Advicenne: Revenue Up 170% in H1 2026 Following the End of AAP Discounts
Advicenne reported a net revenue of €2.7 million in the first half of 2026, up from €1.03 million a year earlier, marking a 170% increase. This growth primarily reflects the elimination of early access discounts, which had impacted the revenue by €1.6 million in the first half of 2025. In France, the sales volumes of Sibnayal and Likozam have increased by 41% and 13% respectively since their reimbursement approval.
Elimination of AAP Discounts Strongly Supports Reported Growth
Advicenne's net revenue reached €2.7 million in the first half of 2026, compared to €1.03 million in the first half of 2025. The €1.67 million difference between the two periods is primarily due to the end of discounts related to the early access scheme, which amounted to €1.6 million in the first half of 2025 and had no impact in 2026. By arithmetically reintegrating these discounts into the net revenue reported in 2025, the base amounts to approximately €2.63 million, close to the €2.7 million recorded in the first half of 2026. Direct sales of Sibnayal were €1.19 million, up from €0.49 million a year earlier, marking an increase of over 100%. Likozam generated €1.15 million, compared to €0.20 million in the first half of 2025, while Levidcen reached €0.36 million, up 7% according to Advicenne. These three products together represent the €2.7 million of net revenue published for the semester.
Sales Volumes of Sibnayal and Likozam Increase in France
Since the reimbursement approval of Sibnayal and Likozam in France, their sales volumes have increased by 41% and 13% respectively. According to Advicenne, these performances reflect the easier access to treatments for French patients. Across all final markets where Sibnayal is marketed, sales reached €6.6 million in the first half of 2026, up from €5.2 million a year earlier, an increase of 27%. These sales are mainly made through Advicenne's commercial partners in Germany, the Nordic countries, Austria, Eastern European countries, Greece, Spain, and the Gulf countries. They do not directly correspond to Advicenne's consolidated revenue: the associated royalties, not included in the revenue for the first half, are expected to be collected in the third quarter of 2026.
Cash Horizon Announced Until the Second Quarter of 2027
Advicenne indicates it has a cash horizon until the second quarter of 2027. This visibility is based on the implementation of the bond financing announced on June 22, 2026, as part of the safeguard procedure. The announcement does not specify the amount of this financing.
