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PROFILE 01 KEY FIGURES 2007 02 MESSAGE FROM THE CHAIRMAN 04 MAIN RESEARCH AND DEVELOPMENT PROGRAMMES 06 IPSEN WORLDWIDE 08 IPSEN SHARE 10 STRATEGY 13 'QNVSG HM S@QFDSDC SGDQ@ODTSHB @QD@R 15 'DNFQ@OGHB DWO@MRHNM 18 /OSHLHRHMF SGD OQHL@QX B@QD ONQSENKHN 19 KNOW-HOW 2 1 $HRBNUDQHMF MDV BNLONTMCR 22 $DUDKNOHMF MDV SGDQ@ODTSHB RNKTSHNMR 24 /MBNKNFX 26 %MCNBQHMNKNFX 30 .DTQNLTRBTK@Q CHRNQCDQR 34 0QHL@QX B@QD 36 SOCIAL AND ENVIRONMENTAL RESPONSIBILITY 41 (TL@M QDRNTQBDR 42 %MUHQNMLDMS 44 ,@ &NMC@SHNM )ORDM 46 3ONMRNQRGHO 48 #NQONQ@SD FNUDQM@MBD 50 CONSOLIDATED FINANCIAL STATEMENTS 53
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)ORDM HR @M HMMNU@SHNM CQHUDM HMSDQM@SHNM@K RODBH@KSX OG@QL@BDTSHB@K FQNTO VGHBG BTQQDMSKX L@QJDSR LNQD SG@M CQTFR DLOKNXHMF MD@QKX ODNOKD @QNTMC SGD VNQKC )SR CDUDKNOLDMS RSQ@SDFX HR A@RDC NM @ BNLOKDLDMS@QX BNLAHM@SHNM NE RODBH@KHRDC OQNCTBSR VGHBG @QD FQNVSG CQHUDQR HM SGD 'QNTO¢R S@QFDSDC SGDQ@ODTSHB @QD@R NMBNKNFX DMCNBQHMNKNFX @MC MDTQNLTRBTK@Q CHRNQCDQR @MC OQHL@QX B@QD OQNCTBSR VGHBG GDKO ©M@MBD HSR 2DRD@QBG @MC $DUDKNOLDMS @BSHUHSHDR 4GD KNB@SHNM NE HSR ENTQ 2DRD@QBG @MC $DUDKNOLDMS BDMSQDR 0@QHR "NRSNM "@QBDKNM@ ,NMCNM @MC HSR ODOSHCD @MC OQNSDHM DMFHMDDQHMF OK@SENQL FHUD SGD 'QNTO @ BNLODSHSHUD DCFD HM F@HMHMF @BBDRR SN KD@CHMF TMHUDQRHSX QDRD@QBG SD@LR @MC GHFGKX PT@KH©DC ODQRNMMDK -NQD SG@M ODNOKD HM 2$ @QD CDCHB@SDC SN SGD CHRBNUDQX @MC CDUDKNOLDMS NE HMMNU@SHUD CQTFR ENQ O@SHDMS B@QD 4GHR RSQ@SDFX HR @KRN RTOONQSDC AX @M @BSHUD O@QSMDQRGHO ONKHBX )M 2$ DWODMCHSTQD V@R @ANTS E LHKKHNM QDOQDRDMSHMF LNQD SG@M NE BNMRNKHC@SDC R@KDR VGHBG B@LD NTS @S E LHKKHNM 4NS@K QDUDMTDR @LNTMSDC SN E LHKKHNM NUDQ SGD R@LD ODQHNC
4NS@K QDUDMTDR HMBKTCD R@KDR @R VDKK @R QNX@KSHDR @MC O@XLDMSR QDBDHUDC HM BNMITMBSHNM VHSG SGD 'QNTO¢R O@QSMDQRGHOR @MC U@QHNTR NSGDQ RDQUHBDR
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SALES SALES BY THERAPEUTIC AREA BY GEOGRAPHICAL AREA
Targeted therapeutic areas Five major Western European countries /MBNKNFX 25.5% &Q@MBD 38.5% %MCNBQHMNKNFX 14.1% )S@KX 7.1% .DTQNLTRBTK@Q CHRNQCDQR 14.0% 3O@HM 6% 'DQL@MX 5.2% Primary care 5MHSDC +HMFCNL 4.5% '@RSQNDMSDQNKNFX 18.7% #NFMHSHUD CHRNQCDQR 13.0% Other European countries #@QCHNU@RBTK@Q 10.3% /SGDQR 0.7% Rest of the world Drug-related activities @BSHUD HMFQDCHDMSR @MC Q@V L@SDQH@KR R@KDR
NET SALES OF GROUPÕS LEADING PRODUCTS (` MILLION)
2007 2006 change 2007/2006 Decapeptyl¨ 235.1 Dysport¨ 128.7 Tanakan¨ 119.3 Somatuline¨ 103.6 Smecta¨ 88.9 Nisis¨ and Nisisco¨ 53.7 Forlax¨ 51.8 Ginkor Fort¨ 36.9 NutropinAq¨ 23.7 ANNUAL REPORT 2007 IPSEN 03
11.2% sales growth 9.1% growth in volumes 14.9% sales growth in specialist care. of sold drugs. outside major Western European countries.
Total revenues* (€ million)
2007: 993.8
2006: 945.3 + 5.1%
SALES (€ million)
2007: 920.5
2006: 861.7 + 6.8%
Research and development expenditure (€ million)
2007: 184.7
2006: 178.3 + 3.6%
operating profit (€ million)
2007: 208.9
2006: 187.2 + 11.6%
consolidated PROFIT (€ million)
2007: 150.6
2006: 144.0 +4.6%
* Total revenues include sales as well as royalties and payments received in conjunction with the Group’s partnerships and various other services.
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2007 REPRESENTS A YEAR OF THIS STRATEGY IS ACCOMPANIED SIGNIFICANT SUCCESSES AND THE BY AN OPERATIONAL REORGANISATION. CONSOLIDATION OF CORE ACTIVITIES 4GD CDBHRHNM SN QDRSQTBSTQD SGD 2DRD@QBG @MC FOR FUTURE ACHIEVEMENTS. $DUDKNOLDMS CDO@QSLDMS AX CHRSHMFTHRGHMF -@QJDSHMF @OOQNU@K NE 3NL@STKHMD ¡$HRBNUDQX @MC )MMNU@SHNM¢ @MC ¡#NQONQ@SD HM SGD 5MHSDC 3S@SDR @MC )MBQDKDW HM %TQNOD $DUDKNOLDMS¢ HR @ RSQ@SDFHB LNUD VGHBG @HLR L@QJR SGD BQD@SHNM NE @ FKNA@K EQ@MBGHRD SN CDUDKNO RODBH©B DWODQSHRD HM ANSG @QD@R HM DMCNBQHMNKNFX 3NL@STKHMD $DONS HR AX @CNOSHMF @M NAIDBSHUD @OOQN@BG SGD ©QRS OQNCTBS NQHFHM@SHMF EQNL SGD 'QNTO¢R #NMRDPTDMSKX NTQ TKSHL@SD @HL HR SN ETQSGDQ 2$ SN AD @OOQNUDC AX SGD &$! -NQD DMG@MBD NTQ OHODKHMD NE CQTF B@MCHC@SDR SG@M DUDQ )ORDM HR ONRHSHNMDC @R @ JDX OK@XDQ AX NOSHLHRHMF SGD RDKDBSHNM @MC L@M@FDLDMS HM HMMNU@SHNM NE )ORDM¢R ONQSENKHN NE LNKDBTKDR QDRTKSHMF EQNL NTQ HMSDQM@K QDRD@QBG NQ O@QSMDQRGHOR )M @ CHE©BTKS @MC BNLODSHSHUD !M @FQDDLDMS RTBG @R SGD NMD RHFMDC DMUHQNMLDMS )ORDM¢R NAIDBSHUD HR SN ATHKC HM *@MT@QX VHSG SGD 3@KJ )MRSHSTSD NM HSR ODQENQL@MBD AQHMFHMF SN SGD L@QJDS HM #@KHENQMH@ BNMSQHATSDR SNV@QCR QDHMENQBHMF VHSGHM SGD E@RSDRS ONRRHAKD SHLD EQ@LD NTQ DWBDOSHNM@KKX BKNRD SHDR VHSG NTSRS@MCHMF @ BNLODSHSHUD @MC BNGDQDMS ONQSENKHN QDRD@QBG SD@LR HM SGD @B@CDLHB VNQKC NE LNKDBTKDR NQHFHM@SHMF ANSG EQNL BNMUDQSHMF RBHDMSH©B JMNVKDCFD HMSN LDCHB@K HMSDQM@K QDRD@QBG @MC EQNL NTQ @KKH@MBDR RNKTSHNMR @MC O@QSMDQRGHOR /TQ @BSHUD @KKH@MBD RSQ@SDFX K@TMBGDC RDUDQ@K XD@QR @FN BNMSHMTDC SGQNTFGNTS @S @M DWBDKKDMS Q@SD VHSG @FQDDLDMSR RHFMDC VHSG -3$ '@KCDQL@ 0QDF,DL '4& AHN-kQHDTW $DAHNOG@QL #DKDQ@ @MC %Q@RLTR 5MHUDQRHSX 2NSSDQC@L 4GHR ONKHBX DM@AKDC TR SN DWO@MC NTQ OHODKHMD SN OQNLNSD RDUDQ@K BNLONTMCR CDUDKNODC AX NTQ NVM QDRD@QBG SD@LR @MC SN RSQDMFSGDM )ORDM¢R ONRHSHNMHMF HM HSR S@QFDSDC SGDQ@ODTSHB @QD@R NMBNKNFX DMCNBQHMNKNFX @MC MDTQNLTRBTK@Q CHRNQCDQR ANNUAL REPORT 2007 IPSEN 0
“OUR ACTIVE ALLIANCE STRATEGY ENABLED US TO EXPAND OUR PIPELINE, TO PROMOTE SEVERAL COMPOUNDS DEVELOPED BY OUR OWN RESEARCH TEAMS AND TO STRENGTHEN IPSEN’S POSITIONING IN OUR THREE TARGETED THERAPEUTIC AREAS.”
