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 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
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 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.
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/761ae739-d15a-42e0-88be-bae13ffe6c52