- First three
months 2022
financial results:
- Jyseleca® net
sales reached €14.4
million
- Group revenues
+20% to
€136.3
million
- Operating loss
-58% to
€21.1
million
- Cash and current financial
investments of
€4.6
billion on
31 March
2022
- Jyseleca approved in Great Britain and
Japan for the treatment
of ulcerative colitis
(UC); commercial
roll-out in the EU in
rheumatoid arthritis
(RA) and
UC progressing well with 15
countries reimbursed for RA
- Dr. Paul
Stoffelsi appointed
as Chief
Executive
Officer (CEO), effective
as of 1 April 2022
Webcast presentation
tomorrow, 6
May
2022,
at 14.00
CET / 8 AM ET,
www.glpg.com, +
32 (0)2 793 38
47, code 9523309
Mechelen, Belgium;
5 May
2022,
22.01 CET; regulated
information – Galapagos NV (Euronext & NASDAQ:
GLPG) today announced
its first quarter 2022 financial
results, a
year-to-date business update
and its outlook for the
remainder of 2022. The results
are further detailed in the
Q1
2022 financial
report available
on the financial reports
section of the
website.
“It is an honor to address you for the first
time as CEO of Galapagos. I want to express my respect and
appreciation to previous CEO and founder Onno van de Stolpe, who
successfully built Galapagos from a start-up to an independent,
established publicly listed company. Since I joined a few
weeks ago, I have been working closely with the board and the teams
across the entire organization to thoroughly review our R&D
product portfolio, shape our business strategy and lay the
foundations for accelerated growth,” said Dr. Paul Stoffels, CEO of
Galapagos. “Our mission is to bring novel medicines to patients
around the world and to help them live longer, better lives by
adding years of life and improving quality of life. We have the
people, the science, the R&D capabilities, the commercial
infrastructure, and financial resources to realize that ambition.
There are exciting opportunities ahead of us and I look forward to
sharing my vision and strategy for the future later this year.”
“In the first quarter of this year, the launch
of our Jyseleca franchise continued to gain momentum with robust
sales growth,” added Bart Filius, President, COO and CFO of
Galapagos. “Following the recent approval of filgotinib in UC in
Great Britain and Japan, we are very excited to also bring Jyseleca
to patients in this indication, while further progressing our
roll-out in RA and UC throughout the European Union. We continue to
focus on operational excellence and reiterate our cash burnii
guidance of €450-€490 million, including anticipated net sales
for Jyseleca of €65-€75 million, compared to the cash burn of
€564.8 million over the same period in 2021.”
First quarter
2022 and recent business updateCommercial
& regulatory progress with filgotinib in RA and UC:
- Strong progress with the roll-out
by our own commercial organization across Europe, with
reimbursements in 15 countries and a fast uptake in RA and now in
UC since the approval by EMA (European Medicines Agency) in
November 2021
- Sobi, our distribution and
commercialization partner in Eastern and Central Europe, Portugal,
Greece, and the Baltic countries, launched Jyseleca in RA in the
Czech Republic, resulting in a €1 million milestone payment to
Galapagos
- The MHRA (Medicines and Healthcare
products Regulatory Agency) in Great Britain and the MHLW (Ministry
of Health, Labour and Welfare) in Japan approved filgotinib 200mg
for the treatment of moderate to severe UC
- Nine presentations at ECCO
(European Crohn’s and Colitis Organisation), including 4 new
analyses from the Phase 3 SELECTION and SELECTION long-term
extension studies in UC. Initial results from European real-world
survey demonstrated the importance of taking an innovative holistic
approach to the management of UC
- Article 20 pharmacovigilance
procedure ongoing, investigating the safety data of all JAK
inhibitors used to treat certain chronic inflammatory
disorders
Pipeline and corporate update:
- Multiple Phase 1 studies are being
finalized with data read-outs expected before year-end
- Dr. Paul Stoffelsi appointed as
Chief Executive Officer, effective as of 1 April 2022
- Third installment of €50 million
