Galapagos FY24 update outlines path to market for lead CAR-T
Galapagos reported FY24 results which came with a pipeline prioritisation providing clarity on the path to market lead program GLPG5101 (CD19 CAR-T). With pivotal development planned for 2026 in 8 B-cell malignancies and a first approval targeted for 2028, Galapagos' CAR-T plans are shaping up. YE24 cash came in at € 3.3b and Galapagos will have 500m following the business split announced in January, sufficient to fund the company to reach its next inflection milestones and we expect renewed interest in the stock as progress is made towards pivotal readouts and the first approval in 2028. We roll over our model to 2025, with the lower cash bringing our TP down to € 37 (from € 50). We reiterate our BUY rating and plan another update once the business split is completed in mid-2025.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.