Galapagos announces full year 2023 results and outlook for 2024
Full year 2023 key
financials:
- Group net revenues of
€783.5 million, including Jyseleca® net sales of €112.3
million
- Cash and current financial
investments of €3.7 billion on 31 December 2023
- Operational cash
burni of €414.8
million, within guidance
2023 and year-to-date key
updates:
- Transferred Jyseleca®
business, including approximately 400 positions, to Alfasigma
S.p.A.
- Achieved encouraging data
from ongoing Phase 1/2 studies with CD19 CAR-T product candidates,
GLPG5101 in rrNHL and GLPG5201, in rrCLL, with or without
RT
- Expanded CAR-T pipeline
with start of Phase 1/2 study with BCMA CAR-T product candidate
GLPG5301 in rrMM
- Enrolled first patients in
Phase 2 study with TYK2 inhibitor, GLPG3667, in DM and
SLE
- For strategic reasons, it
was decided not to continue development of CD19
CAR-T candidate in rSLE
- Expanded point-of-care
CAR-T network in the U.S. with manufacturing agreements with
Landmark Bio and Thermo Fisher Scientific
- Signed strategic research
and license collaboration with BridGene Biosciences in precision
oncology
- Participated in Series C
financing round of US-based precision oncology company, Frontier
Medicines
- Appointed Thad Huston as
CFO and COO, and Dr. Susanne Schaffert and Mr. Simon Sturge as
Non-Executive Independent Directors
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
2023
Oncology portfolio
- GLPG5201 (CD19 CAR-T) in
relapsed/refractory chronic lymphocytic leukemia (rrCLL) and
Richter transformation (RT) (cut-off date: 6 September
2023)
- Patient recruitment of the Phase 1
dose-finding part of EUPLAGIA-1 has been completed: 15 patients
were enrolled (6 at dose level 1 (DL1); and 9 at dose level 2
(DL2)), all of whom were diagnosed with rrCLL and 9 with additional
RT.
- Presented encouraging preliminary
Phase 1 data at the ASH Annual Meeting, which demonstrated
clinically meaningful results in severely compromised patient
populations and highlighted the potential of Galapagos’
point-of-care CAR-T manufacturing platform to deliver a fresh
product with a median vein-to-vein time of only seven days.
- GLPG5101 (CD19 CAR-T) in
relapsed/refractory non-Hodgkin lymphoma (rrNHL) (cut-off date: 1
September 2023)
- To further build a robust data
package, patient recruitment of the Phase 1 dose-finding part of
ATALANTA-1 is ongoing: 14 rrNHL patients with diffuse large B cell
lymphoma, mantle cell lymphoma and indolent lymphoma were enrolled
(7 at DL1 and 7 at DL2). In parallel, enrollment of the Phase 2
expansion study is ongoing, and the first 9 patients have been
dosed.
- Presented encouraging preliminary
Phase 1 and Phase 2 data at the ASH Annual Meeting, which
demonstrated clinically meaningful results in severely compromised
patient populations and highlighted the potential of Galapagos’
point-of-care CAR-T manufacturing platform to deliver a fresh
product with a median vein-to-vein time of only seven days.
- GLPG5301 (BCMA CAR-T) in
relapsed/refractory multiple myeloma (rrMM)
- First patients dosed in the
PAPILIO-1 Phase 1/2 study to evaluate the safety, efficacy and
feasibility of point-of-care manufactured GLPG5301 in patients with
rrMM after ≥2 prior lines therapy.
- Continued to evolve our
oncology research activities in biologics, cell therapies and small
molecules to deliver best-in-class medicines for patients with high
unmet medical need.
Immunology portfolio
- Jyseleca® (filgotinib)
(JAK1): successfully transferred to Alfasigma S.p.A.
- Achieved reimbursement for both RA
and UC across Western Europe. Sobi, the distribution and
commercialization partner for filgotinib in Eastern and Central
Europe, Portugal, Greece, and the Baltic countries, launched
Jyseleca® in Poland and Slovenia in both RA and UC, and in Croatia
and Greece for RA.
- The European Commission endorsed
the recommendation of the Pharmaceutical Risk Assessment Committee
(PRAC) to add safety measures for the JAK inhibitors class of
medicines.
- Based on topline results from the
Phase 3 DIVERSITY study in Crohn’s disease, a Marketing
Authorization Application (MAA) was not submitted in Europe in this
indication and the MAA for filgotinib in UC in Switzerland did not
proceed.