received from Gilead in Q1 as part of the revised filgotinib
agreement as announced in December 2020, following payments of
earlier instalments totalling €110 million in 2021
- Raised €2.2 million through the
exercise of subscription rights
- Received a transparency
notification from EcoR1 Capital indicating that its shareholding in
Galapagos increased and crossed the 5% threshold, to 5.2% of the
current outstanding Galapagos shares
- Created 2 new subscription rights
plans within the framework of the authorized capital, intended for
certain new members of the personnel of Galapagos or any of its
subsidiaries
Post-period events:
- Our distribution partner Sobi recently launched Jyseleca in RA
in Portugal
- AbbVie announced that a Phase 2
Proof-of-Concept study evaluating a triple combination therapy in
cystic fibrosis (CF) did not meet the prespecified criteria. The
company plans to start a Phase 2 study with a new triple combo,
including the existing C1 corrector and potentiator licensed from
Galapagos, early next year. In the event AbbVie receives regulatory
approval and realizes commercial sales in CF, Galapagos is eligible
to receive royalties ranging from single digit to low teens
- All proposed resolutions regarding
the extraordinary and annual shareholders’ meetings held on 26
April 2022 have been adopted by the shareholders, including the
implementation of a one-tier governance structure in accordance
with the Belgian Companies and Associations Code, the appointment
of Stoffels IMC BV (permanently represented by Dr. Paul Stoffels)
as director and the appointments of Jérôme Contamine and Dr. Dan
Baker as independent directors of the board. Subsequently, the
(new) unitary board has appointed Stoffels IMC BV (permanently
represented by Dr. Paul Stoffels) as chair of the board of
directors
First quarter
2022 financial
highlights (unaudited)(€
millions, except basic & diluted
income/loss
per share)
|
31 March 2022 group total |
31 March 2021 group total |
Variance |
Product net sales |
14.4 |
0.1 |
14.3 |
Collaboration revenues |
121.9 |
113.8 |
8.1 |
Total net revenues |
136.3 |
113.9 |
22.4 |
Cost of sales |
(2.9) |
- |
(2.9) |
R&D expenditure |
(99.9) |
(130.0) |
30.1 |
G&Aiii and S&Miv expenses |
(62.3) |
(45.0) |
(17.3) |
Other operating income |
7.7 |
10.3 |
(2.6) |
Operating loss |
(21.1) |
(50.8) |
29.7 |
Fair value re-measurement of financial instruments |
(0.2) |
2.0 |
(2.2) |
Net other financial result |
9.7 |
36.2 |
(26.5) |
Income taxes |
(1.7) |
(0.2) |
(1.5) |
Net loss from continuing operations |
(13.3) |
(12.8) |
(0.5) |
Net profit from discontinued operations |
- |
22.2 |
(22.2) |
Net profit/loss (-) of the period |
(13.3) |
9.4 |
(22.7) |
Basic and diluted income/loss (-) per share (€) |
(0.2) |
0.14 |
|
Basic and diluted loss per share from continuing operations
(€) |
(0.2) |
(0.2) |
|
|
|
|
|
Current financial investments and cash and cash
equivalents |
4,643.4 |
5,114.7 |
|
Q1 2022
financial resultsWe reported
product net sales of Jyseleca in Europe for the first three months
of 2022 amounting to €14.4 million (€0.1 million in the first
quarter of 2021). Our counterparties for the sales of Jyseleca were
mainly hospitals and wholesalers located in Belgium, the
Netherlands, France, Italy, Spain, Germany, the United Kingdom,
Ireland, Austria, Norway, Sweden and Finland.
Cost of sales related to Jyseleca net sales in
the first three months of 2022 amounted to €2.9 million.
Collaboration revenues amounted to €121.9
million for the first three months of 2022, compared to €113.8
million for the first three months of 2021.
Revenues recognized related to the collaboration
agreement with Gilead for the filgotinib development were €59.0
million in the first three months of 2022 compared to €55.3 million
for the same period last year. This slight increase was mainly due
to higher revenue recognition of milestone payments, strongly
influenced by the milestone achieved related to the regulatory
approval in Japan for UC in the first quarter of 2022. The revenue
recognition related to the exclusive access rights for Gilead to
our drug discovery platform amounted to €57.3 million for the first
three months of 2022 (€57.8 million for the same period last
year).
