olivLaw · European equity research
SA GENFIT GNFT.PA
France · Euronext Paris · ISIN FR0004163111 · Vertical: Listed companies from France
SA GENFIT is a French biotechnology company developing therapies and diagnostics for serious liver diseases. Its relevance now comes from the Ipsen partnership for elafibranor and the portfolio expansion through new licences and the 2025 acquisition of GNS561 rights, as shown in its official filings.
At the close of 05 Nov 2026, SA GENFIT (GNFT.PA) stock was 11.44 EUR (+2.69% on the day), with market capitalisation 574.7 m EUR, P/E 381.3 on diluted EPS of 0.03 EUR over the last 12 months, beta 0.81, 52-week range 3.42–14.66 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.6
- strong (55–70)
- Bollinger (20, 2)
- 6.88 – 12.14
- in the upper half of the band · %B 0.87 · band width 55.4%
- SMA 50 / 200
- 10.66 / 10.08
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.32 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +23.0% | −0.6% | +23.7 pp | — |
| 3 months | −16.6% | −4.2% | −12.5 pp | — |
| 6 months | +36.2% | +4.3% | +31.9 pp | — |
| Year to date | +117.3% | +7.5% | +109.8 pp | — |
| 1 year | +225.0% | +9.9% | +215.1 pp | −6.8% |
| 3 years | +276.9% | +49.8% | +227.1 pp | −15.9% |
| 5 years | +262.9% | +42.8% | +220.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 117.8, median 117.8, max 117.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | unavailable | 26.6 m | 38.2 m | 70.9 m |
| Revenue YoY | unavailable | unavailable | +43.7% | +85.8% |
| Net income | 67.3 m | -23.7 m | -28.9 m | 1.5 m |
| Net income YoY | unavailable | −135.3% | unavailable | unavailable |
| Diluted EPS | unavailable | -0.48 | -0.58 | 0.03 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -89.3% | -75.7% | 2.1% |
| Free cash flow | unavailable | -72.9 m | -55.8 m | 14.6 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 81.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 69.2 m EUR
- Total assets
- 151.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.23x
- ROE
- 2.2%
- ROA
- 0.9%
- FCF margin
- 20.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | 26.6 m | 38.2 m | 70.9 m | esef· 07 May 2025verified |
| Research & development | — | 35.8 m | 46.5 m | 47.2 m | esef· 07 May 2025verified |
| Operating income | — | -27.3 m | -26.6 m | 3.3 m | esef· 07 May 2025verified |
| Interest expense | — | 4.8 m | 5.6 m | 4.8 m | esef· 07 May 2025verified |
| Pre-tax income | — | -23.8 m | -28.5 m | 1.8 m | esef· 07 May 2025verified |
| Income tax | — | -116.0 k | 380.0 k | 340.0 k | esef· 07 May 2025verified |
| Net income | 67.3 m | -23.7 m | -28.9 m | 1.5 m | esef· 07 May 2025verified |
| Diluted EPS | — | -0.48 | -0.58 | 0.03 | esef· 07 May 2025verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 258.8 m | 136.0 m | 77.8 m | 81.8 m | esef· 07 May 2025verified |
| Receivables | — | 15.9 m | 32.7 m | 7.6 m | esef· 07 May 2025verified |
| Inventories | — | 4.0 k | 4.0 k | 4.0 k | esef· 07 May 2025verified |
| Current assets | — | 158.5 m | 113.1 m | 92.8 m | esef· 07 May 2025verified |
| Property, plant & equipment, net | — | 8.2 m | 7.9 m | 7.6 m | esef· 07 May 2025verified |
| Intangibles (excl. goodwill) | — | 44.0 m | 48.8 m | 48.0 m | esef· 07 May 2025verified |
| Total assets | — | 215.5 m | 173.9 m | 151.4 m | esef· 07 May 2025verified |
| Accounts payable | — | 14.8 m | 18.8 m | 18.4 m | esef· 07 May 2025verified |
| Long-term debt | — | 49.9 m | 52.2 m | — | esef· 10 Apr 2024verified |
| Current liabilities | — | 39.4 m | 38.5 m | 75.2 m | esef· 07 May 2025verified |
| Equity | 119.1 m | 94.5 m | 68.0 m | 69.2 m | esef· 07 May 2025verified |
| Shares outstanding at year end | — | 49.4 m | 49.8 m | 50.2 m | esef· 07 May 2025derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | — | -72.6 m | -55.4 m | 15.5 m | esef· 07 May 2025verified |
| Capex | — | -251.0 k | 414.0 k | 979.0 k | esef· 07 May 2025verified |
| Free cash flow | — | -72.9 m ≈ | -55.8 m ≈ | 14.6 m ≈ | esef· 07 May 2025derived |
| Investing cash flow | — | -46.3 m | 2.2 m | -1.0 m | esef· 07 May 2025verified |
| Financing cash flow | — | -3.8 m | -5.1 m | -10.6 m | esef· 07 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 574.7 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.33 – 0.89 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.33 – 0.89 (Mid 0.51)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.1% | 64 (vs peers) | 15% |
| FCF conversion · Quality | 966.8% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.7x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 381.3x | 0 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.5% | 32 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation14/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SA GENFIT (GNFT.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 70.9 m EUR in 2024; YoY growth 85.8%; net margin 2.1%; ROE 2.2%.
