Ipsen`s First Nine Months of 2009 Sales and Update of Group Financial Objectives

http://www.businesswire.com/news/home/20091028006708/en

PARIS--(Business Wire)--
Regulatory News:

* Strong third quarter: drug sales up 9.4% at constant currency
* Dynamic Specialty care franchise: 16.7% sales growth at constant currency
* First nine months drug sales up 7.1% year-on-year at constant currency
* Group financial objectives updated

Ipsen (Paris:IPN) reported today its sales for the third quarter and first nine
months of 2009.

Third quarter and first nine months of 2009 unaudited IFRS consolidated sales

Third Quarter First nine months

(in million euros) 2009 2008 % Variation 2009 2008 % Variation % Variation at
constant currency

SALES BY REGION
Major Western European countries 128.5 133.3 (3.7%) 411.8 414.5 (0.7%) 0.3%
Other European countries 61.3 60.7 1.1% 175.8 185.3 (5.1%) (4.9%)
North America 13.0 2.1 n.m. 33.5 4.2 n.m. n.m.
Rest of the world 53.6 41.6 28.9% 156.3 131.1 19.3% 17.7%
Group Sales 256.4 237.7 7.8% 777.5 735.1 5.8% 6.1%

SALES BY PRODUCT
Specialist Care 160.3 139.2 15.1% 464.8 417.3 11.4% 13.1%
Primary care 88.7 90.5 (2.0%) 288.1 288.3 (0.1%) (1.3%)
Total Drug Sales 248.9 229.7 8.4% 752.8 705.6 6.7% 7.1%
Drug-related Sales1 7.4 8.0 (7.3%) 24.7 29.5 (16.2%) (18.1%)
Group Sales 256.4 237.7 7.8% 777.5 735.1 5.8% 6.1%

1 Drug related sales correspond to sales of active substances and raw materials (eg Ginkgo Biloba extract, EGb 761®) and are subject to a high volatility from one quarter to another, making comparisons more difficult.

Commenting on the first nine month performance, Jean-Luc Bélingard, Chairman and
Chief Executive Officer of Ipsen said: "Ipsen`s first nine months performance
continued to show good growth across all specialist care products in all
regions. One year after the closing of our US acquisitions, all the building
blocks are now in place to ensure long-term growth, through the successful
launches of Somatuline® Depot, Increlex®, Dysport® and Apokyn®. The broadening
of Somatuline®`s indications, with NET - US Phase III clinical trial currently
starting - and the combination of recombinant human growth hormone (rhGH) and
recombinant human insulin-like growth factor-1 (rhIGF-1), - currently in Phase
II, represent two major opportunities for the long term growth of the Group."
Jean-Luc Bélingard added: "We take pride in the timely delivery of all the
identified milestones so far this year. In oncology, BN-83495 has moved into
phase II, Decapeptyl® 6 month was given a collective green light in Europe, and
we have successfully optimised our pipeline, notably with the licensing out of
CDC25 to Debiopham and the redesign of the Group`s collaboration with Spirogen
for SJG-136, a DNA minor groove binding agent. In endocrinology and beyond our
US focus, BIM-23A760, our first-in-class chimeric compound has moved into phase
II and shows encouraging signs of efficacy in acromegaly. In neurology, Dysport®
was approved by the FDA and is currently being launched. In haematology, we are
now ready to initiate phase III for OBI-1, our recombinant porcine FVIII . On
the primary care front, we have also delivered on a rich deal for Ipsen on
Adenuric®, bringing to patients the first innovation in the treatment of gout in
many decades." Jean-Luc Bélingard concluded: "More globally, with its rich and
balanced pipeline, we believe the Group is poised to benefit from multi
company-transforming opportunities and set to continue to outpace industry
growth."

Third quarter and first nine months of 2009 sales highlights

Consolidated Group sales reached €777.5 million, up 5.8% year-on-year or up 6.1%
at constant currency.

For the third quarter 2009, drug sales grew by 8.4% year-on-year or 9.4%
excluding foreign exchange impacts driven by dynamic specialty care growth up
15.1% year-on-year or 16.7% at constant currency. This performance is related to
the continued solid growth of the endocrinology and neurology franchises up
30.3% and 22.5% respectively.

