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 Ipsen for Iqirvo®'s US launch.

• Cash and cash equivalents stood at €81.8 million at year-end 2024, with a transformative €185 million royalty financing agreement closed in early 2025, extending cash runway beyond 2027.

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

• Advanced pipeline in ACLF with five dedicated programs, leveraging real-world data and machine learning to refine patient targeting and trial design.

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 in 2024, compared to a €26.6 million loss in 2023.

• Net profit of €1.5 million in 2024, versus a €28.9 million net loss in 2023; EPS improved to €0.03 from -€0.58.

• Cash position increased to €81.8 million at year-end 2024, up from €77.8 million in 2023.

• Operating expenses rose slightly to €67.7 million, reflecting increased R&D and administrative costs.

Outlook and guidance

• Key clinical data readouts for ACLF programs expected by year-end 2025, including VS-01 Phase 2 and G1090N proof-of-concept studies.

• Additional milestone revenue anticipated in 2025, including €26.55 million pending further Iqirvo® pricing/reimbursement approvals.

• Pipeline expansion in ACLF and other indications, with several first-in-human trials targeted for 2026–2027.