reports
- Jacob Mekhael
MaaT Pharma FY25 update confirms mid-2026 EMA decision timing for MaaT...
MaaT reported FY25 results which show increasing revenues from MaaT013's early access program (only billable in France) of € 4.5m (FY24: € 3.2m) in aGvHD. In addition, the company confirmed its cash runway guidance to August 2026, which funds the company beyond the expected EMA regulatory decision for MaaT013 in aGvHD expected in mid-2026. Pipeline wise, we note that a few timelines have shifted, with phase 2 data for MaaT013 + checkpoint inhibitors in metastatic melanoma now expected in 1H26 (v...
- Jacob Mekhael
UCB Kygevvi receives EC approval in ultra-rare disease TK2d
UCB announced that the European Commission approved Kygevvi (doxecitine and doxribtimine) under exceptional circumstances as the first and only treatment for paediatric and adult patients with genetically confirmed thymidine kinase 2 deficiency (TK2d) with an age of symptom onset on or before 12 years. The approval comes after the positive CHMP opinion announced in February 2026. Beyond the EU, the product received FDA approval in the US in 4Q25. € 284 TP and BUY maintained.
- Jacob Mekhael
Inventiva FY25 results narrow lani phase 3 MASH readout timing to 4Q26
Inventiva's FY25 results come with narrowed timeline guidance for the topline results from the phase 3 (NATiV3) trial of lanifibranor in MASH which is expected in 4Q26 (previously 2H26). We believe this readout is de-risked by strong phase 2b data, and with oral dosing and clean safety (limited GI side effects), lanifibranor is well positioned to capture a meaningful share of the MASH commercial opportunity. Inventiva confirmed its cash runway guidance to middle of 1Q27, beyond the key milestone...
- Jacob Mekhael
Galapagos Signs agreement with Gilead on T-cell Engager in autoimmune ...
Galapagos announced that, following Gilead entering into a definitive agreement to acquire Ouro Medicines for $1,675m in cash consideration, and up to $500m in contingent milestone payments, Galapagos and Gilead have now entered into a binding agreement to collaborate on advancing gamgertamig (BCMAxCD3 T cell engager) in autoimmune diseases. This agreement comes after the companies announced their advanced discussions on the collaboration last week. Economically, Galapagos is effectively co-fina...
- ING Helpdesk
Benelux Morning Notes
CTP: Asian financings. KPN: Increases internet prices and discontinues 100Mbit/s fiber optic subscription. Magnum Ice Cream Company: Closing the acquisition of Kwality Wall's in India. SBM Offshore: Mopane 2028? Staffing Sector: Belgium staffing February Temp volume decline moderating on easier comps; stable underlying but blue collar softer. Unilever plc: Morris dancing reaches its climax. Universal Music Group: €500m buyback welcome, management stresses dislocated valuation. WDP:...
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Lewi
- Mathijs Geerts Danau
Onward Medical FY25 results: commercial execution continues
Onward's FY25 update shows solid commercial execution, although results came in slightly below expectations. The company sold 117 ARC-EX devices (KBCSe: 128) and generated € 5.4m in revenue (VA CSS: € 6.7m). However, we note that the ARC-EX system is now available in over 80 US rehabilitation centers (around 25% of specialized centers) representing solid market penetration for its first year. The company expects an acceleration of ARC-EX uptake in 2026 thanks to the home use label with particula...
- Guy Sips
Agfa Model update after strong 4Q25 recovery, but structural headwinds...
We updated our model (€ 1.0 Target Price maintained) after Agfa delivered a clearly improved 4Q25, with adj. EBITDA up 28% y/y to € 39m and FCF of € 44m, bringing FY25 FCF to a positive € 35m. This late-year rebound partly masks a challenging FY25, which remained dominated by structural pressure in Radiology, the dilutive impact of the ongoing cloud transition in HealthCare IT, and rising uncertainty linked to silver price volatility. Agfa remains confident in the strategic direction of its “Gro...
Galapagos en Gilead gaan definitieve overeenkomst aan over samenwerkin...
Galapagos en Gilead gaan definitieve overeenkomst aan over samenwerking om een first-in-class T-cel-engagerprogramma voor auto-immuunziekten verder te ontwikkelen De nieuwe samenwerkingsstructuur levert aanzienlijk verbeterde financiële voorwaarden en flexibiliteit voor Galapagos op Na deze transactie blijft de Vennootschap over het grootste deel van haar liquide middelen beschikken voor bijkomende strategische transacties en andere prioriteiten van kapitaalallocatie Kans om met gamgertamig een potentieel first-in-class & best-in-class T-cell-engager in auto-immuunziekten te ontwikkelen ...
Galapagos and Gilead Enter into Binding Agreement to Collaborate on Ad...
Galapagos and Gilead Enter into Binding Agreement to Collaborate on Advancing First in Class T Cell Engager Program for Autoimmune Diseases New collaboration structure achieves meaningfully improved financial terms and flexibility for Galapagos Following this transaction, the Company will continue to have a majority of its cash remaining for additional strategic transactions and other capital allocation priorities Opportunity to develop a potential first-in-class & best-in-class T cell engager in autoimmune diseases with gamgertamig Management to host conference call today, March 31, 20...
ONWARD Medical Reports Full Year 2025 Financial and Operating Results,...
