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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Galapagos | TG:GXE | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.22 | -0.92% | 23.72 | 23.62 | 23.80 | 23.94 | 23.94 | 23.94 | 100 | 22:50:00 |
From Mar 2023 to Mar 2025
Full year 2023 key financials:
2023 and year-to-date key updates:
Webcast presentation tomorrow, 23 February 2024, at 14:00 CET / 8:00 am ET, www.glpg.com
Mechelen, Belgium; 22 February 2024, 22:01 CET; regulated information – Galapagos NV (Euronext & NASDAQ: GLPG) reports full year 2023 results and provides outlook for 2024. “In 2023, we took significant steps to reposition our organization, renew our focus on value creation, and advance our efforts to bring transformational medicines to patients around the world,” said Dr. Paul Stoffels1, CEO and Chairman of the Board of Directors of Galapagos. “Following the successful transfer of the Jyseleca® business last month, we are moving forward with a streamlined portfolio and enhanced focus on our differentiated and innovative pipeline. We are determined to generate sustainable, long-term value for our shareholders, our patients, and our employees.”
Dr. Stoffels continued, “We recently presented promising new data from our ongoing CD19 CAR-T programs and started the Phase 1/2 multiple myeloma BCMA CAR-T study, marking another milestone in the build-up of our oncology CAR-T portfolio. In addition, we entered into a strategic collaboration with BridGene Biosciences to advance our growing early-stage pipeline in precision oncology. As we look to the year ahead, we strive to make important progress in advancing our clinical programs, while further expanding our early-stage pipeline of small molecule programs.”
Thad Huston, CFO and COO of Galapagos, concluded, “We ended 2023 with a strong financial position of €3.7 billion in cash and current financial investments. We will continue to execute on business development opportunities and invest in our pipeline to drive value for all our stakeholders.”
Corporate and Operational Performance 2023Oncology portfolio
Immunology portfolio
Corporate update
Post-period events
Financial performanceFull year 2023 key figures (consolidated)(€ millions, except basic & diluted income/loss (-) per share)
| 31 December 2023 | 31 December 2022 | % Change | |
| Collaboration revenues | 239.7 | 241.2 | -1% |
| Total net revenues | 239.7 | 241.2 | |
| R&D expenditure | (241.3) | (269.8) | -11% |
| G&Aii and S&Miii expenses | (134.0) | (138.6) | -3% |
| Other operating income | 47.3 | 36.1 | +31% |
| Operating loss | (88.3) | (131.1) | -33% |
| Fair value adjustments and net exchange differences | 16.3 | 51.5 | -68% |
| Net other financial result | 77.6 | 8.7 | |
| Income taxes | (9.6) | (0.6) | |
| Net loss from continuing operations | (4.0) | (71.4) | |
| Net profit/loss (-) from discontinued operations | 215.7 | (146.6) | |
| Net profit/loss (-) of the year | 211.7 | (218.0) | |
| Basic and diluted income/loss (-) per share (€) | 3.21 | (3.32) | |
| Current financial investments, cash & cash equivalents | 3,684.5 (*) | 4,094.1 (**) |
(*) Starting from Q3 2023, our current financial investments and cash and cash equivalents include accrued interests (for a total of €20.0 million on 31 December 2023)(**) Excluding €9.9 million of net accrued interest income
DETAILS OF THE FULL YEAR 2023 FINANCIAL RESULTSAs a consequence of the recent transfer of our entire Jyseleca® business to Alfasigma, the revenues and costs related to Jyseleca® for the full year 2023 are presented separately from the results of our continuing operations on the line ‘Net profit/loss (-) from discontinued operations’ in our consolidated income statement. The comparative year 2022 has been restated accordingly for the presentation of the results related to the Jyseleca® business.
Results from our continuing operations
Net financial income in 2023 amounted to €93.9 million, compared to €60.2 million in 2022.
We had €9.6 million of tax expenses in 2023 (compared to €0.6 million in 2022). This increase was primarily due to the re-assessment of net deferred tax liabilities and corporate income tax payables due to a one-off intercompany transaction.
