This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Genfit SA is a clinical-stage biopharmaceutical company whose drug development pipeline relies on animal testing for regulatory approval. The company’s lead therapeutic candidates, including elafibranor for primary biliary cholangitis, have progressed through preclinical studies involving animal models, a standard practice in the pharmaceutical industry. This reliance places the company within the commercial exploitation of animals for research and development purposes.
While specific details on the scale or nature of Genfit’s animal testing protocols are not publicly disclosed in the gathered evidence, the company’s sector and stage of development indicate that animal testing is an integral component of its business model. The absence of a publicly available animal testing policy or commitment to alternative methods further underscores this operational dependency.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.