(CercleFinance.com) – Innate Pharma announced on Thursday a drop in its profit over the first six months of the year, the biotechnology company having suffered from the decline in revenues linked to its licensing agreements, in particular from Sanofi.
The Marseille-based company posts a net profit of 1.7 million euros for the first half of 2023, to compare with a net profit of 6.3 million euros for the first half of 2022.
In its press release, the biotech explains that operating income relating to continuing activities fell to 40.2 million euros over the half-year, compared to 45.6 million euros a year earlier.
As of June 30, Innate had a cash position, cash equivalents and financial assets of 124.7 million euros, compared to 136.6 million euros a year earlier, an amount considered ‘still solid ‘ by Invest Securities analysts.
Around 12:00 p.m., however, the stock fell by more than 2% on the Paris Stock Exchange.
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