Genfit (GNFT) Q2 2026 earnings summary

Executive summary

• Achieved strong commercial performance for IqirvoⓇ (elafibranor) in PBC, with first-year net sales of $208M and a €20M milestone payment received one year ahead of plan.

• Ipsen increased estimated peak annual sales for IqirvoⓇ in PBC from €500M to €1B, reflecting robust market uptake and momentum.

• Medicare reimbursement for NASHnextⓇ, a MASH diagnostic, became effective in August 2026, supporting broader adoption and future diagnostic revenue.

• Cash and cash equivalents reached €113.8M as of June 30, 2026, expected to fund operations beyond 2028.

• Advanced R&D pipeline with three clinical-stage assets (nitazoxanide, nangibotide, GNS561), all progressing to Phase 2 in 2H26, with readouts expected in 2027.

Financial highlights

• Revenue and other income for H1 2026 totaled €25.0M, down from €35.7M in H1 2025, mainly due to lower milestone revenue.

• Royalty revenue increased to €21.0M (H1 2026) from €6.9M (H1 2025), while milestone revenue dropped to zero from €26.6M.

• Net loss widened to €26.1M in H1 2026 from €10.0M in H1 2025, driven by higher fair value adjustments on royalty financing.

• Cash and cash equivalents rose to €113.8M as of June 30, 2026, from €101.1M at year-end 2025.

• Operating expenses decreased to €33.8M in H1 2026 from €35.6M in H1 2025.

Outlook and guidance

• Existing cash and equivalents expected to fund operations beyond 2028, assuming continued milestone and royalty inflows.

• Focus remains on advancing three Phase 2 clinical trials (nangibotide, nitazoxanide, GNS561) and expanding NIST diagnostic adoption.

• Anticipates further milestone and royalty payments from Ipsen as IqirvoⓇ sales grow and new indications progress.

• Broader reimbursement and IVD launch for NIS™ technology could accelerate adoption and revenue growth.

• Phase 2 clinical trial readouts for nangibotide, nitazoxanide, and GNS561 expected in 2027.