Mechelen, Belgium; 24 October 2007 – Galapagos NV (Euronext & LSE: GLPG) announced today revised 2007 financial guidance as a direct result of the major alliance in rheumatoid arthritis announced earlier today with Janssen Pharmaceutica NV, a Johnson and Johnson company, as well as of the underlying revenue growth. Guidance for 2007 revenues is now €60-64 million, as compared to previous guidance of €54-58 million. The 2007 year end cash position is now expected to exceed €48 million, as compared to previous guidance of a year end cash position exceeding €31 million.
“The major alliance with Janssen Pharmaceutica will bring us this year additional revenues and €17 million in cash. When combined with the expected Group revenues growth, the alliance positively and significantly impacts the Group’s financial result already this year, leading us to increase guidance for both 2007 revenues and year end cash,” said Leo Steenbergen, CFO of Galapagos. “Our full year 2007 cash burn will be reduced to less than €7 million, a substantial improvement compared to the 2006 cash burn of €11.9 million.”
About Galapagos
Galapagos (Euronext Brussels, GLPG; Euronext Amsterdam, GLPGA; London AiM: GLPG) is a drug discovery company with pre-clinical programs in bone and joint diseases and cachexia. Its division BioFocus DPI offers a full suite of target-to-drug discovery products and services to pharmaceutical and biotech companies, encompassing target discovery and validation, screening and drug discovery through to delivery of pre-clinical candidates. BioFocus DPI also provides adenoviral reagents for rapid identification and validation of novel drug targets, compound libraries for drug screening as well as chemogenomics and ADMET database products to select targets and compounds. Galapagos currently employs 460 people and operates facilities in seven countries, with global headquarters in Mechelen, Belgium. More information about Galapagos and BioFocus DPI can be found at www.glpg.com and www.biofocusdpi.com.
CONTACT
Galapagos NV
Leo Steenbergen, CFO
Tel: +32 15 342 900
ir@glpg.com
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