Galapagos Hits 60% MORF-057 Enrollment, Affirms €680M R&D Budget
Galapagos reported its MORF-057 Phase II COPD trial reached 60% patient enrollment in Q4, aiming for full enrollment by Q3 2026, and reconfirmed a €680 million R&D spend target for fiscal 2026. The company also scheduled a mid-2026 interim data readout for its GLPG-2737 cystic fibrosis candidate.
1. Enrollment Progress
During the Q4 call, management revealed that the MORF-057 Phase II trial in COPD patients achieved 60% enrollment, with the remaining patients expected to be enrolled by the end of Q3 2026. This accelerated recruitment pace reflects recent site expansions in Europe and North America.
2. R&D Budget Confirmation
Galapagos reaffirmed its full-year 2026 R&D budget at €680 million, allocating roughly 45% of the total to late-stage clinical programs, 35% to early discovery efforts and the remainder to manufacturing scale-up and regulatory activities.
3. Cystic Fibrosis Data Timeline
The company outlined plans for a mid-2026 interim readout of GLPG-2737 in cystic fibrosis, positioning this data as a key de-risking milestone ahead of a potential Phase III start later in the year.
4. Outlook and Valuation Implications
Management indicated that strong trial enrollment and disciplined R&D spending support a streamlined path to value inflection events, which could positively influence investor sentiment and the company’s valuation going into 2026.