Drug sales over the first nine month of 2009grew by 7.1% excluding foreign
exchange impacts,with a continued solid growth of the endocrinology franchise,
up 29.5% year-on-year or up 32.6% at constant currency, reflecting strong
performances of all products and the full consolidation since October 2008 of
the Group`s US acquisitions. Drug sales were also fuelled by the growth of the
neurology franchise, up 10.2% year-on-year or 13.4% at constant currency
reflecting notably the supply of Dysport® to Medicis and Azzalure® to Galderma
for distribution in aesthetic use in the United States and Europe respectively.

Specialist Care sales reached €464.8 million, up 11.4% year-on-year or up 13.1%
at constant currency representing 59.8% of the Group`s consolidated sales,
against 56.8% a year earlier. Primary care sales reached €288.1 million, stable
year-on-year or down 1.3% at constant currency, representing 37.0% of the
Group`s consolidated sales, against 39.2% a year earlier.

Sales in Major Western European countries amounted to €411.8 million, slightly
down 0.7% year-on-year (or up 0.3% at constant currency) compared with €414.5
million a year earlier.

Sales generated in the Other European countries reached €175.8 million, down
5.1% year-on-year, weakened by the consequences of the steep decline of their
local currencies against Euro and extremely tough macro-economic conditions in
this region. Additionally, all countries in the area, except Poland, Ukraine and
Hungary, are experiencing mandatory cost-containment measures from local public
authorities.

Sales generated in North America reached €33.5 million, up from €4.2 million a
year earlier, mainly reflecting a dynamic growth of the Group`s endocrinology
products and the initiation of supplies of Dysport® to our partner Medicis. On a
comparable basis, sales in North America have increased by 73.3% year-on-year,
to $35.7 million, from $20.6 million. This performance was driven by the
continued penetration of Increlex® and Somatuline® Depot, despite a changing US
healthcare environment, notably characterized by an increased pressure from
commercial payers.

Sales generated in the Rest of the World reached €156.3 million, up 19.3%
year-on-year or up 17.7% excluding foreign exchange impacts, notably driven by
strong volume growth of Decapeptyl® and Smecta® in China, Smecta® in Algeria and
Dysport® in Brazil.

2009 outlook

On the basis of currently available information, the Group updates its financial
objectives stated in April 2009 for the year 2009 to account for its full
Kogenate royalty stream:

* Group Drug Sales growth of 7.0% to 9.0% year-on-year excluding foreign
exchange impacts;
* Other revenues1 of approximately €80 million;
* An adjusted operating margin target of 17% - 17.5% of total Group sales.

These financial objectives do not include items resulting from purchase price
accounting impacts related to the Group`s transactions in North America.

1 Defined as the total of milestone payments received under licence agreements,
royalties received from third parties and other revenue (including for example
co-promotion revenues)

About Ipsen

Ipsen is an innovation-driven international specialty pharmaceutical group with
over 20 products on the market and a total worldwide staff of nearly 4,200. Its
development strategy is based on a combination of specialty medicine, which is
Ipsen's growth driver, in targeted therapeutic areas (oncology, endocrinology,
neurology and haematology), and primary care products which contribute
significantly to its research financing. The location of its four Research &
Development centres (Paris, Boston, Barcelona, London) and its peptide and
protein engineering platform give the Group a competitive edge in gaining access
to leading university research teams and highly qualified personnel. More than
800 people in R&D are dedicated to the discovery and development of innovative
drugs for patient care. This strategy is also supported by an active policy of
partnerships. In 2008, Research and Development expenditure was about €183
million, close to 19% of consolidated sales, which amounted to €971 million
while total revenues exceeded €1 billion. Ipsen`s shares are traded on Segment A
of Euronext Paris (stock code: IPN, ISIN code: FR0010259150). Ipsen`s shares are
eligible to the "Service de Règlement Différé" ("SRD") and the Group is part of
the SBF 120 index. For more information on Ipsen, visit our website at
www.ipsen.com.

