Ipsen's First Half 2007 Sales and Outlook for the Second Half 2007

-- +7.6% growth in Group sales, +9.3% growth in volume sold -- Continued growth outside the Major Western European Countries: +16.2% -- Strong dynamics in specialist care products: +10.6% -- Sales outlook for the full year 2007 updated

Regulatory News:

Ipsen (Paris:IPN) reported today its sales for the second quarter
and first half 2007.

-0-
*T
Second quarter and first half unaudited IFRS consolidated sales

(in million euros) 2nd quarter 6 months

2007 2006 % change 2007 2006 % change

SALES BY REGION
Major Western European
countries 144.2 136.7 5.5% 283.0 275.7 2.7%
Other European countries 53.4 48.4 10.3% 106.1 93.3 13.7%
Rest of the world 38.9 33.7 15.2% 74.1 61.6 20.1%
Group Sales 236.5 218.8 8.1% 463.2 430.6 7.6%

SALES BY THERAPEUTIC AREA
Specialist Care 124.1 114.4 8.5% 245.3 221.8 10.6%
Primary care 105.2 97.1 8.3% 201.9 194.4 3.8%
Total Drug Sales 229.3 211.5 8.4% 447.2 416.2 7.4%
Drug-related Sales(1) 7.2 7.3 (1.6%) 16.0 14.4 10.9%
Group Sales 236.5 218.8 8.1% 463.2 430.6 7.6%
*T

Note: From January 1, 2007, the Group reports its former "Other
Drugs" sales in the Primary care sales in order to improve
readability. This change has no impact on overall Group sales. "Other
drugs" sales amounted to EUR 1.9 million for the second quarter 2007
compared with EUR 0.9 million a year ago. 2006 numbers are presented
accordingly.

(1) Active ingredients and raw materials

First half 2007 sales highlights

Consolidated Group sales reached EUR 463.2 million, up 7.6%
year-on-year (or up 7.7% excluding foreign exchange impacts. This
increase was fuelled by the strong growth of Somatuline(R),
NutropinAq(R) and Dysport(R), up 11.7%, 84.6% and 13.9% respectively
over the period and by the strong performance of gastroenterology
products in international markets, up 18.4% year-on-year. Excluding
Ginkor Fort(R), Group sales grew by 8.5% year-on-year.

Group sales grew by 7.6% year-on-year, despite price pressure
negatively impacting Ipsen's consolidated sales by EUR 6.9 million,
among which EUR 3.0 million on Decapeptyl(R) in Italy, due to a
combination of price cuts enforced by Health authorities and price
erosions linked to higher hospital distribution.

Sales in the Major Western European countries amounted to EUR
283.0 million, up 2.7% year-on-year, driven by robust growth of
Decapeptyl(R) in Germany and of Dysport(R) and Decapeptyl(R) in the
United Kingdom partially offset by negative price impacts in Italy and
in France. Over the same period sales in this region represented 61.1%
of total sales compared with 64.0% a year earlier. Sales generated in
the Other European countries reached EUR 106.1 million, up 13.7%
year-on-year. Over the same period, sales in this region represented
22.9% of total sales, against 21.7% a year earlier. Sales generated in
the Rest of the World reached EUR 74.1 million, up 20.1% year-on-year,
driven notably by strong sales of Somatuline(R) in the Middle East and
Australia, good performance of Dysport(R) in Brazil and of Smecta(R)
in China. Over the same period, sales in this region represented 16.0%
of total sales, against 14.3% a year earlier.

2007 outlook

The Group is pleased with its first half 2007 sales performance,
and remains confident in its perspectives despite increased
competition expected in the second half of 2007, notably in the area
of cognitive disorders in France. Therefore, the Group retains its
objective to grow its sales for the full year 2007 by 6.5% to 7.5%
after taking into account the 10% price decrease implemented on 1 July
2007 on Tanakan(R) in France. Its former objective, announced on 19
March 2007, did not include this price cut. Moreover, the Group
reiterates its objective to grow its total revenues by 4.0 to 5.0%
year-on-year.

The Group will update its operating margin objective when it
releases its first half results on 29 August 2007.

These objectives were prepared without taking into account
external growth assumptions, which may alter this outlook. These
objectives are based on data and assumptions regarded as reasonable by
the Group. These objectives depend on conditions or facts likely to
happen in the future, and not exclusively on historical data. Actual
results may differ significantly from these objectives given the
occurrence of certain risks and uncertainties. The Group does not
commit nor gives any guarantee that it will meet the objectives
mentioned above.

