Galapagos (Page 19 sur 26)

@ Philippe, Nyrstar et Ablynx pour un réinvestissement?

Salut tout le monde,
voici l'avis de KBC cce les résultats de GLPG. Pour info leur target est de 22 eurs.

News:
Galapagos’s FY14 results came in better than expected in terms of revenue and net cash burn. A hefty increase in FY15 cash burn, resulting in a cash runway till YE16, is guided to support the ongoing clinical filgotinib programs and to push the cystic fibrosis program forward. Buy rating maintained.
Our View:
The FY14 top-line was with € 108m (of which € 18m from the divested Service unit) ahead of the € 100m guidance. R&D revenues from continuing operations decreased by 7% compared to 2013 due to lower upfront recognition following delays in the filgotinib (before GLGP634; delays already disclosed in August ‘14). Other income remained stable at ~€ 20m.
R&D expenses increased as expected by 12% to € 111m due to the maturing clinical pipeline. G&A also increased by 12% to € 14, resulting in an OPEX of € 127m and an operating loss of € 37m (vs € 17m in 2013). Including € 1m of financial income, € 2m of taxes paid and € 70.5m gain from the Services divestment, a not profit of € 33m was recorded. Excluding the Services’ gain, the loss would have been € 37m (vs € 8m on a like-for-like basis in 2013).
The YE14 cash position arrived at € 198m (well ahead of the >€ 175m guidance), suggesting a net cash burn (excluding the € 130m from the Services sales) of € 80m. For FY15, Galapagos guides for a stunning cash burn of € 110-130m, excluding income from milestones & licenses. With those cash reserves, GLPG guides to have cash until YE16.
We estimate cash inflows from partners was ~€ 20m in FY14 but given several partnerships stopped and the early stage of the remaining partnerships, we assume the cash from collaborations to be lower in FY15. The increase in FY15 cash burn is explained by higher cash costs for filgotinib in 2015 (but P&L-wise a similar impact as in 2014), three phase 2 studies (cystic fibrosis potentiator GLPG1837, ulcerative colitis GLPG1205 and GLPG1690 for pulmonary disease under the Janssen Alliance). Also in CF, the first corrector GLPG2222 is expected to start clinical development by YE15 while another CF corrector molecule will be selected to initiate preclinical testing by mid-year (note GLPG states to have all molecules of the triple CF-combo ‘in development by mid 1H15’, whereas ‘development’ starts in GLPG’ definition already at the ‘preclinical’ stage, vs industry language assumes ’development’ to start as of phase 1.)
We remind that if AbbVie decides to lift its option for filgotinib (decision expected before YE15 based on the 24-week read-out in 3Q15), GLPG will receive $ 200m. The JAK1 drug will also report phase 2 results in Crohn’s.
Conclusion:
GLPG’s FY14 financials came ahead expectations, but this is of minor interest. The hefty increase in FY15 cash burn to support the ongoing clinical work and YE16 cash runway may draw investor’s attention and potential weigh on the stock. However, the main short-term stock trigger is the filgotinib phase 2b trial with 12-week interim results expected by mid-April. Conf call at 2PM CET. Buy reiterated based on a positive read-out in April

Bien à vous,
demat

bonjour a tous

Lynx je crois l'inverse  hold to buy

Je ne pense pas Fagnes, aux dernières nouvelles ils étaient en "buy" il me semble ...

Re-bonjour à tous,

UBS change l'objectif de cours à 25 contre 23 avant.
L'avis est BUY.

Bonjour à tous,

21,80, les 22 approchent !

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