Galapagos weakness could be tied to Pfizer safety alert, says Barclays

Barclays believes the weakness today in Galapagos NV (GLPG) could be attributed to, at least in part, the FDA’s safety communication on Pfizer’s (PFE) post-marketing study of 10mg daily Xeljanz. Competitor safety issues with higher dose JAK inhibitors was a major focus of Galapagos’ post-earnings conference call last week, Barclays tells investors in a research note. Galapagos management, while limited in what it can say pending the data, seems to believe they can get both doses approved, Barclays contends. Further, the firm points out that the company has received no communication and sees no reason to conclude that the FDA has determined that thromboembolic events are a class effect of the JAKs. Shares of Galapagos are down 1.5%, or $1.45, to $97.28 in late morning trading.
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