Galapagos Reports Third Quarter 2024 Financial Results and Provides
Business Update
- We are advancing our
pipeline and accelerating innovation through focused execution of
our Forward, Faster
strategy.
- We are committed to
addressing the high unmet needs of patients through a growing cell
therapy and small molecule pipeline with breakthrough potential.
This includes more than 20 programs, with four assets in clinical
development across 11 indications, and more than 15 preclinical
programs in oncology and immunology.
- We achieved a major
regulatory milestone with the FDA clearance of the Investigational
New Drug (IND) application for the Phase 1/2 ATALANTA-1 study of
our CD19 CAR-T candidate, GLPG5101, in relapsed/refractory
non-Hodgkin lymphoma (R/R NHL), marking an important step forward
in our cell therapy pipeline using our innovative decentralized
manufacturing platform.
- We resumed recruitment in
the Phase 1/2 PAPILIO-1 study with our BCMA CAR-T candidate,
GLPG5301, in relapsed/refractory multiple myeloma (R/R
MM).
- As part of our
collaboration agreement with Blood Centers of America (BCA), we
selected Excellos in the San Diego area as the first decentralized
manufacturing unit (DMU) within BCA’s nationwide network to
manufacture GLPG5101 for the ATALANTA-1 study sites in the
region.
- We further advanced our
early-stage proprietary pipeline and progressed a next-generation
armed, bispecific CAR-T candidate in hemato-oncology and a
potential best-in-class small molecule candidate in immunology into
IND-enabling studies, targeting clinical development in
2025-2026.
- We have €3.3 billion in
cash and financial investments as of September 30, 2024, supporting
our pipeline. We reconfirm the full-year 2024 cash
burni guidance of €370
million to €410 million.
Webcast
presentation on October
31,
2024, at
13:00
CET / 8:00
am
ET, www.glpg.com
Mechelen, Belgium; October 30, 2024,
21:01 CET; regulated information – Galapagos NV (Euronext &
NASDAQ: GLPG) today announced financial results
for the first nine months of 2024 and provided a business
update.
“I am proud of our team’s commitment in
executing our Forward, Faster strategy,” said Paul
Stoffels1, MD, Galapagos’ CEO and Chair of the Board of
Directors. “The FDA's clearance of the ATALANTA-1 study of
GLPG5101, produced on our decentralized manufacturing platform in
patients with relapsed/refractory non-Hodgkin lymphoma, marks a
pivotal step towards realizing our vision of transforming patient
outcomes through life-changing science and innovation. This is the
first-ever FDA clearance for a clinical study in the U.S. with a
fresh CAR-T product candidate delivered in a median vein-to-vein
time of seven days. We remain focused on advancing our clinical
pipeline in 11 indications and our potential best-in-class
early-stage programs across multiple modalities and
indications.”
“With more than 20 active cell therapy and small
molecule programs in oncology and immunology, we are accelerating
our internal pipeline while we continue to assess business
development opportunities. We reaffirm our 2024 cash burn guidance
in the range of €370-410 million,” Thad Huston, Galapagos’ CFO and
COO, added.
Third quarter and recent business
highlights and anticipated milestones
Regulatory and pipeline:
- The investigational new drug (IND)
application for the Phase 1/2 ATALANTA-1 study of our CD19
candidate, GLPG5101, in R/R NHL has been cleared by the U.S. Food
and Drug Administration (FDA) and our goal is to activate clinical
study sites and start enrolling patients in the U.S. before the end
of 2024.
- We expect to submit an IND in early
2025 for the Phase 1/2 EUPLAGIA-1 study in relapsed/refractory
chronic lymphocytic leukemia (R/R CLL) and Richter transformation
(RT) of our CD19 CAR-T candidate, GLPG5201.
- Following the submission of a
Clinical Trial Application (CTA) to the European Medicines Agency
(EMA) for the Phase 2 dose expansion study of GLPG5201 in R/R CLL
and RT, we aim to start enrolling patients in 2025.
- We resumed enrolment in the Phase
1/2 PAPILIO-1 study of our BCMA CAR-T candidate, GLPG5301, in R/R
MM.
