Genfit (GNFT) Q3 2024 earnings summary

Executive summary

• Reported €59.7 million in revenue for the first nine months of 2024, driven by a €48.7 million milestone from Ipsen after the first U.S. sale of Iqirvo (elafibranor) for PBC.

• Cash and cash equivalents reached €96.0 million as of September 30, 2024, up from €61.6 million at June 30, 2024.

• Revenue growth primarily reflects collaboration and licensing agreements with Ipsen, including royalties and deferred income recognition.

Financial highlights

• Cash position increased to €96.0 million at September 30, 2024, compared to €77.8 million at December 31, 2023.

• Revenue for the first nine months of 2024 was €59.7 million, up from €14.3 million for the same period in 2023.

• €48.7 million of revenue was a milestone payment from Ipsen; €0.9 million from royalties on U.S. Iqirvo sales.

• €9.3 million recognized as partial deferred income under IFRS 15; €0.8 million from transition services to Ipsen.

Outlook and guidance

• Existing cash and cash equivalents expected to fund operations and capital expenditures until at least the start of Q4 2025, based on current assumptions.

• Future milestone payments from Ipsen possible, contingent on further development and commercial milestones for elafibranor.