Galapagos reports first quarter 2017 results

 

Galapagos NV (Euronext & NASDAQ: GLPG) presents financial results and highlights the key events for the first quarter of 2017

Key Q1 2017 results:

  • Group revenues more than doubled to €39.9 million (+169%)
  • Operating loss reduced by 55% to €11.2 million
  • Net loss of €13.6 million
  • End of first quarter cash €958.6 million
  • Start of new Proof-of-Concept studies with filgotinib
  • Development of triple combination therapy in CF on schedule

"Galapagos ended the first quarter having substantially expanded the filgotinib clinical program, in which we and collaboration partner Gilead are now running Phase 2 and 3 trials to explore filgotinib in nine inflammation indications. We expect more clinical trial initiations with filgotinib in new indications in the course of the year. We will disclose an interim analysis of the long-term DARWIN 3 extension study at the EULAR conference, shedding light on longer term efficacy and safety of selective JAK1 inhibition in rheumatoid arthritis. We plan to initiate a patient evaluation of our triple combination therapy for cystic fibrosis patients this summer. We expect topline results from FLORA for GLPG1690 in IPF as well as from MOR106 in atopic dermatitis, rounding out expectations for a rich newsflow year with our pipeline," CEO Onno van de Stolpe commented.

 

Bart Filius, CFO, added: "We executed on our strategy as planned, bringing in milestones from our collaboration partner AbbVie and driving a 169% increase in Q1 revenues versus last year. These cash payments partially offset our increased spending, keeping our cash burn from operations and investing limited to €23.9 million in Q1 and well in-line with our full year 2017 cash burn guidance of €135-155 million. Next to this, we estimate net proceeds of our public offering on 21 April to be €348 million, bringing our current total cash position to approximately €1.3 billion. Overall, we are very well positioned for the execution of our strategy in the coming years."

 

Key figures Q1 2017 (unaudited)

(€ millions, except basic & diluted income/loss per share)

 

 

31 Mar 2017 Group total

31 Mar 2016 Group total

Revenues

39.9

14.8

R&D expenditure

-44.9

-27.8

G&A and S&M expenses

-6.2

-4.4

Operating loss

-11.2

-17.4

Non-cash adjustment on short term financial asset1

 

57.5

Other financial result

-2.4

-4.1

 

 

 

Net result for the period

-13.6

35.9

Basic income / loss (-) per share (€)

Diluted income / loss (-) per share (€)

-0.29

 

-0.29

0.81

 

0.79

Cash, cash equivalents and restricted cash

958.6

987.6

Notes:

  1. Reflects non-cash financial asset adjustment resulting from the Gilead subscription agreement.

 

First quarter report 2017

Galapagos has published its online financial report for the first quarter ended 31 March 2017, which can be accessed via http://reports.glpg.com/2017/q1/en/

 

Financial calendar

27 July 2017                  First Half 2017 Results (webcast 28 July 2017)

26 October 2017            Third Quarter 2017 Results (webcast 27 October 2017)

22 February 2018           Full Year 2017 Results (webcast 23 February 2018)

 

 

 

Note

Galapagos (Euronext & NASDAQ: GLPG) is a clinical-stage biotechnology company specialized in the discovery and development of small molecule medicines with novel modes of action. Our pipeline comprises Phase 3, Phase 2, Phase 1, pre-clinical, and discovery programs in cystic fibrosis, inflammation, fibrosis, osteoarthritis and other indications. We have discovered and developed filgotinib: in collaboration with Gilead we aim to bring this JAK1-selective inhibitor for inflammatory indications to patients all over the world. Galapagos is focused on the development and commercialization of novel medicines that will improve people's lives. The Galapagos group, including fee-for-service subsidiary Fidelta, has approximately 530 employees, operating from its Mechelen, Belgium headquarters and facilities in the Netherlands, France, and Croatia. More information at www.glpg.com.

 

 

 

 

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