Advicenne: first half-year profit in its history, driven by non-recurring items
Advicenne posted a positive net result of 4.61 million euros in the first half of 2026, compared to a loss of 4.96 million euros a year earlier. According to its CEO Didier Laurens, this is a positive net result "for the first time in Advicenne's history".
However, according to the company, this turnaround is based on non-recurring items related to the conclusion of price agreements for Sibnayal and Likozam in France. Current operations remain in deficit, at -1.61 million euros, compared to -1.91 million euros in the first half of 2025.
The company is also undergoing a safeguard procedure opened on May 5, 2026, with cash reserves of 1.55 million euros as of June 30.
Operating income up 13%, current loss of 1.61 million euros
Total revenue stood at 2.92 million euros for the half-year, up 5% compared to the first six months of 2025. In France, Sibnayal volumes increased by 41% and Likozam volumes by 13%, a dynamic partly offset by the Sibnayal price reduction granted following the early access exit.
Partnership revenues rose from 0.37 million euros to 0.54 million euros, representing a 45% increase in royalties paid by distributors. Sibnayal revenue in its final markets in Europe and the Middle East reached 6.6 million euros, up 27%. In total, ordinary activity income increased by more than 13%, to 3.70 million euros.
Current operating expenses rose from 5.17 million euros to 5.31 million euros. The cost of goods sold increased from 1.51 million euros to 2.01 million euros, linked to inventory build-up. R&D expenses (1.87 million euros compared to 2.02 million euros), marketing and commercial expenses (0.23 million euros compared to 0.32 million euros) and administrative expenses (1.20 million euros compared to 1.32 million euros) declined.
Net result supported by 7.1 million euros in non-recurring income
The shift from a current operating result of -1.61 million euros to an operating result of 5.49 million euros is explained by two lines. The "pharmaceutical taxes" line came out positive at 5.99 million euros, compared to a charge of 2.26 million euros a year earlier, due to the offset of Likozam early access rebates following the price agreement concluded in May 2026.
This is supplemented by 1.11 million euros in impairments and other non-recurring items, which include the reversal of a 1.3 million euro provision set up since the implementation of the Likozam early access program in 2017.
The financial result stood at -0.87 million euros, compared to -0.68 million euros, due to the increase in royalty rates and interest provided for by the debt restructuring agreements concluded in July 2025. As a reminder, the company had published on March 26, 2026 a net loss of 9.53 million euros for the 2025 financial year.
On the balance sheet, net debt fell by nearly 6.0 million euros, to 25.5 million euros, through offset of debts related to early access in France. Closing cash reached 1.55 million euros, compared to 0.52 million euros on June 30, 2025.
Safeguard procedure, withdrawal of US application and reimbursement in Spain
In June 2026, Advicenne concluded bond financing that could reach 3.8 million euros in nominal value, with an initial net payment of 1.4 million euros. During the half-year publication, the company indicated it had financial visibility until the second quarter of 2027, covering the observation period of the safeguard procedure. On October 12, 2026, it announced having received the final tranche of this financing, amounting to 1 million euros net, and pushed back its financing horizon to 2028.
After the close, the company withdrew in August 2026 its request for registration of ADV7103 in the United States. It justified this decision by the need for additional work in the CMC (chemistry, manufacturing and controls) field, which could not be finalized within the timeframe of the ongoing evaluation. Advicenne indicated it was continuing discussions with potential partners. In Spain, Sibnayal is now reimbursed.
For the second half of 2026, management expects "still sustained" growth in sales in Europe and the Middle East and a "significant reduction" in operating expenses. The observation period of the safeguard procedure runs until November 5, 2026 and can be extended until May 6, 2027.
