel

Cash cow’s threat : Focus strategy→ Star products Life cycle management C. d’Avout, D. Cash cow’s threat : Focus strategy→ Star products Life cycle management C. d’Avout, D. Fernet, A. Brunel

Star product: Decapetyl® q p Active substance: Triptorelin (decapeptide, analogue of the natural hormone Star product: Decapetyl® q p Active substance: Triptorelin (decapeptide, analogue of the natural hormone Gn. RH) Indications: n Prostate cancer n Pterin fibroids n Endometriosis n Early-onset puberty n Female infertility q Marketing: n 26 % of sales n 60 countries (25 in Europe) C. d’Avout, D. Fernet, A. Brunel n Expiration patent date: p Pamoate: 2010 in Europe, USA p Acetate: since 2001 p Partnerschip : p Debiopharm holds patent p R&D : n Phase III : Combined hormone therapy for premenopausal breast cancer n Phase II : New formulation: 4 months

Star product: Nutropin. Aq® q Active substance: liquid formulation of recombinant human growth hormone Star product: Nutropin. Aq® q Active substance: liquid formulation of recombinant human growth hormone p p Marketing: n September 2002: Genentech granted Ipsen exclusive marketing rights for Nutropin. Aq® worldwide n Expiration patent: 2013 n Phase III : Extending the indication for the treatment of idiopathic short stature: FDA and EMEA n Phase II : Prevention of the long-term effects of glucocorticoid treatment Indications: treatment of growth failure p R&D : C. d’Avout, D. Fernet, A. Brunel

Live cycle managment Somatuline® and Somatuline autogel® q. Active substance: Lanreotide (somatostatin analogue) Inhibits Live cycle managment Somatuline® and Somatuline autogel® q. Active substance: Lanreotide (somatostatin analogue) Inhibits secretion of growth hormones q. Indications: Acromegaly and neuroendocrine tumours q. Marketing: § 11% of sales § Launched in France in 1995, 50 countries § Partnership : TEIJIN Tokyo (Japan) C. d’Avout, D. Fernet, A. Brunel

Life cycle management of Somatuline® p Product: Somatuline® Somatuline autogel® p Patent: 2005 2015 Life cycle management of Somatuline® p Product: Somatuline® Somatuline autogel® p Patent: 2005 2015 p Injection: 2 or 3 inj/mth 1 inj/mth p R&D: p Acromegaly (USA) : January 2007 p Somatuline® Autogel® neuroendocrine tumours (USA, Europe) phase III p Development of sustained-release formulations 3 months C. d’Avout, D. Fernet, A. Brunel

n Competitor : Sandostatin® (Novartis) Somatuline® Sandostatin® Indications Acromegaly, NET Administration SC IM Injected n Competitor : Sandostatin® (Novartis) Somatuline® Sandostatin® Indications Acromegaly, NET Administration SC IM Injected volume 0, 4 ml 2, 0 ml Needle length 20 mm 40 mm Ready to use Powder to reconstitute Formulation

Live cycle managment Dysport® p Active substance: botulinum neurotoxin type A complex ( acts Live cycle managment Dysport® p Active substance: botulinum neurotoxin type A complex ( acts at the level of the neuromuscular junction in the targeted muscle) p Indications: § § § q Cervical dystonia Cerebral palsy in children Blepharospasm Marketing: § 12 % of sales C. d’Avout, D. Fernet, A. Brunel

Life cycle management of Dysport® Reloxin® USA n n Aesthetic medicine indications Phase III Life cycle management of Dysport® Reloxin® USA n n Aesthetic medicine indications Phase III clinical trials Regulatory submissions with the FDA during 2007 Development and distribution agreement with Medicis R&D → clinical trials on Dysport® n n n Europe: phase III aesthetic medicine indications USA (august 2005): phase III cervical dystonia Phase II myofascial pain C. d’Avout, D. Fernet, A. Brunel