We have recognized royalty income from Gilead
for Jyseleca for €4.6 million in the first three months of 2022
(compared to €0.7 million in the same period last year) of which
€3.6 million royalties on milestone income for UC approval in
Japan.
Additionally, we recorded a milestone of €1.0
million triggered by the first sale of Jyseleca in the Czech
Republic by our distribution and commercialization partner Sobi, in
the first quarter of 2022.
Our deferred income balance on 31 March 2022
includes €1.7 billion allocated to our drug discovery platform that
is recognized linearly over the remaining period of our 10 year
collaboration, and €0.6 billion allocated to the filgotinib
development that is recognized over time until the end of the
development period.
Our R&D expenditure in the first three
months of 2022 amounted to €99.9 million, compared to €130.0
million for the first three months of 2021. This decrease was
primarily explained by a decrease in subcontracting costs from
€73.0 million in the first quarter of 2021 to €41.7 million in the
first quarter of 2022, primarily due to the winding down of the
ziritaxestat (IPF) program and reduced spend on our Toledo (SIKi)
and other programs. This was partly offset by cost increases for
our filgotinib program, on a three months basis compared to the
same period in 2021.
Our S&M and G&A expenses
were respectively €29.0 million
and €33.4 million in the first three months of 2022,
compared to respectively €14.5 million and
€30.4 million in the first three months of
2021. This increase was primarily due to an increase in
personnel costs mainly driven by higher average FTEs on a three
months comparison basis following the commercial launch of
filgotinib in Europe, as well as higher costs for RSU plans. The
increase was also explained by the termination of our 50/50
co-commercialization cost sharing agreement with Gilead for
filgotinib in 2022, while in the first quarter of 2021 such costs
were still shared with Gilead.
Other operating income (€7.7 million vs
€10.3 million for the same period last year) decreased, mainly
driven by lower grant and R&D incentives income.
Net other financial income in the first three
months of 2022 amounted to €9.7 million, compared to net other
financial income of €36.2 million for the first three months
of 2021. Net other financial income in the first three months of
2022 was primarily attributable to €13.8 million of unrealized
currency exchange gains on our cash and cash equivalents and
current financial investments at amortized cost in U.S. dollars, to
€0.2 million of negative changes in (fair) value of current
financial investments and to €2.1 million of interest expenses. The
other financial expenses also contained the effect of discounting
our long term deferred income of €1.9 million.
We realized a net loss from continuing
operations of €13.3 million for the first three months of 2022,
compared to a net loss of €12.8 million for the first three months
of 2021.
The net profit from discontinued operations for
the three months ended 31 March 2021 consisted of the gain on the
sale of Fidelta, our fee-for-services business, for €22.2
million.
We reported a group net loss for the first three
months of 2022 of €13.3 million, compared to a group net profit of
€9.4 million for the first three months of 2021.
Cash
positionCurrent financial investments and cash and
cash equivalents totaled €4,643.4 million on 31 March 2022, as
compared to €4,703.2 million on 31 December 2021.
Total net decrease in cash and cash equivalents
and current financial investments amounted to €59.8 million during
the first three months of 2022, compared to a net decrease of €54.6
million during the first three months of 2021. This net decrease
was composed of (i) €77.4 million of operational cash burn, (ii)
offset by €2.2 million of cash proceeds from capital and share
premium increase from exercise of subscription rights in the first
three months of 2022, and (iii) €0.2 million negative changes in
(fair) value of current financial investments and €15.6 million of
mainly positive exchange rate differences.
Outlook
2022Financial guidance:For 2022,
we anticipate a significantly lower cash burn compared to 2021 of
€450-€490 million, including anticipated net sales for Jyseleca
between €65 and €75 million.