- First patients dosed in the pivotal
Phase 3 OLINGUITO study in axial spondyloarthritis (AxSpA).
- Pipeline programs
- First patients dosed in the Phase 2
GALARISSO study of novel, oral, selective tyrosine kinase 2 (TYK2)
inhibitor, GLPG3667, in dermatomyositis (DM) and the Phase 2
GALACELA study in systemic lupus erythematosus (SLE).
- We initiated multiple small
molecules programs to further build our immunology research
pipeline.
Corporate update
- Thad Huston was appointed as Chief
Financial Officer (CFO) and Chief Operating Officer (COO),
succeeding Bart Filius, as of 1 July 2023.
- The Board of Directors appointed
Dr. Susanne Schaffert and Mr. Simon Sturge as Non-Executive
Independent Directors by way of cooptation, replacing respectively
Dr. Rajesh Parekh and Dr. Mary Kerr, who stepped down.
- The Board of Directors granted
1,538,400 subscriptions rights under new subscription right plans,
after acceptance by the beneficiaries.
- Successfully completed the
integrated drug discovery collaboration transaction with
NovAliX.
- Signed letter of intent with
Alfasigma to transfer the entire Jyseleca® business to Alfasigma,
including the European and UK Marketing Authorizations, as well as
the commercial, medical and development activities for Jyseleca®
and approximately 400 Galapagos positions in 14 European
countries.
- Galapagos and Gilead amended the
Filgotinib Agreement to terminate the existing 50/50 global
development cost sharing arrangement with Galapagos bearing the
costs going forward, and to terminate Galapagos’ obligation to pay
tiered royalties to Gilead on net sales of Jyseleca® in Europe, in
addition to other amendments.
- Signed an agreement with
Boston-based Landmark Bio and started the technology transfer for
the decentralized production of Galapagos’ CAR-T cell therapy
candidates.
- Hosted a Key Opinion Leader event
highlighting Galapagos’ decentralized manufacturing platform and
the data observed in the ongoing CD19 CAR-T Phase 1/2 studies.
Post-period events
- For strategic reasons, it was
decided not to continue development of our CD19 CAR-T candidate in
refractory systemic lupus erythematosus (rSLE).
- Participated in Series C financing
round of Frontier Medicines, a pioneer in precision oncology with a
unique technology platform and a pipeline of potential
best-in-class assets that fit with Galapagos’ precision oncology
R&D approach. The investment aligns with our innovation
acceleration strategy to bring transformational medicines to
patients around the world.
- Poster presentation at the annual
EBMT-EHA congress highlighting new preliminary translational data
from EUPLAGIA-1, which demonstrate that Galapagos’ point-of-care
manufacturing platform has the potential to enable a single
infusion of fresh early-phenotype CD19 CAR-T cells with robust
expansion and persistence in patients with rrCLL and in patients
with RT.
- Signed a share and asset purchase
agreement with Alfasigma to transfer the entire Jyseleca® business
to Alfasigma. As part of the transaction, the distribution
agreement with Sobi and the amended Filgotinib Agreement between
Galapagos and Gilead have been assigned to Alfasigma. The
transaction was successfully completed on 31 January 2024. Freed-up
resources will be reinvested in R&D growth areas.
- Michele Manto’s mandate as Chief
Commercial Officer and member of the Executive Committee of
Galapagos ended in December 2023; he will join Alfasigma to lead
the Jyseleca® business.
- Further streamlined our operations
with a reduction of approximately 100 positions across the
Galapagos organization to align with the Galapagos’ renewed focus
on innovation.
- Signed a strategic collaboration
and license agreement with BridGene Biosciences to further
strengthen Galapagos' growing early-stage oncology precision
medicine pipeline.
- Entered into a strategic
collaboration agreement with Thermo Fisher Scientific for CAR-T
manufacturing and kitting services for Galapagos’ point-of-care
CAR-T product candidate in the San Francisco area.
Financial performance
Full 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
RESULTS
As 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
- Collaboration
revenues amounted to €239.7 million in 2023, compared to
€241.2 million last year. The revenue recognition related to the
exclusive access rights granted to Gilead for our drug discovery
platform amounted to €230.2 million in 2023 (compared to €230.4
million in 2022). We also recognized royalty income from Gilead for
Jyseleca® for €9.5 million in 2023 (compared to €10.7 million in
2022). Our deferred income balance at 31 December 2023 includes
€1.3 billion allocated to our drug discovery platform that is
recognized linearly over the remaining period of our 10-year
collaboration.