Items Regulation, generic Competitive, blockbuster Big pharma high budget Performent staff race Negative pharmaceutical Items Regulation, generic Competitive, blockbuster Big pharma high budget Performent staff race Negative pharmaceutical industries image C. d’Avout, D. Fernet, A. Brunel Ipsen’s strategy Focus strategy, Life cycle product management Partnership, R&D, International development Financial strategy, stock exchange Human resource, IDEA Ipsen foundation, Ethic

Ipsen faces up to high competition C. d’Avout, D. Fernet, A. Brunel Ipsen faces up to high competition C. d’Avout, D. Fernet, A. Brunel

Ipsen’s strategy Competitive, Big pharma companies Partnership International development Critical size Blockbuster culture R&D Ipsen’s strategy Competitive, Big pharma companies Partnership International development Critical size Blockbuster culture R&D C. d’Avout, D. Fernet, A. Brunel

Partnership objectives p Ipsen wants to stay independent → necessity to find partners: n Partnership objectives p Ipsen wants to stay independent → necessity to find partners: n n University teams Pharmaceutical and biotechnology companies Additives associations → get the critical size «Collaboration is more efficient than competition !» p C. d’Avout, D. Fernet, A. Brunel

Gain access to cutting-edge technologies in complex areas of expertise Finance development of Gain access to cutting-edge technologies in complex areas of expertise Finance development of its products while extending its range of existing products C. d’Avout, D. Fernet, A. Brunel

R&D data p Budget: 20, 9 % of CA (19, 1% in 2004) p R&D data p Budget: 20, 9 % of CA (19, 1% in 2004) p 700 people highly qualified p Currently 20 programs C. d’Avout, D. Fernet, A. Brunel

Boston 4 platforms p Peptide engineering n p Modification through synthesis of derivative of Boston 4 platforms p Peptide engineering n p Modification through synthesis of derivative of naturally occuring neuropeptide hormones Protein engineering n Improve therapeutic properties of naturally occuring proteins through the selective modification of their sequences C. d’Avout, D. Fernet, A. Brunel

Barcelona p Medicinal chemistry: Paris n p Paris Discover enzyme inhibitor, mitochondrial protective agents Barcelona p Medicinal chemistry: Paris n p Paris Discover enzyme inhibitor, mitochondrial protective agents and non-peptide ligands for specific hormone receptors Advanced drug delivery: Barcelone n Innovative formulations for new or existing products in order to optimise the efficacy of the active substance while improving patient quality of life C. d’Avout, D. Fernet, A. Brunel

R&D and partnership: Extend pipeline C. d’Avout, D. Fernet, A. Brunel R&D and partnership: Extend pipeline C. d’Avout, D. Fernet, A. Brunel

Oncology p New approaches in cancer treatment under hormonal control: n Key enzyme inhibitors Oncology p New approaches in cancer treatment under hormonal control: n Key enzyme inhibitors in the biosynthesis of steroids n Growth factors n Enzymes regulating cell cycles (notably phosphatases) n Genes implicated in cancer C. d’Avout, D. Fernet, A. Brunel

Drug conception for cancer under hormonal control p Sterix : acquisition (February 2004) p Drug conception for cancer under hormonal control p Sterix : acquisition (February 2004) p Collaboration (University of Bath and Imperial College London) n p Technological platform in the field of cancer under hormonal control Post menopausal breast cancer expressing oestrogenic receptors n Phase I: STX 64 n Selective inhibitors of the sulphatase enzyme involved in a key stage of the biosynthesis of oestrogens C. d’Avout, D. Fernet, A. Brunel

Genes implication in cancer p May 2003: Spirogen, London (UK), biotechnology company Technological platform: Genes implication in cancer p May 2003: Spirogen, London (UK), biotechnology company Technological platform: Potential to identify the genes involved in therapeutics such as cancer p Advanced metastasic cancer refractory to chemotherapy (phase I) p Leukaemia resistant to other treatments n BN 2629 (SJG 136), Synthetic molecule p Ability to block the anarchic cellular proliferation process p Cancer Research in the UK and the National Cancer Institute in the USA C. d’Avout, D. Fernet, A. Brunel