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 4,000. The company's development strategy is
based on a combination of products in specialist care areas (oncology,
endocrinology and neuromuscular disorders) which are growth drivers,
and primary care products which contribute significantly to its
research financing. This strategy is also supported by an active
policy of partnerships. The location of its four Research and
Development centres (Paris, Boston, Barcelona, London) gives the Group
a competitive edge in gaining access to leading university research
teams and highly qualified personnel. In 2006, R&D expenditure was EUR
178.3 million, i.e. 20.7% of consolidated sales, which amounted to EUR
861.7 million while total revenues amounted to EUR 945.3 million (in
IFRS). 700 people in R&D are dedicated to the discovery and
development of innovative drugs for patient care. Ipsen's shares are
traded on Segment A of Eurolist by Euronext(TM) (stock code: IPN, ISIN
code: FR0010259150). Ipsen's shares are eligible to the "Systeme a
Reglement Differe" ("SRD") and the Group is part of the SBF 250 index.
For more information on Ipsen, visit our website at www.ipsen.com.

Forward-looking statements

The forward-looking statements and targets contained herein are
based on Ipsen's management's 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. 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
information documents filed with the French Autorite des marches
financiers.

APPENDIX

Risk factors

The Group carries on 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 Ipsen's 2006 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.

-- A number of products that the Group is developing are still at
the very first stages of development and the Group cannot be
certain that these products will be approved by the competent
regulatory authorities and that they will be successfully
marketed.

-- 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'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
from (i) generic products, (ii) products which, although they
are not strictly identical to the Group's products or which
have not demonstrated their bioequivalence, 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(R) 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.

Major developments in the period under review

During the second quarter 2007, the major developments included:

-- On 10 May 2007, Ipsen announced the launch of Adrovance(TM), a
new treatment of postmenopausal osteoporosis in patients at
risk of vitamin D deficiency following the publication of its
inscription on the list of reimbursable drugs in the French
Journal Officiel.

-- On 25 May 2007, Ipsen announced that the Committee for
Medicinal Products for Human Use (CHMP) of the European
Medicines Agency (EMEA) adopted a positive opinion
recommending marketing authorization for Increlex(R)
(mecasermin) 10 mg/ml solution for injection.

-- On 6 June 2007, Ipsen held its Annual Shareholders' Meeting,
chaired by Jean-Luc Belingard, Chairman of the Board and Chief
Executive Officer, in the presence of the Board of Directors
and the Group's management. All resolutions submitted to the
Shareholders' Meeting were approved, including the
distribution of a dividend of EUR 0.60 per share, paid on the
same day.

-- On 11 June 2007, Ipsen announced that the preliminary data
from the ongoing phase III study for its investigational
4-month formulation of triptorelin did not support the
expected sustainable blood levels of triptorelin for a
duration of 4 months in all patients. Therefore, Ipsen has
decided not to perform the second administration as planned in
the protocol.

-- On 27 June 2007, Ipsen announced that it had executed a
license agreement with PregLem SA, a biopharmaceutical company
specialising in the treatment of benign gynaecological
conditions and infertility under which Ipsen grants to PregLem
worldwide development and commercialisation rights to a
selected range of compounds in a number of specific potential
indications in the field of reproductive medicine only.

-- In the United States, a recently completed placebo controlled
pivotal phase III study performed in 120 patients (study
"051") in the indication Cervical Dystonia demonstrated a
positive clinical outcome in patients treated for Cervical
Dystonia and has met its primary endpoint. This is the second
positive pivotal study for Dysport(R) in patients with
Cervical Dystonia, and Ipsen is currently preparing for the
FDA filing of a marketing authorization application. In
Europe, a Phase II dose finding trial was performed in 381
European patients presenting a specific back pain called
"upper back myofascial pain" in double blind, randomized and
placebo controlled conditions. Dysport(R) was very well
tolerated in this trial up to and including the highest tested
dose, but the efficacy results were not conclusive globally.
By contrast to the overall results, very consistent and
significant efficacy results were observed on a limited number
of patients in one center. This could lead the Group to
believe that the choice of patients with a high number of
"trigger points", the limited use of analgesics as concomitant
medications and the techniques of injection could influence
outcomes. Ipsen is currently reviewing these results in order
to decide on possible next steps in this indication.

