Galapagos' 1st-half loss soars 204%
Loss for the first half of 2007 at Belgian drug discovery firm Galapagos grew 203.6% to 16.7 million euros ($23.1 million), despite a 140% revenue hike to 26.3 million euros. The firm said that the half-year deficit reflected higher R&D spending, up 292.5% to 15.7 million euros, a 155.2% increase to 14.8 million euros in the cost of sales and a 2.7 million-euro restructuring charge.
Despite the deepening loss, Galapagos remained upbeat, with chief financial officer Leo Steenberg commenting that the firm was on-track to deliver revenue growth for the full year. Mr Steenberg also said that the company would continue to integrate operations acquired last year, including the drug discovery operations of Discovery Pertners International, Inpharmatica and ProSkelia SASU (Marketletters passim), and would seek to reduce its cost base.
Galapagos' share price fell 1.7% to 7.70 euros in trading on the Belgian Euronext Stock Exchange on the day of the announcement, August 8.
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