- We will present new data from the
ATALANTA-1 and EUPLAGIA-1 studies along with pre-clinical data for
uza-cel, our TCR-T cell therapy candidate produced on our
decentralized manufacturing platform in collaboration with
Adaptimmune, at the American Society of Hematology (ASH) Annual
Meeting in December.
- We continued enrolling patients in
the ongoing Phase 2 GALARISSO study in dermatomyositis (DM) and the
Phase 2 GALACELA study in systemic lupus erythematosus (SLE) with
our oral small molecule TYK2 inhibitor, GLPG3667.
- We further advanced our early-stage
proprietary pipeline and progressed a next-generation armed,
bispecific CAR-T candidate in hemato-oncology and a potential
best-in-class small molecule candidate in immunology into
IND-enabling studies, targeting clinical development in
2025-2026.
- We are accelerating our early-stage
pipeline of more than 15 programs in oncology and immunology with
the objective of launching at least four IND/CTA-enabling studies
in 2025 across different modalities and indications. From 2026
onward, our ambition is to fuel the clinical pipeline with at least
two new clinical assets annually in various indications and across
our cell therapy and small molecule portfolio.
Operational:
- As part of our collaboration
agreement with Blood Centers of America (BCA), we selected Excellos
in the San Diego area as the first decentralized manufacturing unit
(DMU) within BCA’s nationwide network to manufacture GLPG5101 for
the ATALANTA-1 study sites in the region.
- We continue to expand our DMU
network in Europe and the U.S. to manufacture our cell therapy
candidates for clinical development and to support pivotal and
commercial readiness.
External innovation:
- We are exploring strategic
partnerships, early-stage research collaborations, licensing, and
bolt-on acquisitions in areas of high unmet medical need to
accelerate our cell therapy and small molecule pipeline in oncology
and immunology.
Corporate:
- The Board of Directors appointed
Mr. Oleg Nodelman as Non-Executive Non-Independent Director by way
of co-optation effective October 7, 2024, replacing Dr. Dan Baker
who stepped down on October 6, 2024.
Financial performance
Key figures for the first nine months of 2024
(consolidated)
(€ millions, except basic & diluted earnings per
share)
|
|
Nine months ended September 30 |
% Change
|
|
|
2024 |
2023 |
|
Supply revenues |
19.1 |
- |
|
|
Collaboration revenues |
181.0 |
179.8 |
+1% |
|
Total net revenues |
200.1 |
179.8 |
+11% |
|
Cost of sales |
(19.1) |
- |
|
|
R&D expenses |
(238.2) |
(167.2) |
+42% |
|
G&Aii and
S&Miii expenses |
(93.2) |
(87.4) |
+7% |
|
Other operating income |
24.8 |
32.9 |
-25% |
|
Operating loss |
(125.6) |
(41.9) |
|
|
Fair value adjustments and net exchange differences |
31.8 |
36.3 |
-12% |
|
Net other financial result |
71.7 |
54.0 |
+33% |
|
Income taxes |
1.7 |
(12.2) |
|
|
Net profit/loss (-) from continuing
operations |
(20.4) |
36.2 |
|
|
Net profit from discontinued operations, net of tax |
69.2 |
17.9 |
|
|
Net profit of the period |
48.8 |
54.1 |
|
|
Basic and diluted earnings per share (€) |
0.7 |
0.8 |
|
|
Current financial investments, cash & cash
equivalents |
3,338.8 |
3,811.7 |
|
DETAILS OF THE FINANCIAL RESULTS FOR THE
FIRST NINE MONTHS OF 2024
As a consequence of the transfer of our Jyseleca® business to
Alfasigma, the revenues and costs related to Jyseleca® for the
first nine months of 2024 are presented separately from the results
of our continuing operations in the line ‘Net profit from
discontinued operations, net of tax’ in our consolidated income
statement. The comparative first nine months of 2023 have been
restated accordingly for the presentation of the results related to
the Jyseleca® business.
Results from our continuing
operations
Total operating loss from continuing operations
for the nine months ended September 30, 2024, was €125.6 million,
compared to an operating loss of €41.9 million for the nine months
ended September 30, 2023.
- Total net revenues
for the nine months ended September 30, 2024, amounted to €200.1
million, compared to €179.8 million for the nine months ended
September 30, 2023. The revenue recognition related to the
exclusive access rights granted to Gilead for our drug discovery
platform amounted to €172.7 million for the first nine months of
both 2024 and 2023. Our deferred income balance on September 30,
2024, includes €1.1 billion allocated to our drug discovery
platform that is recognized linearly over the remaining period of
our 10-year collaboration.
