Galapagos kick-starts 2016 with Q1 cash position of EU988 M
April 28 2016 - 4:13PM
- First quarter financial results:
- Group revenues €14.8 M
- Group net profit €35.9 M
- End of first quarter cash €987.6 M, including €9.3 M in
restricted cash
- Progress in R&D
- Closed transformational deal with Gilead on
filgotinib
- Announced expansion of cystic fibrosis portfolio
- Initiated SAPHIRA Phase 2 study with GLPG1837 in CF
patients
- Guidance reiterated for 2016 cash burn of €100 - 120
M
Galapagos NV (Euronext & NASDAQ: GLPG) announces its
unaudited first quarter results, which are further detailed in an
online Q1 2016 report published on the Galapagos website,
www.glpg.com.
"This first quarter we focused on transitioning
the filgotinib programs over to Gilead as they prepared for the
discussions with regulatory authorities and the roll-out of Phase 3
programs in rheumatoid arthritis and Crohn's disease," said Onno
van de Stolpe, CEO. "We also announced encouraging progress
in our cystic fibrosis programs with AbbVie, with an expanded
portfolio of potentiator and corrector drug candidates to increase
our chances of success with a potential triple combination therapy
for Class II mutation patients. We initiated a Phase 1 study
with corrector GLPG2222, and we started the SAPHIRA Phase 2 program
with potentiator GLPG1837 in Class III mutation patients. We
announced further progress in our pipeline in April, with the start
of the FLORA Phase 2 study with GLPG1690 in idiopathic pulmonary
fibrosis and a Phase 1 study with novel human monoclonal antibody
MOR106."
"The closing of the transaction with Gilead for
filgotinib brought our cash balance to €1.02 billion in January",
said Bart Filius, CFO. "We have never been so well
capitalized in our history, and so well positioned to execute on
our promising pipeline. With our substantial investments in
filgotinib, CF, and our other programs, we expect to keep our cash
burn for the full year within the range of €100 - 120 million,
excluding payments received from Gilead for filgotinib."
Key figures Q1 2016 (unaudited) (€
millions, except basic income/loss per share)
|
31 March 2016 Group Total |
31 March 2015 Group Total |
Revenues |
14.8 |
20.0 |
R&D expenditure |
(27.8) |
(31.6) |
G&A and S&M expenses |
(4.4) |
(3.8) |
Operating loss |
(17.4) |
(15.3) |
Fair value re-measurement of share subscription
agreement1 |
57.5 |
|
Other net financial result |
(4.1) |
(0.4) |
Taxes |
|
1.5 |
Net result |
35.9 |
(14.2) |
Basic income/loss (-) per share (€) |
0.81 |
(0.47) |
Diluted income/loss (-) per share (€) |
0.79 |
(0.47) |
Cash, Cash equivalents and Restricted cash |
987.63 |
171.42 |
Notes: 1) reflects non-cash financial
asset adjustment resulting from the Gilead subscription agreement,
which offsets the negative €30.6 million non-cash adjustment booked
in Q4 2015 2) including €10.2 million of restricted cash
3) including €9.3 million of restricted cash Q1 Report
2016 The Galapagos' Q1 Report for 2016 is available at
http://www.glpg.com/financial-reports. Printed versions of
the report can be requested via ir@glpg.com.
Conference call and webcast presentation Galapagos will
conduct a conference call open to the public tomorrow (29 April
2016) at 14:00 Central European Time (CET), which will also be
webcast. To participate in the conference call, please call
one of the following numbers ten minutes prior to commencement:
CODE: 6420003
USA: |
+1 718 354 1357 |
UK: |
+44 20 7136 2056 |
Netherlands: |
+31 20 716 8295 |
France: |
+33 1 7048 0166 |
Belgium: |
+32 2 620 0138 |
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.
About Galapagos 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 maturing pipeline comprises 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 440 employees, operating from its Mechelen, Belgium
headquarters and facilities in The Netherlands, France, and
Croatia. More information at www.glpg.com.
Contacts
Investors: |
Media: |
Elizabeth Goodwin |
Evelyn
Fox |
VP IR
& Corporate Communications +1 781 460 1784 |
Director
Communications +31 6 53 591 999 communications@glpg.com |
Paul van
der Horst Director IR & Business Development +31 6 53 725
199 |
|
ir@glpg.com |
|
Forward-looking statements This release may contain
forward-looking statements, including, among other things,
statements regarding the guidance from management (including
guidance regarding the expected cash burn during financial year
2016), financial results and timing of clinical trials.
Galapagos cautions the reader that forward-looking statements are
not guarantees of future performance. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which might cause the actual results, financial condition
and liquidity, performance or achievements of Galapagos, or
industry results, to be materially different from any historic or
future results, financial conditions and liquidity, performance or
achievements expressed or implied by such forward-looking
statements. In addition, even if Galapagos' results,
performance, financial condition and liquidity, and the development
of the industry in which it operates are consistent with such
forward-looking statements, they may not be predictive of results
or developments in future periods. Among the factors that may
result in differences are that Galapagos' expectations regarding
its 2016 revenues and financial results and 2016 operating expenses
may be incorrect (including because one or more of its assumptions
underlying its revenue or expense expectations may not be
realized), Galapagos' expectations regarding its development
programs may be incorrect, the inherent uncertainties associated
with competitive developments, clinical trial and product
development activities and regulatory approval requirements
(including that data from Galapagos' ongoing clinical research
programs may not support registration or further development of its
product candidates due to safety, efficacy or other reasons),
Galapagos' reliance on collaborations with third parties, and
estimating the commercial potential of its development
programs. A further list and description of these risks,
uncertainties and other risks can be found in Galapagos' Securities
and Exchange Commission (SEC) filings and reports, including in
Galapagos' most recent annual report on form 20-F filed with the
SEC and other filings and reports filed by Galapagos with the
SEC. Given these uncertainties, the reader is advised not to
place any undue reliance on such forward-looking statements.
These forward-looking statements speak only as of the date of
publication of this document. Galapagos expressly disclaims
any obligation to update any such forward-looking statements in
this document to reflect any change in its expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based or that may affect the likelihood
that actual results will differ from those set forth in the
forward-looking statements, unless specifically required by law or
regulation.
GLPG kick-starts 2016
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