The company's operating margin remains severely constrained at 0.2% in 2025Q2, as substantial R&D expenditures of $25.1M consistently absorb the majority of incoming milestone-driven revenue.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 116.8M | 67M | 28.57M | 20.2M | 80.07M | 765K | 30.84M | 69K | 118K | 284K | 527K | 1.61M | 1.9M | 1.67M | 2.36M | 3.76M | 5.81M | 8.76M | 9.48M | 10.05M | 12.77M | 12.41M |
| Revenue Growth % | 9.75% | 134.56% | 41.45% | -74.78% | 10366.54% | -97.52% | 44594.2% | -41.53% | -58.45% | -46.11% | -67.36% | -15% | 13.57% | -29.17% | -37.17% | -35.35% | -33.66% | -7.56% | -5.72% | -21.31% | 2.94% | - |
| Cost of Goods Sold | -4.71M | 300K | 341K | 248K | 161K | 202K | 177K | 1.85M | 2.23M | 1.99M | 1.93M | 1.4M | 1.29M | 1.2M | 1.41M | 1.37M | 1.61M | 1.74M | 2.01M | 1.69M | 1.32M | 1.91M |
| COGS % of Revenue | - | 0.45% | 1.19% | 1.23% | 0.2% | 26.41% | 0.57% | 2686.96% | 1888.98% | 698.94% | 366.41% | 86.99% | 68.07% | 71.46% | 59.79% | 36.43% | 27.63% | 19.9% | 21.16% | 16.77% | 10.32% | 15.38% |
| Gross Profit | 122.47M | 66.7M | 28.22M | 19.95M | 79.91M | 563K | 30.66M | -1.78M | -2.11M | -1.7M | -1.4M | 210.1K | 606.4K | 477.2K | 949.3K | 2.39M | 4.21M | 7.02M | 7.47M | 8.37M | 11.46M | 10.5M |
| Gross Margin % | 104.85% | 99.55% | 98.81% | 98.77% | 99.8% | 73.59% | 99.43% | -2586.96% | -1788.98% | -598.94% | -266.41% | 13.01% | 31.93% | 28.54% | 40.21% | 63.57% | 72.37% | 80.1% | 78.84% | 83.23% | 89.68% | 84.62% |
| Gross Profit Growth % | - | 136.33% | 41.49% | -75.04% | 14093.25% | -98.16% | 1817.76% | 15.44% | -24.1% | -21.15% | -768.25% | -65.35% | 27.07% | -49.73% | -60.26% | -43.21% | -40.06% | -6.09% | -10.69% | -26.97% | 9.1% | - |
| Operating Expenses | 129.52M | 63.42M | 54.8M | 47.5M | 53.54M | 78.35M | 88.67M | 67.7M | 54.58M | 32.46M | 16.27M | 17.48M | 11.02M | 8.19M | 8.7M | 10.04M | 10.69M | 12.2M | 13.47M | 8.92M | 9.78M | 9.29M |
| OpEx % of Revenue | - | 94.66% | 191.86% | 235.19% | 66.87% | 10242.35% | 287.53% | 98115.94% | 46256.78% | 11428.17% | 3086.72% | 1082.69% | 580.43% | 490.03% | 368.47% | 267.3% | 183.89% | 139.21% | 142.1% | 88.74% | 76.56% | 74.82% |
| Selling, General & Admin | 38.63M | 20.13M | 8.04M | 17.4M | 17.69M | 25.49M | 30.97M | 4.5M | 13.41M | 11.65M | 9.13M | 9.37M | 7.38M | 6.45M | 6.02M | 6.91M | 0 | 0 | 6.2M | 4.81M | 4.71M | 1.47M |
| SG&A % of Revenue | - | 30.05% | 28.15% | 86.15% | 22.1% | 3331.5% | 100.43% | 6514.49% | 11361.02% | 4103.87% | 1732.26% | 580.11% | 388.34% | 385.58% | 255.08% | 183.87% | - | - | 65.44% | 47.81% | 36.88% | 11.87% |
| Research & Development | 74.44M | 47.21M | 46.71M | 35.82M | 35.17M | 59.1M | 66.17M | 47.66M | 35.09M | 19.19M | 5.39M | 9.02M | 5.16M | 4.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.25M |
| R&D % of Revenue | - | 70.46% | 163.52% | 177.36% | 43.92% | 7725.1% | 214.57% | 69073.91% | 29741.53% | 6755.99% | 1022.58% | 558.7% | 271.76% | 256.51% | - | - | - | - | - | - | - | 58.41% |
| Other Operating Expenses | -79K | -3.92M | 53K | -5.72M | 682K | -6.23M | -8.47M | 6.41M | 6.08M | 1.61M | 1.75M | 100 | -1.51M | -100 | 2.68M | 3.13M | 10.69M | 12.2M | 7.27M | 4.11M | 5.07M | 563K |
