Biotechnologist Galapagos achieved lower turnover in the first nine months of this year, with red figures.
This is because Galapagos posted significantly higher results last year, as a result of the ten-year research and development deal that the company had concluded with its American industry partner Gilead Sciences.
Turnover amounted to 368.6 million euros, compared to 752.5 million euros in the first nine months of 2019, when Gilead‘s 667 million euro payment was taken advantage of. The net loss was 247.6 million euros, compared with a plus of 265.3 million euros a year earlier. Galapagos maintained its expectation for a cash burn in 2020 from 490 million to 520 million euros.
Galapagos came forward with both favourable and disappointing progress reports last quarter. Investors, for example, were shocked by news in August that the biotechnologist’s drug filgotinib was not ready for approval in its current form in the United States.
This was reported by the American watchdog FDA to Galapagos partner Gilead. Upon approval of the drug, Galapagos would receive a milestone payment of 100 million dollars.
It has recently been announced that the European Medicines Agency (EMA) is now examining the application for authorisation of filgotinib for the treatment of moderate to severe ulcerative colitis, a chronic inflammation of the intestines.