The biotech company consumed 472 million euros in cash in the past nine months. The remaining buffer of EUR 5.3 billion is comfortable.
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.
A classic red image for a biotech company that is fully developing medicines and treatments and is waiting for approval from the pharma watchdogs, and then the commercialization of its products.
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.
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 authorization application for the product 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.
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.
The second is in the US, allowing rival Rinvoq of pharmaceutical giant AbbVie to gain a solid lead in the crucial US market.
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.