Core Viewpoint - Galapagos NV is undergoing a planned separation into two independent entities, with Mr. Henry Gosebruch appointed as the founding CEO of the new subsidiary, SpinCo, which will focus on innovative medicines and is initially funded with approximately €2.45 billion in cash and cash equivalents [2][3]. Group 1: Leadership Changes - Dr. Paul Stoffels, the current CEO and Chair of the Board of Directors at Galapagos, plans to retire as CEO within the next 12 months but will remain as Chair, ensuring leadership continuity [1][3]. - The Board of Directors will search for a successor CEO for Galapagos, who will lead the company into its next phase of growth and innovation as a focused cell therapy company [3][4]. Group 2: SpinCo's Focus and Strategy - SpinCo will concentrate on building a pipeline of innovative medicines with demonstrated proof-of-concept, aiming to elevate the standard of care for patients through transformative transactions [2][3]. - The new entity will leverage a strong balance sheet and pursue opportunities that create significant value for shareholders [3][5]. Group 3: Background of Mr. Henry Gosebruch - Mr. Gosebruch has extensive experience in M&A, business development, and venture capital, previously serving as President and CEO at Neumora and Executive Vice President at AbbVie [6][7]. - At AbbVie, he was instrumental in completing over 100 business development transactions, including the acquisition of Allergan [7][8]. - His background includes over 20 years at J.P. Morgan, where he co-headed the North American M&A Group and worked on transactions exceeding $375 billion [8]. Group 4: Galapagos' Strategic Direction - Galapagos aims to transform into an R&D-driven biotech company with a focus on oncology, utilizing a decentralized manufacturing platform for cell therapies [4][9]. - The company is advancing its pipeline of potentially best-in-class assets, with ongoing Phase 2 clinical studies targeting aggressive hematological malignancies and solid tumors [4].

Core Points - Galapagos NV announced the departure of CFO and COO Thad Huston, effective August 1, 2025, for personal and professional reasons [1][2] - Huston joined Galapagos in 2023 to aid in its transformation into a cell therapy company, focusing on a decentralized cell therapy platform [2][3] - CEO Paul Stoffels expressed gratitude for Huston's contributions and emphasized the importance of a smooth transition before his departure [3] Company Overview - Galapagos NV is a global biotechnology company dedicated to transforming patient outcomes through innovative science [1] - The company is currently undergoing a transformation into a focused cell therapy business, leveraging its unique platform to deliver CAR-T therapy with a vein-to-vein time of seven days [3] Future Developments - Galapagos plans to announce Huston's successor in the coming months [2] - The company is also involved in a strategic separation into two public companies, which is expected to bring anticipated benefits and synergies [4]

Mechelen, Belgium; March 27, 2025, 21:01 CET; regulated information – Galapagos NV (Euronext & NASDAQ: GLPG) today publishes its annual report for the financial year 2024 and announces its Annual Shareholders’ Meeting (AGM) to be held on Tuesday, April 29, 2025 at 14:00 CET at the registered office of the Company. The annual report for the financial year 2024, including a review of figures and performance, is available online at https://www.glpg.com/financial-reports and can also be downloaded as PDF. The ...

Core Points - Galapagos NV has published its annual report for the financial year 2024 and announced its Annual Shareholders' Meeting (AGM) scheduled for April 29, 2025 [1][2] - The AGM agenda includes the appointment of Mr. Oleg Nodelman as Non-Executive Non-Independent Director and the confirmation of the statutory auditor for sustainability reporting [3] - The proposed separation of Galapagos into two publicly traded entities will not be discussed at the AGM, with an Extraordinary Shareholders' Meeting expected to be convened in mid-2025 regarding this matter [4] Company Overview - Galapagos is a biotechnology company operating in Europe and the U.S., focused on transforming patient outcomes through innovative science and technology [6] - The company aims to address high unmet medical needs and has developed a deep pipeline of best-in-class medicines, including a decentralized cell therapy manufacturing platform [6] - Galapagos is committed to anticipating future healthcare needs and ensuring that its innovations reach those who require them most [6]