- Cost of sales for
the nine months ended September 30, 2024, amounted to €19.1 million
and related to the supply of Jyseleca® to Alfasigma under the
transition agreement. The related revenues are reported in total
net revenues.
- R&D expenses
in the first nine months of 2024 amounted to €238.2 million,
compared to €167.2 million for the first nine months of 2023. This
increase was primarily explained by higher costs for cell therapy
and small molecule programs in oncology.
- G&A and
S&M expenses amounted to €93.2 million in
the first nine months of 2024, compared
to €87.4 million in the first nine months of
2023. This increase was primarily due to an increase in legal
and professional fees, mainly related to business development
activities and due to an increase in S&M expenses due to
investments in strategic marketing for oncology. Both increases
were partly offset by a decrease in G&A personnel expenses,
mainly due to a decreased cost for our subscription rights
plans.
- Other operating
income amounted to €24.8 million in the first nine months
of 2024, compared to €32.9 million for the same period last
year. This decrease is mainly driven by lower grants and R&D
incentives.
Net financial income in the
first nine months of 2024 amounted to €103.5 million, compared
to net financial income of €90.3 million for the first nine
months of 2023.
- Fair value adjustments and
net currency exchange results in the first nine months of
2024 amounted to €31.8 million, compared to fair value
adjustments and net currency exchange gains of €36.3 million
for the first nine months of 2023, and were primarily attributable
to €3.1 million of unrealized currency exchange losses on our cash
and cash equivalents and current financial investments at amortized
cost in U.S. dollars, and to €35.7 million of positive changes in
fair value of current financial investments.
- Net other financial
income in the first nine months of 2024 amounted to
€71.7 million, compared to net other financial income of
€54.0 million for the first nine months of 2023, and was
primarily attributable to €70.6 million of interest income, which
increased significantly due to the increase in interest rates.
Net tax income in the first
nine months of 2024 amounted to €1.7 million, compared to net
tax expenses of €12.2 million for the first nine months of
2023. The net tax expenses in 2023 were primarily due to the
re-assessment of net deferred tax liabilities and corporate income
tax payables as a result of a one-off intercompany
transaction.
Net loss from
continuing operations for the first nine months of 2024
was €20.4 million, compared to a net profit from continuing
operations of €36.2 million for the first nine months of 2023.
Results from discontinued operations
(€
millions)
|
|
Nine months ended September 30 |
% Change
|
|
|
2024 |
2023 |
|
Product net sales |
11.4 |
82.1 |
-86% |
|
Collaboration revenues |
26.0 |
187.0 |
-86% |
|
Total net revenues |
37.4 |
269.1 |
-86% |
|
Cost of sales |
(2.2) |
(13.5) |
-84% |
|
R&D expenses |
(13.6) |
(145.0) |
-91% |
|
G&A and S&M expenses |
(10.8) |
(94.7) |
-89% |
|
Other operating income |
55.2 |
7.1 |
|
|
Operating profit |
66.0 |
23.0 |
|
|
Net financial result |
3.3 |
(3.7) |
|
|
Income taxes |
(0.1) |
(1.4) |
|
|
Net profit from discontinued operations |
69.2 |
17.9 |
|
Total operating profit from discontinued
operations amounted to €66.0 million in the first nine
months of 2024, compared to an operating profit of €23.0 million in
the same period last year.
- Product net sales
of Jyseleca® in Europe were €11.4 million for the first nine months
of 2024 consisting of sales to customers in January 2024. Product
net sales to customers for the first nine months of 2023 amounted
to €82.1 million. As from February 1, 2024, all economics linked to
the sales of Jyseleca® in Europe are to the benefit of
Alfasigma.
- Collaboration
revenues for the development of filgotinib with Gilead
amounted to €26.0 million for the first nine months of 2024,
compared to €187.0 million for the same period last year. The sale
of the Jyseleca® business to Alfasigma on January 31, 2024, led to
the full recognition in revenue of the remaining deferred income
related to filgotinib.