IN 2007, IPSEN YET AGAIN ACHIEVED 2008 will be a busy year on the clinical front: ALL ITS GROWTH AND PROFITABILITY phase II clinical trials for OBI-1, our TARGETS. recombinant factor VIII, have now been Fulfilling our commitments is closely linked completed; we are assessing the results and to our constant determination to improve analysing the measures to be taken for performance through cost control and further development of this product. We are productivity optimisation programmes. also awaiting the results of the phase I The efficiency of our continuing growth clinical trials on BN 83495 (STX 64), strategy enabled Ipsen to enter the our promising antitumour agent, and on SBF 120 Index of the Paris stock exchange a dopastatin, targeting various disorders mere two years after the Group was first linked to pituitary adenomas. listed on Euronext™. The EuronextTM Indices Steering Committee’s decision reflects the From a sales perspective, our growth soundness of our business and serves as a in North America remains a priority and reward to Ipsen teams for their commitment. we are closely monitoring Somatuline® sales trends in the United States, AGAINST THIS BACKGROUND, 2008, while in the process of selecting a US CHARACTERIZED BY IMPORTANT commercialisation option for Dysport®. REGULATORY, CLINICAL AND COMMERCIAL ISSUES, WILL BE A In conclusion, I take this opportunity to DECISIVE YEAR IN IPSEN’S FUTURE. sincerely thank all Ipsen employees for their As regards regulatory matters, we are professionalism and contribution. I also wish pursuing an active global market approval to highlight the solid support afforded us by strategy for our botulinum toxin: in January our shareholders, and to express my gratitude 2008 the FDA accepted the filing of the to the medical community and to the Biologics License Application for Dysport® patients for their loyalty and commitment. in the United States. In addition, the European Medicines Agency (EMEA) recommended marketing authorisation of Adenuric® (febuxostat) which should lead to approval in Europe during 2008. We also intend to file for marketing approval in Europe for Acapodene® (toremifene citrate) before the end of the year.
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!R NE -@QBG ANNUAL REPORT 2007 IPSEN 0
A PROMISING PIPELINE WITH MORE THAN 20 PROGRAMMES* Phase III
ONCOLOGY DECAPEPTYL® Combined hormone therapy for premenopausal breast cancer DECAPEPTYL® 6-month sustained-release formulation (partnership with Debiopharm) SOMATULINE® AUTOGEL® Phase II Asymptomatic neuroendocrine tumours
® ONCOLOGY ACAPODENE Treatment of side effects induced by DifLomotEcan (BN 80915) androgen-deprivation therapy Advanced metastatic cancers
ENDOCRINOLOGY ENDOCRINOLOGY BIM 51 077 (R1583) SOMATULINE® AUTOGEL® Type 2 diabetes (partnership with Roche Co-administration with pegvisomant Phase I since July 2006) OTHER PROGRAMMES OTHER PROGRAMMES ONCOLOGY TANAKAN® BN 83 495 (STX 64) OBI-1 Age-related cognitive impairment Post-menopausal breast cancer Haemostasis DYSPORT® expressing oestrogen receptors Cervical dystonia ELOMOTECAN (BN 80927) United States: regulatory review Advanced metastatic cancers RELOXIN® Aesthetic medicine ENDOCRINOLOGY Europe: regulatory review (partnership with Galderma) DOPASTATIN United States: regulatory review Symptomatic treatment of (partnership with Medicis) pituitary and neuroendocrine tumours
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02/$5#4)/. !.$ 3500,9 technology to maximise of its manufacturing processes. #(!). 3%26).' %8#%,,%.#% its operational efÞciency. Upstream efforts by Ipsen has industrial sites For instance, the Dublin site manufacturing, development in France, the United Kingdom, (Ireland) is devoted to the and research teams promote Ireland, Switzerland, China puriÞcation and formulation mutual enhancement. and the United States, of proteins, while the Dreux This integration is a necessary and plantations and leaf- plant (France) specialises in step towards improving drying facilities in France, the manufacturing and product quality, guaranteeing China and the United States. packaging of high volumes of patient safety and developing Each of the GroupÕs oral formulations. Furthermore, optimal manufacturing manufacturing facilities Ipsen promotes continuous processes within the GroupÕs focuses on a particular productivity improvement cost optimisation rationale.
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*@MT@QX &TKK XD@Q R@KDR &DAQT@QX 2DRTKSR !OQHK &HQRS PT@QSDQ R@KDR *TMD 'DMDQ@K RG@QDGNKCDQ¢R LDDSHMF *TMD 0@XLDMS NE CHUHCDMC *TKX &HQRS G@KE R@KDR !TFTRS &HQRS G@KE QDRTKSR /BSNADQ &HQRS LNMSGR R@KDR
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€ 1.79 diluted earnings per share 2007 dividend of %0.66 up 10% compared with 2006 (based on the average number of outstanding shares). (dividend subject to shareholder approval).
SHARE PRICE EVOLUTION COMPARED TO MAIN STOCK MARKET INDICES from 2 January 2007 to 31 March 2008 (rebased on Ipsen share price as of 2 January 2007)
Number of Ipsen Euros shares traded
, 900,000
, 800,000
, 700,000
, 600,000
, 500,000
, 400,000
, 300,000
, Ipsen 200,000 S&P 500 Pharma , 100,000 SBF 120 CAC Mid 100 0 Number of Ipsen shares traded (Source: Bloomberg)
Ipsen shares have been eligible to the “Service de Règlement Différé” (SRD) since 28 March 2007. On 24 December 2007, Ipsen shares were added to the SBF 120 index.
2/1/07 30/1/07 27/2/07 27/3/07 24/4/07 22/5/07 19/6/07 17/7/07 14/8/07 11/9/07 9/10/07 6/11/07 4/12/07 1/1/08
SHARE PRICE EVOLUTION From 1 January 2007 to 31 March 2008
Average closing price €38.00 Period high €41.99 Period low €33.11 Performance (between the period high and the share price on 1 January 2007) 20% Daily average traded volume 108,110
800000 45 700000 40 600000 500000 35 400000 30 300000 200000 25 100000 20 0 12 ANNUAL REPORT )03%.
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6.8% sales growth in 2007. 11.2% sales growth in specialist care.
NEUROMUSCULAR DISORDERS In 2007, Ipsen granted Galderma The FDA accepted the filing of the Biologics the exclusive rights to promote and License Application for Dysport®. distribute Dysport® in aesthetic medicine In January 2008, the FDA accepted the filing in Brazil, Argentina and Paraguay of the BLA for Dysport® in the treatment and also the right to develop the product of cervical dystonia. in the European Union, Russia and certain Middle East and Eastern Marketing agreements for botulinum toxin European countries. in aesthetic medicine In 2006, the Group granted Medicis the rights to develop, distribute and market Ipsen’s botulinum toxin in the United States, Canada and Japan for aesthetic use by physicians. Ipsen submitted a marketing authorisation with the FDA in March 2008.
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'!,$%2-! )M )ORDM FQ@MSDC '@KCDQL@ SGD DWBKTRHUD QHFGSR SN OQNLNSD @MC CHRSQHATSD $XRONQS HM @DRSGDSHB LDCHBHMD HM "Q@YHK !QFDMSHM@ @MC 0@Q@FT@X @MC @KRN SGD QHFGS SN CDUDKNO SGD OQNCTBS HM SGD %TQNOD@M 5MHNM 2TRRH@ @MC BDQS@HM -HCCKD %@RS @MC %@RSDQM %TQNOD@M BNTMSQHDR ANNUAL REPORT )03%.
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-NQD SG@M 2$ OQNFQ@LLDR
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e184.7 m in R&D 700 employees expenditure in 2007. dedicated to R&D.
INNOVATION COLLABORATION WITH In October 2005, Ipsen signed progress therapeutic concepts Ipsen’s research puts patient quality of life OUTSTANDING ACADEMIC a letter of intention with and innovative products within RESEARCH CENTRES the French Atomic Energy the fields of endocrinology, at the heart of its objectives. WORLDWIDE Commission (CEA) on research diabetes and metabolism. projects covering the treatment VAST THERAPEUTIC APPLICATIONS For several decades Ipsen of Parkinson’s and Alzheimer’s A partnership agreement has established partnerships diseases. with the Salk Institute was IN ENDOCRINE DISORDERS with universities, collaborating announced in January 2008. The technological platforms are above with top-ranking academic In October 2005, Ipsen signed The Salk Institute for Biological all inspired by naturally occurring molecules, research teams. Today, the a collaboration agreement with Studies is an independent non- Group continues to excel in the French national institute profit organisation dedicated and more specifically of hormonal nature. the field of research by for health and medical research to fundamental discoveries in Ipsen’s research is based on the fact that extending its collaboration (Inserm) to conduct a R&D life sciences, the improvement a large amount of disorders are linked agreements with the academic programme in the treatment of of human health and the world. Ipsen reiterates its breast and prostate cancer. training of future generations to haemostasis loss due to an imbalance commitment to innovation of researchers. This major in the endocrine system and aims to and research, and its capacity ERINE (Erasmus agreement will create the Ipsen rebalance the system. to work with leading worldwide Research Institute for Life Sciences Program at the academic centres of excellence NeuroEndocrinology) was Salk Institute, by which Ipsen will thanks to its constant efforts created in December 2007. gain access to new cutting edge BARCELONA: CUTTING EDGE and recognised expertise. Ipsen and the Erasmus University technologies in life sciences and ADVANCED DRUG DELIVERY Medical Center Rotterdam advanced knowledge in the field extended their alliance of proliferative and degenerative This research centre is specialised in by concluding a collaboration diseases. the discovery, design and development agreement to identify and of innovative formulations for new or existing products. Its main objective is to determine optimal methods for the delivery of highly potent medicinal products. These formulations meet the threefold aim of optimising the efficacy of the active substances while improving patient quality of life and facilitating the use of the products by healthcare professionals. Several of Ipsen’s products benefit from these innovations, such as Somatuline® Autogel® and Decapeptyl®, or BIM 51077 (R1583) for which Roche owns the development and marketing rights.
