Ipsen Delivers Strong H1 2021 Results and Upgrades Full-Year Guidance

Ipsen Delivers Strong H1 2021 Results and Upgrades Full-Year Guidance




Ipsen Delivers Strong H1 2021 Results and Upgrades Full-Year Guidance

PARIS–(BUSINESS WIRE)–Regulatory News:

Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-driven biopharmaceutical company, today announced its financial results for the first half of 2021:

  • Strong financial results

    • Total sales growth in H1 2021 of 11.0% at CER1, or 6.5% as reported, to €1,350.3m

      • Q2 2021 total sales growth of 16.8% at CER1,or 12.7% as reported, to €691.8m
    • Core operating income of €479.8m (H1 2020: €410.2m); IFRS operating income of €412.2m (H1 2020: €249.8m)
    • Core operating margin2: 35.5% (H1 2020: 32.3%). IFRS operating margin: 30.5% (H1 2020: 19.7%)
    • Healthy balance sheet: net debt down to €336.5m, a reduction of €188.7m versus December 2020
  • Delivering against the strategy

    • Maximizing the brands:

      • Speciality Care sales growth in H1 2021 of 11.2%1 to €1,244.5m
      • Consumer Healthcare sales growth in H1 2021 of 8.6%1 to €105.9m
    • Strengthening the pipeline:

      • Good progress in external innovation: agreements announced in early and mid-stage pipeline
      • Regulatory submission acceptance for palovarotene in FOP3 in the U.S. and E.U.
      • Regulatory approval and launch of first-line renal cell carcinoma indication for Cabometyx® (cabozantinib) in combination with nivolumab and positive Phase III results for Cabometyx® in differentiated thyroid cancer
    • Driving efficiencies:

      • Cost savings driven by reduced face-to-face activity as a result of the pandemic, and by some efficiency gains
      • Ratio of SG&A expenses to total sales declined to 35.8% (H1 2020: 37.0%)
    • Focus on culture:

      • Strong momentum with Ipsen’s ambitious CSR4 agenda
  • Full-year guidance upgraded

    • Total sales growth: greater than +8.0%1 (prior guidance: greater than +4.0%1)
    • Core operating margin: around 32.0% (prior guidance: greater than 30.0%)

David Loew, Chief Executive Officer, commented:

“Our strong results reflected the progress we are making with our new strategy. We continued to grow our brands, with particularly strong sales in the second quarter partly a result of the gradual lifting of pandemic confinement measures. We achieved the important regulatory approval and launch of the combination of Cabometyx® with nivolumab in first-line renal cell carcinoma and, while we were disappointed with the recent Phase III data readout in liver cancer, our pipeline continued to strengthen, with the positive Phase III results for Cabometyx® in thyroid cancer and the regulatory submission of palovarotene in FOP. This progress was coupled with recent licensing agreements in the early and mid-stage pipeline. I was also pleased with the efficiencies achieved throughout our business, with the focus on our culture also underpinning more exciting opportunities to benefit patients and society.

Our raised expectations for our full-year results reflect the strength of our business. In the near term, we await further regulatory steps for palovarotene in the U.S. and Europe, while we continue to anticipate launches of generic lanreotide in Europe this year. I expect Ipsen to continue to deliver, driven by a clear strategy, strong fundamentals and attractive growth opportunities, reinforced by an unrelenting focus on serving patients.”

Review of results5

 

H1 2021

€m

Change

Actual

CER6

 

 

 

 

Total Sales

1,350.3

6.5%

11.0%

Specialty Care

1,244.5

6.6%

11.2%

Consumer Healthcare

105.9

4.7%

8.6%

 

 

 

 

Core Operating Income

479.8

17.0%

 

Core operating margin

35.5%

3.2% points

 

Core Consolidated Net Profit

359.8

21.2%

 

Core EPS7 (fully diluted)

€4.31

21.3%

 

 

 

 

 

IFRS Operating Income

412.2

65.0%

 

IFRS operating margin

30.5%

10.8% points

 

IFRS Consolidated Net Profit

303.3

36.2%

 

IFRS EPS (fully diluted)

€3.64

36.5%

 