- Cost of sales
related to Jyseleca® net sales were €2.2 million for the first nine
months of 2024. Cost of sales related to Jyseleca® net sales for
the first nine months of 2023 amounted to €13.5 million.
- R&D expenses
for the development of filgotinib for the first nine months of 2024
amounted to €13.6 million, compared to €145.0 million in
the first nine months of 2023. As from February 1, 2024, all
filgotinib development expenses still incurred during the
transition period are recharged to Alfasigma.
- G&A and
S&M expenses related to the Jyseleca® business
amounted to €10.8 million in the first nine months of
2024, compared to €94.7 million in the first nine
months of 2023. As from February 1, 2024, all remaining
G&A and S&M expenses relating to Jyseleca® are recharged to
Alfasigma.
- Other operating
income for the first nine months of 2024 amounted to €55.2
million (€7.1 million for the same period last year) and comprised
€52.3 million related to the gain on the sale of the Jyseleca®
business to Alfasigma. This result as of September 30, 2024, of the
transaction is considering the following elements:
- €50.0 million of upfront payment
received at closing of the transaction of which €40.0 million was
paid on an escrow account. This amount will be kept in escrow for a
period of one year after the closing date of January 31, 2024. We
gave customary representations and warranties which are capped and
limited in time (at September 30, 2024, this €40.0 million is
presented as “Escrow account” in our statement of financial
position).
-
€9.8 million of cash received from Alfasigma related to the closing
the transaction as well as €0.9 million of accrued negative
adjustment for the settlement of net cash and working capital.
-
€47.0 million of fair value on January 31, 2024, of the future
earn-outs payable by Alfasigma to us (the fair value of these
future earn-outs at September 30, 2024, is presented on the lines
“Non-current contingent consideration receivable” and “Trade and
other receivables”). As from February 1, 2024, we are entitled to
receive royalties on net sales of Jyseleca® in Europe from
Alfasigma.
-
€40.0 million of liability towards Alfasigma on January 31, 2024,
for R&D cost contributions of which €15.0 million was paid in
the first nine months of 2024 (at September 30, 2024, €25.0 million
of liabilities for R&D cost contribution is presented in our
statement of financial position on the line “Trade and other
liabilities”).
Net profit from discontinued
operations related to Jyseleca® amounted to €69.2 million for the
first nine months of 2024, compared to a net profit amounting to
€17.9 million for the first nine months of 2023.
Cash, cash equivalents and current
financial investments totaled €3,338.8 million as of
September 30, 2024, as compared to €3,684.5 million as of December
31, 2023. Total net decrease in cash and cash equivalents and
current financial investments amounted to €345.7 million during the
first nine months of 2024, compared to a net decrease of €282.4
million during the first nine months of 2023. This net decrease was
composed of (i) €321.3 million of operational cash burn including
€80.4 million cash impact of business development activities, (ii)
€36.9 million for the acquisition of financial assets held at fair
value through other comprehensive income, (iii) €26.2 million of
net cash in related to the sale of the Jyseleca® business to
Alfasigma of which €40.0 million has been transferred to an escrow
account, offset by (iv) €26.3 million of negative exchange rate
differences, positive changes in fair value of current financial
investments and variation in accrued interest income.
Financial guidance
As of September 30, 2024, we have €3.3 billion in cash and current
financial investments to continue to fund our proprietary pipeline
and pursue select, value-enhancing deals. We reiterate our cash
burn guidance, including business development year-to-date, for the
full year 2024, which is expected to be in the range of €370
million to €410 million.
Conference call and webcast
presentation
We will host a conference call and webcast presentation on October
31, 2024, at 13:00 CET / 8:00 am ET. To participate in the
conference call, please register in advance using this link.
Dial-in numbers will be provided upon registration. The conference
call can be accessed 10 minutes prior to the start of the call by
using the conference access information provided in the email
received after registration, or by selecting the “call me”
feature.
The live webcast is available on glpg.com or via
the following link. The archived webcast will be available for
replay shortly after the close of the call on the investor section
of the website.