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)M BQD@SHMF @ BKD@Q CHRSHMBSHNM ADSVDDM SGD SVN OG@RDR NE CQTF CDRHFM )ORDM HR ONRHSHNMDC SN HLOQNUD SGD BQD@SHUHSX @MC OQNCTBSHUHSX NE HSR HMSDQM@K QDRD@QBG QDMNVMDC ENQ HSR DWODQSHRD AX HSR O@QSMDQR VNQKCVHCD )S @KRN DM@AKDR SGD 'QNTO SN @BBDKDQ@SD SGD OQNBDRR NE SQ@MRENQLHMF BNLONTMCR HMSN @OOQNUDC @MC L@QJDSDC CQTFR AX QDFQNTOHMF VHSGHM SGD R@LD DMSHSX BKHMHB@K CDUDKNOLDMS OG@QL@BDTSHB@K CDUDKNOLDMS ATRHMDRR CDUDKNOLDMS @MC KDF@K @MC QDFTK@SNQX @EE@HQR ANNUAL REPORT 2007 IPSEN 25
4 R&D centres: Barcelona, Boston, London and Paris.
SELECTION ELABORATION Clinical development teams are also “Corporate Development” brings together For both new compounds and drugs employed in Paris and Boston. In Paris, these clinical development, pharmaceutical already on the market, “Corporate teams carry out and coordinate clinical trials development, business development, Development’s” role is to constantly take worldwide; and in Boston, they coordinate regulatory affairs and legal affairs. a fresh look at the product portfolio: clinical trials in North America and regulatory It aims to develop Ipsen’s product portfolio developing new formulations, extending issues with the FDA. by making the best strategic choices. indications or product registrations This organisation enables Ipsen to strengthen in new geographical areas... DREUX: PHARMACEUTICAL its development expertise. It is also responsible for life-cycle DEVELOPMENT The Group thereby adopts a new approach, management of selected drugs, optimising In 2007, Ipsen announced its plans to more globally and strategically focused, for the time and the resources used to generate strengthen the infrastructure of this all candidate compounds, whether developed the best added value possible, both pharmaceutical development centre by internally by Ipsen or externally. medically and economically. specialising in three strategic activities: This expertise offers Ipsen the possibility of formulation, analytical development and grasping a wide range of opportunities in LONDON, PARIS, BOSTON: CLINICAL production of batches for preclinical the therapeutic areas in which it specialises, DEVELOPMENT AND REGISTRATION and clinical research. To enable this, two enabling optimal selection and management Clinical development and regulatory affairs new buildings will be completed by 2009, of its product portfolio. Some of the departments are located in London. They and another one will be renovated. compounds discovered by internal research coordinate multi-centre international clinical teams are developed by the Group, whilst trials, collect data, analyse results and file BARCELONA: PHARMACOKINETICS others are licensed out to laboratories via dossiers and registration applications with At this site which is specialised in strategic partnerships. Ipsen may also develop the international regulatory authorities. drug delivery systems, the pharmacokinetics and market compounds that do not come The objective of the clinical development department takes part in clinical trials from its own research, but which teams is to execute or commission execution with the advanced drug delivery teams. are perfectly in line with its strategy. This of clinical trials complying strictly with the gives the Group added flexibility in an regulatory standards and able to provide environment where creativity and cost high-quality and extensive data about the control have become key issues, without efficacy and safety of using the Group’s forsaking Ipsen’s long tradition in research. products. Successful registration requires the consolidation, on a Group level, of all regulatory data necessary for a dossier.
+./7 (/7 /.#/,/'9
#@MBDQ HR @ L@INQ VNQKCVHCD OTAKHB GD@KSG BNMBDQM /MD L@M HM SVN @MC NMD VNL@M HM SGQDD @QD @EEDBSDC AX B@MBDQ 7GHKRS SGD MTLADQ NE B@MBDQ O@SHDMSR G@R CNTAKDC ADSVDDM @MC LNQS@KHSX G@R ADDM QDCTBDC AX TMCDQKHMHMF SGD ADMD©SR NE D@QKX CDSDBSHNM ONKHBHDR @MC SGD OQNFQDRR L@CD HM SGD SGDQ@ODTSHB B@QD NE O@SHDMSR )M SGD KHFGS NE SGDRD L@INQ OTAKHB GD@KSG HRRTDR SGD CHRD@RD ONRDR QD@K BG@KKDMFDR HM SDQLR NE CH@FMNRHR SGDQ@ODTSHBR @MC OQDUDMSHNM 3HFMH©B@MS OQNFQDRR G@R ADDM L@CD HM CH@FMNRHR @MC SGDQ@ODTSHBR NUDQ SGD O@RS EDV XD@QR .NMDSGDKDRR SGDQ@ODTSHB MDDCR @QD RSHKK BNMRHCDQ@AKD HM LNRS BKHMHB@K RHST@SHNMR @MC TMCDQKHMD SGD MDBDRRHSX ENQ @CU@MBDC QDRD@QBG SN @CCQDRR SGD L@MX HRRTDR K@HC CNVM AX SGD CHRD@RD -NQD SG@M G@KE NE SGD OG@QL@BDTSHB@K HMCTRSQX¢R 2DRD@QBG @MC $DUDKNOLDMS OQNFQ@LLDR VNQKCVHCD ENBTR NM NMBNKNFX 6@QHNTR SGDQ@ODTSHB @OOQN@BGDR G@UD ADDM CDUDKNODC RTBG @R BXSNSNWHB @FDMSR NQ GNQLNM@K SGDQ@OHDR ATS S@QFDSDC LNKDBTK@Q SGDQ@OHDR MNV @BBNTMS ENQ SGD L@INQHSX NE MDV RSQ@SDFHDR ENQ SQD@SHMF B@MBDQ RTOONQSDC AX RSQNMF OQNFQDRR HM HCDMSHEXHMF BDKKTK@Q @MC LNKDBTK@Q @AMNQL@KHSHDR HMGDQDMS HM B@MBDQ BDKKR )ORDM¢R RSQ@SDFX HM NMBNKNFX QDKHDR NM SGD CHRBNUDQX CDUDKNOLDMS @MC L@QJDSHMF NE BNLONTMCR VGHBG NEEDQ @M HMMNU@SHUD LDBG@MHRL NE @BSHNM @S ©QRS S@QFDSHMF O@SHDMSR VGNRD STLNTQR RGNV QDRHRS@MBD NQ BNMSHMTD SN FQNV TRHMF RS@MC@QC SQD@SLDMSR ADENQD BNMRHCDQHMF @ AQN@CDQ TRD NE SGDRD BNLONTMCR HM SQD@SLDMS NE B@MBDQR SG@S G@UD ADDM CDSDBSDC D@QKHDQ )ORDM¢R RSQ@SDFX QDKHDR NM SGD CDUDKNOLDMS NE @ ONQSENKHN NE HMMNU@SHUD BNLONTMCR @MC ENQLTK@SHNMR VGHBG SNTBG S@QFDSR HMUNKUDC HM SGD ENQL@SHNM NE @ STLNTQ NQ HSR FQNVSG @MC VGHBG RGNV SGDQ@ODTSHB QDRHRS@MBD 2DKXHMF NM SGD DWODQHDMBD @MC DWODQSHRD F@HMDC VHSG $DB@ODOSXK OQNRS@SD B@MBDQ @MC 3NL@STKHMD MDTQNDMCNBQHMD STLNTQR )ORDM HMSDMCR SN NEEDQ MDV SGDQ@ODTSHB RNKTSHNMR HM O@QSHBTK@Q HM GNQLNMD CDODMCDMS STLNTQR OQNUHCHMF RDUDQ@K NOONQSTMHSHDR NE HLOQNUHMF SQD@SLDMS @MC O@SHDMS PT@KHSX NE KHED ANNUAL REPORT 2007 IPSEN 27
Décapeptyl®, the Group’s leading product with sales of e235.1 m.
DEcapeptyl ®
Decapeptyl® is a peptide surgery is not deemed Decapeptyl® had marketing formulation for injection used appropriate, as well as early- authorisations in over mainly in the treatment of onset puberty and female 60 countries, including 25 advanced metastatic prostate infertility (in vitro fertilisation). in Europe. In 2007, 61% cancer. Additional indications of Decapeptyl® sales were include the treatment of uterine Decapeptyl® is available in generated in the Major fibroids (a benign tumour of monthly or quarterly sustained- Western European Countries. muscle tissues in the uterus), release formulations, as well endometriosis (proliferation of as a daily formulation. endometrial tissue, the mucous membrane that lines the uterine Decapeptyl® was initially wall outside the reproductive launched in France in 1986. tract) prior to surgery or when At 31 December 2007,
Research programmes Angiomates (STX 140) This coumpound is currently under preclinical The Group’s technology The angiomates refer to a family of molecules development. BIM 46187 may be used either programmes in steroïd, acquired through the acquisition of Sterix alone or in combination with other cancer which are multitargeted anticancer agents, therapies in the treatment of solid tumours, peptide and protein exhibiting both antiproliferative (killing cancer such as lung and prostate cancer. engineering enable it to cells) and antiangiogenic properties (inhibiting explore and develop new the blood vessels network supporting the CDC25 PHOSPHATASE INHIBITORS approaches in cancer tumour). These cytotoxic coumpounds are These new molecules target key enzymes, currently in preclinical phase and will target CDC25 phosphatases, which regulate treatment under hormonal the treatment of hormone-dependent the cell division cycle. It has been control. These research tumours and possibly some haematological demonstrated that these enzymes are programmes are conducted malignancies. abnormally high in a large number of internally with assistance tumours. These inhibitors are currently BIM 46187 under advanced preclinical evaluation. from university and industry BIM 46187 is an innovative anti-tumour partners. compound that acts on cellular signals by the receptors attached to G-Protein (the most common form of receptors for neuropeptide hormones and neurotransmitters).
+./7 (/7 /.#/,/'9
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©YDQ 4GDRD BKHMHB@K SQH@KR @MC HR DWODBSDC SN AD ©KDC AX SQH@KR @QD CTD SN S@JD OK@BD TMSHK $DAHNOG@QL HM 4GD QDRTKSR BNTKC KD@C SN SGD QDUHDV NE SGDQ@ODTSHB QDBNLL@MC@SHNMR ENQ AQD@RS !#!0/$%.% B@MBDQ HM OQDLDMNO@TR@K VNLDM DWOQDRRHMF 4GD 'QNTO G@R @BPTHQDC SGD QHFGSR EQNL GNQLNM@K QDBDOSNQR SGD 53 AHNSDBG BNLO@MX '4W RODBH@KHRDC HM LDM¢R GD@KSG ENQ SGD CDUDKNOLDMS @MC L@QJDSHMF NE !B@ONCDMD ENQ @KK HMCHB@SHNMR DWBDOS AQD@RS B@MBDQ HM %TQNOD 4GHR CQTF HR @ 3DKDBSHUD /DRSQNFDM 2DBDOSNQ -NCTK@SNQ 3%2- ANNUAL REPORT 2007 IPSEN 29 Oncology, a major public health issue.