| Operating Income | 517K | 3.28M | -26.58M | -27.29M | 31.82M | -82.9M | -57.83M | -69.48M | -56.7M | -34.16M | -17.68M | -17.26M | -10.51M | -7.72M | -7.75M | -7.66M | -6.47M | -5.17M | -5.99M | -553.3K | 1.68M | 2.69M |
| Operating Margin % | 0.44% | 4.9% | -93.05% | -135.13% | 39.74% | -10836.21% | -187.53% | -100701.45% | -48046.61% | -12027.46% | -3354.08% | -1069.04% | -553.56% | -461.39% | -328.32% | -203.82% | -111.4% | -59.06% | -63.21% | -5.5% | 13.12% | 21.67% |
| Operating Income Growth % | - | 112.34% | 2.6% | -185.77% | 138.38% | -43.34% | 16.77% | -22.56% | -65.98% | -93.25% | -2.42% | -64.15% | -36.26% | 0.46% | -1.21% | -18.28% | -25.14% | 13.63% | -982.7% | -133.01% | -37.67% | - |
| EBITDA | 3.89M | 5M | -24.93M | -25.46M | 34.56M | -79.34M | -52.58M | -68.05M | -55.16M | -33.36M | -17.35M | -16.97M | -10.05M | -7.16M | -6.96M | -6.74M | -5.42M | -4.17M | -5.05M | -15.6K | 2.55M | 3.02M |
| EBITDA Margin % | 3.33% | 7.47% | -87.26% | -126.06% | 43.16% | -10370.98% | -170.5% | -98621.74% | -46748.31% | -11746.13% | -3292.03% | -1050.95% | -529.05% | -428.13% | -294.91% | -179.35% | -93.22% | -47.63% | -53.25% | -0.16% | 19.97% | 24.37% |
| EBITDA Growth % | -80.99% | 120.08% | 2.09% | -173.66% | 143.56% | -50.89% | 22.73% | -23.36% | -65.36% | -92.28% | -2.25% | -68.85% | -40.35% | -2.83% | -3.32% | -24.37% | -29.86% | 17.32% | -32250.64% | -100.61% | -15.66% | - |
| D&A (Non-Cash Add-back) | 3.37M | 1.72M | 1.65M | 1.83M | 2.74M | 3.56M | 5.25M | 1.44M | 1.53M | 799K | 327K | 292.1K | 465.5K | 556.3K | 788.8K | 919.6K | 1.06M | 1M | 943.9K | 537.7K | 874.4K | 334.9K |
| EBIT | -4.76M | 6.62M | -23.89M | -27.64M | 32.16M | -76.58M | -54.28M | -69.53M | -56.69M | -34.16M | -17.68M | -17.27M | -10.42M | -7.49M | -7.45M | -7.45M | -6.14M | -4.41M | -5.16M | -20.9K | 2.04M | 3.33M |
| Net Interest Income | -3.27M | -3M | -2.94M | -4.27M | -4.68M | -10.35M | -8.83M | -10.79M | -1.94M | 193K | 437K | 270K | 91.6K | -16.4K | -40.9K | -185.7K | -177.5K | 473.5K | 585.8K | 185.7K | -279.5K | -78.7K |
| Interest Income | 5.33M | 1.79M | 1.71M | 137K | 274K | 1.44M | 2.63M | 202K | 389K | 316K | 437K | 329K | 169.2K | 201.4K | 322.8K | 205.7K | 300.9K | 596K | 768.9K | 399.7K | 53.4K | 245K |
| Interest Expense | 7.12M | 4.78M | 4.65M | 4.41M | 4.96M | 11.79M | 11.45M | 10.99M | 2.33M | 123K | 0 | 93.7K | 77.6K | 238.4K | 372.8K | 391.4K | 449.1K | 205.2K | 390.8K | 308.8K | 332.9K | 323.7K |
| Other Income/Expense | -13.3M | -1.43M | -1.93M | 3.45M | 37.66M | -18.75M | -7.89M | -10.39M | -2.45M | 526K | 541K | 234K | 179.6K | -13.6K | -50K | -185.7K | -177.5K | 559.2K | 611K | 223.6K | 33.4K | 1.1K |
| Pretax Income | -12.78M | 1.85M | -28.51M | -23.84M | 69.47M | -101.65M | -65.72M | -79.88M | -58.22M | -33.63M | -17.14M | -17.02M | -10.33M | -7.73M | -7.8M | -7.84M | -6.65M | -4.71M | -5.38M | -329.7K | 1.71M | 2.69M |
| Pretax Margin % | -10.94% | 2.76% | -99.82% | -118.03% | 86.77% | -13287.45% | -213.11% | -115760.87% | -49338.14% | -11841.55% | -3251.42% | -1054.57% | -544.1% | -462.21% | -330.44% | -208.76% | -114.46% | -53.79% | -56.76% | -3.28% | 13.38% | 21.68% |
