Genfit (AO) | Buy | NASHnext: reimbursement unlocks a sizeable second revenue stream

Research evidence excerpt

Genfit (AO) | Buy | NASHnext: reimbursement unlocks a sizeable second revenue stream

creasingly well supported by Iqirvo royalties in PBC, while MASH diagnostics now moves from

overlooked optionality to a credible high-margin second revenue stream. PSC and the internal pipeline remain additional upside

layers outside our valuation framework for now, and we plan to update our model to integrate MASH diagnostics as a new future

revenue lever.

The reimbursement unlock has arrived

The previous Labcorp OnDemand launch had already moved NASHnext from an overlooked diagnostic asset to a more tangible

commercial-access opportunity. This announcement adds the missing piece: reimbursement. In our view, this is the real unlock,

as broad adoption of a diagnostic test requires both access infrastructure and a payer framework.

The reimbursement decision arrives at a key inflection point for the US MASH market. With the first MASH therapy already gaining

strong traction and additional agents from leading pharma companies approaching launch, the need for scalable, non-invasive

identification of at-risk patients should become increasingly important, particularly in primary care, endocrinology and broader

metabolic care settings.

As MASH therapies become more widely available and treatment costs remain high, we would expect payers and physicians to

require objective diagnostic and risk-stratification tools before initiating therapy. This should structurally increase the relevance

of reimbursed non-invasive diagnostics such as NASHnext, which is designed to identify patients with at-risk MASH while

capturing both disease activity and fibrotic burden.

A broader commercial opportunity beyond Labcorp

MASH diagnostics remains outside our valuation for now, but this will change.