- Total operating
loss from our continuing operations
amounted to €88.3 million in 2023, compared to an operating loss of
€131.1 million in 2022.
- R&D
expenditure in 2023 amounted to €241.3 million,
compared to €269.8 million in 2022. Depreciation and
impairment costs in 2023 amounted to €22.3 million (compared to
€51.5 million in 2022). This decrease was primarily due to an
impairment of €26.7 million of previously capitalized upfront fees
related to our collaboration with Molecure and impairments of
intangible assets related to other discontinued projects recorded
in 2022. Personnel costs decreased from €115.5 million in 2022 to
€95.8 million in 2023 primarily related to lower accelerated
non-cash cost recognition for subscription right plans related to
good leavers. This was partly offset by an increase in costs
related to the evolution of our CAR-T programs.
- S&M and
G&A expenses amounted to
€134.0 million in 2023, compared
to €138.6 million in 2022. The decrease in S&M
and G&A expenses is explained by a decrease in personnel
expenses and other operating expenses, partly offset by an
impairment of €7.6 million on a construction project in Mechelen,
Belgium.
- Other operating
income (€47.3 million in 2023 compared to
€36.1 million in 2022) increased, mainly driven by higher
grant and R&D incentives income.
Net financial income in 2023
amounted to €93.9 million, compared to €60.2 million in
2022.
- Fair value adjustments and
net currency exchange results amounted to €16.3 million in
2023, compared to fair value adjustments and net currency exchange
gains in 2022 of €51.5 million (this decrease was due to the
evolution of the USD) and were primarily attributable to €20.4
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 €38.3 million of net fair value gains of our
current financial investments.
- Net other financial
income in 2023 amounted to €77.6 million, compared to net
other financial income of €8.7 million in 2022. Net interest income
amounted to €77.5 million in 2023 compared to €11.2 million of net
interest income in 2022, due to an increase in the interest
rates.
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.
- R&D
expenditure for the filgotinib development in 2023
amounted to €190.2 million, compared to €245.3 million in
2022. This decrease was mainly due to the discontinuation of the
DIVERSITY clinical trials in CD. Personnel expenses decreased by
€15.0 million, from €74.6 million in 2022 to €59.6 million in 2023,
subcontracting costs decreased as well by €39.0 million, from
€153.7 million in 2022 to €114.7 million in 2023.
- S&M and
G&A expenses related to the Jyseleca® business
amounted to €131.3 million in 2023, compared
to €153.9 million in 2022. Personnel expenses
decreased by €6.4 million, from €78.7 million in 2022 to €72.3
million in 2023, while external outsourcing costs decreased by
€17.0 million, from €52.8 million in 2022 to €35.8 million in
2023.
- Other operating
income (€13.0 million in 2023 compared to
€10.7 million in 2022) increased, mainly driven by higher
R&D incentives income.
- Net financial
income attributable to the Jyseleca® business in 2023
amounted to €0.5 million, compared to a net financial cost of
€7.8 million in 2022. The decrease is primarily explained by a
lower discounting effect of long-term deferred revenue for the
development of filgotinib because we expect to recognize the
remaining revenues in 2024.
We reported a net profit in
2023 of €211.7 million, compared to a net loss of €218.0 million in
2022.
Cash position
Current 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
- Financial
outlook
For the full year 2024, we anticipate a further reduction in our
cash burn and expect the cash burn to be between €280 million and
€320 million (compared to €414.8 million for the full year 2023),
not including future potential business development
opportunities.
- R&D Outlook
- We aim to progress three CAR-T
Phase 1/2 studies in hemato-oncology: GLPG5101 in rrNHL; GLPG5201
in rrCLL, with or without RT; and GLPG5301 in rrMM.
- We expect to file IND applications
in the U.S. to begin clinical development of our CAR-T programs in
hemato-oncology.
- We plan to further upscale our
CAR-T network and operations in the U.S. and Europe, and
potentially other key regions.
- Business
development
We will continue to evaluate multiple product candidates and
business development opportunities to further leverage our internal
capabilities and accelerate and expand our pipeline of potential
best-in-class investigational medicines in our therapeutic focus
areas of immunology and oncology.
Annual report 2023
We 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
presentation
We 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 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,” “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 administrative
iii Sales and marketing
- fy23_financial_tables_en
- Galapagos announces full year 2023 results and outlook for
2024
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