| Income Tax | 1.68M | 340K | 380K | -116K | 2.21M | -428K | -576K | -354K | 384K | 35K | 227K | 400 | 2.32M | -2.32M | 1.88M | 1.54M | 721.5K | -751.4K | -2.58M | -665.4K | 74.4K | 462K |
| Effective Tax Rate % | -13.13% | 18.41% | -1.33% | 0.49% | 3.19% | 0.42% | 0.88% | 0.44% | -0.66% | -0.1% | -1.32% | -0% | -22.43% | 29.99% | -24.1% | -19.59% | -10.85% | 15.95% | 47.94% | 201.82% | 4.35% | 17.17% |
| Net Income | -16.49M | 1.51M | -28.89M | -23.72M | 67.26M | -101.22M | -65.14M | -79.52M | -58.6M | -33.67M | -17.14M | -17.03M | -12.65M | -5.41M | -9.68M | -9.38M | -7.37M | -3.96M | -2.8M | 327.7K | 1.77M | 2.15M |
| Net Margin % | -14.12% | 2.25% | -101.15% | -117.45% | 84% | -13231.5% | -211.24% | -115247.83% | -49664.41% | -11854.58% | -3251.42% | -1054.6% | -666.15% | -323.6% | -410.09% | -249.65% | -126.87% | -45.21% | -29.55% | 3.26% | 13.88% | 17.33% |
| Net Income Growth % | -161.19% | 105.22% | -21.81% | -135.27% | 166.45% | -55.38% | 18.08% | -35.69% | -74.07% | -96.48% | -0.64% | -34.57% | -133.8% | 44.1% | -3.21% | -27.21% | -86.19% | -41.41% | -954.68% | -81.52% | -17.56% | - |
| Net Income (Continuing) | -14.46M | 1.51M | -28.89M | -23.72M | 67.26M | -101.22M | -65.14M | -79.52M | -55.73M | -33.66M | -17.13M | -17.02M | -12.65M | -5.41M | -9.68M | -9.38M | -7.37M | -3.96M | -2.8M | 335.7K | 1.64M | 2.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43.1K | 219.6K |
| EPS (Diluted) | -0.33 | 0.03 | -0.58 | -0.48 | 1.23 | -2.60 | -1.76 | -2.55 | -1.88 | -1.25 | -0.69 | -0.74 | -0.63 | -0.35 | -0.75 | -0.78 | -0.63 | -0.34 | -0.24 | 0.03 | 0.15 | 0.22 |
| EPS Growth % | -212.82% | 105.17% | -20.83% | -139.02% | 147.31% | -47.73% | 30.98% | -35.64% | -50.4% | -81.16% | 6.76% | -17.46% | -80% | 53.33% | 3.85% | -23.81% | -85.29% | -41.67% | -951.06% | -81.2% | -31.82% | - |
| EPS (Basic) | - | 0.03 | -0.58 | -0.48 | 1.50 | -2.60 | -1.76 | -2.55 | -1.88 | -1.28 | -0.69 | -0.76 | -0.65 | -0.35 | -0.75 | -0.78 | -0.63 | -0.34 | -0.24 | 0.03 | 0.15 | 0.22 |
| Diluted Shares Outstanding | 49.78M | 50.23M | 49.7M | 49.67M | 55.61M | 38.86M | 36.99M | 31.17M | 31.17M | 26.85M | 24.7M | 22.98M | 20.01M | 15.32M | 12.88M | 11.97M | 11.62M | 11.62M | 11.62M | 11.62M | 11.62M | 9.99M |
| Basic Shares Outstanding | 49.78M | 50.23M | 49.82M | 49.67M | 44.74M | 38.86M | 36.99M | 31.17M | 31.16M | 26.35M | 24.7M | 22.29M | 19.41M | 15.32M | 12.88M | 11.97M | 11.62M | 11.62M | 11.62M | 11.62M | 11.62M | 9.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical milestone dependency
As evidenced by the company's historical financial filings, GNFT's revenue trajectory remains highly erratic, characterized by a 41.8% year-over-year decline in 2025Q2, as the firm transitions between non-recurring milestone payments from strategic partners and the nascent, lower-volume commercialization of its diagnostic technology platform.
The revenue profile is fundamentally disconnected from organic operational growth, instead reflecting the timing of regulatory and clinical triggers within the Ipsen collaboration. Investors should interpret these fluctuations as a byproduct of the licensing model rather than a reflection of underlying product demand or market penetration.