  • Total sales growth in H1 2021 of 11.0% at CER6, or 6.5% as reported, to €1,350.3m. This included an increase in Specialty Care sales of 11.2%6 to €1,244.5m, driven by the growth of Cabometyx®, Decapeptyl® (triptorelin), Somatuline® (lanreotide) and Dysport® (botulinum toxin type A). Consumer Healthcare sales growth of 8.6%6 to €105.9m was partly a result of the reducing effects of the COVID-19 pandemic, particularly in China
  • Core operating income of €479.8m, up by 17.0%, partly reflected the strong growth in total sales and other revenue. The increase in SG&A costs to €483.4m was limited to 3.0%, with cost savings realized in selling expenses, a result of reduced travel, the full effect of virtual conferences and medical meetings, as well as efficiency gains from procurement savings, project prioritization, digital initiatives and manufacturing optimization
  • Core operating margin of 35.5%, an increase of 3.2 percentage points versus the first half of 2020
  • Core consolidated net profit of €359.8m, with growth of 21.2% reflecting the aforementioned increase in core operating income. Core EPS (fully diluted) grew by 21.3% to reach €4.31
  • IFRS operating income of €412.2m after amortization of intangible assets, impairment losses and other operating expenses. An IFRS operating income margin of 30.5% represented an increase of 11 percentage points compared to H1 2020, when an impairment loss on the intangible assets of palovarotene was recognized, following termination of the MO-Ped Phase II trial
  • IFRS consolidated net profit of €303.3m represented an increase of 36.2%. IFRS EPS (fully diluted) was up by 36.5% to €3.64
  • Free cash flow of €291.4m represented an increase of 24.9%, mainly driven by higher operating cash flow and a reduction in current income tax
  • Closing net debt came to €336.5m (H1 2020: €923.3m), with the improvement in H1 2021 primarily reflecting the generation of free cash flow

FY 2021 guidance

The Company today upgrades its financial guidance for FY 2021, which incorporates an assumed progressive global recovery from COVID-19 in the second half of the year. Subsequent to the July 2021 launch of generic lanreotide in Germany, further launches of generic lanreotide in Europe in the second half of the year are also assumed; Ipsen does not, however, anticipate the launch of octreotide or lanreotide generics in the U.S. in 2021.

Total sales

 

Growth greater than 8.0%8

Core operating margin

 

Around 32.0%9, excluding any potential impact of

incremental investments from external innovation

Currency impact

Based on the level of exchange rates at the end of June 2021, Ipsen anticipates an adverse impact of approximately 2% from currencies on total sales in FY 2021.

Research and development update

In May 2021, Ipsen announced that its New Drug Application for palovarotene had been accepted by the U.S. Food and Drug Administration (FDA). Palovarotene is an oral, investigational, selective RARγ agonist for the prevention of heterotopic ossification (new bone formation). The target regulatory action date assigned by the FDA under Priority Review status is 30 November 2021. Similar applications were accepted by the European Medicines Agency and Swissmedic.

During the period, Ipsen announced that it would exercise its option to collaborate with Exelixis on the COSMIC-311 Phase III pivotal trial of Cabometyx® in patients with previously treated radioactive iodine-refractory differentiated thyroid cancer. Ipsen has an exclusive collaboration agreement with Exelixis for the commercialization of Cabometyx® outside the U.S. and Japan.

In June 2021, Ipsen and Exelixis announced that COSMIC-312, the ongoing pivotal Phase III trial evaluating Cabometyx® in combination with atezolizumab, versus sorafenib in patients with previously untreated advanced hepatocellular carcinoma, met one of the primary endpoints, demonstrating significant improvement in progression-free survival (PFS) at the planned primary analysis. A prespecified interim analysis for the second primary endpoint of overall survival (OS), conducted at the same time as the primary analysis for PFS, showed a trend favoring the combination of Cabometyx® and atezolizumab, but did not reach statistical significance. Based on this preliminary OS data, it is anticipated that the probability of reaching statistical significance at the time of the final analysis is low.

Business development

Ipsen recently announced two agreements in line with its external-innovation focus on strengthening the pipeline:

BKX-001 (Oncology)

In July 2021, Ipsen announced a licensing agreement with BAKX Therapeutics, providing Ipsen exclusive rights to develop, manufacture and commercialize BKX-001 as a potential treatment for leukemia, lymphoma and solid tumors.

Mesdopetam (Neuroscience)

Earlier in July 2021, Ipsen also announced a licensing agreement with IRLAB, providing Ipsen exclusive development and commercial rights to mesdopetam, a novel dopamine D3-receptor antagonist, as a potential treatment option for people living with Parkinson’s disease experiencing levodopa-induced dyskinesia.