Forward Looking Statement

The forward-looking statements, objectives and targets contained herein are
based on the Group`s management strategy, current views and assumptions. Such
statements involve known and unknown risks and uncertainties that may cause
actual results, performance or events to differ materially from those
anticipated herein. Moreover, the targets described in this document were
prepared without taking into account external growth assumptions and potential
future acquisitions, which may alter these parameters. These objectives are
based on data and assumptions regarded as reasonable by the Group. These targets
depend on conditions or facts likely to happen in the future, and not
exclusively on historical data. Notably, future currency fluctuations may
negatively impact the profitability of the Group and its ability to reach its
objectives. Actual results may depart significantly from these targets given the
occurrence of certain risks and uncertainties. The Group does not commit nor
gives any guarantee that it will meet the targets mentioned above. Furthermore,
the Research and Development process involves several stages each of which
involve the substantial risk that the Group may fail to achieve its objectives
and be forced to abandon its efforts with regards to a product in which it has
invested significant sums. Therefore, the Group cannot be certain that
favourable results obtained during pre-clinical trials will be confirmed
subsequently during clinical trials, or that the results of clinical trials will
be sufficient to demonstrate the safe and effective nature of the product
concerned. The Group also depends on third parties to develop and market some of
its products which could potentially generate substantial royalties; these
partners could behave in such ways which could cause damage to the Group`s
activities and financial results. The Group expressly disclaims any obligation
or undertaking to update or revise any forward looking statements, targets or
estimates contained in this press release to reflect any change in events,
conditions, assumptions or circumstances on which any such statements are based,
unless so required by applicable law. The Group`s business is subject to the
risk factors outlined in its registration documents filed with the French
Autorité des Marchés Financiers.

APPENDICES

Risk factors

The Group carries out business in an environment which is undergoing rapid
change and exposes its operations to a number of risks, some of which are
outside its control. The risks and uncertainties set out below are not
exhaustive and the reader is advised to refer to the Group`s 2008 Registration
Document available on its website (www.ipsen.com).

* The Group is dependent on the setting of prices for medicines and is
vulnerable to the possible withdrawal of certain products from the list of
reimbursable products by governments or by the relevant regulatory authorities
in the countries where it does business.
* The Group depends on third parties to develop and market some of its products,
which generates substantial royalties for the Group, but these third parties
could behave in ways which cause damage to the Group`s business. The Group
cannot be certain that its partners will fulfil their obligations and it might
be unable to obtain any benefit from those agreements. A default by any of the
Group`s partners could result in some of the Group`s products generating lower
revenues than expected. Such situations could have a negative impact on the
business of the Group, its financial situation or its results.
* Actual results may depart significantly from the objectives set by the
management given that a new product can appear to be promising at a development
stage or after clinical trials but never be launched on the market or be
launched on the market but fail to sell notably for regulatory or competitive
reasons.
* The Group`s competitors could infringe its patents or circumvent them through
design innovations. In order to prevent infringements, the Group could engage in
patent litigation which is costly and time-consuming. It is difficult to monitor
the unauthorised use of the Group`s intellectual property rights and it could
find itself unable to prevent the unlawful appropriation of its intellectual
property rights.
* The Group must deal with or may have to deal with competition (i) from generic
products in particular for some of the Group`s products that do not benefit from
any patent protection, such as Forlax® or Smecta® for example (ii) products
which, although they are not strictly identical to the Group`s products or which
have not demonstrated their bioequivalence, may obtain a marketing authorisation
for indications similar to those of the Group`s products pursuant to the
bibliographic reference regulatory procedure (well established medicinal use)
before the patents protecting its products expire, in particular Tanakan® and
(iii) products sold for unauthorised uses when the protection afforded by patent
law to the Group`s products and those of its competitors expires. Such a
situation could result in the Group losing market share which could affect its
current level of growth in sales or profitability. To avoid such situations or
to reduce their impact, the Group could bring legal actions against the
counterfeiters in order to protect its rights.
* As a result of its acquisitions in North America, notably Tercica Inc.`s,
which closed on October 16, 2008, the Group may record certain transaction
related recordings, such a purchase price allocation, restructuring costs or
other one-off items that may impact the Group`s financial situation.
* Third parties might claim the benefit of intellectual property rights in
respect to the Group`s inventions. The Group provides the third parties with
which it collaborates (including universities and other public or private
entities) with information and data in various forms relating to the research,
development, manufacture and marketing of its products. Despite the precautions
taken by the Group with regard to these entities, in particular of a contractual
nature, they (or certain of their members) could claim ownership of intellectual
property rights arising from the trials carried out by their employees or any
other intellectual property right relating to the Group`s products.

