Galapagos reports first quarter 2017 results
April 27 2017 - 4:01PM
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
Webcast presentation tomorrow, 28 April 2017,
at 14.00 CET/8 AM ET, +32 2 404 0659
www.glpg.com
Mechelen, Belgium; 27 April 2017, 22.00 CET;
regulated information - Galapagos NV (Euronext & NASDAQ:
GLPG) presents financial results and highlights the key events for
the first quarter of 2017.
"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:
- 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/
Conference call and webcast
presentation
Galapagos will conduct a conference call open to
the public tomorrow, 28 April 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:
Confirmation Code:
5402616
United Kingdom:
+44 330 336 9105France:
+33 1 76 772 274Belgium:
+32 2 404 0659USA:
+1 719 325 2385Netherlands:
+31 20 721 9251
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 calendar27 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)
About GalapagosGalapagos (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.
Contacts
Investors: |
Media: |
Elizabeth Goodwin |
Evelyn
Fox |
VP IR
& CorporateCommunications+1 781 460 1784 |
Director
Communications +31 6 53 591 999 communications@glpg.com |
Paul van der HorstDirector IR & BusinessDevelopment+31 6 53 725
199 |
|
ir@glpg.com |
|
Forward-looking statementsThis release may contain
forward-looking statements, including, among other things,
statements regarding the guidance from management (including
guidance regarding the expected operational cash burn during
financial year 2017), financial results, the timing of audited
financial results, timing and/or results of clinical trials, and
interaction with regulators. 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 2017 operating expenses may be incorrect (including
because one or more of its assumptions underlying its 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.
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