Ipsen Provides COVID-19 Update
March 25 2020 - 02:00AM
Business Wire
Regulatory News:
Ipsen (Euronext: IPN; ADR: IPSEY) provided today an update
related to the impact of the Covid-19 pandemic on its global
business which is affected in varying degrees in the countries
impacted by the coronavirus, with very different and evolving
situations from one country to another.
Since the start of the health crisis, Ipsen has taken the
necessary measures to ensure the safety of its employees around the
world and to focus on business continuity so that it can provide
patients with access to its medicines. As part of these preventive
measures, and in line with local health authorities’ guidance,
Ipsen has instituted a global travel ban as well as home office
policies where appropriate. Ipsen has also paused in-person
interactions with healthcare professionals in several markets where
its field-based employees are working from home using technology to
interact virtually with healthcare professionals (HCPs).
Ipsen sees a limited financial impact today given its resilient
product portfolio comprised mostly of diversified treatments with
highly-differentiating and long-acting formulations for critical
chronic conditions. However, given the general economic slowdown,
its performance year-to-date in China, reduced interactions with
healthcare professionals and the uncertainty about the duration and
scale of the health crisis, Ipsen has decided to suspend its 2020
financial guidance announced in February as it is not possible at
this stage to quantify its impact on the Group’s financial
statements. Further updates will be provided as the situation
evolves.
“Our teams across the world share one essential objective:
ensuring access to our medicines for patients,” said Aymeric Le
Chatelier, Chief Executive Officer and Chief Financial Officer of
Ipsen. “We are working closely with our national and international
suppliers to monitor the provision of goods and services, with the
goal of continuing our operations as seamlessly as possible. At
this time, we do not anticipate any supply shortages.”
The Group has a very solid financial position with sound cash
and financing in place. Ipsen confirms its proposed distribution of
€1.00 per share for the 2019 financial year.
About Ipsen
Ipsen is a global specialty-driven biopharmaceutical group
focused on innovation and Specialty Care. The Group develops and
commercializes innovative medicines in three key therapeutic areas
– Oncology, Neuroscience and Rare Diseases. Its commitment to
oncology is exemplified through its growing portfolio of key
therapies for prostate cancer, neuroendocrine tumors, renal cell
carcinoma and pancreatic cancer. Ipsen also has a well-established
Consumer Healthcare business. With total sales over €2.5 billion in
2019, Ipsen sells more than 20 drugs in over 115 countries, with a
direct commercial presence in more than 30 countries. Ipsen’s
R&D is focused on its innovative and differentiated
technological platforms located in the heart of the leading
biotechnological and life sciences hubs (Paris-Saclay, France;
Oxford, UK; Cambridge, US). The Group has about 5,800 employees
worldwide. Ipsen is listed in Paris (Euronext: IPN) and in the
United States through a Sponsored Level I American Depositary
Receipt program (ADR: IPSEY). For more information on Ipsen, visit
www.ipsen.com
Ipsen—Cautionary Note Regarding Forward-Looking
Statements
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. All of
the above risks could affect the Group’s future ability to achieve
its financial targets, which were set assuming reasonable
macroeconomic conditions based on the information available today.
Use of the words "believes", "anticipates" and "expects" and
similar expressions are intended to identify forward-looking
statements, including the Group’s expectations regarding future
events, including regulatory filings and determinations. Moreover,
the targets described in this document were prepared without taking
into account external growth assumptions and potential future
acquisitions, which may alter these parameters. These objectives
are based on data and assumptions regarded as reasonable by the
Group. These targets depend on conditions or facts likely to happen
in the future, and not exclusively on historical data. Actual
results may depart significantly from these targets given the
occurrence of certain risks and uncertainties, notably the fact
that a promising product in early development phase or clinical
trial may end up never being launched on the market or reaching its
commercial targets, notably for regulatory or competition reasons.
The Group must face or might face competition from generic products
that might translate into a loss of market share. Furthermore, the
Research and Development process involves several stages each of
which involves the substantial risk that 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 favorable 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. There can be no guarantees a product will
receive the necessary regulatory approvals or that the product will
prove to be commercially successful. If underlying assumptions
prove inaccurate or risks or uncertainties materialize, actual
results may differ materially from those set forth in the
forward-looking statements. Other risks and uncertainties include
but are not limited to, general industry conditions and
competition; general economic factors, including interest rate and
currency exchange rate fluctuations; the impact of pharmaceutical
industry regulation and health care legislation; global trends
toward health care cost containment; technological advances, new
products and patents attained by competitors; challenges inherent
in new product development, including obtaining regulatory
approval; the Group's ability to accurately predict future market
conditions; manufacturing difficulties or delays; financial
instability of international economies and sovereign risk;
dependence on the effectiveness of the Group’s patents and other
protections for innovative products; and the exposure to
litigation, including patent litigation, and/or regulatory actions.
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 cannot be certain that its partners will fulfil their
obligations. It might be unable to obtain any benefit from those
agreements. A default by any of the Group’s partners could generate
lower revenues than expected. Such situations could have a negative
impact on the Group’s business, financial position or performance.
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. The risks and uncertainties set out are not exhaustive
and the reader is advised to refer to the Group’s 2018 Registration
Document available on its website (www.ipsen.com).
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version on businesswire.com: https://www.businesswire.com/news/home/20200324005817/en/
Media Christian Marcoux, M.Sc. Senior Vice President,
Global Communications +33 (0)1 58 33 67 94
christian.marcoux@ipsen.com
Fanny Allaire Senior Director, France Hub, Global Communications
+33 (0) 1 58 33 58 96 fanny.allaire@ipsen.com
Financial Community Eugenia Litz Vice President, Investor
Relations +44 (0) 1753 627721 eugenia.litz@ipsen.com
Myriam Koutchinsky Investor Relations Manager +33 (0)1 58 33 51
04 myriam.koutchinsky@ipsen.com
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