Major developments in the period under review

During the third quarter 2009, major developments included:

* On July 16, 2009 - The Group announced the results of phase I and Phase IIa
clinical studies for its BIM23A760 a first-in-class innovative "chimeric"
compound that bears within a single molecule two pharmacological moieties, i.e.
a somatostatin analog and a dopamine agonist. The results confirm the inhibitory
effect of proprietary Ipsen`s BIM23A760 first-in-class "chimeric" compound on
growth hormone, IGF-1 and prolactin levels
* European governments continued to introduce in 2008 and 2009 various measures
to reduce public healthcare spending, potentially impacting the Group`s sales
and earnings in the first half 2009 and beyond:

At the end of August 2009, the Group was informed that a generic of Smecta®
could be launched in France following the issuance by the Agence Française de
Sécurité Sanitaire des Produits de Santé (« afssaps ») of a marketing
authorisation to a generic drug manufacturer. In 2008, Smecta® sales in France
reached c.€28 million. The Group estimates that c.25% of French Smecta® sales
are prescription free.

* On September 7, 2009 - The Group and the Debiopharm Group (Debiopharm),
announced the signature of an agreement under which Debiopharm is granted an
exclusive worldwide license to develop and commercialise Ipsen`s first-in-class
inhibitor of the CDC25 phosphatase enzyme (now Debio 0931), for the treatment of
various human cancers.
* On September 15, 2009 - The Group announced encouraging preliminary results of
Phase II (MS316 study) evaluating the co-administration of recombinant human
growth hormone (rhGH) and recombinant human insulin-like growth factor-1
(rhIGF-1) as a potential treatment for children with otherwise unexplained short
stature associated with low IGF-1 levels. The Group also announced results from
a long-term study of rhIGF-1 (study 1419) in patients with severe primary
insulin-like growth factor deficiency (sPIGFD) demonstrating long-term therapy
with rhIGF-1 improvement in the adult and near adult heights of extremely short
patients with sPIGFD.

After the close of the period under review, major developments included:

* On October 8, 2009 - The Group and Spirogen announced that the parties have
entered into a new agreement superseding their 2003 contractual relationship
regarding the DNA minor groove binder SJG-136 (now known as SG2000). The new
agreement between the parties will allow Spirogen to continue and lead the
clinical development of this first-in-class anticancer agent.
* On October 9, 2009 - The Group and Braintree announced the signature of an
agreement for the exclusive manufacturing, marketing and distribution rights of
Braintree`s proprietary formulation BLI-800 in colonic cleansing before
colonoscopy. Subject to obtaining its relevant marketing approvals, BLI-800 will
allow colonic cleansing with reduced volumes of liquid ingested compared to some
existing drugs, including Ipsen`s currently marketed Fortrans®. The agreement
covers countries within the European Union, Commonwealth of Independent States,
selected Asian countries (including China) and some North African countries.
* On October 13, 2009 - The Group and Debiopharm announced that the 6-month
sustained-release formulation of Decapeptyl®1 (triptorelin embonate2 22.5 mg)
successfully completed its European decentralised registration procedure
involving nine countries: Germany (reference member state), France, Austria,
Finland, Norway, Belgium, Denmark, Spain and The Netherlands
* On October 20, 2009 - The Group announced an agreement whereby Ipsen grants
the Menarini Group the exclusive licence rights to Adenuric® (febuxostat) in 41
countries while retaining co-promotion rights for Adenuric® in France.. Its 80
mg and 120 mg tablets are indicated for the treatment of chronic hyperuricaemia
for conditions in which urate deposition has already occurred (including a
history, or presence of, tophus and/or gouty arthritis). In 2003, Teijin Pharma
Limited, Tokyo who discovered febuxostat had granted Ipsen the exclusive
development and marketing rights to Adenuric® in Europe.

1 depending on the countries, Ipsen commercialises Decapeptyl® under different
brand names (Diphereline®, Pamorelin®, Arvekap®)

2 triptorelin pamoate is similar to triptorelin embonate

Comparison of consolidated sales for the third quarters and first nine months of
2009 and 2008:

Sales by geographical region

Group sales by geographical region for the third quarter and first nine months
of 2009 and 2008 were as follows:

Third Quarter Nine months

(in thousand euros) 2009 2008 % Variation 2009 2008 % Variation % Variation at
constant currency

France 72,602 78,045 (7.0%) 235,677 241,445 (2.4%) (2.4%)
Spain 14,612 14,421 1.3% 44,881 44,176 1.6% 1.6%
Italy 16,543 16,514 0.2% 55,358 53,184 4.1% 4.1%
Germany 13,971 13,367 4.5% 43,970 43,380 1.4% 1.3%
United Kingdom 10,729 10,980 (2.3%) 31,963 32,359 (1.2%) 11.9%
Major Western European countries 128,457 133,327 (3.7%) 411,849 414,543 (0.7%) 0.3%