Product Development Risks - The company is heavily dependent on the success of its clinical-stage product candidates, including oncology candidates GLPG5101 and GLPG5301, and immunology candidates GLPG3667[21] - Clinical development is lengthy and expensive, with uncertain outcomes, and earlier study results may not predict future trial results[22] - The regulatory approval processes in the US and Europe are lengthy and unpredictable, potentially affecting the commercial viability of products in development[24] - The company may not be successful in expanding its oncology portfolio and building a pipeline of product candidates due to limited resources[23] Financial Performance and Market Conditions - The company has limited historical profit from product sales, making it difficult to assess future prospects and financial results[30] - The market price of the American Depositary Shares (ADSs) could be subject to wide fluctuations[31] Competition and Market Dynamics - The company faces significant competition in drug discovery and development, which could reduce or eliminate commercial opportunities[28] - Legislative and regulatory activity may exert downward pressure on potential pricing and reimbursement for approved product candidates[28] Collaboration and Legal Risks - The company relies on a global R&D collaboration with Gilead, with no assurance that it will deliver expected benefits[29] - The company may face increased risks of securities class action litigation and shareholder activism[32]

Core Insights - Galapagos NV is a biotechnology company focused on transforming patient outcomes through innovative science and technology [3] - The company will present at two upcoming investor conferences in March 2025, showcasing its commitment to engaging with investors [1][2] Conference Details - The TD Cowen 45th Annual Healthcare Conference will take place on March 4, 2025, in Boston, MA, with a corporate presentation scheduled from 1:50 PM to 2:20 PM ET [1] - The Barclays 27th Annual Global Healthcare Conference is set for March 12, 2025, in Miami, FL, with a corporate presentation from 11:00 AM to 11:25 AM ET [2] Company Overview - Galapagos operates in Europe and the U.S., focusing on high unmet medical needs and developing a pipeline of best-in-class medicines [3] - The company utilizes a decentralized cell therapy manufacturing platform and aims to deliver innovative healthcare solutions [3] - Galapagos is dedicated to not only meeting current medical needs but also anticipating future healthcare challenges [3]

Core Points - Galapagos NV received a transparency notification from Tang Capital, indicating that Tang Capital and its affiliates hold a total of 3,323,407 voting rights, representing 5.04% of Galapagos' outstanding shares [1] - Tang Capital Management filed a Schedule 13D with the SEC, reporting beneficial ownership of 4,910,525 voting rights, which is 7.5% of Galapagos' outstanding shares, including ordinary shares and American Depository Receipts (ADRs) [2] - The notification specifies that Tang Capital and its affiliates can exercise voting rights at their discretion in the absence of specific instructions [1] Company Overview - Galapagos is a biotechnology company focused on transforming patient outcomes through innovative science and technology, addressing high unmet medical needs [4] - The company aims to create a deep pipeline of best-in-class medicines and is committed to delivering results for patients, employees, and shareholders [4] - Galapagos operates in Europe and the U.S., with capabilities ranging from lab to patient, including a decentralized cell therapy manufacturing platform [4]

