Genoway: gross margin of historical activities maintained at 60% in first half 2026, €50M target confirmed
genOway published its first half 2026 results on September 23, 2026, marked by the continuation of its transformation. The Lyon-based company, specializing in genetically modified preclinical models, highlights the growth of its core business and the maintenance of the gross margin of its historical activities, while bearing investments that temporarily weigh on its profitability. In parallel, it has confirmed its objective of €50M in revenue by 2028 and announced an exclusive distribution agreement in the United States with Taconic Biosciences.
Gross margin of historical activities stable at 60% and 7% growth in Catalogue Models
In the first half of 2026, genOway indicates that it has maintained the gross margin of its historical activities at 60%, a level expected at the same level in the second half. This gross margin is defined by the company as revenue minus direct sales costs, excluding depreciation allowances. Catalogue Models revenue increased by 7% over the period, and the order book showed a 20% increase. Conversely, the Custom Models activity is declining, as the company has refocused its offering on Catalogue Models, a decline expected to continue in the second half and over 2027. The company notes that process rationalization initiatives, productivity improvements and activity mix optimization have largely offset the effect of this decline.
Strategic investments weighing on profitability
genOway is bearing temporary pressure on its profitability, linked to investments made in its future growth drivers. Under the Route50 +DATA plan, the company launched its first two franchises in Canada and Australia, opened a subsidiary in Japan and prepared the next steps of its development. These launches represented an amount of just over €700k in the first half, devoted to prospecting, business planning, training and structuring of new entities. In parallel, more than €1.3M were invested in developments related to preclinical data production and data science, following the acquisition at the end of 2025 of assets from Bioaster. As of June 30, 2026, equity stands at €22.1M. Available cash stands at €3.3M, to which is added €3.7M corresponding to the 2025 Research Tax Credit not yet paid. The company also repaid €0.8M of financial loans during the semester.
Acceleration expected in second half and €50M revenue target in 2028 confirmed
genOway anticipates acceleration of its growth in the second half, driven by the Catalogue Models order book and the development of genOway Shanghai. The company is targeting approximately 15% growth in Catalogue Models revenue in the second half, after 7% in the first. The exclusive distribution agreement signed with Taconic Biosciences in the United States is presented as a lever to accelerate penetration of the North American market, with a positive impact on revenue expected by the latest in the first half of 2027. Franchises and subsidiaries should generate their first revenues as early as 2026, with several million euros in revenue targeted by 2027, while the DATA project (preclinical data and artificial intelligence) is targeting its first revenues by 2027. genOway has confirmed its objective of €50M in revenue in 2028.
