Ipsen S.A. (EPA:IPN)

Ipsen Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	512.6	443.5	345.9	644.4	648.6	646.6
Depreciation & Amortization	319.7	341	351.8	282	187.2	173
Other Amortization	23	15.3	15.5	14.7	14.1	20.4
Loss (Gain) From Sale of Assets	21.3	18.9	-82.1	16.6	-7.5	5.3
Asset Writedown & Restructuring Costs	425.1	347.4	280.9	-229.8	120.7	9.1
Loss (Gain) on Equity Investments	0.1	0.6	-0.5	5.4	1.2	-0.4
Stock-Based Compensation	42.9	39.3	29.5	30.1	26.5	26.9
Other Operating Activities	-28.7	-67.9	19	53.7	75.1	42.1
Change in Accounts Receivable	-220.3	-132.3	-45.3	-1.6	-86.8	-65.8
Change in Inventory	16.2	22.7	-20	-8.9	-19.9	-4.4
Change in Accounts Payable	151.9	41.5	58.8	109.5	29.1	80.9
Change in Other Net Operating Assets	41	68.4	-48	-22.9	38.5	-24.9
Operating Cash Flow	1,305	1,138	915.5	865.9	971.4	893.3
Operating Cash Flow Growth	33.66%	24.35%	5.73%	-10.86%	8.74%	15.82%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-78.1	-105	-172.8	-116	-96.6	-87.7
Sale of Property, Plant & Equipment	0.2	0.1	173.3	0.5	10	1
Cash Acquisitions	-341.2	-341.2	-	-909.9	-131.5	-
Divestitures	-	-	-	-	-	17.4
Sale (Purchase) of Intangibles	-131.7	-223.4	-609.5	-72.7	-156.3	-330.2
Sale (Purchase) of Real Estate	-0.3	-0.3	-0.2	-0.2	-	-
Investment in Securities	42.1	-2.4	-65.2	-5.7	-7.8	-28.4
Other Investing Activities	-48.5	57	-2.2	25.8	-76.4	95.9
Investing Cash Flow	-557.5	-615.2	-676.6	-1,078	-458.6	-332

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-Term Debt Issued	-	0.4	0.2	2,598	1,213	657
Long-Term Debt Issued	-	510.2	77	24.9	16	29.4
Total Debt Issued	17.4	510.6	77.2	2,623	1,229	686.4
Short-Term Debt Repaid	-	-32	-31.8	-2,613	-1,262	-965.4
Long-Term Debt Repaid	-	-1.7	-1.2	-300.7	-1.1	-0.6
Total Debt Repaid	-31.3	-33.7	-33	-2,914	-1,263	-966
Net Debt Issued (Repaid)	-13.9	476.9	44.2	-290.8	-34.5	-279.6
Repurchase of Common Stock	-74.3	-67.7	-36.5	-39.5	-11.3	-36.7
Common Dividends Paid	-131.8	-116.2	-99.6	-99.6	-98.4	-82.9
Other Financing Activities	-7.7	5.4	-8.1	-22.5	-20	-22.6
Financing Cash Flow	-227.7	298.4	-100	-452.4	-164.2	-421.8

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	-18.9	4.2	19.2	5	5.9	5.8
Miscellaneous Cash Flow Adjustments	18.3	18.2	-	13.6	1.9	24.1
Net Cash Flow	519	844	158.1	-646.1	356.4	169.4

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	1,227	1,033	742.7	749.9	874.8	805.6
Free Cash Flow Growth	51.93%	39.14%	-0.96%	-14.28%	8.59%	16.52%
Free Cash Flow Margin	28.59%	26.30%	20.78%	22.68%	27.71%	29.31%
Free Cash Flow Per Share	14.76	12.39	8.91	8.99	10.53	9.66
Levered Free Cash Flow	993.7	651.95	34.08	741.03	588.04	413.06
Unlevered Free Cash Flow	1,020	674.51	48.51	757.4	602.91	427.88

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	-	-	-	22.6	18.2	21.5
Cash Income Tax Paid	207.5	182	173.9	216.3	130.7	181.1
Change in Working Capital	-11.2	0.3	-54.5	76.1	-39.1	-14.2

Data Source: S&P Global Market Intelligence Last updated: Jun 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every six months for this company.

Update frequency:

Semi-annually

Last checked:

Aug 15, 2026

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