Ipsen is looking for partnership to continue the development of topoisomerase’s inhibitor p Lung Ipsen is looking for partnership to continue the development of topoisomerase’s inhibitor p Lung cancer Diflomotecan n Investigations into others indications (phase II failed) Treatment of certain types of advanced metastatic cancers (colon, breast and prostate) n p n n Elomotecan Phase I clinical trials C. d’Avout, D. Fernet, A. Brunel

Endocrinology p Pituitary disorders (such as acromegaly) n Second-generation somastatin analogues and growth hormone Endocrinology p Pituitary disorders (such as acromegaly) n Second-generation somastatin analogues and growth hormone antagonists p Cachexia treatment (peptide hormone) p Metabolic syndrom associated with obese patients with hyperinsulinemia (11βHSD enzyme inhibitors programmes) C. d’Avout, D. Fernet, A. Brunel

GLP 1 p Glycaemia control in diabetic patients n BIM R 1007/GLP 1, phase GLP 1 p Glycaemia control in diabetic patients n BIM R 1007/GLP 1, phase II n Analogue of peptide hormone Glucagon Like Peptide-1 n Discovered by Ipsen n October 2003: Partnership option for Roche on an exclusive licence to the rights to develop and market worldwide (with the exception of Japan and France) n Sustained-release formulations, phase I clinical trials (with Teijin) C. d’Avout, D. Fernet, A. Brunel

C. d’Avout, D. Fernet, A. Brunel C. d’Avout, D. Fernet, A. Brunel

p Caracteristics n n n p Equal / greater potency compare to native compound p Caracteristics n n n p Equal / greater potency compare to native compound Extended metabolic half-life: 22 x more stable in plasma Strong patent positions Roche option: partnership n n n 56 M€ paid upfront 170 M€ potentials additionnal milestones ~ 15% royalties on worldwide net sales C. d’Avout, D. Fernet, A. Brunel

+ : advantages n n n Very big market Patent → 2019 New formulation + : advantages n n n Very big market Patent → 2019 New formulation for 1 month - : competitors n n n Eli Lilly : exenatide already in USA Novo-Nordisk: liraglutide phase III Sanofi-Aventis: phase II C. d’Avout, D. Fernet, A. Brunel

Others domains p COGNITIVE DISORDER n p Neurodegenerative conditions (Alzheimer) HAEMATOLOGY phase II trials Others domains p COGNITIVE DISORDER n p Neurodegenerative conditions (Alzheimer) HAEMATOLOGY phase II trials in USA n OBI-1: recombinant version of porcine factor VIII n Treatment of congenital or acquired haemophilia resistant to human factor VIII n Partner: Emory University and Octagen C. d’Avout, D. Fernet, A. Brunel

p RHUMATOLOGY p Treatment of symptomatic hyperuricaemia n July 2003: Agreement with Teijin to p RHUMATOLOGY p Treatment of symptomatic hyperuricaemia n July 2003: Agreement with Teijin to develop in Europe Febuxostat n 2 october 2006: EMEA approved AMM submission C. d’Avout, D. Fernet, A. Brunel

Other partnerships p INSERM Paris, France, October 2005 n p NOVARTIS Basel, Switzerland, March Other partnerships p INSERM Paris, France, October 2005 n p NOVARTIS Basel, Switzerland, March 2003 n n p Conduct a R&D programme in the treatment of breast and prostate cancer Trademark transfer agreement Distribution agreement in France for Nisis® and Nisisco® (previously marketed and distributed by Sanofi-Aventis) PFIZER New York, USA, November 2005 n Promoting its Artotec® product in France from 1 January 2006 C. d’Avout, D. Fernet, A. Brunel