The estimated value range is 0.33–0.89 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.51 EUR, the price of 11.44 EUR leaves a potential of -95.5% (value / price − 1) and a margin of safety of -2,126.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 966.8%
What contradicts it
- Interest coverage: 0.7x
- P/E (TTM): 381.3x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| GNFT.PASA Genfit | 574.7 m | 381.3 | 2.2% | 2.1% | +85.8% | +157% / +276% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for GNFT.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.48 Total return -35% · Per year -35% | 13.16 Total return 15% · Per year 15% | 19.73 Total return 73% · Per year 73% |
| 3 years | 8.87 Total return -22% · Per year -8% | 17.40 Total return 52% · Per year 15% | 28.42 Total return 148% · Per year 35% |
| 5 years | 10.52 Total return -8% · Per year -2% | 23.01 Total return 101% · Per year 15% | 40.92 Total return 258% · Per year 29% |
- Exit P/E± 4.35
- Net margin± 3.04
- Annual revenue growth± 2.27
- Annual dilution± 0.26
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SA GENFIT is a French biotechnology company developing therapies and diagnostics for serious liver diseases. Its relevance now comes from the Ipsen partnership for elafibranor and the portfolio expansion through new licences and the 2025 acquisition of GNS561 rights, as shown in its official filings 1.
SWOT
Strengths
- The company has partnerships with major pharmaceutical companies that bring funding and commercial capacity. Its portfolio covers both therapies and diagnostics, enabling an integrated strategy.
- The polymersome technology behind TS-01 is protected through an exclusive worldwide licence, and the NIS4 platform already has distribution partners.
- Medical need in liver disease is large, and companies with related therapies and diagnostics can build a clear position in an area with few approved competitors.
Weaknesses
- Revenue depends on partner payments and on reaching milestones that are uncertain. If milestones are delayed, cash flows could be affected.
- The company relies on external suppliers and research and manufacturing organisations, which limits control over quality and timing.
- Many products are still in early clinical phases and TS-01 is still in development, so most of the value depends on future success.
Opportunities
- If clinical validation of TS-01 succeeds, the device could be used at home and in emergency rooms, where demand for rapid tests is high.
- The withdrawal of a competing treatment from the EU could open room for elafibranor if its approval advances in relevant markets.
- The 2025 acquisition of GNS561 rights could allow more direct development without dependence on the former licensor.
Threats
- Competitors with approved therapies for primary biliary cholangitis could quickly limit GENFIT's market share.
- Regulatory changes, as in the Ocaliva case, can abruptly shift the benefit-risk balance of a treatment and affect the whole category.
- Geopolitical tensions and rising raw material costs could increase development and manufacturing costs.
Risks
- Partner dependencehigh
Ipsen and other partners control the pace of development and commercialization. If they shift priorities, revenue and timing could be affected.
- Dependence on external suppliershigh
CROs and CMOs run clinical studies and manufacturing. Their failures or delays could compromise product development.
- Regulatory riskhigh
Regulatory authority decisions can change a product's status, as in the Ocaliva case, and approval of candidates can be delayed or refused.
- Competitive riskmedium
The emergence of new treatments or diagnostic technologies could reduce the market share of GENFIT products.
- Technological risk for TS-01medium
Miniaturization and validation of the TS-01 device are complex steps. If they fail, the device could be delayed or never reach the market.
Investment thesis
What would need to be true (bull case)
- If elafibranor develops successfully through Ipsen, GENFIT could receive milestone and royalty payments that would strengthen its balance sheet.
- Combining diagnostics with therapy could raise the value of each product, especially if TS-01 reaches patients and emergency rooms.
