CS.PA
Updated: 24/09/2026, 17:59:50
AXA S.A. operates as a global financial services group, delivering a comprehensive suite of insurance, asset management, and banking services across the globe through its various subsidiaries. The company is structured into key operational segments, including France, Europe, Asia, AXA XL, International, and Transversal & Central Holdings. Its core offerings include life and savings policies, specializing in financial security products like retirement plans, health coverage, and personal protection solutions. Additionally, AXA provides extensive property and casualty (P&C) coverage, ranging from automobile and home insurance to personal and professional liability for both individual and commercial clients. This also extends to international insurance for major European corporations, alongside marine, aviation, and general reinsurance services. Beyond insurance, AXA's asset management division oversees a diverse portfolio of asset classes, such as equities, bonds, hedge funds, private equity, and real estate. These investment services are provided to AXA's internal insurance entities, their clients, and external retail and institutional investors. Founded in 1852, the company is headquartered in Paris, France.
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Reported and calculated KPIs plus operational exposure disclosed in the FY 2026 filing.
Revenue
0.0B
FY 2026 · Reported
Net income
-0.0B
FY 2026 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
-0.0B
FY 2026 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
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FY — · Reported
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Medincell S.A. business overview
Medincell S.A., French SA created 9 January 2003 for 99 years, HQ in Jacou, France; creates technology solutions to improve treatment adherence
“créée le 9 janvier 2003 avec pour ambition de proposer des solutions technologiques destinées à permettre une amélioration de l'observance thérapeutique”
Medincell business model and value chain
Pharmaceutical/biotech company (Medincell) with value chain from R&D and clinical studies through production and distribution to patients; pharmaceutical partners TEVA and AbbVie
“Entreprises pharmaceutiques partenaires : TEVA, AbbVie”
Patient end-users as indirect customers
End-user patients reached indirectly via pharmaceutical partners, market studies, clinical studies and pharmacovigilance
“Dialogue souvent indirect via les partenaires pharmaceutiques, des études de marché, études cliniques, pharmacovigilance, remontées du terrain”
UZEDY - long-acting risperidone injectable
UZEDY®: subcutaneous monthly/bimonthly risperidone injection for schizophrenia, commercialized in the US by Teva since May 2023
“Il s'agit d'une injection sous-cutanée mensuelle ou bimestrielle de rispéridone pour le traitement de la schizophrénie. La commercialisation aux Etats-Unis par Teva a débuté en mai 2023.”
UZEDY, first commercialized product based on Medincell technology
UZEDY, first Medincell-technology product commercialized, FDA-approved 28 April 2023, marketed via Teva
“Risques de dépendance a UZEDY®, premier produit basé sur la technologie Medincell commercialisé, suite à son approbation par la FDA américaine le 28 avril 2023”
CM Biomaterials BV joint venture with Corbion for BEPO polymers
50/50 JV CM Biomaterials BV (Netherlands) with Corbion for manufacturing and distribution of BEPO polymers; consolidated by equity method since 27 August 2018
“les sociétés Medincell et Corbion ont créé une co-entreprise, dénommée CM Biomaterials BV basée aux Pays-Bas, détenue à part égale par les deux sociétés”
USD exposure with hedging
FX risk on USD; in May 2026 the company set up a new hedge to sell USD 2 million at a predetermined rate over max 4 months
“en mai 2026, la Société a mis en place un nouveau contrat de couverture permettant de vendre 2 millions de dollars à un cours prédéterminé sur une période maximum de 4 mois”