RADIUS Cambridge, USA, September 2005 n p RECORDATI Milan, Italy, October 2006 n n RADIUS Cambridge, USA, September 2005 n p RECORDATI Milan, Italy, October 2006 n n p Exclusive right for Radius to develop, manufacture and distribute BIM 44058 (as well as its analogues), treatment of osteoporosis Sold the exclusive rights to market and sell Tenstaten® in France to Recordati for 7 years beginning 1 January 2006 Sales: 11. 4 M€ in 2005 FAES Pharma C. d’Avout, D. Fernet, A. Brunel

INTERNATIONAL DEVELOPMENT C. d’Avout, D. Fernet, A. Brunel INTERNATIONAL DEVELOPMENT C. d’Avout, D. Fernet, A. Brunel

Ipsen sites Europe Research centers: France, Spain, England Indistrual sites : France, Swizerland, Ireland, Ipsen sites Europe Research centers: France, Spain, England Indistrual sites : France, Swizerland, Ireland, England, Spain Commercial presence : Other European country C. d’Avout, D. Fernet, A. Brunel

Ipsen sites around the world US : research, industrial site and commercial presence South Ipsen sites around the world US : research, industrial site and commercial presence South America : commercial presence C. d’Avout, D. Fernet, A. Brunel China : industrial site and commercial presence Rest of Asia : commercial presence

Worldwide Staff 16% Rest of the world 15% Other in UE 69% Five European Worldwide Staff 16% Rest of the world 15% Other in UE 69% Five European countries : France, Germany, UK, Spain, Italy C. d’Avout, D. Fernet, A. Brunel

Turnover in the world Good implantation in Europe 14, 3% C. d’Avout, D. Fernet, Turnover in the world Good implantation in Europe 14, 3% C. d’Avout, D. Fernet, A. Brunel Need much more implantation in the rest of the world PARTNERSHIPS

Items Regulation, generic Ipsen’s strategy Focus strategy, Life cycle product management Competitive, blockbuster Items Regulation, generic Ipsen’s strategy Focus strategy, Life cycle product management Competitive, blockbuster Partnership, R&D, International development Big pharma high budget Financial strategy, stock exchange Performent staff race Human resource, IDEA Negative pharmaceutical industries image Ipsen foundation, Ethic C. d’Avout, D. Fernet, A. Brunel

Ipsen faces up to rich competitors C. d’Avout, D. Fernet, A. Brunel Ipsen faces up to rich competitors C. d’Avout, D. Fernet, A. Brunel

Ipsen’s strategy Big pharma high budget Financial strategy Stock exchange C. d’Avout, D. Fernet, Ipsen’s strategy Big pharma high budget Financial strategy Stock exchange C. d’Avout, D. Fernet, A. Brunel

p Turnover (2005) : n Ipsen: 807, 1 Millions € n Pfizer: 25, 5 p Turnover (2005) : n Ipsen: 807, 1 Millions € n Pfizer: 25, 5 Billions € 31 times smaller than Pfizer C. d’Avout, D. Fernet, A. Brunel

Turnover’s evolution +4, 4% C. d’Avout, D. Fernet, A. Brunel +4, 8% +6, 7% Turnover’s evolution +4, 4% C. d’Avout, D. Fernet, A. Brunel +4, 8% +6, 7%

Medicines’ turnover Decapeptyl Tanakan Dysport Somatuline Smecta Ginkor Fort Forlax Nisis Nisico Nutropinaq 25% Medicines’ turnover Decapeptyl Tanakan Dysport Somatuline Smecta Ginkor Fort Forlax Nisis Nisico Nutropinaq 25% part of turn over threated by disrimbursement ! C. d’Avout, D. Fernet, A. Brunel New budget for investment

