GENFIT: Revenue of €65M in 2025, but Net Loss Widens to €86M
GENFIT recorded a revenue of €65.4 million in 2025, boosted by royalties from Iqirvo (€21.8 million) and two milestone payments (€43.6 million) linked to the commercial success of Ipsen's flagship product in primary biliary cholangitis. However, the biotech's net loss deepened to €86.0 million from a net gain of €1.5 million in 2024, revealing significantly higher operational expenses and considerable financial costs.
Revenue Breakdown for 2025
GENFIT's entire 2025 revenue stemmed from its strategic agreement with Ipsen signed in December 2021. Royalty income amounted to €21.8 million, exceeding initial forecasts. Two major milestone payments supplemented this total: €26.55 million in July 2025 following the approval of pricing and reimbursement of Iqirvo in Italy (the third major European country to grant this authorization, after the UK and Germany) and €17.0 million ($20.0 million) following the achievement of $200 million in net sales of Iqirvo during the first full year of the product’s commercialization. These contractual revenues remain closely tied to the performance of a single partner and depend on commercial milestones outside GENFIT’s direct control.
Surge in Operating Expenses
GENFIT's operating expenses jumped from €67.7 million in 2024 to €124.7 million in 2025, an increase of 84%. This surge reflects increased research and development efforts dedicated to the ACLF franchise (acute decompensation on cirrhosis), including the VS-01, NTZ/G1090N, SRT-015, CLM-022, and VS-02 HE programs, as well as the GNS561 program in cholangiocarcinoma. The consolidated operating loss was €53.6 million, worsening from an operating gain of €3.3 million in 2024. Excluding non-recurring expenses of €49.1 million (related to the discontinuation of the VS-01 ACLF trial) with no cash impact, the operating loss would be reduced to €4.5 million. The financial result also deteriorated, with a loss of €32.9 million in 2025 compared to €1.4 million in 2024, largely attributed to an increased fair value assessment of the liability related to Royalty Financing by €28.8 million, reflecting better-than-anticipated royalty forecasts and thus generating an additional €13.3 million in financial expenses.
Cash and Cash Equivalents
Cash and cash equivalents stood at €101.1 million as of December 31, 2025, up by €19.3 million from December 31, 2024 (€81.8 million). GENFIT also relies on the non-dilutive financing agreement signed in March 2025 with HCRx to significantly extend its cash horizon beyond the end of 2028. In January 2026, the company received the second installment of the Royalty Financing for €30.0 million. GENFIT estimates that its cash will cover its operational and capital expenditures beyond the end of 2028. This projection, however, assumes the receipt of future significant milestone payments under the Ipsen agreement and that the partner achieves the expected sales thresholds, as well as the potential exercise of a third and final option for draws under the Royalty Financing. The outlook for 2026 is based on a confirmation of Iqirvo's performance in PBC, the expected acceleration of diagnostic activity in MASH, and the production of complete phase 1b trial results in oncology scheduled for summer 2026, along with the initiation of phase 2 studies for GNS561 and NTZ/G1090N in the second half of 2026.