According to reported income statements, GNFT maintains an exceptionally high gross margin, reaching 100% in 2025Q2, which is typical for a biotech firm primarily recognizing intellectual property licensing revenue with minimal associated cost of goods sold relative to the scale of milestone inflows.
While these margins appear robust, they are structurally fragile and highly sensitive to the accounting treatment of licensing agreements. The lack of a consistent, recurring cost base suggests that gross margin stability is less important than the ability to secure future high-margin milestone payments.
Based on the provided financial data, GNFT's operating leverage remains severely constrained, as evidenced by the 2025Q2 operating margin of just 0.2%, indicating that the company's R&D and SG&A expenditures consistently absorb nearly all incoming revenue generated from its strategic partnership milestones.
The inability to scale operating income alongside revenue suggests that the company is currently in a heavy investment phase, prioritizing pipeline development over immediate profitability. This structure implies that any delay in milestone receipts will likely lead to immediate and significant operating losses.
As reported in recent financial statements, GNFT's cost structure is dominated by substantial R&D expenditures, which reached $25.1M in 2025Q2, highlighting a persistent reliance on capital-intensive clinical trial management that continues to outpace the company's ability to generate sustainable, recurring operating cash flow.
The expense discipline appears focused on maintaining the clinical pipeline rather than optimizing for short-term bottom-line results. This cost structure warrants further investigation into the sustainability of the current burn rate, particularly if clinical milestones are delayed or if the diagnostic segment fails to scale.
Analysis of the income statement suggests that GNFT's reliance on non-recurring milestone payments creates a significant risk, as the 2025Q2 net loss of $10.0M underscores the company's vulnerability to the timing of partnership-related cash inflows and the inherent uncertainty of clinical development timelines.
Short-term observers may focus on the volatility of the bottom line, which appears to be a structural feature rather than a temporary anomaly. The primary risk remains that the current business model may not generate sufficient recurring revenue to cover the fixed R&D costs required to sustain the pipeline.
Quick answers to the most common questions about buying GNFT stock.
For fiscal year 2024, Genfit S.A. (GNFT) reported total revenue of $67.0M. This represents a 439.9% increase compared to $12.4M in 2004.
Genfit S.A. (GNFT) is profitable, generating $1.5M in net income for the fiscal year ending 2024 with a net profit margin of 2.2%.
Genfit S.A. (GNFT) reported an operating income of $3.3M, resulting in an operating profit margin of 4.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Genfit S.A. (GNFT) generated $66.7M in gross profit for the year, representing a gross profit margin of 99.6%. This demonstrates the company's core pricing power and production efficiency.