Galapagos reports first quarter 2017 results
(Thomson Reuters ONE) -
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 57.5
term financial asset(1)
Other financial result -2.4 -4.1
Net result for the period -13.6 35.9
Basic income / loss (-) per -0.29 0.81
share (?)
Diluted income / loss (-) per -0.29 0.79
share (?)
Cash, cash equivalents and 958.6 987.6
restricted cash
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/
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 9105
France: +33 1 76 772 274
Belgium: +32 2 404 0659
USA:
+1 719 325 2385
Netherlands: +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 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)
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 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 & Corporate Director Communications
Communications +31 6 53 591 999
+1 781 460 1784 communications(at)glpg.com
Paul van der Horst
Director IR & Business
Development
+31 6 53 725 199
ir(at)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 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.
GLPG reports Q1 results:
http://hugin.info/133350/R/2099737/795689.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Galapagos NV via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 27.04.2017 - 22:00 Uhr
Sprache: Deutsch
News-ID 538981
Anzahl Zeichen: 10321
contact information:
Town:
Mechelen
Kategorie:
Business News
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