Prospects -Good forecast of increase -Good support -But: • Threats • ~ Increase forecasted Prospects -Good forecast of increase -Good support -But: • Threats • ~ Increase forecasted C. d’Avout, D. Fernet, A. Brunel

Financial general strategy November 2005 Launching of stock exchange process December 2005 Introduction 22€ Financial general strategy November 2005 Launching of stock exchange process December 2005 Introduction 22€ 20 January 2006 C. d’Avout, D. Fernet, A. Brunel Launching of buy backing shares Liquid assets program

C. d’Avout, D. Fernet, A. Brunel C. d’Avout, D. Fernet, A. Brunel

Shareholders p After the IPO, Ipsen’s capital : n 80. 97% owned by Mayroy Shareholders p After the IPO, Ipsen’s capital : n 80. 97% owned by Mayroy n 18. 73% by the public n 0. 30% by the employees The part not owned by Mayroy brought : 324 M€ p C. d’Avout, D. Fernet, A. Brunel

Mayroy p Anonym society, Luxembourg Beaufour family p Voting right : double voting if Mayroy p Anonym society, Luxembourg Beaufour family p Voting right : double voting if > 2 years in the name of the same shareholder p Shareholders agreement only between shareholders of Mayroy C. d’Avout, D. Fernet, A. Brunel

Stock variation since December 2005 New suspition of disreimboursement - Results Pulication - Tercica Stock variation since December 2005 New suspition of disreimboursement - Results Pulication - Tercica partnership Low: 22, 50 € C. d’Avout, D. Fernet, A. Brunel High : 35, 43 € Change : 57, 5 %

Ipsen performance compare to the CAC 40 p Ipsen over performed the market during Ipsen performance compare to the CAC 40 p Ipsen over performed the market during the entire period

Market Comparative study Comparison between Ipsen and its European competitors q Sector average : Market Comparative study Comparison between Ipsen and its European competitors q Sector average : All the Pharmaceuticals firms in European Union (30) (Sanofi-Aventis, Bayer Schrg, UCB SA, ALTANA, Schwarz Pharma, Merck KGa. A, Elan, Ipsen, STADA Arzneimitt, Orion, Tubize, Faes, Zentiva, Recordati, Intercell, Stallergenes, Flamel Technol, Boiron SA, Virbac SA, Guerbet SA, Arkopharma, Vetoquinol, Lavipharm SA, Jerini, Fornix Bio. Scnce, Veterin SA, Sanochemia, Octo. Plus, Pierrel Sp. A and Alltracel Pharm) q Direct Competitors : All the Pharmaceuticals companies that are comparable (Zentiva, Faes, Tubize, Orion, STADA Arzneimitt, Ipsen, Elan, Merck KGa. A) C. d’Avout, D. Fernet, A. Brunel

Ipsen stock market performance compare to its sector p Ipsen stock market under performed Ipsen stock market performance compare to its sector p Ipsen stock market under performed compare to the sector C. d’Avout, D. Fernet, A. Brunel

Price Earning = market value per share/ Earning per share (The smaller the better) Price Earning = market value per share/ Earning per share (The smaller the better) Ipsen Investors have a higher return compare to its competitors as well as compare to the whole sector C. d’Avout, D. Fernet, A. Brunel

Dividend p 2 nd June 2006: Ipsen’s annual Shareholders’ meeting n Distribution of a Dividend p 2 nd June 2006: Ipsen’s annual Shareholders’ meeting n Distribution of a dividend of 0, 60€ / per share C. d’Avout, D. Fernet, A. Brunel

Dividend Yield in % The Dividend Yield of Ipsen is significantly higher than the Dividend Yield in % The Dividend Yield of Ipsen is significantly higher than the sector average as well as its direct competitors C. d’Avout, D. Fernet, A. Brunel

Return on Equity in % ROE = net Return / shareholders equity (the higher, Return on Equity in % ROE = net Return / shareholders equity (the higher, the better) Ratio on profitability that show much profit a company generates with the money shareholders have invested C. d’Avout, D. Fernet, A. Brunel

