Genfit receives $20M milestone as Ipsen's Iqirvo hits $208M in 2025 sales
Milestone achieved ahead of schedule as PBC drug shows strong commercial performance in first full year
Genfit shares gained momentum Thursday after the French biopharmaceutical company announced it will receive a $20 million milestone payment from partner Ipsen, triggered by stronger-than-expected sales of their liver disease drug Iqirvo.
The milestone was achieved after Iqirvo (elafibranor) generated $208 million in net sales during 2025, surpassing the $200 million threshold in its first full commercial year. The drug delivered $88 million in sales during the fourth quarter alone, demonstrating accelerating demand.
The payment represents approximately 8% of Genfit's current market capitalization of $244 million, providing a meaningful boost to the company's financial position as it continues investing in its pipeline of metabolic and liver disease therapies.
Iqirvo, which treats primary biliary cholangitis (PBC), received accelerated approval from the U.S. Food and Drug Administration, European Medicines Agency, and UK regulators in 2024. The drug addresses a significant unmet medical need in patients with PBC who have inadequate response to ursodeoxycholic acid, the current standard of care.
The $20 million milestone is part of a broader licensing agreement under which Genfit is eligible for total potential milestones of €360 million. Including this latest payment, approximately €90 million in milestones have been received to date. Genfit retains rights to all future regulatory, commercial, and sales-based milestone payments from Ipsen.
Beyond the immediate cash infusion, the commercial success of Iqirvo has catalyzed additional strategic developments. Ipsen has confirmed its commitment to initiate a Phase 3 clinical trial for Iqirvo in primary sclerosing cholangitis (PSC), a related liver disease with no currently approved therapies. The PSC market opportunity is considered comparable in size to second-line PBC, representing a potential expansion opportunity for the drug.
Should Iqirvo gain regulatory approval for PSC, Genfit would be eligible for additional milestone payments and double-digit royalties on sales in that indication.
The financial milestone arrives alongside separate financing developments. In late 2025, Genfit announced a royalty financing agreement with HCRx, providing an upfront payment of €130 million and eligibility for up to €55 million in additional installments based on near-term sales milestones for Iqirvo. The company recently received an additional €30 million tranche under this agreement.
Analysts view the commercial performance as validation of the Ipsen partnership and Iqirvo's market potential. Genfit currently holds a consensus rating with a 12-month price target of $7.00 to $8.53, suggesting upside of approximately 44% to 76% from current trading levels around $4.85.
The company's cash runway is projected to extend beyond 2028 based on current assumptions and the drawdown of all additional HCRx installments, providing financial flexibility to advance its pipeline while benefiting from Iqirvo's commercial trajectory.
Ipsen, which became one of Genfit's largest shareholders with an 8% stake acquired in 2021, has demonstrated ongoing commitment to the drug's development. The Phase 3 PSC trial represents the next major catalyst for the partnership, with potential readouts beginning in 2027.
For Genfit, the milestone achievement underscores the value of its collaborative approach to drug development. The company continues to advance internal programs focused on non-alcoholic steatohepatitis (NASH) and other metabolic diseases while leveraging partnership structures to de-risk and monetize its earlier-stage assets.