• Most Popular
  • Most Shared

UPDATE 1-Galapagos H1 revenue rises 140 pct, keeps outlook

Wed Aug 8, 2007 2:40am EDT

Stocks

   

(Adds details, background)

BRUSSELS, Aug 8 (REUTERS) - Belgian biotechnology company Galapagos (GLPG.BR) reported a more than doubling of first-half revenue on Wednesday and repeated its full-year outlook.

Galapagos (GLPG.AS), which specialises in bone and joint diseases such as rheumatoid arthritis and osteoporosis, said revenue rose to 26.3 million euros ($36.3 million) from 11.0 million a year earlier.

Its net loss widened to 16.7 million euros from 5.5 million in the first six months of 2006. Galapagos said the new figure included 2.7 million euros of restructuring and other one-off costs.

KBC Securities had forecast revenue of 26.7 million euros and a net loss of 15.9 million euros. Kempen had forecast revenue of 23.4 million euros and a net loss of 11.3 million.

Galapagos repeated its forecast for 2007 that revenue would be between 54 million and 58 million euros, with research and development spending rising to 33 million. It also said its full-year cash burn should be limited to 20 million euros.

The company was on the acquisition trail in the second half of last year, buying drug-discovery firm ProSkelia and technology company Inpharmatica last December and the drug-discovery operations of Discovery Partners International

(DPI) in July 2006.

Analysts are keen to know how the integration of these business is proceeding.

The company has its own drug discovery division and a service division that helps typically larger companies identify potential products.

Galapagos said on Wednesday its service division, BioFocus DPI, had expanded its relationship with AstraZeneca (AZN.L) to help the latter's infection discovery programme. The total contract value was 680,000 euros.

((Reporting by Philip Blenkinsop; editing by Jane Baird; Reuters messaging: philip.blenkinsop.reuters.com@reuters.net; +32 2 287 6838, fax +32 2 230 7710; belgium.newsroom@reuters.com))

($1=.7248 Euro) Keywords: GALAPAGOS RESULTS/

(C) Reuters 2007. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nL0882235


More from Reuters

Afghan insurgents kill CIA agents, Canadians

KABUL (Reuters) - Insurgents intensified their campaign against military targets and U.S.-led forces in Afghanistan, killing eight U.S. CIA agents at a base and four Canadian servicemen on patrol and a journalist accompanying them.

» More Top News
A security camera sits on a building in New York City March 6, 2008. REUTERS/Joshua Lott

Trial run in Times Square

Critics say the Sept. 11 trials will endanger America's most populated city. Will a New Year's Eve plan hold up as New York's security template?  Full Article 

U.S.
People walk past a branch of Bank of America in New York's financial district April 28, 2009. REUTERS/Brendan McDermid
Rolfe Winkler:

Move your money

Boycotting "too big to fail" banks is a great idea -- so long as investors remember that banks aren't the only ones responsible for the crisis.  Full Article 

    Commentary