Acapodene® is currently undergoing its BN 83495 (STX 64) phase III development programme in two BN 83495 and similar molecules acquired different clinical settings. First indication through the acquisition of Sterix are concerns the treatment of side-effects selective inhibitors of the sulphatase enzyme induced by androgen-deprivation therapy involved in a key stage of the biosynthesis in advanced metastatic prostate cancer of estrogens, one of the principal factors (80mg). The second indication aims at the contributing to breast cancer in post- prevention of prostate cancer in individuals menopausal women. A first phase I clinical carrying evidence of High-Grade Prostatic trial in patients with breast cancer has been Intraepithelial Neoplasia (20mg).The Group completed and the results demonstrated detains the marketing rights for the first the inhibition of the sulphatase enzyme indication and an option for the second one. at the dosages tested in tumour biopsies. A second phase I clinical trial is In February 2008, GTx presented the results currently being conducted and aims of the first phase III evaluating the efficacy to determine the optimal dose of and safety of toremifere citrate 80 mg BN 83495 for postmenopausal patients daily, on multiple side effects of androgen- with advanced breast cancer expressing deprivation therapy in advanced prostate hormonal receptors. cancer patients.
One the basis of these positive results, Ipsen intends to file toremifere citrate 80 mg for this indication in the European Union before year-end 2008.
SOMATULINE® AUTOGEL® With regard to managing the life-cycle of Somatuline® Autogel®, a phase III clinical trial of Somatuline® Autogel® is being conducted in Europe in the treatment of asymptomatic neuroendocrine tumours. This trial could be extended to other centres in the United States in 2008.
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
)ORDM MNV G@R @ FKNA@K OQDRDMBD HM SGD BKHMHB@K L@M@FDLDMS NE DMCNBQHMD CHRD@RDR G@UHMF CDUDKNODC JDX O@QSMDQRGHOR VHSG 53 A@RDC 'DMDMSDBG @MC 4DQBHB@ )ORDM HR CDUDKNOHMF @ BNLOKDSD ONQSENKHN NE HMMNU@SHUD OQNCTBSR ENQ SGD L@M@FDLDMS NE FQNVSG CHRNQCDQR HM BGHKCQDM OHSTHS@QX CHRD@RDR @MC MDTQNDMCNBQHMD STLNTQR HM @CTKSR )M @CCHSHNM )ORDM HR CDUDKNOHMF B@O@AHKHSHDR HM SGD ©DKC NE LDS@ANKHB CHRNQCDQR RTBG @R CH@ADSDR B@BGDWH@ NADRHSX @MC HMRTKHM QDRHRS@MBD ANNUAL REPORT 2007 IPSEN 31
NutropinAq® 12.4% growth in Somatuline® launched in more than 20 European sales in 2007. countries since 2006.
Somatuline ®
Somatuline® and Somatuline® represents the first semi-solid acromegaly and neuroendocrine Autogel® are sustained-release formulation for injection tumours and in more than formulations for injection without any excipient, since the 45 countries for the treatment containing lanreotide, active substance itself controls of acromegaly alone. On a somatostatin analogue the sustained release. 30 August 2007, the FDA (a hormone that inhibits the approved Somatuline® Depot release of growth hormone). Somatuline® Autogel® releases (lanreotide) Injection 60, 90 the active substance with no and 120 mg in the United Somatuline® is used mainly in excipient other than water States for the treatment of the treatment of acromegaly over a period of at least 28 acromegaly. This drug is now (a disorder caused by the days, thus requiring just one marketed in North America. over-production of growth injection per month compared hormone due to a benign with the two or three In 2007, 67.7% of the sales tumour of the anterior injections previously necessary. generated by Somatuline® pituitary gland). This product This product is presented in and Somatuline® Autogel® subsequently underwent further a pre-filled syringe for easier derived from the major development in the treatment administration. Western European countries. of symptoms associated with Somatuline® Autogel® neuroendocrine tumours Somatuline® was initially accounted for 88.9% of total (particularly of a carcinoid type). launched in France in 1995. sales of this product vs. 85.9% At 31 December 2007, a year before. The Group believes that Somatuline® and Somatuline® the Somatuline® Autogel® Autogel® were recorded in formulation, to which it holds almost 60 countries and the patent, represents a major were marketed in more than technological advance. As far 45 countries (including 26 in as the Group is aware, this Europe) for the treatment of
NutropinAq®
In September 2002, formulation of a recombinant was launched in over Genentech, a US company human growth hormone 20 countries across Europe specialised in biotechnology, administered using the during 2006 and 2007. granted the Group exclusive NutropinAq® Pen. The growth worldwide marketing rights hormone is involved in several for NutropinAq® except North physiological processes including America, Mexico and Japan. growth in stature and bone Genentech has pioneered development in children. the development of growth hormone and is currently one At 31 December 2007, of the leading players in the the Group had marketing United States market. authorisations in more than NutropinAq® is a liquid 30 countries. The product
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).#2%,%8
In October 2006, Tercica low IGF-I levels are due to Union on 9 August 2007. granted Ipsen the exclusive growth hormone resistance Increlex¨ is marketed in the license to develop and market associated with mutations UK and Germany by the Group Increlex¨ worldwide except in GH receptors, post-GH since the last quarter of 2007. for the United States, Japan, receptor signalling pathways, First sales are ongoing in the Canada, the Middle East and or to defects in IGF-I gene other European Countries. Taiwan. expression. As such, these children cannot be expected The main active substance of to respond adequately to Increlex¨ (mecasermin) is a exogenous GH treatment. recombinant human Insulin- Some individuals may also have like Growth-Factor-I (IGF-I). a range of metabolic disorders, IGF-I is the principal hormonal including lipid abnormalities, mediator of statural growth decreased bone density, obesity that must be present for and insulin resistance that can normal growth of bones and lead to diabete. cartilage in children. In severe primary IGF deÞciency, children Increlex¨ is marketed in the IGF-I levels are low, despite the United States by Tercica presence of normal or elevated since the beginning of GH (Growth Hormone) level. 2006. Increlex¨ was granted If the IGF-I is not present in orphan drug exclusivity by sufÞcient quantities, the child the EMEA on 5 April 2006 will not reach normal stature. and was granted marketing In children with this disorder, authorisation in the European
2DRD@QBG OQNFQ@LLDR )ORDM HR @KRN DWOKNQHMF SGD QNKD NE BDQS@HM )M BNMITMBSHNM VHSG !RSDQHNM )ORDM HR @KRN )M OHSTHS@QX CHRNQCDQR ODOSHCD GNQLNMDR FGQDKHM -3(-# HM BNMSHMTHMF SN CDUDKNO FQNVSG GNQLNMD SGD 'QNTO HR HMUNKUDC HM QDFTK@SHMF ENNC HMS@JD @MC SGD F@RSQN @M@KNFTDR VHSG KNMFDQ CTQ@SHNM NE @BSHNM HMSDRSHM@K ETMBSHNM VHSG SGD OQHNQHSX NAIDBSHUD RDUDQ@K OQNFQ@LLDR NE SQD@SHMF B@BGDWH@ K@BJ NE @OODSHSD VGHBG 2DF@QCHMF SGD KHED BXBKD L@M@FDLDMS NE BGHDªX HM OHSTHS@QX @CDMNL@R HR NESDM SGD B@TRD NE ETMBSHNM@K CHRNQCDQR HM .TSQNOHM!P FQNVSG GNQLNMD CDUDKNODC AX RTBG @R @BQNLDF@KX SGD DKCDQKX B@MBDQ O@SHDMSR @MC O@SHDMSR VHSG HSR O@QSMDQ 'DMDMSDBG SGD 'QNTO HR OTQRTHMF @MC #TRGHMF¢R CHRD@RD BGQNMHB HKKMDRRDR HSR OQDBKHMHB@K HMUDRSHF@SHNMR SN HCDMSHEX SGD RTRS@HMDC QDKD@RD ENQLTK@SHNMR VGHBG BNTKC )ORDM HR BNMSHMTHMF SN OTQRTD SGD DKHLHM@SD C@HKX HMIDBSHNMR NE FQNVSG GNQLNMD OQNFQ@LLDR HS HMHSH@SDC HM (3$ DMYXLD HM BGHKCQDM @MC @CTKSR HMGHAHSNQR VHSG @ UHDV SN CDUDKNOHMF @ SGDQ@OX ENQ SGD QDK@SDC LDS@ANKHB RXMCQNLDR @RRNBH@SDC HM NADRD O@SHDMSR VHSG FQD@SDQ B@QCHNU@RBTK@Q QHRJR ANNUAL REPORT 2007 IPSEN 33
Increlex®, launch underway in Europe.
Development Dopastatin programmes Ipsen is currently studying molecules whose spectrum of activity is wider than that of somatostatin analogues and hopes that it will Somatuline® Autogel® not only improve the symptomatic treatment With regard to managing the life-cycle of of acromegaly and neuroendocrine tumours Somatuline® Autogel®, the Group is pursuing but will also reduce the size of tumours, the following developments: thereby eliminating certain limits in – a phase III clinical trial of Somatuline® treatments currently available. First phase I Autogel® in co-administration with studies are in progress. pegvisomant in the treatment of acromegaly is being conducted in Europe, BIM 51077 (R1583) – in Japan, the Group’s partner Teijin is BIM 51077 is an analogue of peptide currently finalising a phase II clinical trial hormone GLP-1 (Glucagon Like Peptide- 1). for the treatment of acromegaly. This very promising molecule for the treatment of type 2 diabetes, originated from Ipsen’s research, is developed by Roche within a global partnership. In Japan, the Group’s partner, Teijin, is conducting a phase I clinical trial in sustained-release formulations using Ipsen’s patented technology.