Other European countries 61,334 60,684 1.1% 175,811 185,261 (5.1%) (4.9%)

North America 12,977 2,130 n.m. 33,536 4,188 n.m. n.m.
Asia 32,202 22,711 41.8% 87,130 68,856 26.5% 21.9%
Other countries in the rest of the world 21,398 18,864 13.4% 69,215 62,236 11.2% 12.9%

Rest of the world 53,601 41,574 28.9% 156,345 131,093 19.3% 17.7%

Group Sales 256,369 237,714 7.8% 777,541 735,086 5.8% 6.1%
of which : Drug sales 248,938 229,696 8.4% 752,832 705,608 6.7% 7.1%
Drug-related Sales 7,431 8,018 (7.3%) 24,709 29,478 (16.2%) (18.1%)

For the third quarter 2009, sales generated in the Major Western European
countries amounted to €128.5 million, down 3.7% year-on-year (third quarter
2008, €133.3 million). For the first nine months, sales generated in the Major
Western European countries amounted to €411.8 million, slightly down 0.7%
year-on-year (first nine months of 2008, €414.5 million) or up 0.3% at constant
currency. This performance was mainly driven by robust sales in Italy and the
United Kingdom, where growth at constant currency reached 11.9% year-on-year,
offset by tougher competitive conditions in Primary Care in France. Sales in
Major Western European countries represented 53.0% of total sales compared with
56.4% a year earlier.

France - For the third quarter 2009, sales reached €72.6 million, down 7.0%
year-on-year (third quarter 2008, €78.0 million). For the first nine months,
sales reached €235.7 million, down 2.4% year-on-year (first nine months 2008,
€241.4 million). Despite good performances of NutropinAq®, Somatuline®,
Adrovance™ and Smecta®, growth in France was affected by the decrease in sales
of Forlax® following the launch of a generic competitor in March 2009. The
weight of France in the Group`s consolidated sales represents 30.3% of total
Group sales against 32.8% a year earlier.

Spain - For the third quarter 2009, sales reached €14.6 million, slightly up
1.3% year-on-year (third quarter 2008, €14.4 million). For the first nine
months, sales reached €44.9 million, up 1.6% year-on-year (first nine months
2008, €44.2 million) fuelled notably by strong sales of Somatuline® and
NutropinAq®, partly offset by a slowdown of Decapeptyl®following the launch of
competitor six month formulations. The weight of Spain in the Group`s
consolidated sales represented 5.8% of total Group sales against 6.0% a year
earlier.

Italy - For the third quarter 2009, sales reached €16.5 million, flat
year-on-year. The performance of specialist care products, especially
Somatuline®, was offset by a small decline of Decapeptyl®. For the first nine
months, sales reached €55.4 million, up 4.1% year-on-year (first nine months of
2008, €53.2 million) with strong performance of Somatuline®, NutropinAq® and
Decapeptyl®. The weight of Italy in the Group`s consolidated sales represented
7.1% of total Group sales against 7.2% a year earlier.

Germany - For the third quarter 2009, sales reached €14.0 million, up 4.5%
year-on-year (third quarter 2008, €13.4 million), with high double-digit growth
of Decapeptyl® and NutropinAq®. For the first nine months, sales reached €44.0
million, slightly up 1.4% year-on-year (first nine months 2008, €43.4 million).
The strong sales of Decapeptyl®, NutropinAq®, Dysport®,
Increlex®andSomatuline®which maintained in total a double digit performance were
offset by a sharp drop in drug-related sales (active ingredients and raw
materials). The weight of Germany in the Group`s consolidated sales represented
5.7% of total Group sales against 5.9% a year earlier.

United Kingdom - For the third quarter 2009, sales reached €10.7 million, down
2.3% year-on-year (third quarter 2008, €11.0 million) with a strong volume
growth of Decapeptyl® and a continued good growth of the other products in the
portfolio, more than offset by a significant negative foreign exchangeimpact.
Hence, at constant currency, sales in the United Kingdom grew by 6.4%
year-on-year. For the first nine months, sales reached €32.0 million, down 1.2%
year-on-year (first nine months 2008, €32.4 million) or up 11.9% in local
currency.