Liquidity q Maximum 10% of actions authorized q Maximal prize: 50 euros q Time: Liquidity q Maximum 10% of actions authorized q Maximal prize: 50 euros q Time: 18 months q Objective: n n New dynamic on Ipsen market Eventually sell shares later C. d’Avout, D. Fernet, A. Brunel Second growth

Items Regulation, generic Competitive, blockbuster Big pharma high budget Ipsen’s strategy Focus strategy, Items Regulation, generic Competitive, blockbuster Big pharma high budget Ipsen’s strategy Focus strategy, Life cycle product management Partnership, R&D, International development Financial strategy, stock exchange Performent staff race Human resource, IDEA Negative pharmaceutical industries image Ipsen foundation, Ethic C. d’Avout, D. Fernet, A. Brunel

Ipsen faces up to performent staff race C. d’Avout, D. Fernet, A. Brunel Ipsen faces up to performent staff race C. d’Avout, D. Fernet, A. Brunel

Ipsen’s strategy Performed staff race Effective management of human resource IDEA C. d’Avout, D. Ipsen’s strategy Performed staff race Effective management of human resource IDEA C. d’Avout, D. Fernet, A. Brunel

Strategic reorganization n Since 2001, JL Bélingard is in charged to give a new Strategic reorganization n Since 2001, JL Bélingard is in charged to give a new impulsion to Ipsen → new organisation of corporate governance (2005) 4 committees: Strategic (chairman→ JL Bélingard) p Audits p Compensations p Appointments (chairman → Anne Beaufour ) p C. d’Avout, D. Fernet, A. Brunel

C. d’Avout, D. Fernet, A. Brunel C. d’Avout, D. Fernet, A. Brunel

Jean Luc Bélingard p Graduated from the HEC 1971 and MBA (US) in 1974 Jean Luc Bélingard p Graduated from the HEC 1971 and MBA (US) in 1974 p In 1982 Roche Group: head of the diagnostics division p From 1999 to 2001, member of executive board of Bio. Mérieux-Pierre Fabre p 2001: Ipsen p Delegate General and spokesman for G 5 (namely Sanofi. Aventis, Servier, Pierre Fabre and Ipsen) p Beginning of 2006: Board of Directors of Inserm C. d’Avout, D. Fernet, A. Brunel

Anne and Henry Beaufour p Anne Beaufour p p Bachelor of geology degree (University Anne and Henry Beaufour p Anne Beaufour p p Bachelor of geology degree (University of Paris Orsay) Director of the Company since 1998 p Henri Beaufour p p Bachelor of arts degree (Georgetown, University of Washington DC, USA) Director of the Company since 2000 C. d’Avout, D. Fernet, A. Brunel

3800 employees worldwide Administration and support → 14 % Research and development activities → 3800 employees worldwide Administration and support → 14 % Research and development activities → 18, 2% Manufacturing and supply chain function → 27, 9% C. d’Avout, D. Fernet, A. Brunel Sales → 40, 2 %

Recruitment and internal promotion In 2005 : p 746 new employees p Permanent jobs: Recruitment and internal promotion In 2005 : p 746 new employees p Permanent jobs: 576 p 182 employees were promoted p Opportunities: change jobs, switch functions, move to new locations regularly offered C. d’Avout, D. Fernet, A. Brunel

Ipsen and training programme p Number of hours of training 2004: 107 958 +25% Ipsen and training programme p Number of hours of training 2004: 107 958 +25% p Number of hours of training 2005: 135 143 p During 2 OO 5 IDEA : Ipsen Development and Education Academy p Created in order to facilitate the development of training C. d’Avout, D. Fernet, A. Brunel

