Key Financials

Consolidated Key Figures

(thousands of €, if not stated otherwise)	Three months ended 31 March 2024	Three months ended 31 March 2023	Year ended 31 December 2023
Income statement
Total net revenues	62.432	58.574	239.724
Cost of sales	(2.548)	–	–
R&D expenses	(71.614)	(52.559)	(241.294)
S&M, G&A expenses	(30.788)	(27.051)	(133.965)
Other operating income	9.387	6.838	47.272
Operating loss	(33.131)	(14.198)	(88.263)
Net financial results	56.066	2.817	93.888
Taxes	568	185	(9.613)
Net profit/loss (-) from continuing operations	23.503	(11.195)	(3.988)
Net profit from discontinued operations, net of tax	66.717	34.402	215.685
Net profit	90.220	23.207	211.696
Income statement from discontinued operations
Product net sales	11.215	26.698	112.339
Collaboration revenues	26.041	93.596	431.465
Total net revenues	37.256	120.294	543.804
Cost of sales	(1.882)	(3.572)	(18.022)
R&D expenses	(13.437)	(50.963)	(190.177)
S&M, G&A expenses	(9.143)	(31.053)	(131.346)
Other operating income	53.930	1.461	13.003
Operating profit	66.724	36.167	217.262
Net financial results	91	(1.326)	499
Taxes	(98)	(439)	(2.076)
Net profit from discontinued operations, net of tax	66.717	34.402	215.685
Balance sheet
Cash and cash equivalents	73.372	124.135	166.803
Current financial investments	3.484.560	3.865.915	3.517.698
R&D incentives receivables	182.211	150.416	178.688
Assets	4.361.379	4.632.172	4.357.396
Shareholders’ equity	2.895.008	2.564.604	2.795.566
Deferred income	1.244.896	1.839.995	1.327.463
Other liabilities	221.475	227.573	234.367
CASH FLOW
Operational cash burn (*)	(125.211)	(98.768)	(414.824)
Cash flow used in operating activities	(122.434)	(94.868)	(405.970)
Cash flow generated from/used in (-) investing activities	29.665	(288.669)	71.186
Cash flow used in financing activities	(1.168)	(190)	(5.001)
Decrease in cash and cash equivalents	(93.937)	(383.727)	(339.785)
Effect of currency exchange rate fluctuation on cash and cash equivalents	499	(254)	(1.522)
Cash and cash equivalents at the end of the period	73.372	124.135	166.810
Cash and cash equivalents from continuing operations	73.372	124.135	166.803
Cash and cash equivalents included in assets classified as held for sale	–	–	7
Current financial investments at the end of the period	3.484.560	3.865.915	3.517.698
Total current financial investments and cash and cash equivalents at the end of the period	3.557.932	3.990.050	3.684.514
FINANCIAL RATIOS
Number of shares issued at the end of the period	65.897.071	65.897.071	65.897.071
Basic and diluted earnings per share	1,37	0,35	3,21
Share price at the end of the period (in €)	29,58	35,33	36,99

(*)The operational cash burn (or operational cash flow if this liquidity measure is positive) is equal to the increase or decrease in our cash and cash equivalents (excluding the effect of exchange rate differences on cash and cash equivalents), minus:

• the net proceeds, if any, from share capital and share premium increases included in the net cash flows generated from/used in (-) financing activities
• the net proceeds or cash used, if any, related to the acquisitions or disposals of businesses; the acquisition of financial assets held at fair value through profit or loss; the movement in restricted cash and movement in current financial investments, if any, the cash advances and loans given to third parties, if any, included in the net cash flows generated from/used in (-) investing activities
• the cash used for other liabilities related to the acquisition of businesses, if any, included in the net cash flows generated from/used in (-) operating activities.