For the third quarter 2009, sales generated in the Other European countries
reached €61.3 million, slightly up 1.1% year-on-year (third quarter 2008, €60.7
million). For the first nine months, sales reached €175.8 million, down 5.1%
(first nine months 2008, €185.3 million), weakened by the consequences of the
steep decline of their local currencies against Euro and extremely tough
macro-economic conditions affecting some important economies in this zone.
Additionally all countries in the area, except Poland , Ukraine and Hungary,
have experienced mandatory cost-containment measures from local public
authorities. In the first nine months of 2009, sales in the Other European
countries represented 22.6% of total consolidated Group sales, against 25.2% a
year earlier.

For the third quarter 2009, sales generated in North America reached €13.0
million, up from €2.1 million a year earlier. For the first nine months, sales
reached €33.5 million, up from €4.2 million a year earlier, notably reflecting a
dynamic growth of the Group`s US acquisitions, consolidated since October 2008.
On a comparable basis, sales in North America have increased by 73.3%
year-on-year, to $35.7 million, from $20.6 million. This performance was driven
by the continued penetration of Increlex® and Somatuline® in the acromegaly
indication, as well as by the supplies of Dysport® to Medicis for distribution
in aesthetic use in the United States. This good performance was achieved
despite a changing US healthcare environment, caracterized notably by an
increased pressure from commercial payers, with tougher reimbursement criteria
and reimbursement conversion rates. Over the first 9 months of 2009, sales in
North America represented 4.3% of total consolidated Group sales, against 0.6% a
year earlier.

For the third quarter 2009, sales generated in the Rest of the World reached
€53.6 million, up 28.9% year-on-year (third quarter 2008, €41.6 million). For
the first nine months, sales reached €156.3 million, up 19.3% (first nine months
of 2008, €131.1 million) or up 17.7% excluding foreign exchange impacts. This
performance was notably driven by strong volume growth of Decapeptyl® and
Smecta® in China, Smecta® in Algeria and Dysport® in Brazil. Over the first nine
months of 2009, sales in this region represented 20.1% of total consolidated
Group sales, against 17.8% a year earlier.

Sales by therapeutic area and by product

The following table shows sales by products, grouped together by therapeutic
areas for the third quarters and first nine months of 2009 and 2008:

Third Quarter Nine months

(in thousand euros) 2009 2008 % Variation 2009 2008 % Variation % Variation at
constant currency

Oncology 65,501 64,328 1.8% 192,012 190,010 1.1% 1.3%
of which Decapeptyl® (1) 65,501 64,325 1.8% 192,011 190,003 1.1% 1.3%
Endocrinology 50,753 38,962 30.3% 149,450 115,382 29.5% 32.6%
of which Somatuline® (1) 35,179 30,543 15.2% 103,499 89,950 15.1% 17.9%
NutropinAq® (1) 9,774 7,407 32.0% 29,110 22,621 28.7% 31.3%
Increlex® (1) 5,441 509 969.2% 15,650 1,182 n.m. n.m.
Neurology 44,015 35,943 22.5% 123,310 111,914 10.2% 13.4%
of which Apokyn® (1) 1,418 1,440 (1.5%) 4,583 1,440 218.2% 184.8%
Dysport® (1) 42,597 34,503 23.5% 118,727 110,474 7.5% 10.8%
Specialist Care 160,269 139,233 15.1% 464,772 417,306 11.4% 13.1%

Gastroenterology 42,156 43,202 (2.4%) 139,820 138,888 0.7% (1.7%)
of which Smecta® 24,037 21,124 13.8% 76,212 71,518 6.6% 1.6%
Forlax® 9,269 12,940 (28.4%) 35,172 39,844 (11.7%) (11.6%)
Cognitive disorders 26,444 27,067 (2.3%) 82,863 81,928 1.1% 1.1%
of which Tanakan® 26,444 27,067 (2.3%) 82,863 81,928 1.1% 1.1%
Cardiovascular 16,408 16,897 (2.9%) 54,649 57,948 (5.7%) (5.7%)
of which Nisis®and Nisisco® 12,997 13,425 (3.2%) 40,729 41,911 (2.8%) (2.8%)
Ginkor Fort® 2,466 2,297 7.4% 10,132 12,157 (16.7%) (16.7%)
Other Primary Care products 3,661 3,297 11.0% 10,728 9,537 12.5% 12.5%
of which Adrovance 3,019 2,509 20.4% 8,422 6,737 25.0% 25.0%
Primary care 88,669 90,464 (2.0%) 288,060 288,302 (0.1%) (1.3%)