Expected regulatory events:We expect
reimbursement decisions in most key European markets for Jyseleca
in UC this year and anticipate that Sobi will further progress with
reimbursement discussions in RA and UC in Eastern and Central
Europe, Greece, and the Baltic countries. Following the ongoing
article 20 pharmacovigilance procedure on all JAK inhibitors, we
expect that the EMA will give its opinion by end of September
2022.
Anticipated R&D milestones:We expect the
read out from a Phase 1b trial with JAK1 inhibitor GLPG0555 and a
Phase 1 trial with JAK1/TYK2i GLPG3121 in healthy volunteers. In
addition, we aim to progress TYK2 inhibitor GLPG3667 into a Phase 2
program, considering the current regulatory and competitive
landscape for TYK2 as a class, and to advance selected compounds
with optimized pharmacology and selectivity from our SIKi portfolio
into the clinic. Furthermore, we are evaluating the start of a
Phase 2 trial with chitinase inhibitor GLPG4716 in lung
fibrosis.
While we push forward our internal programs and
further roll-out Jyseleca in RA and UC, we continue to diligently
scout for external opportunities. We are confident that in 2022 we
will make significant progress to accelerate our innovative
pipeline with the aim to address unmet medical needs, and we look
forward to presenting an in-depth update on our future plans later
this year.
First quarter
2022 financial
report
Galapagos’ financial report for the first three
months ended 31 March 2022, including details of the unaudited
consolidated results, is accessible on the financial reports
section of our website.
Conference call and webcast
presentation
Management will host a conference call and
webcast presentation with Q&A tomorrow 6 May 2022, at
14:00 CET / 8 AM ET. To participate in the
conference call, please dial one of the following numbers ten
minutes prior to the start:
CODE: 9523309
Standard International: |
+44 2071 928338 |
USA: |
+1 646 741 3167 |
UK: |
+44 844 481 9752 |
Netherlands: |
+31 207 95 66 14 |
France: |
+33 1 70 70 0781 |
Belgium: |
+32 2 793 38 47 |
The live webcast can be accessed on the
investors section of the Galapagos website, and a replay will be
made available shortly after the close of the call.
Financial
calendar 2022
4 August 20223
November 202223 February 2023 |
Half year 2022
resultsThird quarter 2022 resultsFull year 2022 results |
(webcast 5 August
2022)(webcast 4 November 2022)(webcast 24 February 2023) |
About Galapagos
Galapagos NV discovers, develops, and
commercializes small molecule medicines with novel modes of action.
Our pipeline comprises discovery through Phase 3 programs in
inflammation, fibrosis and other indications. Our ambition is to
become a leading global biopharmaceutical company focused on the
discovery, development, and commercialization of innovative
medicines. More information at www.glpg.com.
Except for filgotinib’s approval for the treatment of rheumatoid
arthritis and ulcerative colitis by the European Commission, Great
Britain’s Medicines and Healthcare products Regulatory Agency and
Japanese Ministry of Health, Labour and Welfare, our drug
candidates are investigational; their efficacy and safety have not
been fully evaluated by any regulatory authority.
Jyseleca® is a trademark of Galapagos NV and Gilead Sciences,
Inc. or its related companies.
