Genfit (GNFT) Q4 2025 earnings summary

Executive summary

• Achieved €65.4 million in 2025 revenue, including €43.6 million in milestones and €21.8 million in royalties from Ipsen, driven by strong Iqirvo® sales in PBC.

• Cash and cash equivalents reached €101.1 million at year-end 2025, with a projected cash runway beyond 2028.

• Net loss for 2025 was €86.0 million, primarily due to one-time non-cash charges and financial expenses related to royalty financing.

• B Corp certification achieved, highlighting ESG commitment.

Financial highlights

• Royalty revenue from Ipsen’s Iqirvo® in PBC exceeded expectations, with full-year net sales of $208 million, triggering a $20 million milestone payment one year ahead of schedule.

• Operating expenses rose to €124.7 million, mainly due to a €46.2 million impairment from discontinuing the VS-01 ACLF program and increased R&D costs.

• Operating loss was €53.6 million; excluding one-time non-cash costs, operating loss was €4.5 million.

• Financial loss of €32.9 million, driven by accelerated recognition of royalty financing expenses.

• Cash position improved to €101.1 million from €81.8 million year-over-year.

Outlook and guidance

• Expectation of increased royalty stream from PBC and acceleration in MASH diagnostics sales in 2026.

• Additional Phase 1 data in CCA and Phase 2 initiations in CCA and ACLF targeted for 2H26, with data expected in 2027.

• Ipsen-led Phase 3 study in PSC initiated in February 2026.

• Cash runway projected beyond 2028, assuming continued milestone receipts and royalty financing drawdowns.