Company Social Responsibility

Ipsen’s CSR focus is on three areas: Employees, Communities and Environment. Examples of progress in the first half are shown below:

Employees

Ipsen has established a balanced gender-target ratio for its Global Leadership Team by 2025. A similar timeframe has been established for the Executive Leadership Team at a minimum of 35% of both genders.

Communities

The Company’s revolving credit facility (RCF) includes a key ESG10 element. Favorable results versus ESG-based targets by Ipsen are rewarded with charitable donations, one of which was recently awarded to International Health Partners, a charity supporting people in some of the world’s most challenging places to get the medicines they need.

Environment

Ipsen is now using 100% green electricity across its sites in U.K., Ireland and France; 88% of Ipsen’s global electricity usage is now from renewable sources. The Company is also committed to the sustainable consumption of resources and will continue to increase energy efficiency within its operations.

Conference call

A conference call and webcast for investors and analysts will begin at 2:30pm Paris time today. Participants are encouraged to dial in to the call early and can register here; a recording will be available on ipsen.com, while the webcast can be accessed here. The event ID is 8026207.

Calendar

The Company intends to publish its year-to-date and third-quarter sales update on 21 October 2021.

Notes

All financial figures are in € millions (€m). The performance shown in this announcement covers the six-month period to 30 June 2021 (the first half or H1 2021) and the three-month period to 30 June 2021 (the second quarter or Q2 2021), compared to six-month period to 30 June 2020 (H1 2020) and the three-month period to 30 June 2020 (Q2 2020) respectively, unless stated otherwise. Commentary is based on the performance in H1 2021, unless stated otherwise.

Ipsen

Ipsen is a global, mid-sized biopharmaceutical company focused on transformative medicines in Oncology, Rare Disease and Neuroscience; it also has a well-established Consumer Healthcare business. With total sales of over €2.5bn in FY 2020, Ipsen sells more than 20 medicines in over 115 countries, with a direct commercial presence in more than 30 countries. The Company’s research and development efforts are focused on its innovative and differentiated technological platforms located in the heart of leading biotechnological and life-science hubs: Paris-Saclay, France; Oxford, U.K.; Cambridge, U.S.; Shanghai, China. Ipsen has around 5,700 colleagues worldwide and is listed in Paris (Euronext: IPN) and in the U.S. through a Sponsored Level I American Depositary Receipt program (ADR: IPSEY). For more information, visit ipsen.com.

Total sales by therapeutic area and product

 

H1 2021

Q2 2021

€m

% of

total

sales
11

Change

€m

Change

Actual

CER12

Actual

CER12

 

 

 

 

 

 

 

Total Specialty Care

1,244.5

92

6.6%

11.2%

632.9

12.1%

16.2%

Oncology

1,013.1

75

4.7%

8.9%

517.7

9.0%

13.0%

Somatuline®

561.4

42

-0.1%

5.2%

284.5

2.8%

8.0%

Decapeptyl®

222.5

16

15.0%

16.3%

116.2

19.9%

20.6%

Cabometyx®

166.8

12

22.0%

22.9%

83.6

29.8%

30.2%

Onivyde®

57.8

4

-7.6%

1.5%

31.3

-0.1%

9.9%

Other Oncology

4.5

-63.4%

-63.6%

2.1

-60.5%

-60.9%

Neuroscience

205.8

15

20.7%

28.3%

102.7

33.2%

38.2%

Dysport®

202.8

15

19.6%

27.1%

101.0

31.8%

36.6%

Rare Disease

25.6

2

-12.0%

-10.1%

12.6

2.0%

NutropinAq®

17.0

1

-11.2%

-11.3%

8.6

6.5%

6.0%

Increlex®

8.6

1

-13.6%

-7.7%

4.0

-11.7%

-5.3%

 

Total Consumer Healthcare

105.9

8

4.7%

8.6%

58.9

19.8%

23.1%

Smecta®

35.7

3

-5.6%

-1.8%

19.4

-2.8%

0.9%

Tanakan®

20.6

2

6.2%

11.8%

12.1

31.1%

34.9%

Forlax®

17.2

1

-12.8%

-11.2%

8.1

-18.0%

-16.8%

Fortrans/Eziclen®

16.7

1

40.9%

47.6%

9.9

97.6%

102.0%

Other Consumer Healthcare

15.7

1

27.0%

29.8%

9.4

85.3%

87.1%

 

Total Sales

1,350.3

100

6.5%

11.0%

691.8

12.7%

16.8%

Specialty Care

Sales in H1 2021 amounted to €1,244.5m, an increase of 11.2%12. Oncology and Neuroscience sales increased by 8.9%12 and 28.3%12 to €1,013.1m and €205.8m, respectively, while Rare Disease sales declined by 10.1%12 to €25.6m.