+./7 (/7 .%52/-53#5,!2 $)3/2$%23
-)+% "!2.%3 -$ &2#0. 3O@RSHBHSX HR NMD NE SGD LNRS CHR@AKHMF OQNAKDLR ENQ ODNOKD Professor of Neurological VHSG MDTQNKNFHB@K CHRD@RD )S MNS NMKX QDCTBDR ETMBSHNM ATS HR Rehabilitation, Newcastle NESDM O@HMETK )S B@M @KRN AD @ L@INQ OQNAKDL ENQ SGD B@QDFHUDQ University, UK President, World @MC E@LHKX @R HS B@M L@JD ODQRNM@K B@QD RN CHE©BTKS (NVDUDQ Federation of Neurological VHSG SGD ETKK HMUNKUDLDMS NE SGD LTKSHCHRBHOKHM@QX SD@L Rehabilitation SQD@SLDMS B@M NESDM AD UDQX QDV@QCHMF 4GD L@M@FDLDMS VHKK TRT@KKX HMUNKUD SGD OGXRHNSGDQ@OHRS @MC NESDM @M NQSGNSHRS @KNMFRHCD SGD LDCHB@K RODBH@KHRS 3NLDSHLDR NQ@K LDCHB@SHNMR @QD GDKOETK ATS NESDM SGDX B@TRD TM@BBDOS@AKD RHCD DEEDBSR RTBG @R CQNVRHMDRR @MC VD@JMDRR L@JHMF L@SSDQR VNQRD 4GD @CUDMS NE ANSTKHMTL SNWHM G@R QDUNKTSHNMHRDC SGD L@M@FDLDMS NE RO@RSHBHSX )S HR R@ED DEEDBSHUD @MC D@RX SN @CLHMHRSDQ ) G@UD MNV TRDC $XRONQS ENQ NUDQ XD@QR @MC SQD@SDC NUDQ ODNOKD VHSG CXRSNMH@ @MC RO@RSHBHSX )M LX DWODQHDMBD NE ONRS RSQNJD RO@RSHBHSX HS G@R SGD CDRHQDC DEEDBS HM NUDQ NE ODNOKD VHSG LHMHL@K RHCD DEEDBSR )S G@R ADDM SGD LNRS RHFMH©B@MS @CCHSHNM SN NTQ @QLNTQX NE @MSH RO@RSHB SQD@SLDMSR HM SGD K@RS RDUDQ@K CDB@CDR ANNUAL REPORT 2007 IPSEN 35
Dysport® growth in Dysport® is registered in over countries. 13.6% 70 sales in 2007.
Research programmes Dysport ® The Group’s research Dysport®, which acts to block At 31 December 2007, Dysport® In addition, in 2007, Ipsen programmes in neuromuscular acetylcholine release, hence had marketing authorisations in granted Galderma reducing muscular spasm was over 70 countries. In 2007, 43% the exclusive rights to promote disorders mainly focus on initially developed for the of Dysport® sales derived from and distribute Dysport® for the identification of new treatment of motor disorders the Major Western European aesthetic indications in Brazil, and various forms of muscular Countries. Argentina and Paraguay as well botulinum toxin formulations spasticity, including cervical as rights to develop the product and therapeutic indications. dystonia (a chronic condition In March 2006 the Group in the European Union, Russia in which the neck is twisted signed an agreement with and certain Middle East and or deviated), spasticity of Medicis, granting the latter the Eastern European countries. In neurodegenerative conditions, Ipsen the lower limbs (heal) in exclusive right to develop, sell has synthesised several original classes of children with cerebral palsy, and market certain formulations chimeric compounds, i.e. compounds capable blepharospasm (involuntary eye of the botulinum toxin for closure) and hemifacial spasm. use in aesthetic medicine of performing several pharmacological It was later developed for indications in the United States, activities simultaneously and used to protect the treatment of a wide variety Canada and Japan under ® mitochondria (intracellular organelles of neuromuscular disorders a brand other than Dysport , and aesthetic medicine. which could be Reloxin®. responsible for the production of energy) in connection with neurodegenerative conditions, such as Parkinson’s and Huntington’s disease or amyotrophic lateral sclerosis. Development programmes On 31 January 2008, the Food and Drug Administration has accepted the filing of the Biologics License Application (BLA) for Dysport® in cervical dystonia. In March 2008, Ipsen has submitted a BLA for its botulinum toxin in aesthetic indications Other programme: OBI-1 to the FDA. Ipsen also boasts longstanding expertise in haemostasis (blood coagulation).
The Group’s research has enabled it to establish partnerships with Emory University (United States) and Octagen, in order to develop a recombinant version of porcine factor VIII using its protein engineering platform. OBI-1 is produced at the new biotechnology unit in Boston. This product is intended for the treatment of congenital or acquired haemophilia resistant to human factor VIII. Phase I and II clinical trials have been conducted with OBI-1 in the United States. The very encouraging results were presented to the American Society of Hematology in December 2007.
+./7 (/7 02)-!29 #!2%
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"25./ 6%,,!3 )S MNV @OOD@QR DUHCDMS SG@S SGDQ@ODTSHB QDRD@QBG HM @FD QDK@SDC 02/&%33/2 BNFMHSHUD CHRNQCDQR HMBKTCHMF LDLNQX BNLOK@HMSR HM SGD DKCDQKX LTRS OF GERONTOLOGY ENBTR NM OQDUDMSHMF SGD NMRDS NE CDLDMSH@ )S HR @S SGHR RS@FD VGHBG HR IN TOULOUSE (FRANCE) BG@Q@BSDQHYDC AX O@SHDMS CDODMCDMBD SG@S SGD CHRD@RD ADBNLDR @ QD@K ATQCDM ENQ E@LHKX EQHDMCR @MC RNBHDSX
)M QGDTL@SNKNFX )ORDM G@R RHFMDC @ RODBH©B @FQDDLDMS VHSG 4DHIHM HM *@O@M ENQ CDUDKNOHMF EDATWNRS@S !CDMTQHB HM %TQNOD @ SQD@SLDMS VGHBG QDCTBDR BGQNMHB GXODQTQHB@DLH@ HM RXLOSNL@SHB O@SHDMSR 4GHR HR SGD ©QRS RHFMH©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©QLDC 3LDBS@ ¢R DEEDBSHUDMDRR S@JDM HM BNMITMBSHNM VHSG QDGXCQ@SHNM RNKTSHNMR ENQ BGHKCQDM ANNUAL REPORT 2007 IPSEN 37
12% growth in Forlax® 10.6% growth in Smecta® sales in 2007. sales in 2007.
Tanakan ®
Tanakan® is an oral formulation The Group is endeavouring – a study evaluating the efficacy of EGb 761®, extracted from to validate the clinical of EGb 761® on platelet APP in the leaves of the Ginkgo biloba benefits of EGb 761® in the patients with mild to moderate tree using a standardised and treatment of age-related Alzheimer’s disease. patented process that ensures cognitive impairment, either – a study evaluating the effect a consistent composition of with or without dementia of EGb 761® on cerebral glucose the various pharmacologically and predementia. metabolism, evaluated by FDG- active substances. It was initially PET scan (in conjunction with developed in the treatment of The National Institutes of the CEA), in patients suffering various neurological disorders, Health (United States) are from memory loss and patients mainly the treatment of age- currently sponsoring two with Alzheimer’s disease. related cognitive impairment, clinical trials: a study on the – a study evaluating the neurosensorial disorders such prevention of Mild Cognitive effect of EGb 761® on the as vertigo, tinnitus, acute or Impairment (MCI) in patients mitochondrial metabolic chronic hearing difficulties and aged over 85 and a study on functions in children suffering retinal disorders. the primary prevention of from Friedreich’s ataxia, a rare Alzheimer’s disease in “healthy” genetic disorder. At 31 December 2007, patients aged over 75 (“GEM”). Tanakan® was approved for use The 3,000 patients for this All of these clinical studies, in over 60 countries, mainly study have now been recruited. with the exception of the in Europe and Asia. Since GuidAge study, are proof-of- 2004, it has been indicated Ipsen is the sponsor of four concept studies. If successful, and reimbursed in Belgium in other studies in Europe, they will have to be confirmed the symptomatic treatment including: by further clinical studies of mild to moderate forms of – the GuidAge study assessing before a new indication can Alzheimer’s-type dementia the effectiveness of EGb 761® in be registered. If the GuidAge associated with memory and the prevention of Alzheimer’s trial is successful, its results cognitive disorders. disease in patients of more may be used for the purpose than 70 years of age with of securing an indication for a spontaneous memory EGb 761® in the prevention of complaint; the 2,800 patients Alzheimer’s disease in patients were recruited by September over 70 with spontaneous 2004 and their treatment memory impairment. will continue for five years. The results of this study are likely to be available in 2010.
+./7 (/7 02)-!29 #!2%
3-%#4!
Smecta¨ is an oral formulation At 31 December 2007, Smecta¨ reported in 3 trials (2 in children, of pharmaceutical clay devised had marketing authorisations 1 in adults). and developed by Ipsen. in over 70 countries. In 2007, the Group obtained It is used in the treatment In 2007, around two thirds approval for a new ßavour of both chronic and acute of Smecta¨ sales derived of Smecta¨ (orange vanilla) diarrhoea in adults and children respectively from France in some European countries. and in the symptomatic and China, the productÕs treatment of pain associated main markets. with oesophageal, gastric, duodenal or colonic disorders. In 2007, positive results were
&/2,!8
Forlax¨ is a macrogol of high At 31 December 2007, Forlax¨ molecular weight, an oral had marketing authorisations laxative devised and developed in over 60 countries. In 2007, by Ipsen. It is used in the 81.5% of Forlax¨Õ s sales derived treatment of constipation for from the major Western both adults and children. European countries.
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In 2003, the Group added Nisis¨ and Nisisco¨ were In 2007, these two products Nisis¨ and Nisisco¨, two initially launched in France by generated sales of E53.7 antihypertensive products, SanoÞ-Aventis. Following the million. to its portfolio by signing an contracts entered into with agreement with the Swiss Novartis and SanoÞ-Aventis in group Novartis, to market the March 2003, the Group holds products in France, Andorra marketing authorisations and and Monaco. has marketed Nisis¨ and Nisisco¨ in France since May 2003. ANNUAL REPORT 2007 IPSEN 39
Adrovance ®
On 30 January 2007, MSD is a diffuse disease of the product under the brand name granted Ipsen the marketing skeleton, whose main Fosavance®. The Group markets rights in France for Adrovance®, characteristic is low bone mass Adrovance® in France, where for the treatment of and deterioration of bone tissue. the product was launched in postmenopausal osteoporosis Resulting bone fragility increases the second quarter of 2007 and in patients at risk of vitamin D susceptibility to fractures. has since generated sales of deficiency. Osteoporosis MSD currently markets this e2.6 million.