We reported a net loss from our continuing operations in 2023 of €4.0 million, compared to a net loss of €71.4 million in 2022.
Results from discontinued operations(€ millions)
| 31 December 2023 | 31 December 2022 | % Change | |
| Product net sales | 112.3 | 87.6 | +28% |
| Collaboration revenues | 431.5 | 176.4 | +145% |
| Total net revenues | 543.8 | 264.0 | +106% |
| Cost of sales | (18.0) | (12.1) | +49% |
| R&D expenditure | (190.2) | (245.3) | -22% |
| G&Aii and S&Miii expenses | (131.3) | (153.9) | -15% |
| Other operating income | 13.0 | 10.7 | +21% |
| Operating profit/loss (-) | 217.3 | (136.5) | |
| Net financial result | 0.5 | (7.8) | -106% |
| Income taxes | (2.1) | (2.3) | -9% |
| Net profit/loss (-) from discontinued operations | 215.7 | (146.6) |
Net profit from discontinued operations related to Jyseleca® amounted to €215.7 million, compared to net loss amounting to €146.6 million for the year 2022.
We recorded product net sales of Jyseleca® in Europe of €112.3 million for 2023 within guidance, compared to €87.6 million in 2022. Cost of sales related to Jyseleca® net sales in 2023 were €18.0 million (€12.1 million for the year 2022).
Collaboration revenues for the development of filgotinib with Gilead amounted to €429.4 million in 2023, compared to €174.4 million for the year 2022. This increase was explained by a substantial decrease in our assessment of the remaining costs to complete the filgotinib development following the recent transfer of our entire Jyseleca® business to Alfasigma, including the transfer of the remaining development performance obligation after closing of the transaction. As a result, there is a substantial increase of the percentage of completion of our performance rights and obligation and a positive catch-up released to revenues.
Our deferred income balance at 31 December 2023 still includes €26.3 million allocated to the filgotinib development that will be recognized as collaboration revenue in 2024.
Total operating profit from discontinued operations amounted to €217.3 million in 2023, compared to an operating loss of €136.5 million in 2022.
We reported a net profit in 2023 of €211.7 million, compared to a net loss of €218.0 million in 2022.
Cash positionCurrent financial investments and cash and cash equivalents totaled €3,684.5 million on 31 December 2023, as compared to €4,094.1 million on 31 December 2022 (excluding €9.9 million of net accrued interest income).
Total net decrease in cash and cash equivalents and current financial investments amounted to €409.6 million in 2023, compared to a net decrease of €609.1 million in 2022. This net decrease was composed of (i) €414.8 million of operational cash burn, (ii) €20.4 million of negative exchange rate differences, (iii) €7.0 million cash-out related to the acquisition of CellPoint B.V., (iv) €14.0 million acquisition of financial assets held at fair value through profit or loss, partly offset by (v) €24.3 million positive changes in fair value of current financial investments, (vi) €1.8 million of cash proceeds from capital and share premium increase from exercise of subscription rights in 2023, and (vii) €12.9 million of accrued interest income on term deposits and €7.6 million of accrued interest income on treasury bills.
Outlook 2024
Annual report 2023We are currently finalizing the financial statements for the year ended 31 December 2023. Our independent auditor has confirmed that its audit procedures in relation to the financial information for the year ended 31 December 2023 in accordance with the International Standards on Auditing are substantially completed and have not revealed any material corrections required to be made to the financial information included in this press release. Should any material changes arise during the audit’s finalization, an additional press release will be issued. We aim to publish the fully audited full year 2023 annual report on, or around, 28 March 2024.
Conference call and webcast presentationWe will host a conference call and webcast presentation on 23 February 2024, at 14:00 CET / 8:00 am ET. To participate in the conference call, please register 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 using the access information provided in the e-mail received upon registration or by using 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.
