Galapagos:1st nine months FY24 net income EUR 103.5 vs. EUR 90.3 last year

Total net revenues for the nine months ended September 30, amounted to EUR 200.1M, compared to EUR 179.8 M 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 EUR 172.7M for the first nine months of both 2024 and 2023. Our deferred income balance on September 30, 2024, includes EUR 1.1B allocated to our drug discovery platform that is recognized linearly over the remaining period of our 10-year collaboration. “I am proud of our team’s commitment in executing our Forward, Faster strategy,” said Paul Stoffels , MD, Galapagos (GLPG)’ 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 EUR 370-410 million,” Thad Huston, Galapagos’ CFO and COO, added. 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.