Advicenne returns to profitability in the first half with net income of €4.6 million
Advicenne published its first-half accounts on September 17, 2026, marked by a positive net result of €4.6 million, compared with a loss of €4.96 million a year earlier.
This turnaround is essentially due to non-recurring items related to the conclusion of pricing agreements for Sibnayal and Likozam in France, which also made it possible to reduce the group's debt.
Sales up and net result returned to positive
Product sales reached €2.92 million in the first half of 2026, up 5% compared to the same period in 2025. In France, Sibnayal and Likozam volumes increased by 41% and 13% respectively, driven by improved patient access to these treatments.
On the European and Middle Eastern end market, Sibnayal sales reached €6.6 million, up 27% year-on-year, while royalties received increased by 45% to €0.54 million. Total revenues from ordinary activities came to €3.70 million, up 13% year-on-year.
Half-year net result stands at €4.61 million, compared with a loss of €4.96 million a year earlier. Earnings per share came to €0.32, compared with -€0.40 in the first half of 2025.
A turnaround driven by non-recurring items
Current operating loss narrowed to €1.61 million, compared with €1.91 million a year earlier, due to revenue growth and a slight decrease in R&D expenses related to the ADV7103 project in the United States. Cost of sales increased, in connection with inventory buildup to support the increase in volumes.
Operating result stands at €5.49 million. It benefits from two main factors: the reversal of a provision of €1.3 million established when launching the Likozam early access program in 2017, and compensation for Likozam early access discounts following the pricing agreement concluded in May 2026.
Net debt was reduced by nearly €6.0 million, to €25.5 million, following the offset of early access debts in France as part of the pricing agreement for Likozam and Sibnayal. Net result also includes financial charges of €0.87 million, compared with €0.68 million in the first half of 2025.
Financial visibility extended to the second quarter of 2027 under safeguard procedure
At June 30, 2026, Advicenne had cash of €1.55 million. Following a bond financing with a nominal value of up to €3.8 million, concluded in June 2026, and the immediate collection of €1.4 million in net proceeds, the group indicates that it has financial visibility extending to the second quarter of 2027.
The company opened a safeguard procedure on May 5, 2026 to restructure all of its debt. The observation period runs until November 5, 2026 and may be extended until May 6, 2027.
Among post-closing events, the company withdrew its application for marketing authorization for ADV7103 in the United States in August 2026, due to additional work required in chemistry, manufacturing and controls, and is continuing discussions with potential partners. Sibnayal also obtained its reimbursement in Spain. For the second half of 2026, Advicenne anticipates continued sales growth in Europe and the Middle East as well as a reduction in operating expenses, with the observation period deadline expected in November.
