Poxel: Revenue up 51% in third quarter, first positive net royalties
Poxel published consolidated revenue of 1,951 k€ in the third quarter of 2026 on October 19, 2026, compared to 1,292 k€ a year earlier. This growth reflects increased Twymeeg sales in Japan and an increase in the royalty rate from 8% to 10%, following the achievement of the contractual threshold of 5 billion yen in net sales in the first half of Sumitomo Pharma's fiscal year. The royalty rate received by Poxel thus increased from 8% to 10% on all net sales for the fiscal year, with retroactive effect.
This new rate now exceeds the fixed 8% that Poxel remits to Merck Serono. The group thus generates, for the first time, positive net royalties for Sumitomo Pharma's 2026 fiscal year. However, these amounts are entirely allocated to the repayment of obligations held by OrbiMed, in accordance with the royalty monetization agreement.
Twymeeg up 29% in Japan in the third quarter
According to data communicated by Sumitomo Pharma, Poxel's partner in Japan, net sales of Twymeeg (Imeglimin) reached 2.9 billion yen in the third quarter of 2026, or 16.3 million euros. They are up 29% compared to 2.3 billion yen in the third quarter of 2025. Gross sales for the quarter totaled 3.3 billion yen, also up 29%.
Over the first nine months of 2026, consolidated net sales of the drug stand at 8.1 billion yen (44.5 million euros), up 32%. In the first half of Sumitomo Pharma's fiscal year (April to September 2026), they reach 5.8 billion yen, up 30% year-on-year.
On Poxel's side, quarterly revenue of 1,951 k€ comprises 1,629 k€ in current royalties (compared to 1,047 k€ a year earlier) and 322 k€ in retroactive adjustment (compared to 245 k€). Over nine months, revenue reaches 4,453 k€, compared to 3,608 k€ over the same period in 2025.
The shift to 10% reveals positive net royalties
Third quarter revenue includes 290 million yen in royalties, corresponding to 10% of Twymeeg net sales in Japan. This is supplemented by a retroactive adjustment of 57 million yen for the second quarter of 2026, related to the application of the 10% rate instead of 8% to sales during that period.
The mechanism is based on two contracts. The one with Sumitomo Pharma provides for progressive royalties of 8% to 18% of net sales. The licensing agreement with Merck Serono requires Poxel to remit a fixed 8%, regardless of sales volume. As long as the rate received remained at 8%, the balance was zero; beyond that, the difference constitutes positive net royalties.
These flows do not directly benefit the group's cash position: the agreement concluded with OrbiMed provides that any positive net royalty serves entirely to repay its obligations. Consolidated cash stood at 388 k€ on September 30, 2026, compared to 1,510 k€ on June 30 and 245 k€ on March 31.
Sumitomo Pharma targets more than 10 billion yen in sales
Sumitomo Pharma anticipates that net sales of Twymeeg could exceed 10 billion yen during its 2026 fiscal year, which runs from April 1, 2026 to March 31, 2027. If this threshold is reached, the royalty rate would increase from 10% to 12% on all net sales for the fiscal year. Poxel would also receive a contractual payment of one billion yen, or 5.6 million euros at the exchange rate of September 30, 2026.
Like positive net royalties, the proceeds of this payment would be allocated exclusively to the repayment of the bond loan, in accordance with the monetization agreement concluded with OrbiMed.
In parallel, Poxel announced on March 31, 2026 the sale of PXL770 to Scynexis for a total potential consideration of up to 196 million dollars. The group received an initial payment of 8 million dollars; this is supplemented by up to 8 million dollars in short-term development milestone payments and up to 180 million dollars in commercial milestone payments.
At the end of the first nine months, the most structuring element of the publication remains contractual: with 5.8 billion yen in net sales in the first half of Sumitomo Pharma's fiscal year, Twymeeg exceeded the threshold of 5 billion yen, and the next milestone is set at 10 billion yen.
