UPDATE 1-Galapagos 2007 revenues up 87 pct, sees 2008 rise
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BRUSSELS, March 7 (Reuters) - Belgian biotechnology company Galapagos (GLPG.BR)(GLPG.AS) reported an 87 percent increase in revenues on Friday and said it saw a further, albeit more modest, rise this year.
Galapagos, which specialises in bone and joint diseases such as rheumatoid arthritis and osteoporosis, said in a statement that revenues totalled 65.9 million euros ($101.5 million). Its net loss widened to 21.9 million euros from 11.3 million euros.
It forecast a revenue figure of 75-80 million euros this year, with a year-end cash position of about 25 million euros from 49.3 million euros at the end of 2007.
The company said it was confident that the restructuring and consolidation efforts at its services division BioFocus DPI would start to pay off in 2008 and would contribute to bringing the division back into profitability.
The company said last week that 2007 sales would exceed the top end of its guidance at 64 million euros. KBC Securities said it expected a revenue figure of 65.5 million euros.
The next 12 months will be important for the company as it enters clinical trials for the first time, with a drug candidate to treat bone metastasis from the end of 2008 and rheumatoid arthritis early next year.
Galapagos announced on Thursday that it intended to scrap its listing on London's Alternative Investment Market and launch an American Depositary Receipt instead. (Reporting by Philip Blenkinsop; Editing by Quentin Bryar)