ONWARD Medical Reports Full Year 2025 Financial and Operating Results, Highlighting Strong US Commercial Performance and Major Pipeline Milestones THIS PRESS RELEASE CONTAINS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE EUROPEAN MARKET ABUSE REGULATION (596/2014) EINDHOVEN, the Netherlands, March 31, 2026 (GLOBE NEWSWIRE) -- ONWARD Medical N.V. (Euronext: ONWD – US ADR: ONWRY), the leading neurotechnology company pioneering therapies to restore movement, function, and independence in people with spinal cord injuries (SCI) and other movement disabilities, today announces i...
Inventiva reports 2025 full year results and provides a business updat...
Inventiva reports 2025 full year results and provides a business update Revenues of €4.5 million for the full year of 2025Cash and cash equivalents at €99.3 million, and €131.6 million in short-term deposits1 as at December 31, 2025Completed a U.S. registered public offering for gross proceeds of approximately $172.5 million (€149 million2)Cash runway expected until the middle of the first quarter of 20273Completed the sale of odiparcil with potential milestone payments of up to $90 million and potential royalties on future net sales, if approvedTopline results of NATiV3 Phase 3 clinical tr...
Inventiva publie ses résultats financiers annuels 2025 et fait le poi...
Inventiva publie ses résultats financiers annuels 2025 et fait le point sur son activité Chiffre d'affaires de 4,5 millions d'euros pour l’année 2025Trésorerie et équivalents de trésorerie à 99,3 millions d’euros et 131,6 millions d'euros en dépôts à court terme1 au 31 décembre 2025Réalisation d'une offre au public aux États-Unis pour un produit brut d'environ 172,5 millions de dollars (149 millions d'euros2)Horizon de trésorerie prévu jusqu’au milieu du premier trimestre 20273Finalisation de la cession d'odiparcil avec des paiements d’étapes potentiels pouvant atteindre 90 millions de dol...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Wim Lewi
- Jacob Mekhael
UCB New Bimzelx data in HS and PsO at AAD 2026
UCB presented updated data for Bimzelx in hidradenitis suppurativa (HS) and psoriasis (PsO) at the AAD conference, held 27–31 March. In HS, data showing better outcomes in patients with lower disease duration and severity makes the case for earlier treatment with Bimzelx, further supporting the drug's continued commercial uptake. In PsO, we're encouraged to see high rates of complete skin clearance up to 4 years in patients that stopped and re-started treatment, which should help UCB capture re-...
Galapagos kondigt de voordracht aan van Gino Santini tot lid van de Ra...
Galapagos kondigt de voordracht aan van Gino Santini tot lid van de Raad van Bestuur De Raad van Bestuur is voornemens de heer Santini te benoemen tot Voorzitter, als opvolger van Jérôme Contamine, onder voorbehoud van zijn benoeming door aandeelhouders De heer Santini zal uitgebreide ervaring op het gebied van corporate governance, bedrijfsontwikkeling en leiderschap in de sector toevoegen aan de Raad van Bestuur Mechelen, België; 26 maart, 2026, 21:02 CET — Galapagos NV (Euronext & NASDAQ: GLPG), heeft vandaag bekendgemaakt dat Gino Santini is voorgedragen als Niet-Uitvoerend Onafhankel...
Galapagos Announces Nomination of Gino Santini to its Board of Directo...
Galapagos Announces Nomination of Gino Santini to its Board of Directors Subject to his election by shareholders, the Board intends to appoint Mr. Santini as Chair, succeeding Jérôme Contamine Mr. Santini will bring extensive corporate governance, business development and industry leadership experience to the Board Mechelen, Belgium; March 26, 2026, 21:02 CET — Galapagos NV (Euronext & NASDAQ: GLPG), today announced the proposed appointment of Gino Santini as a Non-Executive Independent Director, with the intention to appoint him as Chair of its Board of Directors, subject to shareholder...
Galapagos Publishes 2025 Annual Report and Announces Annual and Extrao...
Galapagos Publishes 2025 Annual Report and Announces Annual and Extraordinary Shareholders’ Meetings Mechelen, Belgium; March 26, 2026, 21:01 CET; regulated information — Galapagos NV (Euronext & NASDAQ: GLPG) today published its annual report for the financial year 2025 and announced that its Annual Shareholders’ Meeting (AGM) and an Extraordinary Shareholders' Meeting (EGM) will be held sequentially on Tuesday, April 28, 2026 at 14:00 CET and 15:00 CET at Schaliënhoevedreef 20T, 2800 Mechelen, Belgium. The annual report for the financial year 2025, including a review of figures and perfo...
Galapagos publiceert 2025 jaarverslag en kondigt de Gewone (jaarlijkse...
Galapagos publiceert 2025 jaarverslag en kondigt de Gewone (jaarlijkse) en Buitengewone Algemene Vergaderingen aan Mechelen, België; 26 maart, 2026, 21:01 CET; gereglementeerde informatie — Galapagos NV (Euronext & NASDAQ: GLPG) heeft vandaag haar jaarverslag over het boekjaar 2025 gepubliceerd en aangekondigd dat haar Gewone (jaarlijkse) Algemene Vergadering (GAV) en een Buitengewone Algemene Vergadering (BAV) achtereenvolgens zullen plaatsvinden op dinsdag 28 april 2026 om 14.00 uur en 15.00 uur te Schaliënhoevedreef 20T, 2800 Mechelen, België. Het jaarverslag over het boekjaar 2025, inc...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
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