European governments continued to introduce in 2006 various
measures to reduce public healthcare spending, impacting the Group's
sales and earnings in the first half 2007 and beyond:

-- In France, the price of Ginkor Fort(R), which generated sales
of EUR 38.2 million in France in 2006, was cut by 15% in
February 2006. On 25 January 2006 the French Authorities
published their decision to lower the reimbursement rate of
Ginkor Fort(R) from 35% to 15% from 1 February 2006 to 31
December 2007, and to remove it from the list of reimbursable
drugs on 1 January 2008.

-- The price of NutropinAq(R) was also reduced in France by 7% on
1 August 2006 following a decision of the Economic Committee
for Health Products (CEPS).

-- The French authorities have also announced a reimbursement
rate cut - to 35% from 65% - along with a 7% price reduction
on Pfizer's Artotec(R), the promotion of which is carried out
by Ipsen since 2006. These measures have been implemented on 1
January 2007.

-- In Italy, following the repeal in October 2005 of the 6.8%
discount on drug sales enacted in June 2004, a new 4.4% price
discount (applicable on all reimbursed products) was
implemented on 16 January 2006. An additional discount of
1.0%, granted to wholesalers by the laboratories is also
applied. Furthermore, the government announced an additional
0.6% reduction in drug prices (effective as of 1 July 2006),
followed by a second 5.0% reduction effective as of 1 October
2006.

Other measures were enforced during the first half 2007 to reduce
healthcare spending, thus impacting Ipsen's future sales and earnings:

-- On 26 October, 2006, the Minister of Health and Solidarities
in France decided to maintain the class of vasodilators, among
which Tanakan(R), on the list of reimbursable drugs and to
keep their reimbursement rate by the French Social Security at
35%. Furthermore, the Minister had asked the Comite Economique
des Produits de Sante to implement a price cut of up to 20% to
these drugs by the end of January 2007. On 15 June, 2007, a
10% price cut on Tanakan(R) in France as of 1 July 2007 was
published in the Journal Officiel.

Comparison of consolidated sales for the second quarters and first
halves of 2007 and 2006:

Sales by geographical region

Group sales by geographical region for the second quarters and
first halves 2007 and 2006 were as follows:

-0-
*T
2nd quarter 6 months

(in thousand
euros) 2007 2006 % change 2007 2006 % change

France 92,801 87,018 6.6% 177,594 176,042 0.9%
Spain 14,080 13,206 6.6% 28,089 27,108 3.6%
Italy 15,557 18,253 (14.8%) 34,115 35,034 (2.6%)
Germany 11,432 9,797 16.7% 23,118 21,336 8.4%
United Kingdom 10,325 8,371 23.3% 20,106 16,125 24.7%
Major Western
European countries 144,195 136,645 5.5% 283,022 275,645 2.7%

Other European
countries 53,433 48,436 10.3% 106,090 93,324 13.7%

Asia 20,250 17,343 16.8% 41,116 35,118 17.1%
Other countries in
the rest of the
world 18,593 16,372 13.6% 32,936 26,520 24.2%
Rest of the world 38,843 33,715 15.2% 74,052 61,638 20.1%

Group Sales 236,471 218,796 8.1% 463,164 430,607 7.6%
*T

For the second quarter 2007, sales generated in the Major Western
European countries amounted to EUR 144.2 million, up 5.5% year-on-year
(second quarter 2006, EUR 136.7 million). For the first half 2007,
sales in the Major Western European countries amounted to EUR 283.0
million, up 2.7% year-on-year, driven by robust growth of
Decapeptyl(R) in Germany and of Dysport(R) and Decapeptyl(R) in the
United Kingdom, partially offset by negative price impacts in Italy
and in France. Sales in this region represented 61.1% of total sales
compared with 64.0% a year earlier.

France - For the second quarter 2007, sales reached EUR 92.8
million, up 6.6% year-on-year (second quarter 2006, EUR 87.0 million),
benefiting from the launch of Adrovance(TM) in April 2007 and
satisfactory performance of Dysport(R), Somatuline(R), Nisis(R) &
Nisisco(R), Forlax(R) and Smecta(R). For the first half 2007, solid
sales growth of Specialist Care products were offset by decreasing
sales of Tanakan(R), down 5.2 points year-on-year and by negative
price impact on Ginkor Fort(R) further to price cut enforced in March
2006. The weight of France in the Group's consolidated sales continued
to decline, representing 38.3% of total Group sales against 40.9% a
year earlier.