Contact
Investors:Sofie Van GijselHead of Investor
Relations+1 781 296 1143
Sandra CauwenberghsDirector Investor Relations+32 495 58 46
63ir@glpg.com
Media:Marieke VermeerschHead of Corporate
Communication
+32 479 490 603media@glpg.com
Forward-looking statements
This release may contain forward-looking
statements, including, among other things, statements regarding the
global R&D collaboration with Gilead, the amount and timing of
potential future milestones, opt-in and/or royalty payments by
Gilead, Galapagos’ strategic R&D ambitions, including progress
on our fibrosis portfolio and SIK platform, and potential changes
of such ambitions, the guidance from management (including guidance
regarding the expected operational use of cash during financial
year 2022), financial results, statements regarding the expected
timing, design and readouts of ongoing and planned clinical trials,
including recruitment for trials and topline results for our trials
and studies in our inflammation portfolio, statements regarding the
strategic re-evaluation, statements related to the EMA’s planned
safety review of JAK inhibitors used to treat certain inflammatory
disorders, including filgotinib, initiated at the request of the
European Commission (EC) under article 20 of Regulation (EC) No
726/2004, statements relating to interactions with regulatory
authorities, the timing or likelihood of additional regulatory
authorities’ approval of marketing authorization for filgotinib for
RA, UC or any other indication, including UC and IBD indications
for filgotinib in Europe, Great-Britain, Japan, and the U.S., such
additional regulatory authorities requiring additional studies,
statements regarding changes in our board of directors, and key
personnel, our ability to effectively transfer knowledge during
this period of transition, the search and recruitment of a CSO, the
risk that Galapagos will be unable to successfully achieve the
anticipated benefits from its leadership transition plan, the
possibility that Galapagos will encounter challenges retaining or
attracting talent, the timing or likelihood of pricing and
reimbursement interactions for filgotinib, statements relating to
the build-up of our commercial organization, statements and
expectations regarding commercial sales for filgotinib, the
expected impact of COVID-19, and our strategy, business plans and
focus. 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 our expectations regarding our
2022 revenues and financial results and our 2022 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 the risk that data from
Galapagos’ ongoing and planned clinical research programs in
rheumatoid arthritis, Crohn’s disease, ulcerative colitis,
idiopathic pulmonary fibrosis, osteoarthritis, other inflammatory
indications and kidney disease may not support registration or
further development of its product candidates due to safety or
efficacy concerns or other reasons), Galapagos’ reliance on
collaborations with third parties (including our collaboration
partner Gilead), the timing of and the risks related to the
implementation of the transition of the European commercialization
responsibility of filgotinib from Gilead to us, the risk that the
transition will not be completed on the currently contemplated
timeline or at all, including the transfer of the supply chain, and
the risk that the transition will not have the currently expected
results for our business and results of operations, estimating the
commercial potential of our product candidates and Galapagos’
expectations regarding the costs and revenues associated with the
transfer of European commercialization rights to filgotinib may be
incorrect, the risk that Galapagos will not be able to continue to
execute on its currently contemplated business plan and/or will
revise its business plan, the risk that Galapagos will be unable to
successfully achieve the anticipated benefits from its leadership
transition plan, the risk that Galapagos will encounter challenges
retaining or attracting talent, risks related to disruption in our
operations due to the conflict between Russia and Ukraine, the
risks related to continued regulatory review of filgotinib
following approval by relevant regulatory authorities and the EMA’s
planned safety review of JAK inhibitors used to treat certain
inflammatory disorders, including the risk that the EMA and/or
other regulatory authorities determine that additional non-clinical
or clinical studies are required with respect to filgotinib, the
risk that the EMA may require that the market authorization for
filgotinib in the EU be amended, the risk that the EMA may impose
JAK class-based warnings, the risk that the EMA’s planned safety
review may negatively impact acceptance of filgotinib by patients,
the medical community and healthcare payors and the risks and
uncertainties relating to the impact of the COVID-19 pandemic. 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.This release may
contain forward-looking statements, all of which involve certain
risks and uncertainties. These statements are often, but are not
always, made through the use of words or phrases such as
“anticipate,” “expect,” “intend,” “plan,” “may,” “will,”
“continue,” “aim,” “future,” “guidance,” “outlook,” “progress,”
“forward” as well as similar expressions. Forward-looking
statements contained in this release include, but are not limited
to, statements regarding the global R&D collaboration with
Gilead, statements regarding the amount and timing of potential
future milestones, opt-in and/or royalty payments by Gilead,
statements regarding our strategic R&D plans, including
progress on our fibrosis portfolio and SIK platform, and potential
changes of such plans, statements regarding the guidance from
management regarding our financial results (including guidance
regarding the expected operational use of cash during financial