Adenuric® (febuxostat)
Within the framework of Adenuric® for the treatment of necessary threshold for treating the partnership established chronic hyperuricaemia in gout gout patients. As no other in July 2003 with Japanese patients. new drug has been introduced group Teijin in endocrinology, over the past forty years for the Group signed a specific During an extensive clinical this disease, which is becoming agreement to develop development programme, increasingly prevalent, febuxostat in Europe. febuxostat demonstrated marketing approval for superior effectiveness Adenuric® would provide gout In February 2008, the compared with allopurinol, patients with a true therapeutic European Medicines Agency which is currently virtually the alternative. (EMEA) recommended only product used to reduce marketing authorisation of uric acid levels below the 40 ANNUAL REPORT )03%.
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Ipsen has allocated major resources to Social and Environmental Responsibility. /AIDBSHUD )ORDM @R @ BNLO@MX ODQENQLHMF @ OTAKHB GD@KSG RDQUHBD S@JDR DUDQX RSDO SN HLOKDLDMS @ ONKHBX HM JDDOHMF VHSG SGD GTL@M GD@KSGB@QD LHRRHNMR SG@S HS G@R RDS ENQ HSRDKE HM SGD EQ@LDVNQJ NE QDRD@QBG DWBDKKDMBD 2DRTKSR (TL@M 2DRNTQBDR L@M@FDLDMS NQF@MHRDC SN @BBNLO@MX @KK 'QNTO S@KDMSR AX ATHKCHMF NM @ ODQENQL@MBD BTKSTQD DMUHQNMLDMS@K DEENQSR BQNVMDC VHSG RTBBDRR @ QDRD@QBG ENTMC@SHNM VGHBG HR LNQD @BSHUD SG@M DUDQ @MC @ RONMRNQRGHO OQNFQ@LLD QDMDVDC HM
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DISTRIBUTION BY AGE HEADCOUNT STAFFING BY DIVISION
-@KD &DL@KD XD@QR SN XD@QR SN XD@QR SN XD@QR SN XD@QR XD@QR
/ODQ@SHNMR -@MTE@BSTQHMF @MC 3TOOKX 2DRD@QBG @MC $DUDKNOLDMS !CLHMHRSQ@SHNM @MC NSGDQR ANNUAL REPORT 2007 IPSEN 43
Nearly 4,000 employees E6.7 m invested in training worldwide. in 2007.
ECONOMIC AND SOCIAL ENTITY ACCOMPANYING CHANGE Group’s values In France, an Economic and Social entity was Ipsen’s current challenge is to intelligently created at the beginning of 2007 and shape Group culture, to motivate teams and Commitment Value creation We recognise patients, We invest in our future employees’ representation is now ensured by provide a strong corporate image, in line with prescribers, regulatory through a strategy of a Central Works Council. strategic development. Focus is placed on authorities, payers, clarity, consistency Employees’ representation for each of the career development and accompanying business partners, and market intelligence suppliers, shareholders, based on an accurate Group’s companies is ensured in strict change. Recent changes in the Group’s and employees are the knowledge of the compliance with local applicable legislation. Human Resources policy support the fresh heart of everything patients and the Ipsen ensures that the rights and freedoms of ambition of sustained growth and the changes we do and we are medical profession committed to meeting needs. We pursue employee representatives are strictly observed needed in terms of organisation and mindset. their needs and competitive growth and and that they enjoy the same promotion and This policy has enabled Ipsen both in France expectations. are all accountable training opportunities as other employees. and abroad to attract new talents, conveying custodians of company Drive assets. Where there are relevant local regulations, the corporate image of a highly technological, We create new Ipsen applies collective bargaining agreements solid and innovative company. The Ipsen opportunities by Ethics or industry agreements for the pharmaceutical Performance Appraisal Process is now fully nurturing innovation We earn the trust of and welcoming change. others by consistent sector. In addition, companies negotiate deployed. It encourages the identification We deliver agreed honesty, truthfulness specific agreements according to their of training and personal development objectives and quality and acting responsibly. individual characteristics and requests of needs to meet strategic goals. It facilitates work on time. We adhere to the We demonstrate a highest standards of employee representatives and union regular discussions regarding personal and competitive spirit, ethics, social organisations. Management continues its development objectives between employees resilience, flexibility, responsibility, personal policy to develop the social dialogue. and their managers. compliance and drive integrity and safety. to succeed.
Teamwork and respect We work together as one Group and share our knowledge across hierarchies, functions, businesses and countries. Our diversity and mutual respect HEADCOUNT STAFFING strengthen our BY GEOGRAPHICAL AREA DISTRIBUTION OF TRAINING COSTS performance. We encourage individual and team 67.4% 46.5% development, foster 7.4% expertise and reward 10.7% 15.1% success. 7.3 % 6.7% 17.5% 5.9 % 15.5 %
Major Western European countries 67.4% Professional and technical skills 46.5% Germany, Spain, France, Italy and United Kingdom Personal development and effectiveness 7.4% Other European Countries 15.1% Project and people management 10.7% Office and messaging applications7.3% Rest of the world 17.5% Quality procedures 6.7% (including North America and Asia) Health, safety and environment 5.9% Language training 15.5%
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Water consumption down by 22.5% 84.1% of waste was recycled. in 2007.
CONTROLLING WATER CONSUMPTION IMPROVE THE QUALITY OF DISCHARGES Group water consumption was reduced INTO THE AIR by 22.5 % in 2007. This reduction is The Group has made ongoing efforts over the result of an improved control of water the past few years in this area: scrapping consumption in the manufacturing processes, the use of fuel oil in Dublin at the end of due to measures taken to increase recycling 2003 and at Dreux in January 2005 and the of the manufacturing and washing process plan to do the same in 2008 in Tianjin all water, and systematically identifying sources contribute to the decrease in sulphur dioxide of water loss. tonnages. To this end, the Group stepped up its efforts by renewing its plant with special WASTE RECOVERY AND RECYCLING emphasis on modern and more efficient Group waste production was reduced processes, such as changing the gas burners by 6.4% in 2007, despite an increase at the Dreux facility. in production volumes over the year. The majority of waste is recycled (84.1%) EFFLUENT TO SALES RATIO REDUCED compared with incineration (11.3%) and Effluent volumes were cut by 4.4% in 2007. landfill (4.6%). Significant efforts are All the plants recorded lower or stable underway or are being developed by effluent volumes thanks to specific the majority of facilities to reuse a larger reprocessing measures or efforts to curb proportion of their waste. For instance, inputs, especially at the Isle-sur-Sorgue plant. more and more organic waste is being Given the increase in the Group’s sales, composted in Cork, paper and cardboard the effluent to sales ratio posted a very recycling is developed in Tianjin since encouraging decline of 10.5% to 0.47m3 per 2005 and in Isle-sur-Sorgue since 2006. million euros during 2007 (compared with 0.53 m3 per million euros in 2006).
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%WBG@MFHMF DWODQSHRD 4GD KNMF RS@MCHMF @BSHNM NE ,@ &NMC@SHNM AlzheimerÕs disease SN @CU@MBD RBHDMBD )ORDM HR @HLDC @S ETQSGDQHMF SGD HMSDQ@BSHNM 3HMBD SGDQD G@UD ADDM BNMEDQDMBDR ADSVDDM QDRD@QBGDQR @MC BKHMHB@K GDKC NM SGHR SGDLD 4GD K@RS BNMEDQDMBD HM #QD@SDC HM TMCDQ SGD OQ@BSHSHNMDQR SN GHFGKHFGS MDV BNMBDOSR SGHR RDQHDR GDKC NM !OQHK BNUDQDC O@SQNM@FD NE ,@ &NMC@SHNM @MC @QD@R NE QDRD@QBG "DXNMC EQNMSHDQR HMSQ@BDKKTK@Q SQ@E©B @MC MDTQNCDFDMDQ@SHUD CD &Q@MBD ,@ &NMC@SHNM @MC SGD RDBSNQHR@SHNM NE @BSHUHSHDR DHSGDQ CHRNQCDQR @KNMD NQ VHSG O@QSMDQR EQNL SGD @B@CDLHB Neurosciences )ORDM LHRRHNM HR SN BNMSQHATSD @MC RBHDMSH©B VNQKC ,@ &NMC@SHNM )ORDM 3S@QSDC HM SGHR RDS NE BNMEDQDMBDR SN SGD CDUDKNOLDMS @MC ENBTRDR NM ETSTQD HRRTDR ENQ DW@LOKD ENBTRDR NM SGD L@INQ HRRTDR DLDQFHMF CHRRDLHM@SHNM NE RBHDMSH©B SGD ETSTQD NE AHNLDCHBHMD HM SGHR ©DKC BNMBDQMHMF LNKDBTK@Q AHNKNFX JMNVKDCFD )SR @LAHSHNM NQ BNFMHSHUD RBHDMBDR 4GD SG BNMEDQDMBD -%$)#).% !.$ 2%3%!2#( 3%-).!23 HM SGHR RDQHDR .DTQNAHNKNFX 5LVDKS HR MNS SN NEEDQ CD©MHSHUD ,@ &NMC@SHNM )ORDM G@R BQD@SDC @M GNV KHUHMF ADHMFR ODQBDHUD SGD VNQKC JMNVKDCFD ATS SN HMHSH@SD HMSDQM@SHNM@K MDSVNQJ NE CHRSHMFTHRGDC V@R GDKC NM &DAQT@QX @ QDªDBSHNM @ANTS SGD L@INQ RBHDMSH©B DWODQSR VGN LDDS DUDQX XD@Q @S Longevity RBHDMSH©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ndocrinology SGD ©QRS SN NQF@MHRD HMSDQM@SHNM@K LDDSHMFR 4GHR SNOHB K@TMBGDC HM ENBTRDR NM SGD NM SNOHBR SG@S G@UD RHMBD ADBNLD DRRDMSH@K HMSDQ@BSHNMR NE SGD DMCNBQHMD RXRSDL @MC HRRTDR HM AHNKNFX @MC LNCDQM LDCHBHMD FDMD SGDHQ HMUNKUDLDMS HM SGD ANCX¢R ETMBSHNMHMF SGDQ@OX HM SGD BDMSQ@K MDQUNTR RXRSDL AQ@HM )M $DBDLADQ SGD SG BNMEDQDMBD HM SGHR RSDL BDKKR SGD QNKD NE @ONKHONOQNSDHM % HM RDQHDR CHRBTRRDC SGD DEEDBS GNQLNMDR G@UD !KYGDHLDQ¢R CHRD@RD MDTQNOGHKNRNOGX SGD NM RNBH@K ADG@UHNTQ MNSHNM NE FDMDR OQNSDBSHMF @F@HMRS CHRD@RD Vascular tree MDTQNAHNKNFX NE GTL@M U@KTDR 4GHR RDQHDR VGHBG V@R K@TMBGDC HM @HLR @S DWOKNQHMF SGD U@QHNTR RS@FDR KD@CHMF SN SGD CDUDKNOLDMS NE SGD U@RBTK@Q RXRSDL HSR RLNNSG FQNVSG HM QDK@SHNM SN SGD FQNVSG NE SGD U@QHNTR NQF@MR HSR CDFDMDQ@SHNM HSR CD@SG @MC HSR QDFDMDQ@SHNM ONRRHAHKHSHDR )M SGD BNMEDQDMBD BNUDQDC SGD QDK@SHNMRGHO ADSVDDM @MFHNFDMDRHR @MC MDTQNFDMDRHR ANNUAL REPORT 2007 IPSEN 47
90 international conferences. 196 issues of Alzheimer Actualités. Over 10,000 pages published.
