The following is a summary of the Galapagos NV (GLPG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Galapagos reported a net profit in Q1 2024 driven by adjustments in fair value, foreign exchange, and EUR 25 million in interest income.

• Revenue remained steady year-on-year.

• R&D cost increases are primarily due to investments in oncology, including CAR-T and small molecules.

• The company remains in a strong cash position, reporting EUR 3.6 billion as of March 31, 2024.

Business Progress:

• Galapagos is focusing on its early stage pipeline, developing its discovery portfolio based on best-in-class targets.

• Progress is being made in key therapeutic areas, immunology and oncology.

• The company has plans for IND submission for NHL, CLL, and Richter's transformation trials in 2024.

• With the expansion of operations in Pittsburgh and new office in Princeton, strategic, regulatory, and quality capabilities are being added.

• The focus is on a decentralized CAR-T manufacturing model with three initiated clinical trials showing promising results. Expansion of this network is planned for Europe and the U.S.

• The goal is to deliver the first preclinical candidates this year with first-in-human studies starting in 2025.

• A differentiation strategy is being pursued, along with development of next-gen molecules for precision medicine, and progress is being made in research into high-risk CLL and Richter's transformation.

• The company is also looking to expand its portfolio through licensing, M&A, and research collaborations, focusing on high need areas and both CAR-T and small molecules.

More details: Galapagos IR

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