Financial calendar 2024
| Date | Details |
| 28 March | Publication Annual Report 2023 and 20-F 2023 |
| 30 April | Annual Shareholders’ meeting |
| 2 May | First quarter 2024 results (webcast 3 May 2024) |
| 1 August | Half Year 2024 results (webcast 2 August 2024) |
| 30 October | Third quarter 2024 results (webcast 31 October 2024) |
About Galapagos We are a biotechnology company with operations in Europe and the U.S. dedicated to developing transformational medicines 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, CAR-T therapies, and biologics in oncology and immunology. With capabilities from lab to patient, including a decentralized, point-of-care CAR-T manufacturing network, we are committed to challenging the status quo and delivering results for our patients, employees and shareholders. For additional information, please visit www.glpg.com or follow us on LinkedIn or X (formerly Twitter).
Contact
| Media inquiries:Marieke Vermeersch +32 479 490 603 media@glpg.com | Investor inquiries:Sofie Van Gijsel +1 781 296 1143 ir@glpg.com Sandra Cauwenberghs+32 495 58 46 63 ir@glpg.com |
Forward-looking statementsThis 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,” “expect,” “intend,” “plan,” “seek,” “upcoming,” “future,” “estimate,” “may,” “will,” “could,” “would,” “potential,” “forward,” “goal,” “next,” “continue,” “should,” “encouraging,” “aim,” “progress,” “remain,’ “explore,” “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, and other payments , statements regarding our R&D plans, strategy and outlook, including progress on our oncology or immunology portfolio, and potential changes in such strategy, statements regarding our pipeline and complementary technology platforms facilitating future growth, statements regarding our commercialization efforts for filgotinib, our product candidates, and any of our future product candidates or approved products, if any, statements regarding the global R&D collaboration with Gilead and the amendment of our arrangement with Gilead for the commercialization and development of filgotinib, statements regarding the expected timing, design and readouts of our ongoing and planned preclinical studies and clinical trials, including but not limited to (i) filgotinib in RA, UC and AxSpA, (ii) GLPG3667 in SLE and DM, (iii) GLPG5101 in rrNHL and rSLE, (iv) GLPG5201 in rrCLL, with or without RT, and (v) GLPG5301 in rrMM, including recruitment for trials and topline results for trials and studies in our portfolio, statements relating to interactions with regulatory authorities, and statements related to our portfolio goals, business plans, and sustainability 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 actual events, financial condition and liquidity, performance or achievements, or the industry in which we operate, to be materially different from any historic or future results, financial conditions, 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. Such risks include, but are not limited to, the risk that our expectations and management’s guidance regarding our 2024 cash burn may be incorrect (including because one or more of its assumptions underlying our revenue or 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 Galapagos’ ongoing and planned clinical research programs in RA, UC, DM, SLE, AxSpA, rrNHL, rSLE, rrCLL, rrMM and other indications or any other indications or diseases, may not support registration or further development of its product candidates due to safety or efficacy concerns or other reasons), the inherent risks and uncertainties associated with target discovery and validation and drug discovery and development activities, risks related to our reliance on collaborations with third parties, 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 we will not be able to continue to execute on our currently contemplated business plan and/or will revise our business plan, including the risk that our plans with respect to CAR-T may not be achieved on the currently anticipated timeline or at all, the risk that our projections and expectations regarding the commercial potential of our product candidates (if approved) or expectations regarding the costs and revenues associated with the commercialization rights may be inaccurate, and risks related to our strategic transformation exercise, 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 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.
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 profit or loss; 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 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 year 2023 amounted to €414.8 million and can be reconciled to our cash flow statement by considering the decrease in cash and cash equivalents of €339.8 million, adjusted by (i) the cash proceeds from capital and share premium increase from the exercise of subscription rights by employees for €1.8 million, (ii) the net purchase of current financial investments amounting to €94.2 million, (iii) the cash-out related to the acquisition of subsidiaries of €7.0 million, and (iv) the acquisition of financial assets held at fair value through profit or loss of €14.0 million.ii General and administrativeiii Sales and marketing
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