Genfit received a $20 million milestone payment from its partner Ipsen after Iqirvo’s first‑full‑year net sales reached $208 million, surpassing the $200 million threshold set in the 2021 licensing agreement. The payment was received on February 12 2026 and simultaneously unlocked a €30 million installment under Genfit’s royalty‑financing arrangement with HealthCare Royalty (HCRx).
The milestone confirms the commercial success of Iqirvo in the primary biliary cholangitis (PBC) market and strengthens Genfit’s cash runway, reducing the need for equity dilution. The €30 million tranche from HCRx further enhances liquidity, providing additional capital to fund Genfit’s liver‑disease pipeline, including GNS561 and G1090N. The payment also signals confidence from Ipsen in the partnership’s long‑term value.
Iqirvo’s $208 million in 2025 net sales represent the drug’s first full commercial year. Strong uptake in the PBC market, driven by physician adoption and patient demand, enabled the sales to exceed the threshold. Ipsen’s announcement of a Phase 3 trial of Iqirvo in primary sclerosing cholangitis (PSC) introduces a potential future revenue stream, as PSC currently has no approved therapies. The competitive landscape includes Gilead’s Livdelzi, but Iqirvo remains a leading option in the PBC market.
Pascal Prigent, Genfit’s CEO, said, “We are pleased with Ipsen’s continued success with Iqirvo. We believe that this commercial trajectory has the potential to be transformative for our business model.” He added, “We are also pleased with the progress of our GNS561 program, with a new cohort fully recruited. This program might bring significant hope for patients with a devastating disease, and we are eagerly awaiting new data. As we are also anticipating the first ACLF patients to be included in a phase 2 evaluating G1090N in the second half of the year we believe 2026 will be a landmark year for GENFIT.”
Genfit’s European shares closed higher on February 12 2026. The market reaction was driven by the $20 million milestone payment, the fact that the payment was received ahead of schedule, the strong first‑year sales of Iqirvo, and the announcement of the PSC Phase 3 trial, all of which reinforced confidence in the partnership and the company’s financial position. The simultaneous release of the €30 million royalty‑financing installment further underscored Genfit’s improved liquidity.
The milestone payment and accompanying royalty financing position Genfit for continued growth, providing the capital needed to advance its liver‑disease pipeline while reinforcing the value of its partnership with Ipsen. The event underscores Genfit’s ability to translate clinical success into commercial traction and strengthens its balance sheet for future development initiatives.
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