- Licences with several partners spread risk and could bring revenue from different regions, including Greater China.
What would break the thesis
- Revenue depends on payments tied to clinical and regulatory results that are not yet confirmed, which makes cash flows hard to predict.
- The company does not directly control many development and manufacturing steps, and supplier problems could delay projects.
- Competition in primary biliary cholangitis is growing, and the Ocaliva withdrawal shows that a product's status can change quickly.
What to watch
- Progress of elafibranor at Ipsen and any milestone payments2025
- Results of the ongoing Phase 2 trial of VS-01 in ACLF2025
- Progress on miniaturization of TS-01 and launch of the planned clinical study2025
- FDA final decision on Ocaliva status and impact on the PBC marketnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
GENFIT focuses on liver diseases, where medical needs remain unmet and few approved options exist. The company combines drug candidates such as elafibranor with diagnostic technologies, including the NIS4 platform and the TS-01 device for ammonia measurement. Its model relies largely on licensing partnerships, under which partners take over development and commercialization 1.
Ipsen holds the exclusive global licence for elafibranor, excluding Greater China, which was licensed to Terns. Ipsen handles later clinical development and commercialization, while GENFIT received an upfront payment of 120 million euros in 2021 and can receive further milestone and sales-linked payments 1.
Development depends heavily on external providers such as contract research organisations and contract manufacturers, which shifts part of quality and timing control to third parties. This can reduce fixed costs but limits direct control over execution 1.
Segments
Drug candidates
The pipeline includes elafibranor, licensed to Ipsen for primary biliary cholangitis, as well as SRT-015, CLM-022 and GNS561, which are in clinical or early preclinical stages. Potential milestone payments reach 100 million euros for Seal Rock and 160 million euros for Celloram, but most of that depends on clinical results not yet confirmed 1.
Diagnostics
Diagnostics include the NIS4 platform, licensed to Labcorp and Q2 for clinical research and laboratory tests, and TS-01, a portable device for home ammonia measurement still in development. The idea is that diagnostics and therapy complement each other in managing hepatic encephalopathy 1.
Market context
Hepatic encephalopathy generates high costs, estimated at about 11.9 billion dollars a year in the United States, while the point-of-care ammonia diagnostics market is led by PocketChem, used mainly in research. If more accurate devices gain acceptance, demand could grow, particularly in emergency rooms 1.
The rare liver disease market is fragmented, with approved therapies for primary biliary cholangitis but shifting regulatory positions. The Ocaliva situation in the European Union and the United States shows how sensitive these markets can be to regulatory decisions 1.
Trends
- Ocaliva withdrawal in the EUmixed
The withdrawal from the European Union of a competing treatment for primary biliary cholangitis could open room for elafibranor, if its approval advances. The effect, however, depends on authority decisions and developments in the United States 1.
- Competition in primary biliary cholangitisheadwind
Seladelpar, approved in the US through an accelerated procedure and conditionally in the EU, adds competitive pressure in the same indication on which elafibranor relies. The pace of adoption of new treatments could limit GENFIT's market share 1.
- Interest in ammonia measurementtailwind
The literature points to rising use of blood ammonia tests, and a point-of-care device could save time and costs for medical staff. This trend supports the TS-01 position if clinical validation succeeds 1.
- Geopolitical tensions and supply chainsheadwind
Conflicts in Ukraine and the Middle East, as well as trade tensions between the EU and the US, could raise raw material and manufacturing costs. These pressures could weigh on the company's development budgets 1.
Competitive position
GENFIT operates in therapeutic areas with few approved options, but competition comes from pharmaceutical and biotechnology companies, academic institutions and research institutes. The company acknowledges that new drugs and technologies may intensify competitive pressure 1.
In ammonia diagnostics, the main available point-of-care device is PocketChem, which has a narrow quantification range and interference issues. The advantage claimed by the company rests on its polymersome technology and a wider measurement range 1.
- Gilead SciencesGILD
Gilead obtained US accelerated approval for seladelpar in primary biliary cholangitis, competing directly with elafibranor.
- Intercept Pharmaceuticals
Ocaliva, originally developed by Intercept, was withdrawn from the EU and remains under accelerated approval in the US, changing PBC market dynamics.
- LabcorpLH
Labcorp is a licensing partner for NIS4 and also a competitor through its own diagnostic and clinical research services.
- PocketChem
PocketChem is the only point-of-care ammonia device on the market, used mainly in research, with accuracy limitations.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202407 May 2025
- Annual report 202310 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / SA GENFIT · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.