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Genfit: upbeat after updated outlook

( - Genfit climbs 3% following an update of its financial outlook, due to the validation of submissions for approval of elafibranor in Primary Biliary Cholangitis (PBC) by the US FDA and the European Medicines Agency.

These decisions make the company eligible for a first milestone payment, and taking into account further payments from the launch of commercialization, it could receive a total of approximately 89 million euros by the end of next year.

Under its licensing agreement with Ipsen, Genfit is also eligible for double-digit royalties on sales of elafibranor in PBC, which Ipsen expects to peak at over 500 million euros a year.

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