Spain - For the second quarter 2007, sales reached EUR 14.1
million, up 6.6% year-on-year (second quarter 2006, EUR 13.2 million),
fuelled by strong growth of Somatuline(R) and NutropinAq(R). For the
first half 2007, sales grew by 3.6% year-on-year thanks to a double
digit volume growth of Somatuline(R) and NutropinAq(R), despite a
decrease in sales of Decapeptyl(R), down 2.6% year-on-year.

Italy -- For the second quarter 2007, sales reached EUR 15.6
million, down 14.8% year-on-year (second quarter 2006, EUR 18.3
million), due to negative price impacts reaching EUR 1.8 million
during the period, combination of the mandatory 5 % price cut
implemented in October 2006 and of price erosions linked to higher
hospital distribution, affecting mainly the sales of Decapeptyl(R) and
NutropinAq(R). For the first half 2007, sales decreased by 2.6%
year-on-year, with price pressure negatively impacting sales growth by
10.6 points.

Germany -- For the second quarter 2007, sales reached EUR 11.4
million, up 16.7% year-on-year (second quarter 2006, EUR 9.8 million),
with all products performing well. For the first half 2007, sales
amounted to EUR 23.1 million, up by 8.4% year-on-year. The good
performances of Decapeptyl(R) and NutropinAq(R) were partially offset
by a lower growth of Dysport(R), from an exceptional high baseline in
the first half of 2006 when wholesalers built stocks in anticipation
of a change in the legislation modifying previous favourable
commercial terms.

United Kingdom -- For the second quarter 2007, sales reached EUR
10.3 million, up 23.3% year-on-year (second quarter 2006, EUR 8.4
million), driven by strong double digit growth of all products. For
the first half 2007, sales in the United Kingdom were up 24.7%
year-on-year, driven notably by a strong growth of Decapeptyl(R), with
sales more than doubling year-on-year.

-- For the second quarter 2007, sales generated in the Other
European countries reached EUR 53.4 million, up 10.3%
year-on-year (second quarter 2006, EUR 48.4 million). For the
first half 2007, sales generated in the Other European
countries reached EUR 106.1 million, up 13.7% year-on-year
(first half 2006, EUR 93.3 million). Over the same period,
sales in this region represented 22.9% of total consolidated
Group sales, against 21.7% a year earlier.

-- For the second quarter 2007, sales generated in the Rest of
the World reached EUR 38.9 million, up 15.2% year-on-year
(second quarter 2006, EUR 33.7 million). For the first half
2007, sales generated in the Rest of the World reached EUR
74.1 million, up 20.1% year-on-year (first half 2006, EUR 61.6
million), driven notably by a good performance of Dysport(R)
in Brazil and of Smecta(R) in China. Over the same period,
sales in this region represented 16.0% of total consolidated
Group sales, against 14.3% a year earlier.

Sales by therapeutic area and by product

The following table shows sales by product, regrouped by
therapeutic area for the second quarters and first halves 2007 and
2006:

-0-
*T
2nd quarter

(in thousand
euros) 2007 2006 % change

Oncology 57,057 58,038 (1.7%)
of which Decapeptyl(R)
(1) 57,051 58,010 (1.7%)
Endocrinology 32,006 27,404 16.8%
of which Somatuline(R)
(1) 25,608 23,722 8.0%
NutropinAq(R)
(1) 5,795 3,325 74.3%
Neuromuscular disorders 35,048 28,907 21.2%
of which Dysport(R)
(1) 35,048 28,907 21.2%
------------------- ------------- --------- --------- ----------
Specialist care 124,111 114,349 8.5%
=================== ============= ========= ========= ==========

Gastroenterology 44,214 38,812 13.9%
of which Smecta(R) 22,156 19,551 13.3%
Forlax(R) 13,420 11,463 17.1%
Cognitive
disorders 33,092 32,652 1.3%
of which Tanakan(R) 33,092 32,652 1.3%
Cardiovascular 25,938 24,733 4.9%
of which Nisis(R) &
Nisisco(R) 13,205 11,919 10.8%
Ginkor
Fort(R) 11,772 11,041 6.6%
Other Primary Care products 1,902 918 107.2%
of which Adrovance(TM) 1,184 0.0%
------------------- ------------- --------- --------- ----------
Primary care 105,146 97,115 8.3%
=================== ============= ========= ========= ==========

