Galapagos: Strong cash position...CF pipeline to accelerateBUY, Fair Value EUR57 (0%)
GLPG’s cash position is above EUR400m (exc. milestones) and should enable the company to accelerate the development of its CF pipeline which has been overshadowed by filgotinib in H1. We expect major newsflow catalysts to occur for both the CF project as well as the proprietary pipeline in the second half of the year. We are buyers.