Galapagos kick-starts 2016 with Q1 cash position of ?988 M
(Thomson Reuters ONE) -
* 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
Mechelen, Belgium; 28 April 2016 - 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 | 31 March 2015 Group |
| | Total | 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| 57.5 | |
|agreement(1) | | |
+----------------------------+------------------------+------------------------+
|Other net financial result | (4.1) | (0.4) |
+----------------------------+------------------------+------------------------+
|Taxes | | 1.5 |
+----------------------------+------------------------+------------------------+
|Net result | 35.9 | (14.2) |
+----------------------------+------------------------+------------------------+
|Basic income/loss (-) per| 0.81 | (0.47) |
|share (?) | | |
+----------------------------+------------------------+------------------------+
|Diluted income/loss (-) per| 0.79 | (0.47) |
|share (?) | | |
+----------------------------+------------------------+------------------------+
|Cash, Cash equivalents and| 987.6(3) | 171.4(2) |
|Restricted cash | | |
+----------------------------+------------------------+------------------------+
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(at)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 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 theguidance 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 thatGalapagos'' 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:
http://hugin.info/133350/R/2008163/742661.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Galapagos NV via GlobeNewswire
[HUG#2008163]
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
" alt="Veritas Pharma Inc. Hires Local Intellectual Property Law Firm to Protect Its New Cannabis Cultivars for Specific Disease ConditionsDatum: 28.04.2016 - 16:00 Uhr
Sprache: Deutsch
News-ID 1431473
Anzahl Zeichen: 2859
contact information:
Contact person:
Town:
Mechelen
Phone:
Kategorie:
Business News
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 146 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Galapagos kick-starts 2016 with Q1 cash position of ?988 M
"
steht unter der journalistisch-redaktionellen Verantwortung von
Galapagos NV (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