Expected
financial calendar 2025
February 12, 2025
March 27, 2025
April 23, 2025
April 29, 2025
July 23, 2025
October 22, 2025 |
Full year 2024 results
Annual report 2024
First quarter 2025 results
Annual Shareholders’ Meeting
Half-year 2025 results
Third quarter 2025 results |
(webcast: February 13, 2025)
(webcast: April 24, 2025)
(webcast: July 24, 2025)
(webcast: October 23, 2025) |
About Galapagos’
Forward, Faster
Strategy
Our Forward, Faster strategy is focused on accelerating
growth and value creation by reimagining how we innovate and
operate, driven by our purpose to transform patient outcomes for
more years of life and quality of life across the globe. This
strategy focuses on three pillars:
- Patient-centric research and
development to address medical needs in our key therapeutic areas
of oncology and immunology.
- Build on our current capabilities
and de-risking R&D through multiple drug modalities, including
cell therapy, and by focusing on best-in-class validated targets
with shorter time-to-patient potential.
- Expanding business development
efforts to complement our pipeline, continuing to work with our
collaboration partner Gilead, to bring transformational medicines
to the broadest patient population possible.
About Galapagos
We are a biotechnology company with operations in Europe and the
U.S. dedicated to transforming patient outcomes through
life-changing science and innovation for more years of life and
quality of life. Focusing on high unmet medical needs, we synergize
compelling science, technology, and collaborative approaches to
create a deep pipeline of best-in-class small molecules and cell
therapies in oncology and immunology. With capabilities from lab to
patient, including a decentralized cell therapy manufacturing
platform, and the financial strength to invest strategically for
the near- and long-term, we are committed to challenging the status
quo and delivering results for our patients, employees, and
shareholders. Our goal is not just to meet current medical needs
but to anticipate and shape the future of healthcare, ensuring that
our innovations reach those who need them most. For additional
information, please visit www.glpg.com or follow us
on LinkedIn or X.
For further information, please
contact:
Media
inquiries:
Srikant Ramaswami
+1 412 699 0359
Marieke Vermeersch
+32 479 490 603
Jennifer Wilson
+ 44 7539 359 676
media@glpg.com |
Investor
inquiries:
Sofie Van Gijsel
+1 781 296 1143
Sandra Cauwenberghs
+32 495 58 46 63
ir@glpg.com |
Forward-looking statements
This press release contains 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
“believe,” “anticipate,” “plan,” “upcoming,” “future,” “estimate,”
“may,” “will,” “could,” “would,” “potential,” “forward,” “goal,”
“next,” “continue,” “should,” “encouraging,” “aim,” “progress,”
“remain,” “advance,” “ambition,” “outlook,” “further,” as well as
similar expressions. These statements include, but are not
limited to, the guidance from management regarding our
financial results (including guidance regarding the expected
operational use of cash for the fiscal year 2024), statements
regarding our regulatory outlook, statements regarding the amount
and timing of potential future milestones, including potential
milestone payments, statements regarding our R&D plans,
strategy and outlook, including progress on our oncology or
immunology portfolio, and our CAR-T-portfolio, and potential
changes of such plans, statements regarding our pipeline
and complementary technology platforms facilitating future growth,
statements regarding the expected timing, design and readouts of
ongoing and planned clinical trials, including but not limited
to (i) GLPG3667 in SLE and DM, (ii) GLPG5101 in R/R NHL, (iii)
GLPG5201 in R/R CLL and RT, and (iv) GLPG5301 in R/R
MM, statements regarding the potential attributes and
benefits of our product candidates, statements regarding our
commercialization efforts for our product candidates and any of our
future approved products, if any, statements about
potential future commercial manufacturing of T-cell therapies,
statements related to the IND application for the Phase 1/2
ATALANTA-1 study, statements related to the anticipated timing for
submissions to regulatory agencies, including any INDs or CTAs,
statements relating to the development of our distributed
