Galapagos FIRST LOOK: FY23 results in line, SLE CAR-T plans removed from pipeline
Galapagos reported FY23 results with cash of € 3.7b, cash burn of € 415m, and FY24 cash burn guidance of € 280-320m. A pipeline update included the decision to not continue development of CD19 CAR-T in SLE due to strategic reasons, and we're keen to learn more in this afternoon's conference call. The CAR-T trials in oncology continue, and additional data in 2024 could confirm the strong, but early dataset in more patients, and provide insight into durability. We reiterate our Accumulate rating and € 55 TP.Galapagos 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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