Specialty Care comprised 92% of total sales (H1 2020: 92%).

Oncology

Sales of €1,013.1m in H1 2021 represented growth of 8.9%12, reflecting continued market-share gains in most markets, and a market recovery in China underpinned the strong performance of Decapeptyl®, while there were also good results for Cabometyx® and Somatuline® globally.

Oncology sales in H1 2021 comprised 75% of total sales (H1 2020: 76%).

a) Somatuline® sales reached € 561.4 m in H1 2021, an increase of 5.2% 12 , driven by continued market-share gains in most markets and a limited impact from generic-octreotide sales in Europe. North America sales grew by 3.6% 12 , partly a reflection of a strong Q2 2020 performance impacted by end-user buying patterns; the performance in H1 2021 in North America was driven by encouraging volumes.

b) Decapeptyl® sales in H1 2021 of € 222.5 m reflected growth of 16.3% 13, mainly driven by China, which significantly recovered from the initial impacts in 2020 from COVID-19. The good performance in France and rest of Asia was mirrored by market-share gains.

c) Cabometyx® sales in H1 2021 reached € 166.8 m, up by 22.9% 13 , driven by a strong volume uptake across most geographies in both renal cell carcinoma and hepatocellular carcinoma. Following regulatory approval, Cabometyx®,in combination with nivolumab, was recently launched in Germany as a first-line treatment for patients with renal cell carcinoma.

d) Onivyde® sales in H1 2021 of € 57.8 m reflected an increase of 1.5% 13 , driven by higher sales to Ipsen’s ex-U.S. partner, Servier, offset by the impact of the pandemic on cancer treatment in the U.S.

Neuroscience

Dysport® sales reached €202.8m in H1 2021, up by 27.1%13, partly driven by an encouraging recovery from the pandemic in most markets, particularly in the second quarter, as well as a good performance in the North America and Europe therapeutics markets and growing aesthetics markets in Turkey, Russia and the Middle East. There was also a continued solid aesthetics performance from Ipsen’s partner, Galderma, in most of its markets.

Neuroscience sales comprised 15% of total sales in H1 2021 (H1 2020:13%).

Rare Disease

NutropinAq® (somatropin) sales in H1 2021 of €17.0m, a decline of 11.3%13, reflected competitive pressures across Europe. A decline in Increlex® (mecasermin) sales of 7.7%13 to €8.6m was partly a result of lower demand in the U.S., reflecting continued COVID-19 effects.

Rare Disease sales in H1 2021 comprised 2% of total sales (H1 2020: 2%).

Consumer Healthcare

Sales of €105.9m in H1 2021 reflected growth of 8.6%13, with a strong performance complemented by an element of phasing and by the 47.6%13 growth of Fortrans/Eziclen® (macrogol 4000) to €16.7m, mainly reflecting the reduced level of sales in the comparative period, particularly in China. There was also an 11.8%13 increase in sales of Tanakan® (ginkgo biloba extract) to €20.6m, driven by a good performance and a high level of deliveries in Vietnam. Smecta® (diosmectite) sales declined by 1.8%13 to €35.7m, with the recovery in China offset by generic-medicine pressure in France.

Consumer Healthcare sales in H1 2021 comprised 8% of total sales (H1 2020: 8%).

Total sales by geographical area

 

H1 2021

Q2 2021

€m

Change

€m

Change

Actual

CER14

Actual

CER14

 

Major Western European Countries

440.7

6.4%

6.6%

223.3

17.4%

17.4%

France

155.4

5.8%

6.7%

80.9

18.8%

20.1%

Germany

102.2

8.7%

8.7%

49.1

12.2%

12.2%

Italy

65.4

7.1%

7.1%

32.5

25.5%

25.5%

Spain

59.1

7.5%

7.5%

30.8

22.6%

22.6%

U.K.