manufacturing capabilities on a global basis, and statements
related to our portfolio goals and business plans. Galapagos
cautions the reader that forward-looking statements are based on
our management’s current expectations and
beliefs and are not guarantees of future
performance. Forward-looking statements may involve known and
unknown risks, uncertainties and other factors which might
cause our actual results, financial conditions and
liquidity, performance or achievements, or the industry
in which we operate, 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 our 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. Such risks include, but are not
limited to, the risk that our expectations and management’s
guidance regarding our 2024 operating expenses, cash burn and other
financial estimates may be incorrect (including because
one or more of our assumptions
underlying our revenue and expense expectations may not
be realized), the risk that ongoing and future clinical trials
may not be completed in the currently envisaged timelines or at
all, the inherent risks and uncertainties associated with
competitive developments, clinical trials, recruitment of patients,
product development activities and regulatory approval requirements
(including the risk that data from our ongoing and
planned clinical research programs in DM, SLE, R/R NHL, R/R
CLL, RT, R/R MM and other immunologic and oncologic
indications or any other indications or diseases, may not
support registration or further development
of our product candidates due to safety or efficacy
concerns or other reasons), the risk that we may not be able
to realize the expected benefits from the appointment (by way of
co-optation) of the new Director, the risk that the preliminary and
topline data from our studies, including the ATALANTA-1, EUPLAGIA-1
and PAPILIO-1-studies, may not be reflective of the final data,
risks related to our reliance on collaborations with third
parties (including, but not limited to, our collaboration
partners Gilead, Lonza, Adaptimmune, BridGene Biosciences and Blood
Centers of America), the risk that the transfer of the Jyseleca®
business will not have the currently expected results for our
business and results of operations, the risk that our plans
with respect to our CAR-T programs may not be achieved on the
currently anticipated timeline or at all, the risk that our
estimates of the commercial potential of our product
candidates (if approved) or expectations regarding the costs and
revenues associated with any commercialization rights may be
inaccurate, 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, and risks
related to our strategic transformation, including the risk that we
may not achieve the anticipated benefits of such exercise on the
currently envisaged timeline or at all. A further list and
description of these risks, uncertainties and other risks can
be found in our filings and reports filed with
the Securities and Exchange Commission (SEC), including
in our most recent annual report on Form 20-F filed with
the SEC and our subsequent filings and reports filed 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 the result of our
operations, financial condition and liquidity, or the industry in
which we operate are consistent with such forward-looking
statements, they may not be predictive of results, performance or
achievements 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 to reflect any change in our expectations or
any change in events, conditions or circumstances, unless
specifically required by law or regulation.
Addendum
Consolidated statements of income and
comprehensive income/loss (-) (unaudited)
Consolidated income
statement
|
|
Nine months ended
September 30 |
|
(thousands of €, except per share data) |
2024 |
2023 |
|
Supply revenues |
19,124 |
- |
|
Collaboration revenues |
181,030 |
179,784 |
|
Total net revenues |
200,154 |
179,784 |
|
Cost of sales |
(19,124) |
- |
|
Research and development expenses |
(238,270) |
(167,211) |
|
Sales and marketing expenses |
(10,177) |
(3,884) |
|
General and administrative expenses |
(83,013) |
(83,556) |
|
Other operating income |
24,813 |
32,950 |
|
Operating loss |
(125,617) |
(41,916) |
|
Fair value adjustments and net currency exchange differences |
31,762 |
36,251 |
|
Other financial income |
72,553 |
55,096 |
