SOURCE: Galapagos NV

October 24, 2007 01:00 ET

Galapagos revises 2007 financial guidance

MECHELEN, BELGIUM--(Marketwire - October 24, 2007) -



Mechelen, Belgium; 24 October 2007 - Galapagos NV (Euronext & LSE: GLPG) announced today revised 2007 financial guidance as a direct result of the major alliance in rheumatoid arthritis announced earlier today with Janssen Pharmaceutica NV, a Johnson and Johnson company, as well as of the underlying revenue growth. Guidance for 2007 revenues is now EUR 60-64 million, as compared to previous guidance of EUR 54-58 million. The 2007 year end cash position is now expected to exceed EUR 48 million, as compared to previous guidance of a year end cash position exceeding EUR 31 million.

"The major alliance with Janssen Pharmaceutica will bring us this year additional revenues and EUR 17 million in cash. When combined with the expected Group revenues growth, the alliance positively and significantly impacts the Group's financial result already this year, leading us to increase guidance for both 2007 revenues and year end cash," said Leo Steenbergen, CFO of Galapagos. "Our full year 2007 cash burn will be reduced to less than EUR 7 million, a substantial improvement compared to the 2006 cash burn of EUR 11.9 million."


About Galapagos

Galapagos (Euronext Brussels, GLPG; Euronext Amsterdam, GLPGA; London AiM: GLPG) is a drug discovery company with pre-clinical programs in bone and joint diseases and cachexia. Its division BioFocus DPI offers a full suite of target-to-drug discovery products and services to pharmaceutical and biotech companies, encompassing target discovery and validation, screening and drug discovery through to delivery of pre-clinical candidates. BioFocus DPI also provides adenoviral reagents for rapid identification and validation of novel drug targets, compound libraries for drug screening as well as chemogenomics and ADMET database products to select targets and compounds. Galapagos currently employs 460 people and operates facilities in seven countries, with global headquarters in Mechelen, Belgium. More information about Galapagos and BioFocus DPI can be found at www.glpg.com and www.biofocusdpi.com.


CONTACT

Galapagos NV
Leo Steenbergen, CFO
Tel: +32 15 342 900
ir@glpg.com


This release may contain forward-looking statements, including, without limitation, statements containing the words "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," "could," "stands to," and "continues," as well as similar expressions. Such forward-looking statements may involve known and unknown risks, uncertainties and other factors which might cause the actual results, financial condition, performance or achievements of Galapagos, or industry results, to be materially different from any historic or future results, financial conditions, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. Galapagos expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law or regulation.





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