BEPO polymer production exclusively by Corbion
CM Biomaterials BV subcontracts BEPO polymer production to Corbion, sole responsible for production units
“La joint-venture sous-traite la production des polymères BEPO® à Corbion qui est seul responsable de la mise en place, de la maintenance et du financement des unités de production”
Risk of dependency on partners, suppliers and subcontractors
Disclosed risk: dependency on certain partners, suppliers and subcontractors for clinical trials, raw materials/components supply and product manufacturing
“Risques liés à la dépendance de la Société vis-à-vis de certains partenaires, fournisseurs et sous-traitants pour la réalisation de ses essais cliniques, l'approvisionnement en matières premières et composants et la fabrication de ses produits”
Employee engagement structure and 2027 governance target
HR-led employee engagement with quarterly surveys and social dialogue with CSE; employee board representative planned for 2027
“À venir pour 2027 : Représentant des salariés au Conseil d'Administration”
AbbVie co-development and license agreement
AbbVie strategic alliance covering up to 6 long-acting injectable programs: $35M upfront, up to $1.9B milestones ($315M per program), mid-single to low-double-digit royalties
“l'accord de co-développement et de licence qui couvrent jusqu'à 6 programmes, Medincell a reçu un paiement initial de 35 M$ et pourrait encaisser jusqu'à 1,9 milliard de dollars en paiements d'étapes et de commercialisation (315 M$ pour chaque programme)”
Pipeline: Macozinone LAI with iM4TB; AbbVie programs mdc-WWM and mdc-STM
R&D pipeline: LAI Macozinone for tuberculosis with iM4TB (ERA4TB, Horizon 2020); first AbbVie collaboration programs mdc-WWM (contraception) and mdc-STM (malaria) aiming at clinical entry
“premier programme en collaboration avec AbbVie, mdc-WWM (contraception) et mdc-STM (paludisme).”
iM4TB partnership on long-acting injectable Macozinone for tuberculosis
Partnership with iM4TB (supported by Gates Foundation, GSK, J&J, Evotec, TB Alliance etc.) developing a long-acting injectable Macozinone for tuberculosis within EU ERA4TB program
“iM4TB ... investit dans les premières étapes de développement d'une version injectable à action prolongée du Macozinone”
July 2026 non-dilutive refinancing
28 M€ new 5-year bank loans (no financial covenants); early repayment of 20 M€ EIB tranche; remaining EIB balance 17.5 M€ due July 2028; debt maturity extended to July 2031
“La Société a obtenu 28 M€ de prêts auprès de quatre banques commerciales européennes, d'une durée de cinq ans, sans covenant financier spécifique, ni instrument donnant accès au capital.”
EIB (BEI) loan with financial covenants
Loan from the EIB (BEI) with financial covenants, respected at 31 March 2026 and expected to remain so over the following 12 months; variable remuneration based on expected revenue from milestones and commercialization
“Les covenants financiers actuellement en vigueur prévus dans le cadre du contrat de prêt souscrit auprès de la BEI sont respectés au 31 mars 2026”
Ukraine conflict and US tariffs: no significant impact
Ukraine conflict and announced US tariff increases have no significant identified impact on Group activities at closing; no operational activity in Ukraine/Russia
“la hausse des tarifs douaniers annoncée par les Etats-Unis n'a pas d'impact significatif identifié sur les activités du Groupe à la date de clôture”
Teva initial UZEDY 2026 net sales estimate
Initial Teva estimate of UZEDY 2026 net sales: 250-280 M$
“L'estimation initiale des ventes nettes de Teva pour 2026 est comprise entre 250 et 280 M$”
Olanzapine LAI (mdc-TJK) regulatory milestones
Olanzapine LAI: FDA filing Dec 9, 2025, approval possibly expected Q4 2026; EMA filing accepted May 2026; development funded and led by Teva
“Le dossier accepté pour instruction en février 2026, avec une éventuelle approbation attendue pour le 4ème trimestre 2026.”