Total Drug sales 229,257 211,464 8.4%
Drug-related sales 7,214 7,332 (1.6%)
Group Sales 236,471 218,796 8.1%
(1) Peptide- or protein-based
products

6 months

(in thousand
euros) 2007 2006 % change

Oncology 118,202 113,584 4.1%
of which Decapeptyl(R)
(1) 118,186 113,526 4.1%
Endocrinology 63,527 52,356 21.3%
of which Somatuline(R)
(1) 50,824 45,482 11.7%
NutropinAq(R)
(1) 11,537 6,251 84.6%
Neuromuscular disorders 63,567 55,820 13.9%
of which Dysport(R)
(1) 63,567 55,820 13.9%
------------------- ------------- --------- --------- ----------
Specialist care 245,296 221,760 10.6%
=================== ============= ========= ========= ==========

Gastroenterology 86,751 79,156 9.6%
of which Smecta(R) 45,019 40,805 10.3%
Forlax(R) 25,317 23,046 9.9%
Cognitive
disorders 64,115 64,508 (0.6%)
of which Tanakan(R) 64,115 64,508 (0.6%)
Cardiovascular 48,171 48,557 (0.8%)
of which Nisis(R) &
Nisisco(R) 25,006 22,938 9.0%
Ginkor
Fort(R) 20,170 22,419 (10.0%)
Other Primary Care products 2,872 2,242 28.1%
of which Adrovance(TM) 1,184 0.0%
------------------- ------------- --------- --------- ----------
Primary care 201,910 194,463 3.8%
=================== ============= ========= ========= ==========

Total Drug sales 447,206 416,223 7.4%
Drug-related sales 15,958 14,384 10.9%
Group Sales 463,164 430,607 7.6%
(1) Peptide- or protein-based
products
*T

Note: From January 1, 2007, the Group reports its former "Other
Drugs" sales in the Primary care sales in order to improve
readability. This change has no impact on overall Group sales. "Other
drugs" sales amounted to EUR 1.9 million for the second quarter 2007
compared with EUR 0.9 million a year ago. 2006 numbers are presented
accordingly.

For the second quarter 2007, sales of specialist care products
reached EUR 124.1 million, up 8.5% year-on-year (second quarter 2006,
EUR 114.4 million), representing 52.5% of the Group's consolidated
sales, against 52.3% a year earlier. For the first half 2007, sales of
specialist products reached EUR 245.3 million, up 10.6% year-on-year
(first half 2006, EUR 221.8 million), representing 53.0% of the
Group's consolidated sales, against 51.5% a year earlier. This
performance was driven by strong momentum in endocrinology and
neuromuscular disorders.

-- Within the oncology franchise, Decapeptyl(R) sales reached EUR
57.0 million for the second quarter 2007, down 1.7%
year-on-year (second quarter 2006, EUR 58.0 million) mainly
due to negative price impacts in Italy and Poland,
representing 3.1 points of sales growth and offsetting the
good performances observed in Germany, the United Kingdom and
Central Europe. For the first half 2007, sales of
Decapeptyl(R) were up 4.1%, driven by strong sales in the
Middle East, Germany, China and Central Europe despite the
negative price impacts described above.

-- In endocrinology, sales reached EUR 32.0 million for the
second quarter 2007, up 16.8% year-on-year (second quarter
2006, EUR 27.4 million). NutropinAq(R) continued to show a
good performance in its fourth year of commercialization, with
sales representing 18.1% of total endocrinology sales in the
second quarter, against 12.1% a year earlier.

Somatuline(R) -- For the second quarter 2007, sales reached EUR
25.6 million, up 8.0% year-on-year (second quarter 2006, EUR 23.7
million). For the first half 2007, Somatuline(R) sales amounted for
EUR 50.8 million, up 11.7% year-on-year continuing on its robust
trend.

NutropinAq(R) -- For the second quarter 2007, sales reached EUR
5.8 million, up 74.3% year-on-year (second quarter 2006, EUR 3.3
million), driven by strong performance in all markets where the
product is marketed and despite significant negative price pressure in
Italy. For the first half 2007, sales of NutropinAq(R) amounted for
EUR 11.5 million, up 84.6% year-on-year.

