Galapagos slips on drug Jyseleca sales guidance cut

Lakefront Biotherapeutics NV

04/08/2023 08:32

** Galapagos  GLPG.AS  shares slip about 2%, paring earlier
losses of as much as 6%, after the Belgian biotechnology company
cut its FY Jyseleca guidance
    ** The company lowered its 2023 guidance for net sales of
Jyseleca, a drug used for the treatment of rheumatoid arthritis 
    ** It now sees Jyseleca net sales of 100-120 million euros 
($109-131 million) compared to the previous outlook of 140-160
million euros 
    ** Its H1 operational cash burn amounts 224.3 million euros 
    ** KBC Securities and Jefferies expect Jyseleca peak sales
guidance of 400 million euros to be lowered at a later point
    ** J.P.Morgan says a "significant" cut to consensus
expectations will be required following Galapagos's H1 results
    ** Jefferies points to higher-than-expected half-year cash
burn and anticipates further increase in cash burn rate in H2
    ** The stock sits at the bottom of Belgian blue-chip index
Bel 20  .BFX 
    
($1 = 0.9135 euros)

 (Reporting by Laura Lenkiewicz)
 ((Laura.lenkiewicz@thomsonreuters.com))