Galapagos: FY results and termination of Roche alliance could provide buying opportunity
BUY, Fair Value EUR22.5 (+10%)
Galapagos released full-year results this morning which met expectations adjusted for pulled forward investment for GLPG0634 (JAK-1 with AbbVie). Guidance for 2013 is EUR160m and further visibility is expected during the year for other items such as net result or cash position. Galapagos also announced the end of the Roche alliance in fibrosis due to an internal strategic decision at Roche. Should the stock be under pressure today, we would use any weakness to buy as Galapagos remains one of our top-picks.
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