Advicenne: half-yearly publication sulks on the stock market

(CercleFinance.com) - Advicenne, a pharmaceutical company specializing in rare kidney diseases, fell by 7% on the stock market on Thursday after publishing its half-yearly financial results and an update on its activities.


In a press release, the Group reports a 28% increase in gross sales of Sibnayal, its treatment for distal renal tubular acidosis (dRTA), which reached 1.25 million in the first six months of the year, including royalties paid by commercial partners.

Its half-year current operating loss improved to 2.84 million euros, compared with a loss of 2.95 million euros a year earlier.

The company also reports continued progress towards current operating breakeven, confirming its objective of achieving operating profitability by the end of 2024-beginning of 2025.

At the end of June, its cash position stood at two million euros, with unchanged financial visibility during the first quarter of 2025

As announced in July, its partner Primex is unable to meet the full royalty payment expected in 2025, leading Advicenne to sell the product to a third party in order to obtain a majority share of the proceeds.

Advicenne says it intends to reach a final agreement with Primex by the end of 2024.

Advicenne is also focusing its efforts on regulatory approvals and clinical plans to develop ADV7103 in ATRd and cystinuria, citing recent favorable progress in its exchanges with the FDA and North American commercial partners.

In a reaction note, analysts at TP ICAP Midcap say that they are incorporating a more cautious scenario for the stock to take account of first-half performance, but above all Primex's financial difficulties.

Its price target has consequently been reduced from 7.3 to four euros per share.

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