Ipsen: PharmaVitae Profile 2005

CHAPTER 1 EXECUTIVE SUMMARY 3
Key findings 3
Strategic outlook 4
Datamonitor’s strategic recommendations 5
Current positioning: competitive outlook 2004 6
Ipsen’s forecast revenue stream, 2005-10 7
Key issues facing Ipsen: 2005–10 8
CHAPTER 2 GLOBAL COMPANY STRATEGY 15
Introduction to Ipsen 16
Assessment of strategic position 16
Strengths 16
Weaknesses 18
Opportunities 19
Threats 20
Datamonitor’s strategic recommendations 21
Therapeutic foci 23
Evolution of R&D focus 25
Growth strategy assessment 27
Organic growth 28
Partnerships/licensing 28
Mergers and acquisitions 30
CHAPTER 3 GLOBAL PORTFOLIO AND PIPELINE ANALYSIS 31
Therapy area focus in 2004 32
Business development by therapy area 33
Forecast revenue stream, 2005–10 35
Therapy area forecasts to 2010 35
Ipsen’s CNS franchise 37
Marketed products 37
R&D compounds 42
CNS portfolio sales forecasts and forecast revenue growth 43
Ipsen’s oncology franchise 44
Marketed products 44
R&D compounds 50
Oncology portfolio sales forecasts and forecast revenue growth 53
Ipsen’s cardiovascular franchise 54
Marketed products 54
R & D compounds 57
Cardiovascular portfolio sales forecasts and forecast revenue growth 58
Ipsen’s diabetes and endocrinology franchise 59
Marketed products 59
R&D compounds 64
Diabetes and endocrinology portfolio sales forecasts and forecast revenue growth 65
Other products 66
Marketed products 66
R & D compunds 69
Other products sales forecasts and forecast revenue growth 72
CHAPTER 4 US STRATEGY, PORTFOLIO AND PIPELINE 73
Introduction to Ipsen’s US operations 74
US Strategy 74
US portfolio and pipeline analysis 75
US sales forecasts and forecast revenue growth, 2005–10 75
CHAPTER 5 CORPORATE DEVELOPMENT 77
Financial Position 2003-04 78
CHAPTER 6 APPENDIX : SUPPORTING DATA 80
Financial data 80
Exchange rates 80
Methodology for therapy area forecasting 81

LIST OF TABLES
Table 1: Breakdown of Ipsen’s ethical sales by therapy area, 2003–04 32
Table 2: Forecast sales for Ipsen’s major therapy areas, 2004-10 36
Table 3: Ipsen’s marketed CNS portfolio 38
Table 4: Ipsen’s CNS R&D pipeline, 2005 42
Table 5: Forecast sales for Ipsen’s CNS portfolio, 2005-2010 43
Table 6: Ipsen’s marketed oncology portfolio 44
Table 7: Ipsen’s oncology R&D pipeline in 2005 50
Table 8: Forecast sales for Ipsen’s oncology portfolio, 2005–10 54
Table 9: Ipsen’s marketed cardiovascular franchise 54
Table 10: Forecast sales for Ipsen’s cardiovascular portfolio, 2005-2010 58
Table 11: Ipsen’s marketed diabetes and endocrinology portfolio 59
Table 12: Ipsen’s diabetes and endocrinology R&D pipeline, 2004 64
Table 13: Forecast sales for Ipsen’s diabetes and endocrinology portfolio, 2004–10 65
Table 14: Ipsen’s other marketed products 67
Table 15: Ipsen’s other R&D products, 2004 69
Table 16: Forecast sales of Ipsen’s other products portfolio, 2004–10 72
Table 17: Forecast US sales for Ipsen’s products, 2004–10 76
Table 18: Breakdown of Ipsen’s key financial figures 78
Table 19: Exchange rates*, 2004 80

LIST OF FIGURES
Figure 1: Assessment of Ipsen’s strategic position, 2005 4
Figure 2: Competitive positioning of Ipsen within the pharmaceutical market, 2004 6
Figure 3: Forecast sales for Ipsen’s major therapy areas, 2005–10 7
Figure 4: Age of Ipsen’s key drugs by therapy area, 2005 and 2010 8
Figure 5: Development of Ipsen’s therapeutic strategy 25
Figure 6: Ipsen’s ethical sales breakdown, 2004 33
Figure 7: Ipsen’s business development by therapy area 34
Figure 8: Forecast sales for Ipsen’s major therapy areas, 2005-10 37