-- Within the neuromuscular disorders franchise, Dysport(R) sales
reached EUR 35.0 million, up 21.2% year-on-year (second
quarter 2006, EUR 28.9 million), driven mainly by continued
double-digit growth in Central and Eastern Europe, the United
Kingdom and Germany. For the first half 2007, Dysport(R) sales
amounted to EUR 63.6 million, up 13.9% year-on-year.

For the second quarter 2007, sales of Primary Care products
reached EUR 105.2 million, up 8.3% year-on-year (second quarter 2006,
EUR 97.1 million) despite the impact of Ginkor Fort(R) in France.
Excluding Ginkor Fort(R), sales of primary care products reached EUR
93.4 million, up 8.5% year-on-year (second quarter 2006, EUR 86.1
million), sustained by robust sales outside of the Major Western
European countries, notably for gastroenterology products, and by the
launch of Adrovance(TM) in France.

-- In gastroenterology, sales reached EUR 44.2 million, up 13.9%
year-on-year (second quarter 2006, EUR 38.8 million).

Smecta(R) -- For the second quarter 2007, sales reached EUR 22.2
million, up 13.3% year-on-year (second quarter 2006, EUR 19.6
million), due to strong sales in Central Europe, in China and, to a
lesser extent in France. For the first half 2007, sales of Smecta(R)
amounted to EUR 45.0 million, up 10.3% year-on-year driven by strong
sales in China, Central and Western Europe. Sales of Smecta(R) outside
of France reached 72.0% in the first half of 2007, compared with 68.8%
a year ago.

Forlax(R) -- For the second quarter 2007, sales reached EUR 13.4
million, up 17.1% year-on-year (second quarter 2006, EUR 11.5
million). Sales of Forlax(R) in France (representing 74.4% of total
Forlax(R) sales), were up 9.9% whereas in other markets, sales were up
44.3% year-on-year. For the first half 2007, sales of Forlax(R)
amounted to EUR 25.3 million, up 9.9% year-on-year.

-- Within the cognitive disorders area, sales of Tanakan(R) for
the second quarter of 2007 reached EUR 33.1 million, up 1.3%
year-on-year (second quarter 2006, EUR 32.7 million). Strong
growth in Algeria, Vietnam, Russia, Romania and China were
almost fully offset by the sales decrease in France, which
represented 68.3% of total Tanakan(R) sales in the second
quarter 2007 compared with 69.6% a year earlier. For the first
half 2007, sales of Tanakan(R) amounted to EUR 64.1 million
down 0.6% mainly due to decreasing volumes in France.

-- In the cardiovascular area, sales in the second quarter of
2007 amounted to EUR 25.9 million, up 4.9% year-on-year
(second quarter 2006, EUR 24.7 million). For the first six
months of 2007, sales reached EUR 48.2 million, down 0.8%
year-on-year.

Nisis(R) and Nisisco(R) -- For the second quarter 2007, sales
reached EUR 13.2 million, up 10.8% year-on-year (second quarter 2006,
EUR 11.9 million). For the first half 2007, sales reached EUR 25.0
million, up 9.0% year-on-year. Nisis(R) and Nisisco(R) continued to
show a sound performance and to gain market share despite a high
competitive pressure.

Ginkor Fort(R) -- For the second quarter 2007, sales amounted to
EUR 11.8 million, up 6.6% year-on-year (second quarter 2006, EUR 11.0
million). The product benefited from an active communication campaign
at pharmacist level ahead of its removal from the list of reimbursed
products in France in January 2008. For the first half 2007, sales
decreased by 10.0% year on year, down to EUR 20.2 million despite a
stronger performance in the second quarter.

-- Other primary care products sales reached EUR 1.9 million for
the second quarter 2007, against EUR 0.9 million a year
earlier, thanks to the launch in April 2007 in France of
Adrovance(TM), which generated sales of EUR 1.2 million. For
the first half 2007, sales of other primary care products
reached EUR 2.9 million, up 28.1% year-on-year.

For the second quarter 2007, drug-related sales (active
ingredients and raw materials) were down 1.6% to EUR 7.2 million,
notably due to a decrease in sales of active ingredients in South
Korea. For the first half 2007, drug related sales amounted to EUR
16.0 million, up 10.9% year-on-year compared with a low first half
2006. This growth was mainly driven by stronger sales in Switzerland
and South Korea despite a slowdown in Germany and Egypt.