Galapagos Uneventful 1H25 results, updates to come with 3Q25 results
Galapagos reported uneventful 1H25 results with € 3.1b in cash, though no FY25 cash burn guidance was provided (previously € 175-225m) and an update is expected with the 3Q25 results. In the pipeline, strategic alternatives continue to be explored for the cell therapy business and more information is expected with the 3Q25 results. € 37 TP maintained, though we update our rating to Accumulate (from Buy) given the absence of near-term triggers.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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