Galapagos(US:GLPG)2024-05-03 13:30Financial Performance - Group net revenues for Q1 2024 amounted to €100 million, reflecting a 7% increase from €58.6 million in Q1 2023[5] - Net profit from continuing operations for Q1 2024 was €23.5 million, compared to a net loss of €11.2 million in Q1 2023[12] - Total net revenues for Q1 2024 reached €62,432 thousand, an increase of 6.3% compared to €58,574 thousand in Q1 2023[26] - Net profit for Q1 2024 was €90,220 thousand, significantly higher than €23,207 thousand in Q1 2023, marking a year-over-year increase of 287.5%[26] - Total comprehensive income attributable to owners of the parent for Q1 2024 was €94,468 thousand, compared to €23,148 thousand in Q1 2023[27] Research and Development - R&D expenses increased by 36% to €71.6 million in Q1 2024, up from €52.5 million in Q1 2023, primarily due to higher costs for CAR-T and small molecule programs[7] - Research and development expenses rose to €71,614 thousand in Q1 2024, up 36.3% from €52,559 thousand in Q1 2023[26] - The company plans to file Investigational New Drug applications in the U.S. for its CAR-T programs in hemato-oncology[22] - The company is expanding its decentralized CAR-T network in the U.S. and Europe, aiming to enhance its clinical programs[3] - The company has a decentralized CAR-T manufacturing network aimed at enhancing its capabilities in oncology and immunology[23] Cash and Financial Position - Cash and current financial investments totaled €3.6 billion as of March 31, 2024, down from €4.0 billion at the end of 2023[15] - The company reaffirmed its cash burn guidance for 2024 at €280 million to €320 million, a decrease from €414.8 million in 2023[16] - Cash and cash equivalents decreased to €73,372 thousand from €166,803 thousand at the end of 2023, reflecting a decrease of 56.0%[28] - The operational cash burn for the first three months of 2024 amounted to €125.2 million[34] - The decrease in cash and cash equivalents for the same period was €93.9 million[34] Discontinued Operations - The transfer of the Jyseleca® business to Alfasigma was completed on January 31, 2024, impacting revenue recognition and operational costs[8] - Total operating profit from discontinued operations was €66.7 million in Q1 2024, compared to €36.1 million in the same period last year[13] Equity and Assets - Total assets as of March 31, 2024, were €4,361,379 thousand, slightly up from €4,357,396 thousand at the end of 2023[28] - As of March 31, 2024, total equity stood at €2,895.01 million[32] - On March 31, 2023, total equity was €2,564.60 million, indicating growth in equity over the year[32] Strategic Collaborations - Strategic collaborations were established with BridGene Biosciences and Thermo Fisher Scientific to strengthen the oncology pipeline and CAR-T manufacturing capabilities[6] Other Financial Metrics - Basic and diluted earnings per share for Q1 2024 were €1.37, compared to €0.35 in Q1 2023[26] - The company reported an operating loss of €33,131 thousand for Q1 2024, compared to a loss of €14,198 thousand in Q1 2023[26] - The company reported a share-based compensation of €4.97 million for the first quarter of 2024[34] - The company had a net sale of current financial investments amounting to €69.5 million during the first quarter of 2024[34] - Cash-out related to the sale of subsidiaries was €1.3 million[34] - The acquisition of financial assets held at fair value through profit or loss amounted to €36.9 million[34]