(AOF) – Genfit announced its cash flow as of September 30, 2023 and its turnover for the first nine months of 2023. The biotech specializing in liver diseases reported cash flow of 93.9 million euros compared to 163.6 million euros for the same period in 2022. As of June 30, 2023, cash and cash equivalents totaled 111.8 million euros. The decrease in cash and cash equivalents “takes into account in particular our efforts sustained research and development, particularly for ELATIVE, our clinical trial.
The turnover for the first 9 months of 2023 amounts to 14.3 million euros, compared to 14.1 million euros for the same period in 2022.
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Oncology, priority of pharmaceutical giants
Sanofi’s stock market disappointment recorded at the end of October 2023 underlines the new direction for the group, which has now set oncology as its number 1 priority. Efforts in this segment, where therapies are advancing the fastest, notably involve investments in R&D which weigh on profitability. Sanofi therefore announced a drop in its earnings per share in 2024 and the abandonment of its objective of an operating margin of 32% in 2025. Merck has just unveiled a new alliance. It will pay up to $22 billion to the Japanese group Daiichi Sankyo as part of a partnership on experimental cancer treatments. While some experts estimate that the United States represents nearly half of global oncology spending (drugs and treatments), or $196 billion in 2022, Chinese spending in this area has more than doubled in five years, going from 5 to 11.8 billion dollars.