Materiality assessment refined via stakeholder questionnaire in 2024
Double materiality analysis refined in 2024 through stakeholder questionnaire; ESRS mapping covers employees, patients and pharmaceutical partners
“analyse a été affinée en 2024 à travers un questionnaire de matérialité auprès de nos parties prenantes”
UZEDY FDA approval for bipolar I disorder
On Oct 10, 2025, FDA approved UZEDY indication extension for bipolar I disorder in adults
“Le 10 octobre 2025, Medincell et Teva ont annoncé l'approbation par la Food and Drug Administration (FDA) américaine de l'extension d'indication au traitement du trouble bipolaire de type I (BD-I)”
UZEDY approvals in South Korea and Canada (LONGAVO)
UZEDY approved in South Korea (Sept 10, 2025, Teva Handok) and Canada as LONGAVO (Sept 23, 2025, Teva Canada)
“UZEDY® a reçu l'approbation réglementaire du Ministère sud-coréen de la Sécurité Alimentaire et des Médicaments.”
Liquidity position at 31 March 2026
Available cash including rapidly mobilizable financial investments of €84.8M at 31 March 2026, supporting going-concern assessment
“La trésorerie disponible, comprenant les placements financiers mobilisables rapidement, s'élève à 84,8 M€ au 31 mars 2026”
Regulatory stakeholder bodies
Key regulators FDA (US) and EMA (Europe); health systems, WHO, French Government and UN NGOs are stakeholders
“les agences réglementaires (notamment FDA aux États-Unis et EMA en Europe), les systèmes de santé, l'OMS”
Sole-source dependency on Corbion for BEPO polymers
Sole manufacturer of BEPO polymers is Corbion (Purac Biochem B.V.) via CM Biomaterials B.V. JV; net criticality raised to 'Elevée' given UZEDY growth and imminent mdc-TJK launch
“L'unique fabricant à qui la Société sous-traite la production de ses polymères BEPO est Purac Biochem B.V., société néerlandaise du groupe Corbion”
Dependency on commercial partners for clinical development and registrations
Major dependency risk on partners (notably Teva) who run clinical trials and regulatory filings; misaligned objectives could delay launches
“la réalisation de certains essais cliniques ainsi que les démarches nécessaires afin d'obtenir les autorisations de commercialisation requises ... sont en général de la responsabilité des partenaires de la Société”
No in-house GMP manufacturing - CDMO/CMO dependency
Company owns no GMP manufacturing site and depends on a limited number of CDMOs/CMOs for clinical and commercial lots
“La Société ne possède pas son propre site de manufacture homologué BPM (Bonnes Pratiques de Manufacturing) pour la production de candidats produits.”
Israel-Hamas conflict exposure via Teva
Israel-Hamas conflict escalation could disrupt partner Teva (HQ and manufacturing/R&D in Israel); impact on Teva was negligible as of Feb 3, 2026 but could increase significantly
“le siège mondial de TEVA et plusieurs de leurs installations de fabrication et de recherche et développement sont situées en Israël.”
Ukraine war impact
Ukraine war has had no impact on Group accounts to date; no significant activity in these countries
“La guerre en Ukraine qui a débuté fin février 2022 n'a eu aucun impact sur les comptes du Groupe à ce jour.”
Dependency on UZEDY and partner Teva
Deterioration of Teva's operational/financial capabilities could delay royalties from UZEDY and mdc-TJK program
“Une détérioration des capacités opérationnelles et/ou financières du partenaire Teva pourrait notamment entraîner, pour la Société, des décalages dans le versement des royalties attendues de la commercialisation de UZEDY®”
Zero-operations corruption risk assessment findings
No significant corruption risks identified through risk assessment; operations assessed data not available (2025 and 2024)
“205-1 a. Total number and percentage of operations assessed for risks related to corruption. NA; NA NA; NA b. Significant risks related to corruption identified through the risk assessment. 0 0”
UZEDY royalties (mid-to-high single digit on Teva net sales) and the olanzapine LAI program depend on Teva, which commercializes in the US, Canada, South Korea and files FDA/EMA.
“UZEDY® est le premier produit issu du partenariat signé avec Teva Pharmaceuticals en 2013.”
Royalties from UZEDY commercialization and mdc-TJK program depend on Teva's operations, supply chain and production/distribution activities.
