Galapagos NV's (GLPG) stock plunged in pre-market trading on Wednesday, October 31, 2024, after the biopharmaceutical company reported disappointing financial results for the third quarter of 2024.
The Belgian company reported a quarterly adjusted loss of $0.77 per share, missing analyst expectations of a loss of $0.49 per share. Revenue fell by a steep 50.1% year-over-year to €59.85 million, significantly lower than the consensus estimate of €69.44 million.
Galapagos' underperformance in the quarter, coupled with a 155.7% decline in analyst earnings estimates over the past three months, fueled concerns about the company's financial outlook. The pre-market sell-off reflects investors' disappointment with the company's failure to meet market expectations and the potential challenges it faces in the near future.
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