Genfit reported first‑nine‑month revenue of €39.2 million for 2025, a 34 % decline from €59.7 million in the same period of 2024. The drop is largely attributable to the absence of the €48.7 million milestone payment that was received in August 2024 following the first U.S. sale of Iqirvo® (elafibranor). In 2025, the company earned €26.5 million in milestone revenue from pricing and reimbursement approvals for Iqirvo® in three major European markets, and €12.6 million in royalty revenue from sales of the drug. Cash and cash equivalents stood at €119.0 million as of September 30, 2025, up from €107.5 million at the end of June and €81.8 million at the end of December 2024, giving Genfit a runway that extends beyond 2028 under current assumptions.
The company’s pipeline remains a central focus. Genfit continues to invest in its Acute on‑Chronic Liver Failure (ACLF) portfolio, having discontinued the VS‑01 program to refocus resources on urea cycle disorders. Pre‑clinical data for G1090N, a new formulation of NTZ, were presented in November 2025, and the GNS561 cholangiocarcinoma asset retains its orphan drug designation from the FDA. These developments underscore Genfit’s strategy of advancing therapies for rare, life‑threatening liver diseases while leveraging its partnership with Ipsen.
The partnership with Ipsen, established in December 2021, remains a significant revenue driver. Milestone payments and royalties from Iqirvo® continue to support Genfit’s cash position, and the company’s voluntary delisting of its American Depositary Shares from Nasdaq on November 20, 2025 signals a strategic shift in its listing strategy. The delisting, coupled with the robust cash balance, positions Genfit to fund ongoing R&D without immediate reliance on external financing.
Management did not issue new forward guidance in the release, but the sustained cash reserves and the continued progress in the ACLF and cholangiocarcinoma programs suggest confidence in maintaining operational stability through 2028. The company’s focus on high‑impact, rare‑disease indications aligns with its long‑term growth strategy, while the partnership with Ipsen provides a steady revenue stream that supports future pipeline investments.
The earnings release reflects a mixed performance: revenue fell sharply due to the loss of a large milestone payment, yet cash reserves grew, and pipeline activity remains robust. Investors will likely view the strong cash position and continued partnership momentum as positive, while the revenue decline may raise concerns about the sustainability of milestone‑driven income. Overall, the results highlight Genfit’s resilience in a challenging market environment and its commitment to advancing therapies for rare liver diseases.
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