|
Other financial expenses |
(814) |
(1,056) |
|
Profit/loss (-) before tax |
(22,116) |
48,375 |
|
Income taxes |
1,710 |
(12,158) |
|
Net profit/loss (-) from continuing
operations |
(20,406) |
36,217 |
|
|
|
|
|
Net profit from discontinued operations, net of
tax |
69,181 |
17,921 |
|
|
|
|
|
Net profit |
48,775 |
54,138 |
|
Net profit attributable to: |
|
|
|
Owners of the parent |
48,775 |
54,138 |
|
Basic and diluted earnings per share |
0.74 |
0.82 |
|
Basic and diluted earnings/loss (-) per share from
continuing operations |
(0.31) |
0.55 |
Consolidated statement of comprehensive
income/loss (–)
|
|
Nine months ended
September 30 |
|
(thousands of €) |
2024 |
2023 |
|
Net profit |
48,775 |
54,138 |
|
Items that will not be reclassified subsequently to profit
or loss: |
|
|
|
Re-measurement of defined benefit obligation |
74 |
- |
|
Fair value adjustment financial assets held at fair value through
other comprehensive income |
(1,329) |
- |
|
Items that may be reclassified subsequently to profit or
loss: |
|
|
|
Translation differences, arisen from translating foreign
activities |
338 |
318 |
|
Realization of translation differences upon sale of foreign
operations |
4,095 |
- |
|
Other comprehensive income, net of income tax |
3,178 |
318 |
|
|
|
|
|
Total comprehensive income attributable to: |
|
|
|
Owners of the parent |
51,953 |
54,456 |
|
Total comprehensive income attributable to owners of the
parent arises from: |
|
|
|
Continuing operations |
(21,587) |
36,731 |
|
Discontinued operations |
73,540 |
17,725 |
|
Total comprehensive income, net of income tax |
51,953 |
54,456 |
Consolidated statement of financial
position (unaudited)
|
(thousands of €) |
September 30, 2024 |
December 31, 2023 |
|
Assets |
|
|
|
Goodwill |
69,465 |
69,557 |
|
Intangible assets other than goodwill |
173,431 |
127,906 |
|
Property, plant and equipment |
132,234 |
126,321 |
|
Deferred tax assets |
1,153 |
1,126 |
|
Non-current R&D incentives receivables |
133,401 |
141,252 |
|
Non-current contingent consideration receivable |
42,726 |
- |
|
Equity investments |
49,125 |
13,575 |
|
Other non-current assets |
11,239 |
16,069 |
|
Non-current assets |
612,774 |
495,807 |
|
Inventories |
65,563 |
73,978 |
|
Trade and other receivables |
45,426 |
28,449 |
|
Current R&D incentives receivables |
41,801 |
37,436 |
|
Current financial investments |
3,283,256 |
3,517,698 |
|
Cash and cash equivalents |
55,523 |
166,803 |
|
Escrow account |
40,880 |
- |
|
Other current assets |
26,979 |
15,140 |
|
Current assets from continuing operations |
3,559,428 |
3,839,504 |
|
Assets in disposal group classified as held for sale |
- |
22,085 |
|
Total current assets |
3,559,428 |
3,861,589 |
|
Total assets |
4,172,202 |
4,357,396 |
|
|
|
|
|
Equity and liabilities |
|
|
|
Share capital |
293,937 |
293,937 |
|
Share premium account |
2,736,994 |
2,736,994 |
|
Other reserves |
(7,041) |
(5,890) |
|
Translation differences |
3,128 |
(1,201) |
|
Accumulated losses |
(164,448) |
(228,274) |
|
Total equity |
2,862,570 |
2,795,566 |
|
Retirement benefit liabilities |
2,291 |
2,293 |
|
Deferred tax liabilities |
20,966 |
23,607 |
|
Non-current lease liabilities |
7,240 |
4,944 |
|
Other non-current liabilities |
30,904 |
31,570 |
|
Non-current deferred income |
896,999 |
1,071,193 |
|
Non-current liabilities |
958,400 |
1,133,607 |
|
Current lease liabilities |
4,225 |
4,652 |
|
Trade and other liabilities |
115,858 |
135,201 |
|
Current tax payable |
216 |
56 |
|
Current deferred income |
230,933 |
256,270 |
|
Current liabilities from continuing
operations |
351,232 |
396,179 |
|
Liabilities directly associated with assets in disposal group
classified as held for sale |
- |
32,044 |
|
Total current liabilities |
351,232 |
428,223 |
|
Total liabilities |
1,309,632 |
1,561,830 |
|
Total equity and liabilities |
4,172,202 |
4,357,396 |
Consolidated cash flow statements
(unaudited)
|
|
Nine months ended
September 30 |
|
(thousands of €) |
2024 |
2023 |
|
Net profit of the period |
48,775 |
54,138 |
|
Adjustment for non-cash transactions |
24,291 |
44,344 |
|
Adjustment for items to disclose separately under operating cash
flow |
(71,525) |
(40,165) |
|
Adjustment for items to disclose under investing and financing cash
flows |
(68,206) |
(11,809) |
|
Change in working capital other than deferred income |