58.6

2.2%

1.6%

30.0

9.7%

6.6%

 

 

 

 

 

 

 

Other European Countries

257.6

3.4%

8.0%

137.0

17.0%

20.9%

Eastern Europe

118.8

11.0%

19.6%

64.8

30.4%

37.1%

Other Europe

138.8

-2.4%

-0.5%

72.3

7.0%

9.1%

 

 

 

 

 

 

 

North America

403.0

-3.8%

4.9%

196.1

-3.6%

5.0%

 

 

 

 

 

 

 

Rest of the World

248.9

33.9%

38.3%

135.4

31.7%

33.4%

Asia

126.3

66.8%

68.6%

72.4

64.0%

65.3%

Other Rest of the World

122.6

11.4%

17.2%

63.1

7.4%

9.7%

 

 

 

 

 

 

 

Total Sales

1,350.3

6.5%

11.0%

691.8

12.7%

16.8%

Major Western European countries

Sales in H1 2021 reached €440.7m, an increase of 6.6%14. Major Western European countries comprised 33% of total sales in H1 2021 (H1 2020: 33%).

a) France: sales of € 155.4 m, an increase of 6.7% 14 , reflected a solid recovery from the pandemic with continued market-share gains for most Specialty Care medicines, offset by a low diarrhea market, impacting Consumer Healthcare.

b) Germany: sales reached € 102.2 m, up by 8.7% 14 , mainly driven by continued market-share gains for Cabometyx® and Somatuline®, with a limited impact from the sale of generic octreotide.

c) Italy: sales of € 65.4 m, up by 7.1% 14 , with a solid performance of Cabometyx®, along with an improved Consumer Healthcare performance.

d) Spain: sales of € 59.1 m reflected an increase of 7.5% 14 , driven by market-share gains for Somatuline® and Decapeptyl®.

e) U.K.: sales reached € 58.6 m, an increase of 1.6% 14 , driven by solid growth of Somatuline® due to market-share gains, partly offset by lower volumes of Decapeptyl®.

Other European countries

Sales in H1 2021 reached €257.6m, up by 8.0%14, mainly driven by higher Dysport® volumes in Russia and Greece, along with successful launches and market-share gains for Cabometyx®, offset by reduced Consumer Healthcare sales in Eastern Europe.

In H1 2021, sales in other European countries comprised 19% of total sales (H1 2020: 20%).

North America

Sales of €403.0m in H1 2021 reflected growth of 4.9%15, driven by continued growth of Somatuline®, despite an overall adverse impact from the pandemic on cancer treatment. Dysport® sales reflected a good performance in the aesthetics and therapeutics markets, after the significant impact of COVID-19 in H1 2020.

In H1 2021, sales in North America comprised 30% of total sales (H1 2020: 33%).

Rest of the World

Sales in H1 2021 reached €248.9m, an increase of 38.3%15, driven by a China recovery that resulted in strong Decapeptyl® and Consumer Healthcare sales. This was accompanied by a solid Dysport® performance in Latin America, Australia and the Middle East, as well as a good performance from Decapeptyl® in the rest of Asia.

In H1 2021, sales in the Rest of the World comprised 18% of total sales (H1 2020: 15%).

Comparison of core consolidated income statement

Core financial measures are performance indicators. A reconciliation between these indicators and IFRS aggregates is presented in Appendix 4 ‘Bridges from IFRS consolidated net profit to core consolidated net profit’.

 

H1 2021

€m

% of

total sales

Change

 

 

 

 

Total Sales

1,350.3

100%

6.5%

Other revenue

64.3

4.8%

66.3%

Total Revenue

1,414.6

104.8%

8.2%

 

 

 

 

Cost of goods sold

(250.6)

-18.6%

3.6%

 

 

 

 

Selling expenses

(384.3)

-28.5%

2.4%

Research and development expenses

(207.3)

-15.4%

8.8%

General and administrative expenses

(99.1)

-7.3%

5.4%

 

 

 

 

Other core operating income

6.6

0.5%

25.1%

Other core operating expenses

-92.1%

 

 

 

 

Core Operating Income

479.8

35.5%

17.0%

 

 

 

 

Net financing expenses

(11.4)

-0.8%

-16.5%

Core other financial income and expenses

(2.5)

-0.2%

-78.8%

Core income taxes

(106.3)

-7.9%

22.7%

Share of net profit/(loss) from equity-accounted companies

0.1

-106.0%

 

 

 

 

Core Consolidated Net Profit

359.8

26.6%

21.2%

– Attributable to attributable to Ipsen SA shareholders

360.5

26.7%

21.7%

– Attributable to non-controlling interests

(0.7)

-0.1%

n.a.

