May 8, 2020 / 9:48 AM / 22 days ago

BRIEF-Galapagos Q1 Net Loss Widens To 50.6 Million Euros

May 8 (REUTERS) - GALAPAGOS NV:

* ANNOUNCED ON THURSDAY : FIRST THREE-MONTH 2020 FINANCIAL RESULTS

* Q1 OPERATING LOSS OF €44.6 MILLION

* Q1 NET LOSS OF €50.6 MILLION VS NET LOSS OF €48.7 MILLION YR AGO

* ON TRACK TO REPORT ON A NUMBER OF LATER STAGE CLINICAL TRIALS THROUGHOUT 2020

* CASH AND CURRENT FINANCIAL INVESTMENTS ON 31 MARCH 2020 OF €5.7 BILLION

* A TOTAL NET DECREASE OF €58.4 MLN IN CASH AND CASH EQUIVALENTS AND CURRENT FINANCIAL INVESTMENTS WAS RECORDED DURING THE FIRST THREE MONTHS OF 2020, COMPARED TO A NET DECREASE OF €67.9 MLN DURING THE FIRST THREE MONTHS OF 2019

* OUTLOOK: DUE TO THE IMPACT OF COVID-19 ON THE RECRUITMENT RATE AND TRIAL STARTS, OUR CASH BURN GUIDANCE HAS BEEN REVISED DOWN AND IS NOW EXPECTED TO BE IN THE RANGE OF €400 AND €430 MLN, COMPARED TO €420 AND €450 MLN PREVIOUSLY GUIDED

* “FROM A FINANCIAL PERSPECTIVE, WE ENDED THE FIRST QUARTER OF 2020 WITH A STRONG CASH BALANCE, POSITIONING US WELL TO GROW OUR PIPELINE FURTHER AND DELIVER ON OPERATIONAL EXCELLENCE FOR THE ANTICIPATED COMMERCIAL LAUNCH OF FILGOTINIB” -CFO

Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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