Galapagos NV ( (GLPG) ) has released its Q3 earnings. Here is a breakdown of the information Galapagos NV presented to its investors.
Galapagos NV is a biotechnology company operating within the sectors of oncology and immunology, leveraging its expertise in cell therapy and small molecule development to address high unmet medical needs worldwide.
In its third quarter 2024 financial results, Galapagos NV reported significant advancements in its pipeline, highlighted by the FDA clearance for its CD19 CAR-T candidate, GLPG5101, for a study in non-Hodgkin lymphoma. The company continues to focus on innovation through its ‘Forward, Faster’ strategy, aiming to transform patient outcomes through its growing cell therapy and small molecule pipeline.
Key financial metrics for the first nine months of 2024 include total net revenues of €200.1 million, an increase from €179.8 million in the same period of 2023. However, increased research and development expenses, primarily due to oncology programs, led to an operating loss of €125.6 million. Despite a net profit of €48.8 million due to gains from the sale of its Jyseleca® business, the company reported a net loss from continuing operations of €20.4 million.
Strategically, Galapagos is expanding its manufacturing capabilities in collaboration with Blood Centers of America, with a new decentralized manufacturing unit in San Diego to support clinical trials. The company is also exploring partnerships to enhance its cell therapy and small molecule pipeline in oncology and immunology.
Looking ahead, Galapagos remains focused on executing its strategic plans and maintaining robust financial support with €3.3 billion in cash and financial investments, reaffirming its cash burn guidance for 2024. The company aims to continue expanding its clinical pipeline with new assets and IND/CTA-enabling studies in the coming years.
