Galapagos - Cash burn in line, CD19 CAR-T for rSLE dropped
*Last night, GLPG published its FY23 results, reporting Jyseleca® net sales (EUR 112m) and cash burn (EUR 415m) in line with guidance and CSS. Also, GLPG guided for a lower (vs. ‘23) 2024 cash burn of EUR 280-320m.*For strategic reasons (i.e. crowded competitive landscape), GLPG axed the CD19 CAR-T ‘5101 program for rSLE. Timeline of filing of IND applications for CD19 CAR-Ts not reiterated (H1 '24 guidance at Q3 update). We expect to hear more about this during today's call at 2pm CET.*Overall, no material elements that make us change our stance on the name: Hold due to lack ofGalapagos is a clinical-stage biotechnology company specialized in the discovery and development of small molecule medicines with novel modes of action, addressing disease areas of high unmet medical need. Execution on its proprietary drug target discovery platform has delivered a pipeline that consists of three Phase 2, three Phase 1, five pre-clinical, and 20 discovery programs in inflammation, cystic fibrosis, or CF, osteoarthritis, and other indications. Co.'s highly flexible platform offers applicability across a broad set of therapeutic areas. Co.'s programs include filgotinib, GLPG1837, GLPG1690, GLPG2222, GLPG1972.
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