 

 

 

 

Core EPS (fully diluted): attributable to Ipsen SA shareholders (€)

4.31

21.3%

Reconciliation from core consolidated net profit to IFRS consolidated net profit

 

H1 2021

H1 2020

 

€m

€m

 

 

 

Core Consolidated Net Profit

359.8

297.0

Amortization of intangible assets (excluding software)

(30.7)

(32.0)

Other operating income and expenses

(16.8)

(14.2)

Restructuring costs

(3.0)

(10.8)

Impairment losses

(58.9)

Others

(6.0)

41.7

IFRS Consolidated Net Profit

303.3

222.7

 

 

 

IFRS EPS (fully diluted): attributable to Ipsen SA shareholders (€)

3.64

2.66

Total sales

Total sales grew in H1 2021 by 11.0% at CER16, or6.5% as reported, to €1,350.3m.

Other revenue

Other revenue totaled €64.3m, an increase of 66.3%, reflecting the growth in royalties paid by partners, mainly by Galderma in respect of Dysport®.

Cost of goods sold

Cost of goods sold of €250.6m represented 18.6% of total sales (H1 2020: €241.8m, 19.1%), reflecting growth of 3.6%. The favorable mix impact of Specialty Care growth continued to drive a decline in the cost of goods sold as a percentage of total sales, despite an increase of royalties paid to partners, notably for Cabometyx®.

Selling expenses

Selling expenses increased by 2.4% to €384.3m, driven by the commercial efforts deployed to support Specialty Care growth, the recovery of activities postponed or cancelled mainly due to COVID-19 as well as the impact of the Company’s efficiency program. Selling expenses represented 28.5% of total sales, a decline of one percentage point.

Research and development expenses

Research and development expenses totaled €207.3m, representing growth of 8.8%. Investment in lifecycle management continued, including in Oncology for Onivyde® and Cabometyx® and in Neuroscience for Dysport®. Potential new medicines also benefited from investment, such as palovarotene in Rare Disease and next-generation neurotoxins in Neuroscience.

General and administrative expenses

General and administrative expenses increased by 5.4% to €99.1m, mainly driven by the reinforcement of the global IT strategy; the ratio to total sales was broadly stable at 7.3%.

Other core operating income and expenses

Other core operating income and expenses amounted to an income of €6.6m (H1 2020 income of €5.1m), primarily reflecting the impact of Ipsen’s currency-hedging policy.

Core operating income

Core operating income amounted to €479.8m, representing growth of 17.0% and comprised 35.5% of total sales (H1 2020: 32.3%).

Core net financing costs and other financial income and expense

Net financial costs declined by 16.5% to €11.4m. Other core financial expenses of €2.5m reflected a fall of 78.8%, mainly driven by favorable foreign-exchange differences and lower hedging costs.

Core income taxes

Core income tax expense of €106.3m, an increase of 22.7%, reflected a core effective tax rate of 22.8% (H1 2020: 22.5%).

Core consolidated net profit

Core consolidated net profit increased by 21.2% to €359.8m, with €360.5m fully attributable to Ipsen SA shareholders.

Core EPS

Core EPS (fully diluted) came to €4.31, representing growth of 21.3%.

From core financial measures to IFRS reported figures

Reconciliations between IFRS June 2021 and June 2020 results and the Core financial measures are presented in Appendix 4. The main reconciling items between core consolidated net profit and IFRS consolidated net profit were:

Amortization of intangible assets (excluding software)

Amortization of intangible assets (excluding software) in the first half amounted to €41.

Contacts

Investors
Craig Marks
Vice President, Investor Relations

+44 7584 349 193

Adrien Dupin de Saint-Cyr
Investor Relations Manager

+33 6 64 26 17 49

Media
Gwenan White
Executive Vice President, Communications and Public Affairs

+44 7876 391 429

Fanny Allaire
Global Communications Director

+ 33 6 08 91 92 55

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