GENFIT : Guggenheim : BUY

kadmos

16 avr. 2025 •17:16

Key Message: Genfit's partner Ipsen (IPN-PAR) announced its 1Q25 results today and
detailed its progress with the Iqirvo launch, with sales of €23.3M (US sales of €17.7M) vs.
consensus estimate of €21.1M. Ipsen specified that the growth in the US was driven by
increases in both new patients and patient switches from OCA (ICPT). Specifically, ~60%
of the patients were de novo 2L, with the remainder being either actively switched directly
from OCA or having been on OCA in the past. European sales were also solid (€5.5M),
driven by the successful launches in Germany and the UK, with the company expecting
launches in additional countries throughout the year. Ipsen also announced that Phase
2 ELMWOOD data investigating Iqirvo in Primary Sclerosing Cholangitis (PSC) will be
presented next month in a late breaking session at the European Association for the
Study of the Liver (EASL) Congress in Amsterdam, on Sat. May 10 at 5:15-5:30am ET.
While the company would not comment on the size of the opportunity for this drug in PSC,
they emphasized the high medical unmet need in the indication. Importantly, if Iqirvo were
to be approved in PSC, Genfit would receive royalties for sales in that indication as well.
From a Genfit specific perspective, we look to the company's publication of its FY 2024
financial statements on Apr. 24, 2025 for any comments they might have on the Iqirvo
launch to date, as well as any updates on their lead ACLF program, VS-01, where we
expect data in 2H 2025 from a Phase 2 trial in patients with the classical definition of
ACLF and a proof of concept trial in patients with “pre-ACLF