- RBC Capital Markets views Galapagos' NV (NASDAQ:GLPG) Q1 Jyseleca revenues in line as the story focuses on whether new leadership can unlock value from GLPG's ample balance sheet.
- Jyseleca's Q1 sales reached €14.4 million, with total sales up 20% Y/Y to €136.3 million.
- The company held a cash balance of €4.64 billion, with cash burn guidance of €450-€490 million in FY22.
- Business Development primarily involves deals or collaborations around early-stage assets rather than later-stage or large acquisitions and openness to indications outside of areas GLPG has worked historically.
- RBC senses a collaborative tone towards partner Gilead Sciences Inc (NASDAQ:GILD), though it believes the deal structure between the parties may need some tuning for optimal value creation.
- With the strategic review of the internal and external pipeline still evolving, the analysts expect shares to trade in line.
- The analysts raised the price target to $62 from $60 on model updates.
- Price Action: GLPG shares are down 5.38% at $56.45 during the market session on the last check Monday.