year 2022), statements regarding our regulatory and R&D
outlook, statements regarding the expected timing, design and
readouts of ongoing and planned clinical trials, including
recruitment for trials and topline results for our trials and
studies in our inflammation portfolio, statements regarding the
strategic re-evaluation, statements relating to interactions with
regulatory authorities, the timing or likelihood of additional
regulatory authorities’ approval of marketing authorization for
filgotinib for RA, UC or any other indication, including UC and IBD
indications for filgotinib in Europe, Great-Britain, Japan, and the
U.S., and such additional regulatory authorities requiring
additional studies, , statements regarding the timing or likelihood
of pricing and reimbursement interactions for filgotinib,
statements relating to the build-up of our commercial organization,
statements and expectations regarding commercial sales for
filgotinib, and statements regarding our strategy, business plans
and focus. Any forward-looking statements in this release are based
on management’s current expectations and beliefs and are not
guarantees of future performance. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
which might cause our actual results, financial condition and
liquidity, performance or achievements 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. Such risks include, but are not limited
to, the risk that our expectations regarding our 2022 revenues and
financial results and our 2022 operating expenses may be incorrect
(including because one or more of our assumptions underlying our
expense expectations may not be realized), the risk that our
expectations regarding our development programs may be incorrect,
the inherent risks and uncertainties associated with competitive
developments, clinical trial and product development activities and
regulatory approval requirements (including the risk that data from
our ongoing and planned clinical research programs in rheumatoid
arthritis, Crohn’s disease, ulcerative colitis, idiopathic
pulmonary fibrosis, osteoarthritis, other inflammatory indications
and kidney disease may not support registration or further
development of our product candidates due to safety or efficacy
concerns or other reasons), risks related to our reliance on
collaborations with third parties (including, but not limited to,
our collaboration partner Gilead), risks related to the
implementation of the transition of the European commercialization
responsibility of filgotinib from Gilead to us, the risk that the
transition will not be completed on the currently contemplated
timeline or at all, including the transfer of the supply chain, and
the risk that the transition will not have the currently expected
results for our business and results of operations, the risk that
our estimates of the commercial potential of our product candidates
and our expectations regarding the costs and revenues associated
with the transfer of European commercialization rights to
filgotinib may be incorrect, the risk that we will not be able to
continue to execute on our currently contemplated business plan
and/or will revise our business plan, risks related to our ability
to effectively transfer knowledge during this period of transition,
the risk that we will be unable to successfully achieve the
anticipated benefits from our leadership transition plan, the risk
that we will encounter challenges retaining or attracting talent,
risks related to potential disruptions in our operations due to the
conflict between Russia and Ukraine, and the risks and
uncertainties relating to the impact of the COVID-19 pandemic. A
further discussion of these risks, uncertainties and other risks
can be found in our filings and reports with the Securities and
Exchange Commission (SEC), including in our 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 risks and
uncertainties, the reader is advised not to place any undue
reliance on such forward-looking statements. In addition, even if
our results, performance, financial condition and liquidity, and
the development of the industry in which we operate are consistent
with such forward-looking statements, they may not be predictive of
results or developments in future periods. These forward-looking
statements speak only as of the date of publication of this
release. We expressly disclaim any obligation to update any such
forward-looking statements in this release unless required by law
or regulation.
i Acting via Stoffels IMC BVii The operational cash burn (or
operational cash flow if this liquidity measure is positive) is
equal to the increase or decrease in our cash and cash equivalents
(excluding the effect of exchange rate differences on cash and cash
equivalents), minus:
- the net proceeds, if any, from share capital and share premium
increases included in the net cash flows generated from/used in (-)
financing activities
- the net proceeds or cash used, if any, in acquisitions or
disposals of businesses; the movement in restricted cash and
movement in current financial investments, if any, included in the
net cash flows generated from/used in (-) investing
activities.
This alternative liquidity measure is in our view an important
metric for a biotech company in the development stage.The
operational cash burn for the three months ended 31 March 2022
amounted to €77.4 million and can be reconciled to our cash flow
statement by considering the decrease in cash and cash equivalents
of €995.4 million, adjusted by (i) the cash proceeds from capital
and share premium increase from the exercise of subscription rights
by employees for €2.2 million, and (ii) the net purchase of current
financial investments amounting to €920.2 millioniii General and
administrativeiv Sales and marketing
- Galapagos demonstrates regulatory and commercial progress in Q1
2022
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