Galapagos Q3: clinical success with GLPG1690 and MOR106 highlights strength of deep pipeline

 

Galapagos NV (Euronext & NASDAQ: GLPG) announces its unaudited results for the first nine months of 2017, which are further detailed in its Q3 2017 report available on the Galapagos website, www.glpg.com.

"Galapagos observed proof of concept in patients with GLPG1690 in idiopathic pulmonary fibrosis and MOR106 in atopic dermatitis this quarter, demonstrating again that we can deliver novelty to address unmet patient needs," said Onno van de Stolpe, CEO. "Our novel mechanism of action platform forms the basis of what we do at Galapagos, and, together with filgotinib, our investigational JAK1 inhibitor in inflammatory diseases, we now have three completely new mechanisms for which we have observed proof of concept in major disease need areas. And this is just the start: our platform continues to deliver novel targets and molecules in inflammation, fibrosis, and other diseases. We have the pipeline, the expertise, the people, and the financial resources to progress our programs and realize the full potential of our innovation."

 

"In the first three quarters of 2017 Galapagos continued to invest in its R&D pipeline to produce substantial progress. Delivery of the FLORA study results and the Phase 1b results with MOR106 solidified shareholder confidence in the future of our company and in our ability to execute," said Bart Filius, CFO. "With a cash position of €1.2 billion, we remain well positioned to advance our wide range of R&D programs. We anticipate our cash burn for the full year to be at the lower end of our guidance of €135 - 155 million."

 

 

Consolidated key figures Q3 report 2017 (unaudited)

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

 

 

 

30 September 2017

30 September 2016

Revenues

106.4

65.0

R&D expenditure

(149.2)

(96.7)

G&A and S&M expenses

(19.7)

(16.8)

Operating loss

(62.6)

(48.5)

Non-cash adjustment on short term financial asset1

-

57.5

Other net financial result

(23.1)

(0.9)

Taxes

(0.2)

(0.1)

Net result for the period

(85.9)

8.1

Basic income/loss (-) per share (€)

(1.75)

0.18

Diluted income/loss (-) per share (€)

(1.75)

0.17

Cash, cash equivalents and restricted cash

1,220.1

938.8

 

 

Notes:

1)  reflects non-cash financial asset adjustment resulting from the Gilead subscription agreement

 

Q3 report 2017

Galapagos' financial report for the first three quarters ended 30 September 2017 can be accessed via www.glpg.com/financial-reports.

 

Conference call and webcast presentation

Galapagos will conduct a conference call open to the public tomorrow, 27 October 2017 at 14:00 CET / 8 AM ET, which will also be webcast. To participate in the conference call, please call one of the following numbers ten minutes prior to commencement:

 

CODE: 2890376

 

USA:

+1 323 794 2423

UK:

+44 330 336 9105

Netherlands:

+31 20 721 9251

France:

+33 1 76 77 22 74

Belgium:

+32 2 404 0659

 

A question and answer session will follow the presentation of the results. Go to www.glpg.com to access the live audio webcast. The archived webcast will also be available for replay shortly after the close of the call.

 

Financial calendar

22 February 2018           Full year 2017 results (webcast 23 February 2018)

24 April 2018                 Annual shareholders' meeting

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. Galapagos' pipeline comprises Phase 3 through to discovery programs in cystic fibrosis, inflammation, fibrosis, osteoarthritis and other indications. Our target discovery platform has delivered three novel mechanisms showing promising patient results in respectively inflammatory diseases, idiopathic pulmonary fibrosis and atopic dermatitis. 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 578 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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