Ipsen Pledges Ambitious Action on Climate Change
Ipsen (Euronext: IPN; ADR: IPSEY) today has pledged to play its part in securing global net-zero emissions, ahead of the COP26 conference in Glasgow, UK, next month. Ipsen is proud to have joined the Business Ambition for 1.5°C1 campaign and is committed to science-based greenhouse-gas (GHG) emissions reductions, including:
- Halving the absolute GHG emissions of Ipsen’s facilities and fleet (Scope 12 & Scope 23) by 20304
- Working with up and downstream value-chain partners to deliver science-based Scope 35 emissions reductions by 2030
Ipsen has already started to accelerate action on climate change. Over 85% of Ipsen’s global electricity use is already from renewable sources. Ipsen is also making its facilities more efficient, investing in innovative heat-recovery technology and transforming its fleet energy mix.
As a transition step on its pathway to net zero, Ipsen is also committing to climate-compensation measures from 2030 for the emissions not yet removed from its value chain. Even though such offset will never be a substitute for science-based emissions reductions, they still have an important role in preserving or enhancing existing carbon stocks and thus limit the worst impacts of climate change.
Given the scale of the climate challenge, Ipsen believes everyone has a role to play. Together with the Company’s value-chain partners and peers within the Business Ambition for 1.5°Ccampaign, Ipsen can achieve the positive change needed for future generations.
David Loew, Chief Executive Officer, commented:
“One of the responsibilities to which I feel most deeply connected is the need to ensure that environmental sustainability, particularly minimizing our impact on climate, remains a core part of our approach. We have all seen the devastating impact of climate change. There is no doubt in my mind that this is one of the defining challenges of our time. The actions taken today will determine the impact felt by future generations. This is why our environmental approach is fully integrated into our strategy: Focus. Together. For patients & society”.
1 Business Ambition for 1.5°C is a global coalition of United Nations agencies, business and industry leaders, pushing climate ambition beyond the minimum to a global net-zero target, in line with a 1.5°C future.
2 GHG emissions are categorized into three groups or 'Scopes' by the most widely-used international accounting tool, the GHG Protocol. Scope 1 emissions are the GHG emissions from direct operations including facility heat sources, refrigerant gasses and fleet.
3 Scope 2 emissions are the GHG emissions from purchased electricity.
4 Targets listed are compared to the 2019 base-year performance.
5 Scope 3 emissions are indirect GHG emissions from upstream and downstream value-chain sources. The description and boundaries of Ipsen’s Scope 3 categories are published annually in the Company’s Universal Registration Document; visit ipsen.com.
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.
The forward-looking statements, objectives and targets contained herein are based on Ipsen’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 Ipsen’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 Ipsen’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 Ipsen. 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. Ipsen 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 Ipsen 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, Ipsen cannot be certain that favorable results obtained during preclinical 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; Ipsen'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 Ipsen’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions. Ipsen 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 Ipsen’s activities and financial results. Ipsen 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 Ipsen’s partners could generate lower revenues than expected. Such situations could have a negative impact on Ipsen’s business, financial position or performance. Ipsen 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. Ipsen’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 Ipsen’s 2020 Universal Registration Document, available on ipsen.com.
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