Genfit Reports €9.6 Million in Revenue for Q1 2026 Thanks to Iqirvo Royalties
Genfit generated €9.6 million in revenue during the first three months of 2026 from royalties on Ipsen's sales of Iqirvo. This outcome arrived earlier than expected: the first commercial milestone of $20 million was triggered at the end of 2025, a year ahead of initial forecasts. However, this apparent improvement masks a structural reality: the French biotech remains heavily dependent on Ipsen's performance and future external catalysts to maintain financial viability beyond the end of 2028.
Significant First Revenues, Tripling the Base
Genfit recorded a revenue of €9.6 million for the first three months of 2026, compared to €2.8 million in the first quarter of 2025. This increase stems exclusively from the royalties received on Ipsen's sales of Iqirvo, currently the only operational revenue generator for the biotech. Iqirvo's net sales reached €78.8 million in the first quarter of 2026. This acceleration is explained by a higher number of patients in the United States and successful launches in several European countries. In 2025, Iqirvo's total annual sales reached $208 million, triggering the first commercial milestone payment of $20 million to Genfit.
Enhanced Cash Reserves from Two Payments, but Dependent on External Conditions
Cash and cash equivalents amount to €136.1 million as of March 31, 2026, up by €6.6 million from March 31, 2025. This increase is fueled by two elements received in the first quarter of 2026: the first commercial milestone of €17 million ($20 million), as well as a second installment of €30 million as part of the royalty sharing financing with HCRx. However, Genfit specifies that this cash reserve, intended to cover operational and capital expenditures beyond the end of 2028, relies on two critical assumptions: the receipt of future significant commercial milestone payments according to the agreement with Ipsen and Ipsen achieving the expected sales thresholds. The company also considers the potential exercise of a third optional tranche of the royalty sharing financing.
Clinical Pipeline: Multiple Catalysts, but Long Timeline
Genfit confirms its previous timelines across all its growth platforms. For GNS561 (cholangiocarcinoma), phase 1b safety data are expected by mid-2026, with additional data in the second half of 2026. For G1090N/nitazoxanide (acute decompensation on cirrhosis), a proof-of-concept study is to be initiated in the second half of 2026, with data expected in 2027. In diagnostics, the commercial launch by Labcorp of NASHnext (based on Genfit technology) is expected in the coming weeks. In the PSC (primary sclerosing cholangitis) indication, Ipsen has initiated the phase 3 ELASCOPE study, with results reading anticipated around 2031.