Cancer INTERNATIONAL PUBLICATIONS AWARDS TO ENCOURAGE The first conference in 2005 was based on The various events of La Fondation Ipsen RESEARCH identifying the aims of therapeutic research, result in the publication of summary books NEUROPSYCHOLOGY ENDOCRINOLOGY taking into account the fact that cancer is a published by international publishers within In 2007, the 16th In 2007, the prize chronic disease. various collections: Research and Perspectives Jean-Louis Signoret was awarded to After the 2007 conference on metastases, in Alzheimer’s disease, Research and prize was awarded Pr William Crowley to Pr Alvaro Pascual- for his clinical research the 4th conference in this series held in Perspectives in Neurosciences, Research Leone for his research which demonstrates 2008, brought together the most renowned and Perspectives in Longevity, Research and in transcranial an outstanding specialists worldwide, including several Nobel Perspectives in Endocrinology, WHO/ magnetic stimulation. approach to translational medicine. prize winners, to discuss the relationship La Fondation Ipsen Collection, Collection NEUROSCIENCES between metabolism and cancer. Esprit et cerveau. In 2007, the 18th Longevity In addition, La Fondation Ipsen has since Neuronal Plasticity In 2007, the prize was prize was awarded to awarded to Pr David OTHER INTERNATIONAL CONFERENCES 1986 published a periodical dedicated Nikos K. Logothetis Barker (University VIA PARTNERSHIPS to Alzheimer’s disease entitled Alzheimer (Max-Planck Institute, of Southampton, La Fondation Ipsen organises international Actualités (196 issues released to date). Tübingen, Germany), Princess Ann Hospital, Keiji Tanaka (RIKEN United Kingdom) meetings in partnership with several It also publishes the Medicine and Research Brain Institute, Wako, for his research in distinguished international scientific Conferences reports dedicated to the Japan) and Giacomo early determinants institutions and organisations, which bring decryption of the vascular tree and cancer. Rizzolatti (University of of longevity. Parma, Parma, Italy), together experts in various disciplines. for their work in the Three series of new conferences were neurophysiology of launched in 2007: one with the Salk Institute cognition. and Nature magazine, which organises an annual conference on complexity, a second one with Nature magazine on “Emergence and convergence”, and a third one with Cell Press and the Massachusetts General hospital on “Exciting Biologies”. The meetings were organised in San Diego, New York, Évian and Seattle, which is a clear sign (if one was needed) of the truly international dimension of La Fondation Ipsen. Another example being the meetings organised since 1989 with the World Health Organisation (WHO) which have addressed some of the most widely debated topics in human genetics.
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&TQSGDQHMF NODM JMNVKDCFD )ORDM¢R TOAD@S FQNVSG RSQ@SDFX !. %8#%04)/.!, $/#5-%.4 HSR HMSDQM@SHNM@K CDUDKNOLDMS @MC HSR &2/- 4(% .%7 %-0)2% .@STQ@KKX OTQRTHMF HSR QNKD SDBGMNKNFHB@K DWBDKKDMBX HM MN V@X )S HR DRSHL@SDC SN AD LDSQDR KNMF @R @M @BSNQ HM OTAKHB GD@KSG CDSQ@BS EQNL SGD 'QNTO¢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¢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¢ JMNVKDCFD RN QDMNVMDC HM @MBHDMS SHLDR ANNUAL REPORT 2007 IPSEN 49
EXTRACTS FROM THE PAPYRUS*
Extract from a variant The description of a is someone] with a way; the doctor will act of a remedy for disease: “Description hema (type) growth at [like that ] for him [the inflammation: “Other of the hema (type) the top of his abdomen patient].” [remedy] shasha growth. If you examine on the outside of the plant, dedou plant 1 a hema (type) growth latter. [This is] a disease * Translation by Marc [measure], payt plant which has appeared at which I will act on! “If Étienne, curator of the satet plant crush the top of his abdomen it [the growth] is hot Department of Egyptian and make a uniform on the outside between and clear and he [the Antiquities at the Louvre mass which is to the walls of the latter patient] produces liquid Museum. be placed on canvas and when you put your inside his abdomen, stamps. Make a hands on it, if you find it requires a doctor’s bandage.” that it is swollen and hand. If it is clear and hard like a stone in the suppurates, it is the middle of his abdomen, surgeon who will cure then you will say: “ [This it using the doctor’s
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#GQHRSNOGD *%!. *@BPTDR 0HDQQD -/2%!5 3SkOG@MD 4()2/,/)8
4GD %WDBTSHUD #NLLHSSDD DMRTQDR BNLOKDSD -DLADQR NE SGD %WDBTSHUD #NLLHSSDD BN NQCHM@SHNM NE SGD 'QNTO¢R RBHDMSH©B Jean-Luc BLINGARD #G@HQL@M @MC #%/ KDF@K ©M@MBH@K BNLLDQBH@K @MC RSQ@SDFHB Frdric BABIN %WDBTSHUD 6HBD 0QDRHCDMS @BSHNMR (TL@M 2DRNTQBDR )S HR @KRN QDRONMRHAKD ENQ DRS@AKHRGHMF ric DRAP %WDBTSHUD 6HBD 0QDRHCDMS BNMRHRSDMS L@M@FDLDMS ONKHBHDR SGQNTFGNTS -@MTE@BSTQHMF @MC 3TOOKX /QF@MHR@SHNM SGD 'QNTO @MC @RRHRSHMF SGD #%/ Claire GIRAUT %WDBTSHUD 6HBD 0QDRHCDMS HM HLOKDLDMSHMF SGD "N@QC¢R CDBHRHNMR #GHDE &HM@MBH@K /E©BDQ Christophe JEAN %WDBTSHUD 6HBD 0QDRHCDMS #GHDE /ODQ@SHMF /E©BDQ Jacques-Pierre MOREAU %WDBTSHUD 6HBD 0QDRHCDMS #GHDE 3BHDMSH©B /E©BDQ Stphane THIROLOIX %WDBTSHUD 6HBD 0QDRHCDMS #NQONQ@SD $DUDKNOLDMS ANNUAL REPORT 2007 IPSEN 51
Securing sustainability, BOARD OF DIRECTORS Audit Committee integrity and fairness Chairman and Chief Executive Officer Its principal role is to examine the individual Jean-Luc BÉLINGARD and consolidated financial statements, The Board of Directors’ Directors together with budgets and forecasts, prior role and operations are Anne BEAUFOUR to their presentation to the Board, and set out in the Board Henri BEAUFOUR to control the quality of and compliance with Alain BÉGUIN procedures, and assess information received Charter adopted in 2005. Hervé COUFFIN from management, internal committees Antoine FLOCHEL (Vice-Chairman) and internal and external auditors. Gérard HAUSER Chairman Pierre MARTINET Yves RAMBAUD The Board of Directors carries out René MERKT Members its functions in accordance with the Yves RAMBAUD Alain BÉGUIN provisions of law, the Company’s Klaus-Peter SCHWABE Pierre MARTINET Articles of Incorporation and standard corporate governance practice for BOARD COMMITTEES Appointments and Governance Committee listed companies. Strategic Committee Its principal role is to make proposals to The Board is assisted by four permanent Its principal role is to review all strategic the Board of Directors on the re-election, committees which are responsible for issues affecting the Group with regard replacement or nomination of new Directors. making proposals, recommendations to research and development, industrial, Chairman and opinions for the approval of the Board. commercial and financial matters, and Anne BEAUFOUR To this end, the committees may conduct alliances and partnerships of all types. Members or commission external reports which Chairman Alain BÉGUIN may assist the Board in its decision making Jean-Luc BÉLINGARD Hervé COUFFIN role. These committees report to the Members Board on their work at every Board Anne BEAUFOUR Compensation Committee meeting and assist it in reviewing the Henri BEAUFOUR Its principal role is to make proposals strategic guidelines and investment projects, Hervé COUFFIN to the Board of Directors on all components in validating the quality and accuracy Antoine FLOCHEL of the compensation paid to the Group’s of financial statements, and in assessing executive officers and senior managers. the compensation and appointments policy. Chairman The Board of Directors ensures clear Antoine FLOCHEL communication with shareholders and Members the general public. It ensures that Gérard HAUSER the Company has reliable procedures Yves RAMBAUD for identifying, assessing and monitoring its liabilities and risks, together with an appropriate internal control system at both operational and financial level. 52 ANNUAL REPORT )03%.