IDEA objectives p Six objectives : n Development and advancement of a corporate culture IDEA objectives p Six objectives : n Development and advancement of a corporate culture n Integration of new employees n Young professionals college, which aims to Attract and accelerate the development of high-potential of young professionals who will be involved in key roles C. d’Avout, D. Fernet, A. Brunel

n The managers college → raise the performance of managers to a high level n The managers college → raise the performance of managers to a high level n The leaders college → develop the leadership skills in long-term strategic areas n The Group’s image C. d’Avout, D. Fernet, A. Brunel

Items Regulation, generic Competitive, blockbuster Big pharma high budget Ipsen’s strategy Focus strategy, Life Items Regulation, generic Competitive, blockbuster Big pharma high budget Ipsen’s strategy Focus strategy, Life cycle product management Partnership, R&D, International development Financial strategy, stock exchange Performent staff race Human resource, IDEA Negative pharmaceutical industries image Ipsen foundation, Ethic C. d’Avout, D. Fernet, A. Brunel

Ipsen faces up to a negative brand image C. d’Avout, D. Fernet, A. Brunel Ipsen faces up to a negative brand image C. d’Avout, D. Fernet, A. Brunel

Ipsen’s strategy Negative companies brand image Ipsen Foundation Ethic C. d’Avout, D. Fernet, A. Ipsen’s strategy Negative companies brand image Ipsen Foundation Ethic C. d’Avout, D. Fernet, A. Brunel

Ipsen’s foundation p Created 1983 in order to n n Improve the knowledge diffusion Ipsen’s foundation p Created 1983 in order to n n Improve the knowledge diffusion Develop communication between various actors of pharmaceutical domains p Thousands of researchers and doctors p 60 international congress p 180 Alzheimer actuality revues p 65 publications C. d’Avout, D. Fernet, A. Brunel

Ipsen’s foundation p Awards prizes to scientist for work p Seminars about : n Ipsen’s foundation p Awards prizes to scientist for work p Seminars about : n n n Alzheimer disease Neurosciences Vascular tree Endocrinology Longevity C. d’Avout, D. Fernet, A. Brunel

Environment p Ethic: long-time development Production platforms respect the environment n Sensitisation campaign to Environment p Ethic: long-time development Production platforms respect the environment n Sensitisation campaign to energy consumption n Significant budget for environment protection n C. d’Avout, D. Fernet, A. Brunel

SWOT analysis C. d’Avout, D. Fernet, A. Brunel SWOT analysis C. d’Avout, D. Fernet, A. Brunel

p SWOT analysis : determinate if « strengths and weaknesses association is able to p SWOT analysis : determinate if « strengths and weaknesses association is able to square up environment evolutions » p Opportunities and Threats p Strengths and Weaknesses C. d’Avout, D. Fernet, A. Brunel

Opportunities and threats p Opportunities n n n p Increase of life expectancy needs Opportunities and threats p Opportunities n n n p Increase of life expectancy needs in medicines New innovated therapy obesity, cancer Opportunities on US market Threats n n Generics and regulation patents and prices Research process longer and more expensive C. d’Avout, D. Fernet, A. Brunel

Strength and Weakness p Strengths n n p New financial prospects Headstaff and good Strength and Weakness p Strengths n n p New financial prospects Headstaff and good management Research platform very developed Portfolio quite diversified Weaknesses n n R&D budget too high compared to ipsen’s size Too high dependence on Europeen market C. d’Avout, D. Fernet, A. Brunel

Ipsen has to reach a critical size to have R&D expenditures that not Ipsen has to reach a critical size to have R&D expenditures that not bear upon turnover C. d’Avout, D. Fernet, A. Brunel

p CLAIRE : Marketing n n p DOMITILLE : Marketing n p + : p CLAIRE : Marketing n n p DOMITILLE : Marketing n p + : GLP-1 - : Cash cow + : Management of cycle life products, IDEA ALBANE : R&D Analysis n n + : Interesting R&D portfolio - : Genetical desease C. d’Avout, D. Fernet, A. Brunel