Genfit (GNFT) Q4 2024 earnings summary

Executive summary

• Achieved net profit of €1.5 million for 2024, reversing a €28.9 million loss in 2023, driven by €67.0 million in revenue, including a €48.7 million milestone from IqirvoⓇ's US launch.

• IqirvoⓇ (elafibranor) received regulatory approvals and was commercially launched in the US and Europe for PBC, with accelerating sales reported by Ipsen.

• Major progress in ACLF pipeline, with five dedicated programs and new real-world data initiatives supporting future clinical development.

• Strengthened financial position through €185 million non-dilutive royalty financing and repurchase of 99% of convertible debt.

• Cash and cash equivalents stood at €81.8 million at year-end 2024, up from €77.8 million a year earlier.

Financial highlights

• Revenue and other income rose to €70.9 million in 2024 from €38.2 million in 2023, mainly due to milestone and royalty payments from Ipsen.

• Operating income reached €3.3 million, compared to a €26.6 million operating loss in 2023.

• Net profit was €1.5 million, or €0.03 per share, versus a €28.9 million loss, or €(0.58) per share, in 2023.

• Operating expenses increased slightly to €67.7 million, reflecting higher R&D and G&A costs.

• Cash used in operations turned positive in 2024, with €15.5 million net inflow versus €55.4 million outflow in 2023.

Outlook and guidance

• Cash runway extended beyond end of 2027, assuming receipt of future milestones and full drawdown of royalty financing.

• Key clinical data readouts for VS-01 (ACLF) and GNS561 (CCA) expected in the second half of 2025.

• Multiple ACLF programs advancing, with several first-in-human trials targeted for 2026–2027.

• Anticipates additional milestone revenue in 2025, including €26.55 million pending further IqirvoⓇ pricing/reimbursement approvals.