06 november 2020
07:35
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The biotech company consumed 472 million euros in cash in the past nine months. The remaining buffer of EUR 5.3 billion is comfortable.
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Galapagos
after nine months reported a turnover of 369 million euros, a halving of last year. This decrease results in an operational and net loss of EUR 163 million and EUR 248 million.
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This is a classic red image for a biotech company that is developing drugs and treatments and is waiting for the approval of the pharma watchdogs and then for the commercialization of its products.
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In the past nine months, the Mechelen biotech company consumed 472 million euros. Over the whole of 2020, this will be 490 to 520 million euros, as previously predicted.
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Waiting for American verdict
Galapagos’ goldcrest, filgotinib, is one step closer to a second treatment field in Europe. The European Medicines Agency (EMA) is considering the application for an authorization for the medicine for the treatment of moderate to severe ulcerative colitis, a chronic inflammation of the lining of the intestines. Galapagos announced this week that the application has been validated and is now being evaluated.
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The company already has a license for filgotinib in the EU and Japan under the name Jyseleca for the treatment of patients with moderate to severe active rheumatoid arthritis.
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The second is in the US, allowing rival Rinvoq of pharmaceutical giant AbbVie to gain a solid lead on the crucial US market.
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Galapagos is now working with partner Gilead to get a fiat out of the fire. “There will be more clarity in the coming months,” reads the quarterly update.
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