Galapagos gives update on split in annual results
In its annual results statement, Galapagos (Euronext: GLPG) chief financial officer Thad Huston said the firm is moving ahead with a planned split into two publicly-traded companies.
The spin-off entity, expected to be established by mid-2025, will be capitalized with 2.45 billion euros ($2.63 billion), while Galapagos will retain 500 million euros to focus on cell therapy development in oncology.
The firm’s results show total revenue of 275 million euros for 2024, reflecting 15% growth from the previous year. Earnings per share stood at 1.1 euros, down from 3.2 euros in 2023.
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