“des décalages dans le versement des royalties attendues de la commercialisation de UZEDY® et celles susceptibles de découler du programme mdc-TJK, en raison notamment des contraintes organisationnelles de Teva”
Sole manufacturer of BEPO polymers via a JV; failure would halt development and commercial supply, with liability-limiting clauses in Corbion contracts.
“L'unique fabricant à qui la Société sous-traite la production de ses polymères BEPO est Purac Biochem B.V., société néerlandaise du groupe Corbion (« Corbion »).”
AbbVie alliance provides upfront, milestone and royalty revenue on up to 6 long-acting injectable programs; AbbVie funds and conducts clinical development and commercialization.
“AbbVie financera et conduira le développement clinique de chaque programme et aura la charge de l'approbation réglementaire, de la fabrication et de la commercialisation.”
Business model and partnerships (AbbVie, iM4TB, Corbion JV) rest on Medincell's BEPO long-acting injectable platform and know-how.
“Cette alliance stratégique s'appuie sur la plateforme technologique et le savoir-faire de Medincell”
UZEDY is commercialized in the US by Teva; royalties are received in US dollars, creating direct US market and currency exposure.
“La commercialisation aux Etats-Unis par Teva a débuté en mai 2023.”
Potential launch of olanzapine LAI (FDA decision expected Q4 2026) is a key future revenue driver alongside UZEDY sales growth, cited in aligning debt repayment schedule.
“notamment ceux liés à la progression des ventes d'UZEDY® et au potentiel lancement de l'olanzapine LAI.”
Corbion is sole producer of BEPO polymers via the 50/50 JV CM Biomaterials BV; Medincell also buys polymers from the JV.
“La production est exclusivement assurée par Corbion.”
Production relies on external contract manufacturing organizations (CMOs) in the value chain.
“Entreprises de Organisations contractuelles de fabrication biotechnologie (CMO)”
Teva's global HQ and several manufacturing/R&D sites are in Israel; escalation of the Israel-Hamas conflict could disrupt supply, production, R&D and royalty flows.
“Le siège mondial de TEVA et plusieurs de leurs installations de fabrication et de recherche et développement sont situées en Israël.”
Without in-house GMP manufacturing or preclinical/clinical sites, the company depends on a limited pool of CDMOs, CMOs and CROs for production and studies.
“la capacité de Medincell à sous-traiter cette fonction à des prestataires qualifiés est essentielle.”
EMA identified as key regulatory stakeholder for European market approvals.
“les agences réglementaires (notamment FDA aux États-Unis et EMA en Europe)”
FDA identified as key regulatory stakeholder for US market approvals.
“les agences réglementaires (notamment FDA aux États-Unis et EMA en Europe)”
Patient needs (access, observance, safety, acceptability) drive development specifications via indirect feedback through partners and pharmacovigilance.
“Intégrer les besoins en accès, observance, sécurité et acceptabilité dans les cahiers des charges des traitements”
AbbVie is named as a pharmaceutical partner alongside TEVA in Medincell's ecosystem.
“Entreprises pharmaceutiques partenaires : TEVA, AbbVie”
UZEDY royalties are received in US dollars and converted into euros for reporting, creating USD/EUR exposure.
“elle reçoit ces royalties en dollars américains, qui sont ensuite convertis en euros pour présentation dans ces comptes.”
TEVA is named as a pharmaceutical partner, indicating licensing/commercial dependence on partner pharmaceutical companies for market access.
“Entreprises pharmaceutiques partenaires : TEVA, AbbVie”
Corbion is named among suppliers/prestataires in the value chain diagram.
“Fournisseurs, CMB Prestataires Corbion”
CM Biomaterials BV, 50%-owned JV based in the Netherlands, manufactures and distributes BEPO polymers for licensees.
“une co-entreprise, dénommée CM Biomaterials BV basée aux Pays-Bas, détenue à part égale par les deux sociétés”
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