Belgian-Dutch biotech company Galapagos posted a €259.1 million loss in the first six months of the year, according to its half-year financial results, announced on Wednesday evening.
A year earlier, the company had posted a profit of over €99 million.
The significant drop stems mainly from an operating loss of €215.7 million. Strategic restructuring and separation plans contributed over €131 million to this deficit, including €47.5 million in redundancy costs and €45.7 million for early terminations of partnerships.
In January, Galapagos disclosed plans to divide into two publicly listed entities. Galapagos was to focus on new cell therapies, while a newly formed company, SpinCo, was to develop innovative drugs. However, in May, the company announced it would pause the separation and explore strategic alternatives instead.
The financial statements also show that Galapagos holds over €3 billion in cash, cash equivalents, and financial investments, down from over €3.3 billion at the end of last year.
