Galapagos reports strong results, pipeline progress
Key 2016 results:
- Group revenues increased by €91.0 million to €151.6 million
- Operating loss reduced by €77.9 million to €11.5 million
- Net profit of €54.0 million, compared to a net loss of €118.4 million in 2015
- Cash balance increased by €632.7 million to €980.9 million at year-end
- Start of three Phase 3 studies with filgotinib
- Competitive patient data in CF program and good progress towards triple combination therapy
Financial guidance 2017:
- Cash burn of €135-155 million
Webcast presentation 24 February 2017, at 14.00 CET/8 AM ET, +32 2 400 6926, http://www.glpg.com
Galapagos NV (Euronext & NASDAQ: GLPG) presents financial results and highlights the key events for the full year 2016.
“Galapagos remains on track to become an integrated biopharmaceutical company. In collaboration with Gilead, three Phase 3 programs with filgotinib were launched last year. Our FITZROY studies demonstrated the potential for filgotinib in Crohn’s disease, with encouraging endoscopy and histopathology results. We initiated critical path safety studies for our triple combination therapy in cystic fibrosis, keeping us on track to evaluate safety of our triple combination in the first half of this year, with a goal to move into patient evaluations by mid-2017. The CF program was substantially strengthened by the competitive patient data shown in the SAPHIRA Phase 2 studies. We ended the year with a rich portfolio of late stage programs in which we expect to generate new patient data over the next 18 months. We are in a very strong position, both financially and operationally,” CEO Onno van de Stolpe commented.
Bart Filius, CFO, added: “Galapagos had an extraordinary year with strong financial results. We ended 2016 with the largest cash balance in our history, and with cash burn well under control. Our cash balance now exceeds the cumulative investments made by all investors in Galapagos since its inception in 1999. We will continue to ramp up our late stage development activities this year, as we plan to increase our investments in filgotinib and CF and initiate more clinical studies with our proprietary programs. All this will contribute to our financial guidance for operational cash burn of €135-155 million for full year 2017.”
Galapagos aims to initiate a CF patient evaluation of its triple combination therapy in mid-2017, as well as multiple new clinical studies with CF candidates and combinations throughout the year. Together with our collaboration partner Gilead we plan to start multiple proof-of-concept studies with filgotinib. Topline results from the FLORA Phase 2a study with GLPG1690 in IPF and from the Phase 1b study with MOR106 in atopic dermatitis patients are expected in the second half of 2017. Galapagos expects to initiate a Phase 1b study with GLPG1972 in osteoarthritis patients in the United States, as well as Phase 1 studies with GLPG2938 and GLPG2534.
The Company expects an operational use of cash of €135-155 million during 2017.