(50,804) |
(50,329) |
|
Cash used for other liabilities related to the sale of
subsidiaries |
(3,598) |
- |
|
Decrease in deferred income |
(198,927) |
(359,259) |
|
Cash used in operations |
(319,994) |
(363,081) |
|
Interest paid |
(592) |
(3,729) |
|
Interest received |
60,523 |
35,063 |
|
Corporate taxes paid |
(594) |
(7,357) |
|
Net cash flows used in operating activities |
(260,657) |
(339,104) |
|
Purchase of property, plant and equipment |
(11,300) |
(11,073) |
|
Purchase of and expenditure in intangible fixed assets |
(65,110) |
(222) |
|
Proceeds from disposal of property, plant and equipment |
- |
2,304 |
|
Purchase of current financial investments |
(2,021,246) |
(2,615,112) |
|
Investment income received related to current financial
investments |
15,511 |
9,857 |
|
Sale of current financial investments |
2,281,471 |
2,609,023 |
|
Cash out from sale of subsidiaries, net of cash disposed |
(10,209) |
- |
|
Acquisition of financial assets held at fair value through other
comprehensive income |
(36,880) |
- |
|
Net cash flows generated from/used in (-) investing
activities |
152,237 |
(5,222) |
|
Payment of lease liabilities |
(3,320) |
(5,580) |
|
Proceeds from capital and share premium increases from exercise of
subscription rights |
- |
1,770 |
|
Net cash flows used in financing activities |
(3,320) |
(3,810) |
|
|
|
|
|
Decrease in cash and cash equivalents |
(111,740) |
(348,136) |
|
|
|
|
|
Cash and cash equivalents at beginning of the
year |
166,810 |
508,117 |
|
Decrease in cash and cash equivalents |
(111,740) |
(348,136) |
|
Effect of exchange rate differences on cash and cash
equivalents |
453 |
(607) |
|
Cash and cash equivalents at end of the
period |
55,523 |
159,375 |
Consolidated statements of changes in
equity (unaudited)
|
(thousands of €) |
Share capital |
Share premium account |
Translation differences |
Other reserves |
Accumulated losses |
Total |
|
On January 1, 2023 |
293,604 |
2,735,557 |
(1,593) |
(4,853) |
(496,689) |
2,526,026 |
|
Net profit |
|
|
|
|
54,138 |
54,138 |
|
Other comprehensive income/loss (-) |
|
|
397 |
(79) |
|
318 |
|
Total comprehensive income/loss (-) |
|
|
397 |
(79) |
54,138 |
54,456 |
|
Share-based compensation |
|
|
|
|
39,308 |
39,308 |
|
Exercise of subscription rights |
333 |
1,437 |
|
|
|
1,770 |
|
On September 30, 2023 |
293,937 |
2,736,994 |
(1,196) |
(4,932) |
(403,242) |
2,621,560 |
|
|
|
|
|
|
|
|
|
On January 1, 2024 |
293,937 |
2,736,994 |
(1,201) |
(5,890) |
(228,274) |
2,795,566 |
|
Net profit |
|
|
|
|
48,775 |
48,775 |
|
Other comprehensive income/loss (-) |
|
|
4,329 |
(1,151) |
|
3,178 |
|
Total comprehensive income/loss (-) |
|
|
4,329 |
(1,151) |
48,775 |
51,953 |
|
Share-based compensation |
|
|
|
|
15,051 |
15,051 |
|
On September 30, 2024 |
293,937 |
2,736,994 |
3,128 |
(7,041) |
(164,448) |
2,862,570 |
1 Throughout this press release, ‘Dr.
Paul Stoffels’ should be read as ‘Dr. Paul Stoffels, acting via
Stoffels IMC BV’.
i 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, related to the
acquisitions or disposals of businesses; the acquisition of
financial assets held at fair value through other comprehensive
income; the movement in restricted cash and movement in current
financial investments, if any, the cash advances and loans given to
third parties, if any, included in the net cash flows generated
from/used in (-) investing activities
• the cash used for other liabilities related to the acquisition or
disposal of businesses, if any, included in the net cash flows
generated from/used in (-) operating 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 first nine months of 2024 amounted to
€321.3 million and can be reconciled to our cash flow statement by
considering the decrease in cash and cash equivalents of €111.8
million, adjusted by (i) the net sale of current financial
investments amounting to €260.2 million, (ii) the cash-out related
to the sale of subsidiaries of €13.8 million, and (iii) the
acquisition of financial assets held at fair value through other
comprehensive income of €36.9 million.
ii General and administrative
iii Sales and marketing
- Galapagos Reports Third Quarter 2024 Financial Results and
Provides Business Update
Galapagos (EU:GLPG)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Galapagos (EU:GLPG)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
