Genfit: Iqirvo royalties triple to €21 million, net loss of €26.1 million in first half
Genfit published its first half 2026 results on September 28, 2026, marked by cash reserves of €113.8 million and strong growth in royalties from Iqirvo, the primary biliary cholangitis treatment commercialized by Ipsen.
At the same time, net loss stands at €26.1 million, compared to a loss of €10.0 million a year earlier, a gap linked to the structure of revenues and higher financial charges.
Iqirvo royalties tripled, revenue declines
Half-year revenue amounts to €21.1 million as of June 30, 2026, compared to €33.5 million a year earlier. This variation is explained by the timing of milestone payment recognition: the first half of 2025 included a €26.5 million milestone, triggered by obtaining pricing and reimbursement approval for Iqirvo in Italy, whereas no such revenue was recognized in the first half of 2026.
Conversely, royalty revenues from worldwide Iqirvo (elafibranor) sales increased from €6.9 million to €21.0 million, a threefold increase. These royalties are allocated to repay the Royalty Financing agreement.
Operating expenses declined to €33.8 million, compared to €35.6 million a year earlier, notably due to the discontinuation of the VS-01-ACLF program in 2025 and the non-recurrence of costs related to the liquidation of Versantis.
Net loss of €26.1 million driven by financial charges
Operating result stands at -€8.7 million in the first half of 2026, compared to a positive operating result of €0.1 million a year earlier. Financial result shows a loss of €17.4 million, compared to a loss of €10.2 million in the first half of 2025.
According to the company, financial charges increased primarily due to charges resulting from the change in fair value of the Royalty Financing recognized in results. Overall, net loss amounts to €26.1 million, compared to a loss of €10.0 million a year earlier, representing a loss per share of -€0.52 versus -€0.20.
Cash and cash equivalents reached €113.8 million as of June 30, 2026, compared to €101.1 million as of December 31, 2025. This change includes two receipts during the half-year: a second payment of €30.0 million under the Royalty Financing agreement and a first commercial milestone payment of €17.0 million (€20.0 million) received from Ipsen.
Financial visibility beyond 2028 and three Phase 2 studies expected
Genfit indicates that its cash reserves should cover operating and investment expenses beyond the end of 2028. This estimate assumes the receipt of future commercial milestone payments under the Ipsen agreement and the potential exercise of a third payment option within the Royalty Financing framework.
On the clinical front, the company is preparing the launch of three Phase 2 studies in the second half of 2026, with results expected in 2027: two in acute decompensation on cirrhosis (nangibotide and nitazoxanide) and one in oncology (GNS561 in cholangiocarcinoma). In parallel, it has discontinued development of the SRT-015 and CLM-022 programs as part of a refocusing of its portfolio.
On the commercial side, Ipsen raised on July 30, 2026 its estimate of peak annual sales for Iqirvo in primary biliary cholangitis from €500 million to €1 billion, following achievement of the primary endpoint of the Phase 3 ELSPIRE study (normalization of alkaline phosphatase in 85% of treated patients versus 23% under placebo). Regarding MASH diagnosis, Labcorp's NASHnext test, based on Genfit's NIS technologies, obtained Medicare coverage in the United States in August 2026.
