Galapagos NV reported a total operating loss from continuing operations of €188.3 million for the full year 2024, compared to an operating loss of €88.3 million in 2023. The company posted a net profit of €74.1 million in 2024, a decrease from €211.7 million in 2023, primarily due to the one-time gain from the Jyseleca sale in 2023. Net financial income for 2024 amounted to €185.2 million, up from €93.9 million in 2023.
As of December 31, 2024, Galapagos held €3,317.8 million in cash and financial investments. The total net decrease in cash and financial investments for 2024 was €366.7 million, with an operational cash burn of €374.0 million, including €80.4 million from business development activities. The company reiterated its plan to separate into two publicly traded companies, with SpinCo capitalized with approximately €2.45 billion and Galapagos retaining about €500 million in cash, projected to fund operations until 2028 with a normalized annual cash burn of €175 million to €225 million.
Galapagos announced the expansion of its GLPG5101 (CD19 CAR-T) program to eight aggressive B-cell malignancies, broadening its patient reach. The company is prioritizing GLPG5101 and deprioritizing GLPG5201 activities, pending the advancement of GLPG5101 in additional indications. These strategic adjustments aim to optimize the CD19 CAR-T portfolio and accelerate innovation in cell therapies.
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