Galapagos' 1st-half 2006 loss improves 31%

In first-half 2006, Belgian genomics-based drug discovery company Galapagos NV improved its loss 31% on the comparable period last year, to 5.6 million euros ($7.1 million), as its revenue soared 78% to 11.0 million euros on a pro forma basis.

UK-based drug developer Biofocus, which Galapagos acquired last year in a deal worth $35.0 million (Marketletter October 24, 2005), contributed 10.2 million euros in the firm's total revenues, a 96% increase. During the period, income from government grants in the first half of 2006 was 800,000 euros versus 1.0 million, while gross margins more than doubled from 21% to 47%.

Key first-half highlights