Genfit (AO) | Buy | NASHnext launch: building access ahead of reimbursement

研报英文原文证据摘录

Genfit (AO) | Buy | NASHnext launch: building access ahead of reimbursement

on for now, but this launch reinforces its potential value. Genfit refers to a US

patient population in the high tens of millions of individuals potentially relevant for testing. In our vie, even limited penetration of

such a large market, with modest royalty economics, could generate several tens of millions of annual royalties over time, which

would be highly meaningful at Genfit’s scale.

A commercial-access step ahead of the real unlock

Today’s announcement is not the reimbursement event, but it is an important commercial-access step before it. Reimbursement

should be the main unlock for broader volumes, but reimbursement alone is not enough: NASHnext also needs a scalable access

route. Labcorp OnDemand provides that route.

The “in anticipation of a reimbursement decision” wording matters because it suggests Labcorp is actively preparing for broader

adoption, rather than treating NASHnext as a niche test sitting in the background. With a digital access channel, national blood-

draw infrastructure and healthcare-professional oversight, the commercial pathway is being put in place ahead of potential

broader payer coverage.

Should reimbursement come through, as we expect, the test would already be accessible through an established Labcorp

channel, which should make the payer decision more actionable and support faster adoption than if the commercial pathway still

had to be built from scratch.

MASH diagnostics becoming more tangible

MASH diagnostics is becoming increasingly tangible in the Genfit story and could represent meaningful upside to our current

valuation framework. The market’s focus remains primarily on Iqirvo royalties in PBC, which drive our valuation and the core