Galapagos Downgraded, Pharma Firm Faces Uphill Battle With Slow Pipeline Progress: Analyst
Galapagos Downgraded, Pharma Firm Faces Uphill Battle With Slow Pipeline Progress: Analyst
Bank of America Securities downgrades European drugmaker Galapagos NV (NASDAQ:GLPG) to underperform, citing few catalysts in the near term.
美国银行证券将欧洲制药商加拉帕戈斯内华达州（纳斯达克股票代码：GLPG）的评级下调至表现不佳，理由是短期内催化剂很少。
Galapagos' enterprise value has been consistently low, ranging between $1.5 billion and $2 billion, and the analysts don't anticipate any immediate or medium-term solutions to this.
加拉帕戈斯的企业价值一直很低，在15亿美元至20亿美元之间，分析师预计不会有任何短期或中期的解决方案。
Additionally, the company's main programs are entering crowded markets where differentiation is unclear, and there is a lack of significant catalysts to drive growth.
此外，该公司的主要项目是进入拥挤的市场，在这些市场中，差异化尚不明确，而且缺乏推动增长的重要催化剂。
Galapagos' primary cancer pipeline requires 3 to 4 years to reach the market, accompanied by significant cash depletion and uncertain standing in fiercely competitive markets.
加拉帕戈斯的原发癌产品线需要3到4年的时间才能进入市场，同时伴随着大量现金枯竭，在竞争激烈的市场中地位不确定。
Moreover, Galapagos' emphasis on acquiring early-stage assets increases the risk for investors, potentially leading to a decline in the stock price.
此外，加拉帕戈斯强调收购早期资产，这增加了投资者的风险，可能导致股价下跌。
BofA Securities' downgrade to "Underperform" from "Neutral" is due to concerns that the stock may continue to be a value trap and underperform compared to its peers. The analyst lowered the price target from $41 to $31.
美银证券之所以将评级从 “中性” 下调至 “表现不佳”，是因为担心该股可能继续成为价值陷阱并且与同行相比表现不佳。分析师将目标股价从41美元下调至31美元。
Galapagos is currently conducting three early-stage trials to assess its autologous cell therapy (CAR-T) treatments for hematologic cancers.
加拉帕戈斯目前正在进行三项早期试验，以评估其对血液系统癌症的自体细胞疗法（CAR-T）疗法。
The unique selling points of Galapagos' CAR-Ts lie in their potential differentiators:
加拉帕戈斯CAR-T的独特卖点在于其潜在的差异化因素：
- Speed: Galapagos aims for a swift 7-day manufacturing turnaround time, quicker than the typical 30-day timeframe seen in most competitor programs. However, competitors like Gilead Sciences Inc (NASDAQ:GILD) are also working on reducing this time frame, with lymphoma programs reaching a 14-day turnaround and showing signs of improvement.
- Supply: Galapagos has developed an automated manufacturing model that could eliminate some current production bottlenecks. However, being a late entrant (fifth) in most key markets poses a risk, as competitors may address supply issues before Galapagos can enter the market.
- 速度：加拉帕戈斯的目标是将生产周转时间缩短为7天，比大多数竞争对手计划中通常的30天时间更快。但是，吉利德科学公司（纳斯达克股票代码：GILD）等竞争对手也在努力缩短这一时限，淋巴瘤项目的周转时间达到14天，并显示出改善的迹象。
- 供应：加拉帕戈斯开发了一种自动化制造模型，可以消除当前的一些生产瓶颈。但是，在大多数关键市场中成为较晚进入者（第五名）会带来风险，因为竞争对手可能会在加拉帕戈斯进入市场之前解决供应问题。
Thus, BofA sees a smaller commercial opportunity for Galapagos' CAR-T candidates and lower revenue forecasts by 15-25% in out-years (2028E+).
因此，美国银行认为，加拉帕戈斯CAR-T候选人的商业机会较小，未来几年（2028E+）的收入预测降低了15-25％。
Price Action: GLPG shares are up 0.16% at $32.25 on the last check Monday.
价格走势：周一的最后一次支票中，GLPG股价上涨0.16％，至32.25美元。
Image: Shutterstock
图片：Shutterstock