Total Drug sales 248,938 229,696 8.4% 752,832 705,608 6.7% 7.1%
Drug-related sales 7,431 8,018 (7.3%) 24,709 29,478 (16.2%) (18.1%)
Group Sales 256,368 237,714 7.8% 777,541 735,086 5.8% 6.1%
(1) Peptide- or protein-based products

For the third quarter 2009, sales of specialist care products reached €160.3
million, up 15.1% year-on-year (third quarter 2008, €139.2 million). For the
first nine months, sales reached €464.8 million, up 11.4% (first nine months
2008, €417.3 million) or up 13.1% at constant currency, representing 59.8% of
the Group`s consolidated sales, against 56.8% a year earlier.

* In the oncology franchise, sales of Decapeptyl® reached €65.5 million for the
third quarter 2009, up 1.8% year-on-year, with strong growth in China, Germany,
the UK, partly offset by a decrease in France and Spain against competing 6
month formulations, and in Russia owing to a stocking effect during the second
quarter 2009. Outside the Eastern European countries, where the Group
encountered distribution channels disruptions at the beginning of the year,
sales of Decapeptyl® for the first nine months were up 1.1%, amounting to €192.0
million, and up 5.3%, excluding foreign exchange impacts,.
* In endocrinology, sales reached €50.8 million for the third quarter 2009, up
30.3% year-on-year (third quarter 2008, €39.0 million). For the first nine
months, sales reached €149.5 million (first nine months 2008, €115.4 million),
up 29.5% or 32.6% at constant currency, reflecting a good performance of all
products and the consolidation since October 2008 of the Group`s US
acquisitions. Excluding sales in North America, the Group`s endocrinology
franchise grew by 16.2% excluding foreign exchange impacts. For the first nine
months, sales in endocrinology represented 19.2% of total Group sales, against
15.7% a year earlier.

Somatuline® -- For the third quarter 2009, sales reached €35.2 million, up 15.2%
year-on-year (third quarter 2008, €30.5 million). For the first nine months,
Somatuline® sales amounted to €103.5 million, up 15.1% year-on-year, or 17.9% at
constant currency, fuelled by strong volume growth in the United States, Major
Western European countries and Poland. In the US, Somatuline® almost tripled its
US dollar sales year-on-year.

NutropinAq®-- For the third quarter 2009, sales reached €9.8 million, up 32.0%
year-on-year (third quarter 2008, €7.4 million). For the first nine months,
sales of NutropinAq® amounted for €29.1 million, up 28.7% year-on-year, or 31.3%
at constant currency, driven by strong performances in all countries, especially
in France, Germany, Italy, Spain and the Nordic countries.

Increlex® -- For the third quarter 2009, sales of Increlex® reached €5.4
million. For the first nine months, sales of Increlex® reached €15.7 million, up
from €1.2 million a year earlier, reflecting the full consolidation of US
Increlex® sales. In the US, Increlex® continued to perform in line with
expectations, up 52.9% year-on-year on a comparable basis.

* In the neurology franchise, sales reached €44.0 million for the third quarter
2009, up 22.5% year-on-year (third quarter 2008, €35.9 million). For the first
nine months, sales in neurology amounted to €123.3 million, up 10.2%
year-on-year (first nine months of 2008, €111.9 million) or 13.4% at constant
currency.

Dysport® -- For the third quarter 2009, sales reached €42.6 million, up 23.5%
year-on-year (third quarter 2008, €34.5 million), fuelled by the supply of
Dysport® to Medicis and Azzalure® to Galderma for distribution in aesthetic use
in the United States and Europe respectively, along with strong growth in
emerging countries, and despite negative foreign exchange impacts in the United
Kingdom. For the first nine months, sales of Dysport® amounted to €118.7
million, up 7.5% year-on-year or 10.8% at constant currency. Outside the Eastern
European countries, sales grew by 18.5% at constant currency year-on-year.

Apokyn® -- For the third quarter 2009, sales reached €1.4 million in the United
States. Following the closing of the acquisition of its North American neurology
commercial platform and the rights to market Apokyn® in the United States in
July 2008, the Group booked €4.6 million in sales for the first nine months of
2009, up 39.0% year-on-year on a comparable basis.

