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

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

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 2009 grew 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:

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^® and Somatuline^® 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 exchange impact. 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:

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 2009 reached €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.