Financial Data and Key Metrics Changes - Total revenues for 2024 were €276 million, including €35 million from supply revenues related to Jyseleca and €241 million from collaboration revenues [40] - Research and development expenses increased by 39% year-over-year to €335 million, driven by the expansion of oncology CAR-T programs [40] - The company reported a net profit of €74 million, influenced by €185 million from fair value adjustments, currency exchange, and interest income, along with a €53 million gain from the sale of the Jyseleca business [41] - Cash burn for 2024 was €374 million, with a normalized cash burn projected to be between €175 million and €225 million post-separation [42] Business Line Data and Key Metrics Changes - The flagship CD19 CAR-T program, GLPG5101, is prioritized for clinical development, with plans to expand into additional aggressive lymphomas [22][30] - The company is deprioritizing GLPG5201 to streamline operations and focus on GLPG5101, which has shown compelling efficacy and safety data [52][70] - The small molecule program, particularly the TYK2 inhibitor GLPG3667, is advancing with a Phase II program expected to yield results in the first half of 2026 [31][32] Market Data and Key Metrics Changes - The company is expanding its decentralized manufacturing network in the U.S. and Europe to improve access to therapies and reduce logistical constraints [18][20] - Partnerships with leading cancer centers in Boston are being established to support the ATALANTA clinical trial [17][85] Company Strategy and Development Direction - The company plans to separate into two publicly traded entities: Galapagos focusing on oncology and SpinCo focusing on building a pipeline of innovative medicines [11][12] - The strategy includes leveraging a decentralized manufacturing platform to enhance the delivery of cell therapies and improve patient access [16][21] - The company aims to initiate pivotal studies for GLPG5101 in 2026, targeting first approval in 2028 [43][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of GLPG5101 based on strong clinical data and the need for innovative therapies in oncology [30][86] - The company is optimistic about the upcoming year, anticipating several value-driving milestones and continued progress in clinical programs [47][121] Other Important Information - The company completed the transfer of the Jyseleca business to Alfasigma, resulting in significant cost savings and ongoing royalty eligibility [11] - The decentralized manufacturing model is designed to provide fresh cells with a seven-day vein-to-vein time, enhancing therapeutic efficacy [20][134] Q&A Session Summary Question: Differences between GLPG5101 and GLPG5201 - Management clarified that both programs have shown excellent efficacy and safety, but the decision to deprioritize GLPG5201 was made to simplify operations and focus on accelerating GLPG5101's development [52][70] Question: Update on SpinCo's separation - The management team is in the process of hiring executives and completing legal steps for the separation, with a shareholder meeting planned for midyear [61][62] Question: Progress on GLPG5301 - Management indicated that the decision to advance GLPG5301 will depend on its competitive positioning in the market and ongoing data from the PAPILIO study [110] Question: Manufacturing footprint for GLPG5101 - The company is establishing a decentralized manufacturing structure with validated sites to ensure efficient delivery of therapies [87][91] Question: Interest from external partners for manufacturing - There has been inbound interest from external partners regarding the decentralized manufacturing platform, with ongoing discussions for potential collaborations [97][102]

Transforming Patient Outcomes Through Life-changing Science and Innovation Full Year 2024 Results and Recent Business Update Earnings Call, February 13, 2025 Disclaimer This presentation contains "forward looking statements", all of which involve certain risks and uncertainties. These statements are often, but are not always, made through the use of words or phrases such as "vision," " progress," "believe," "anticipate," "plan," "continue," "forward," "goal," "should," "expect," "outlook," "estimate," "next ...

Core Insights - Galapagos NV is advancing its GLPG5101 program, a CD19 CAR-T therapy, targeting eight aggressive B-cell malignancies with a goal for first approval by 2028 [1][4] - The company plans to separate into two publicly traded entities, Galapagos and SpinCo, to enhance strategic focus and shareholder value [4][12] - Financial results for 2024 show a net profit of €74.1 million, down from €211.7 million in 2023, with total net revenues increasing by 15% to €275.6 million [12][23] Company Strategy - The company aims to optimize its CD19 CAR-T portfolio by prioritizing GLPG5101 and deprioritizing GLPG5201, focusing on high unmet medical needs in oncology [3][5] - Galapagos is expanding its decentralized cell therapy platform to deliver fresh, stem-like early memory CAR T-cells within a median vein-to-vein time of seven days [2][31] - The company is enhancing its manufacturing capacity through partnerships and decentralized manufacturing units in key regions [8][9] Financial Performance - Galapagos ended 2024 with €3.3 billion in cash and cash equivalents, with plans to allocate approximately €2.45 billion to SpinCo [4][26] - Research and development expenses increased by 39% to €335.5 million, primarily driven by oncology cell therapy programs [13][16] - The company reported a total operating loss from continuing operations of €188.3 million in 2024, compared to €88.3 million in 2023 [16][19] Clinical Development - GLPG5101 has shown high objective response rates in clinical trials, with 100% response in mantle cell lymphoma and 95% in marginal zone/follicular lymphoma [8] - The ongoing ATALANTA-1 Phase 1/2 study is expanding to include additional high-risk indications, with patient recruitment ongoing in Europe and plans to enroll U.S. patients [8][9] - Galapagos is also advancing GLPG5301 for multiple myeloma and plans to initiate clinical development of a novel CAR-T candidate in 2025 [6][9] Future Outlook - The company expects to complete the separation into two entities by mid-2025, with Galapagos focusing on its cell therapy pipeline and SpinCo on small molecule assets [4][12] - Galapagos anticipates a normalized annual cash burn of €175 million to €225 million post-separation, with sufficient cash to support operations until 2028 [4][26] - The company aims to present additional data from its clinical studies at medical meetings in 2025, reinforcing its commitment to innovation in oncology [8][9]