In the third quarter 2009, sales of primary care products reached €88.7 million,
down 2.0% year-on-year (third quarter 2008, €90.5 million). For the first nine
months, sales of primary care products reached €288.1 million, stable
year-on-year or down 1.3% at constant currency, representing 37.0% of the
Group`s consolidated sales, against 39.2% a year earlier. The sustained sales in
cognitive disorders and the favourable impact of the launch of Adrovance were
partly offset by the performance of the cardiovascular products.

* In gastroenterology, sales reached €42.2 million in the third quarter 2009,
down 2.4% year-on-year (third quarter 2008, €43.2 million). For the first nine
months, sales in gastroenterology reached €139.8 million, up 0.7% year-on-year,
or down 1.7% excluding foreign exchange impacts.

Smecta®-- For the third quarter 2009, sales reached €24.0 million, up 13.8%
year-on-year (third quarter 2008, €21.1 million). For the first nine months,
sales of Smecta® amounted to €76.2 million, up 6.6% year-on-year, with good
performances in China, France and Algeria, despite a certain slowdown in the
Eastern European countries where sales of Smecta® decreased by 20.1% over the
period. Sales of Smecta® in France reached €21.2 million, up 8.5% year-on-year,
representing 27.8% of total sales of the product over the period, versus 27.3% a
year ago.

Forlax® -- For the third quarter 2009, sales reached €9.3 million, down 28.4%
year-on-year (third quarter 2008, €12.9 million), mainly due to a slowdown in
France following the launch of a generic competitor in March. For the first nine
months, sales of Forlax® amounted to €35.2 million, down 11.7% year-on-year,
mainly due to the new competitive landscape in France. Sales in France
represented 68.3% of total sales of the product over the period, versus 75.0% a
year ago.

* In the cognitive disorders area, sales of Tanakan®
for the third quarter 2009reached €26.4 million, down 2.3% year-on-year
(third quarter 2008, €27.1 million). For the first nine months, sales of
Tanakan® amounted to €82.9 million, slightly up 1.1% year-on-year, with solid
sales growth in China, Russia and Vietnam. Sales of Tanakan® in France reached
€44.8 million, down 2.9% year-on-year, representing 54.1% of total Tanakan®
sales in 2009 compared with 56.3% a year earlier.
* In the cardiovascular area, sales for the third quarter 2009 amounted to €16.4
million, down 2.9% year-on-year (third quarter 2008, €16.9 million). For the
first nine months, sales reached €54.6 million, down 5.7% year-on-year in the
context of the new co-promotion agreement for Exforge where Ipsen does not book
sales.

Nisis® and Nisisco® -- For the third quarter 2009, sales reached €13.0 million,
down 3.2% year-on-year (third quarter 2008, €13.4 million). For the first nine
months, sales reached €40.7 million, down 2.8% year-on-year. The Group is now
co-promoting Novartis antihypertensive drug Exforge® in France in the same
therapeutic class, with co-promotion fees booked as "Other revenues".

Ginkor Fort® -- For the third quarter 2009, sales amounted to €2.5 million, up
7.4% year-on-year (third quarter 2008, €2.3 million). For the first nine months,
sales reached €10.1 million, reflecting the supply sales of the product to the
Group`s OTC partner.

* Other primary care products sales reached €3.7 million for the third quarter
2009, against €3.3 million a year earlier, with sales of Adrovance™
contributing to €3.0 million during the third quarter 2009. For the
first nine months, other primary care products sales reached €10.7 million, with
sales of Adrovance™ amounting to €8.4 million.

For the third quarter 2009, drug-related sales (active ingredients and raw
materials) were down 7.3% to €7.4 million. For the first nine months,
drug-related sales amounted to €24.7 million, down 16.2% year-on-year mainly due
to a slowdown in sales of active ingredients in Germany to a Group's partner.

Ipsen
Media
Didier Véron
Director, Public Affairs and Corporate Communications
Tel.: +33 (0)1 58 33 51 16
Fax: +33 (0)1 58 33 50 58
E-mail: didier.veron@ipsen.com
or
Financial Community
David Schilansky
Investor Relations and Financial Officer
Tel.: +33 (0)1 58 33 51 30
Fax: +33 (0)1 58 33 50 63
E-mail: david.schilansky@ipsen.com
or
Pierre Kemula
Investor Relations Manager
Tel.: +33 (0)1 58 33 60 08
Fax: +33 (0)1 58 33 50 63
E-mail: pierre.kemula@ipsen.com

Copyright Business Wire 2009