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Commenting on the performance in 2007, Jean-Luc Blingard, Chairman and CEO of the Ipsen Group, stated: 4GD 'QNTO¢R ODQENQL@MBD HM HR HM KHMD VHSG NTQ NAIDBSHUDR CDROHSD @ CHE©BTKS DMUHQNMLDMS L@QJDC AX RTRS@HMDC OQHBD OQDRRTQD @MC HMBQD@RDC BNLODSHSHNM MNS@AKX HM &Q@MBD 4GHR RDS NE QDRTKSR RGNVR NMBD @F@HM )ORDM¢R @AHKHSX SN FDMDQ@SD @ RSQNMF @MC QDBTQQHMF B@RG ªNV 7D VHKK TRD NTQ RNKHC A@K@MBD RGDDS @R @ SNNK SN @BBDKDQ@SD )ORDM¢R FQNVSG FNHMF ENQV@QC
FQNVSG NE SGD NODQ@SHMF OQN©S HM
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CONSOLIDATED INCOME STATEMENTS (in thousand euros) 31 December 2007 31 December 2006
3@KDR NE FNNCR /SGDQ QDUDMTDR Revenue 993,757 945,257 #NRS NE FNNCR RNKC 2DRD@QBG @MC CDUDKNOLDMS DWODMRDR 3DKKHMF DWODMRDR 'DMDQ@K @MC @CLHMHRSQ@SHUD DWODMRDR /SGDQ NODQ@SHMF HMBNLD @MC DWODMRDR 2DRSQTBSTQHMF BNRSR )LO@HQLDMS KNRRDR Operating income 208,888 187,219 )MUDRSLDMS HMBNLD #NRS NE ©M@MBHMF Net Þnance cost 9,591 5,832 /SGDQ ©M@MBH@K HMBNLD @MC DWODMRD )MBNLD S@WDR 3G@QD NE KNRROQN© S EQNL @RRNBH@SDC BNLO@MHDR Net proÞ t from continuing operations 152,382 144,787 .DS KNRR EQNL CHRBNMSHMTDC NODQ@SHNMR
Consolidated net proÞt 151,069 144,497 !SSQHATS@AKD SN RG@QDGNKCDQR NE )ORDM -HMNQHSX HMSDQDRSR "@RHB D@QMHMFR ODQ RG@QD BNMSHMTHMF NODQ@SHNMR HM R ODQ RG@QD $HKTSDC D@QMHMFR ODQ RG@QD BNMSHMTHMF NODQ@SHNMR HM R ODQ RG@QD "@RHB D@QMHMFR ODQ RG@QD CHRBNMSHMTDC NODQ@SHNMR HM R ODQ RG@QD $HKTSDC D@QMHMFR ODQ RG@QD CHRBNMSHMTDC NODQ@SHNMR HM R ODQ RG@QD "@RHB D@QMHMFR ODQ RG@QD HM R ODQ RG@QD $HKTSDC D@QMHMFR ODQ RG@QD HM R ODQ RG@QD ANNUAL REPORT 2007 IPSEN 55
Operating margin represented 22.7% of 14.9% sales growth outside Group sales in 2007. major Western European countries in 2007.
Consolidated balance sheets (in thousand euros) 31 December 2007 31 December 2006
ASSETS Goodwill 189,013 188,836 Other intangible assets 89,169 68,203 Property, plant & equipment 221,891 198,186 Equity investments 1,457 1,825 Investment in associated companies 40,948 50,832 Other non-current assets 55,632 18,018 Non-current fi nancial assets 25,883 12,583 Deferred tax assets 61,393 64,025 Total non-current assets 685,386 602,508 Inventories 87,111 78,947 Trade receivables 216,214 191,702 Current tax assets 26,569 2,665 Other current assets 53,753 43,700 Non-current fi nancial assets 96 901 Securities held for sale 6,000 - Cash and cash equivalents 247,068 285,459 Total current assets 636,811 603,374 Assets of discontinued operations 725 8,391 Total assets 1,322,922 1,214,273
EQUITY & LIABILITIES Share capital 84,044 84,025 Additional paid-in capital and consolidated reserves 582,557 506,244 Net profi t for the year 150,611 144,006 Foreign exchange differences (17,350) (7,789) Equity – attributable to shareholders of Ipsen 799,862 726,486 Minority interests 1,247 1,419 Total shareholders’ equity 801,109 727,905 Retirement benefi t obligation 10,038 9,299 Long-term provisions 14,981 11,421 Bank loans 4,379 6,286 Other fi nancial liabilities 16,449 15,313 Deferred tax liabilities 3,932 2,371 Other non-current liabilities 192,043 172,270 Total non-current liabilities 241,822 216,960 Short-term provisions 6,598 5,323 Bank loans 5,375 6,973 Financial liabilities 3,831 2,251 Trade payables 104,181 100,269 Current tax liabilities 12,327 27,215 Other current liabilities 136,234 114,824 Bank overdrafts 6,161 1,716 Total current liabilities 274,707 258,571 Liabilities of discontinued operations 5,284 10,837 Total equity and liabilities 1,322,922 1,214,273
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CONSOLIDATED STATEMENT OF CASH FLOWS (in thousand euros) 31 December 2007 31 December 2006
CONSOLIDATED NET PROFIT 151,069 144,497 .DS OQN©S EQNL CHRBNMSHMTDC NODQ@SHNMR 3G@QD NE KNRROQN©S EQNL @RRNBH@SDC BNLO@MHDR Net proÞ t from continuing operations before share from associated companies 161,146 146,453 Non-cash and non-operating items : $DOQDBH@SHNM @LNQSHR@SHNM OQNUHRHNMR @MC HLO@HQLDMS KNRRDR #G@MFD HM E@HQ U@KTD NE CDQHU@SHUD © M@MBH@K HMRSQTLDMSR .DS F@HMR NQ KNRRDR NM CHRONR@K NE MNM BTQQDMS @RRDSR 3G@QD NE FNUDQMLDMS FQ@MS QDKD@RDC SN OQN©S @MC KNRR %WBG@MFD CHEEDQDMBDR #G@MFD HM CDEDQQDC S@WDR 3G@QD A@RDC O@XLDMS DWODMRD '@HM NQ KNRR NM CHRONR@KR NE SQD@RTQX RG@QDR /SGDQ MNM B@RG HSDLR Cash ßow from operating activities before changes in working capital 214,254 167,626 )MBQD@RD CDBQD@RD HM HMUDMSNQHDR )MBQD@RD CDBQD@RD HM SQ@CD QDBDHU@AKDR $DBQD@RD HMBQD@RD HM SQ@CD O@X@AKDR .DS BG@MFD HM HMBNLD S@W KH@AHKHSX .DS BG@MFD HM NSGDQ NODQ@SHMF @RRDSR @MC KH@AHKHSHDR Change in working capital related to operating activities (38,284) 160,009 NET CASH PROVIDED BY OPERATING ACTIVITIES 175,970 327,635 !BPTHRHSHNMR NE OQNODQSX OK@MS DPTHOLDMS !BPTHRHSHNMR NE HMS@MFHAKD @RRDSR 0QNBDDCR EQNL CHRONR@K NE HMS@MFHAKD @RRDSR @MC OQNODQSX OK@MS DPTHOLDMS !BPTHRHSHNM NE HMUDRSLDMSR HM MNM BNMRNKHC@SDC BNLO@MHDR !BPTHRHSHNM NE HMUDRSLDMSR HM @RRNBH@SDC BNLO@MHDR #NMUDQSHAKD MNSD RTARBQHOSHNMR 0@XLDMSR SN ONRS DLOKNXLDMS ADMD©S OK@MR )LO@BS NE BG@MFDR HM SGD RBNOD NE BNMRNKHC@SHNM /SGDQ B@RG ªNVR QDK@SDC SN HMUDRSHMF @BSHUHSHDR #G@MFD HM VNQJHMF B@OHS@K QDK@SDC SN HMUDRSHMF @BSHUHSHDR $DONRHSR O@HC #G@MFD HM B@RG RDBTQHSHDR GDKC ENQ R@KD NET CASH USED BY INVESTING ACTIVITIES (140,278) (162,324) !CCHSHNM@K KNMF SDQL ANQQNVHMFR 2DO@XLDMS NE KNMF SDQL ANQQNVHMFR .DS BG@MFD HM RGNQS SDQL ANQQNVHMFR 4QD@RTQX RG@QDR $HUHCDMCR O@HC AX )ORDM $HUHCDMCR O@HC AX RTARHCH@QHDR SN LHMNQHSX HMSDQDRSR #G@MFD HM VNQJHMF B@OHS@K QDK@SDC SN © M@MBHMF @BSHUHSHDR NET CASH USED BY FINANCING ACTIVITIES (76,818) (83,508) )LO@BS NE NODQ@SHNMR CTD SN AD RNKC NQ CHRBNMSHMTDC CHANGE IN CASH AND CASH EQUIVALENTS (39,841) 82,450 Opening cash and cash equivalents 283,743 200,564 )LO@BS NE DWBG@MFD Q@SD ªTBST@SHNMR Closing cash and cash equivalents 240,907 283,743 0GNSNFQ@OGR BNTQSDRX NE 0@NKN 0DKKDFQHM -@FMTL ENQ 0TAKHB !EE@HQR @MC #NQONQ@SD #NLLTMHB@SHNMR NM KNB@SHNM @S )ORDM RHSDR HM &Q@MBD SGD 5MHSDC +HMFCNL @MC SGD 5MHSDC 3S@SDR 4G@MJ XNT SN @KK )ORDM LDLADQR NE RS@EE VGN @OOD@Q HM SGHR OTAKHB@SHNM !KK OQNCTBS M@LDR KHRSDC HM SGHR CNBTLDMS @QD DHSGDQ KHBDMRDC SN SGD )ORDM 'QNTO NQ @QD QDFHRSDQDC SQ@CDL@QJR NE SGD )ORDM 'QNTO NQ HSR O@QSMDQR !CLHMHRSQ@SHNM @MC &HM@MBD #K@HQD 'HQ@TS 0TAKHB !EE@HQR @MC #NQONQ@SD #NLLTMHB@SHNMR $HCHDQ 6kQNM 0QNCTBSHNM @MC $DRHFM 0GNSN #QDCHSR -@FMTL0@NKN 0DKKDFQHM 0GHKHOOD 0kQDY #@RS@sN 3@KJ )MRSHSTSD ENQ "HNKNFHB@K 3STCHDR -TRkD CT ,NTUQD' 0NMBDS IPSEN ANNUAL REPORT 2007
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