Executing on Our Transformation Strategy Third Quarter 2025 Financial Results Conference Call: November 6, 2025 Forward-Looking Statements 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," "encouraging," " aim," and ...

Core Insights - Galapagos NV has concluded its strategic review process, deciding to wind down its cell therapy business to optimize capital allocation for a sustainable future [1][4] - The company has a robust balance sheet with €3.05 billion in cash and financial investments as of September 30, 2025, and expects to end the year with approximately €2.975 billion to €3.025 billion [1][15] - Leadership changes have been made to align with the new strategic direction, enhancing corporate and business development capabilities [3][6] Financial Performance - Total net revenues for the first nine months of 2025 reached €211.4 million, a 6% increase from €200.1 million in the same period of 2024 [5][9] - The company reported an operating loss of €462.2 million for the first nine months of 2025, significantly higher than the €125.6 million loss in the same period of 2024, primarily due to a €204.8 million impairment related to the cell therapy business [7][10] - Net loss from continuing operations was €463.0 million for the first nine months of 2025, compared to a net loss of €20.4 million for the same period in 2024 [10][12] Strategic Focus - The management aims to strategically deploy capital in a disciplined manner, focusing on value-accretive transactions, particularly in small molecule and biologics programs in immunology and oncology [1][4] - The company is actively evaluating opportunities and believes its partnership with Gilead provides a strategic advantage in pursuing these opportunities [1][4] Operational Changes - The wind down of the cell therapy business is expected to impact approximately 365 employees across various locations, with the remaining organization projected to consist of 35-40 employees by the end of 2026 [4][15] - The company anticipates being cash flow neutral to positive by the end of 2026, excluding any business development activities and currency fluctuations, if the wind down is successfully implemented [1][15] Clinical Pipeline - Galapagos is advancing its clinical pipeline, including GLPG5101, a CD19 CAR-T candidate in Phase 1/2 trials, and GLPG3667, a small molecule TYK2 inhibitor in Phase 3-enabling studies [5][6]