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GLPG

Galapagos N.V.

GLPG

Galapagos N.V. • NASDAQ
$31.32 ▲ 0.61% (+0.19)
Market Cap $2.06 B
52w High $37.78
52w Low $22.36
Dividend Yield 0%
P/E -4.01
Volume 30.41K
Outstanding Shares 65.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $71.161M ▲ $50.405M ▼ $-202.111M ▼ -284.019% ▼ $-3.1 ▼ $-189.533M ▼
Q2-2025 $65.288M ▼ $117.609M ▼ $-105.748M ▲ -161.972% ▲ $-1.61 ▲ $-101.118M ▲
Q1-2025 $74.977M ▼ $219.956M ▲ $-153.403M ▼ -204.6% ▼ $-2.33 ▼ $-158.708M ▼
Q4-2024 $75.495M ▲ $25.288M ▼ $25.307M ▲ 33.521% ▲ $0.29 ▲ $-53.871M ▲
Q3-2024 $59.849M $114.135M $-50.43M -84.262% $-0.71 $-152.761M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.584B ▲ $4.126B ▲ $1.251B ▲ $2.875B ▲
Q2-2025 $3.092B ▼ $3.818B ▼ $1.174B ▼ $2.644B ▼
Q1-2025 $3.297B ▲ $4.022B ▼ $1.274B ▲ $2.748B ▼
Q4-2024 $3.118B ▼ $4.136B ▼ $1.239B ▼ $2.897B ▲
Q3-2024 $3.339B $4.172B $1.31B $2.863B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-202.111M ▼ $-62.607M ▲ $56.739M ▼ $-1.257M ▼ $-7.211M ▲ $-65.457M ▲
Q2-2025 $-105.748M ▲ $-108.781M ▼ $74.707M ▼ $-600K ▲ $-36.398M ▼ $-112.936M ▼
Q1-2025 $-153.403M ▼ $-38.607M ▲ $84.745M ▲ $-1.011M ▲ $43.828M ▲ $-43.857M ▲
Q4-2024 $25.307M ▲ $-59.369M ▲ $68.36M ▲ $-1.604M ▼ $8.716M ▲ $-64.789M ▲
Q3-2024 $-50.43M $-71.79M $56.559M $-1.088M $-16.805M $-76.102M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been relatively modest and, after a few steadier years, has stepped down more recently, reflecting portfolio changes and the exit from certain commercial activities. Profitability has been volatile: core operations have remained loss‑making, but reported net results have occasionally swung into profit, likely helped by one‑off items or deal structures rather than a fully profitable underlying business. Overall, the picture is of a company still in transition, with no stable, self‑funding earnings base yet in place.

Balance Sheet

Balance Sheet The balance sheet shows a company that has gradually shrunk in size but still rests on solid equity and very little debt, which limits financial strain from lenders. Reported cash balances have come down sharply from earlier highs, yet the separate commentary emphasizing a strong cash position suggests that a good share of resources may now sit in financial investments or were refreshed by more recent transactions. In simple terms, leverage is low, there is still a meaningful capital cushion, but the asset base has been trimmed and must now be redeployed carefully.

Cash Flow

Cash Flow Cash flow from the business has been consistently negative, with operating activities consuming cash each year and free cash flow also firmly in the red. Capital spending is modest, so the main driver of cash burn is ongoing operating costs rather than big investment projects. This means the company remains dependent on its existing financial reserves and deal inflows to fund operations, making disciplined cost control and smart capital deployment critical as it reshapes its strategy.

Competitive Edge

Competitive Edge Galapagos’s competitive position is in flux. Historically, it stood out through its discovery platform and a high‑profile partnership with a large pharma partner, then later through an ambitious bet on decentralized cell therapy manufacturing. With cell therapy now being wound down and its main commercial asset out‑licensed, the company’s edge is shifting from scientific differentiation to financial and deal‑making strength. In a capital‑scarce biotech market, having a sizeable war chest and a leadership team focused on licensing and acquisitions can be an advantage, but it also places Galapagos in a crowded field of buyers all competing for the same attractive mid‑stage assets.

Innovation and R&D

Innovation and R&D Internal innovation has followed two distinct arcs: an earlier focus on small‑molecule discovery and, more recently, a push into cutting‑edge CAR‑T cell therapies. The decision to shut down the cell therapy platform marks a major reset and effectively wipes the slate clean on that high‑risk, high‑reward area. Going forward, innovation will rely far more on sourcing proven or near‑proven programs from outside—primarily in immunology and oncology—and then advancing them through development. This is a shift from “inventing” to “curating and developing,” which can be faster but depends heavily on the quality of deals struck and the company’s ability to integrate and progress a newly assembled pipeline.

Summary

Galapagos is at a strategic crossroads: financially still loss‑making on a cash basis, but with a relatively clean balance sheet and access to meaningful capital, while its historical R&D identity is being redefined. The wind‑down of cell therapy and the transfer of its main marketed drug leave it with a lighter operating footprint and fewer internal scientific anchors, but more room and resources to rebuild via business development. The key opportunities lie in using its financial strength and partnering expertise to assemble a focused, higher‑quality pipeline in immunology and oncology. The main risks center on continued cash burn, the possibility of overpaying for new assets, and execution challenges in turning a deal‑driven strategy into a durable, differentiated biotech franchise.

NEWS

November 26, 2025 · 1:30 AM UTC

Galapagos Receives Transparency Notifications from Bank of America

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November 3, 2025 · 4:01 PM UTC

Galapagos to Present New Data from Cell Therapy Program at ASH 2025

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October 23, 2025 · 4:01 PM UTC

Galapagos to Present In Vitro Data at ACR Convergence 2025 Suggesting Differentiation of GLPG3667 from Other TYK2 Inhibitors

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October 21, 2025 · 1:30 AM UTC

Galapagos Announces Intention to Wind Down Cell Therapy Business as Part of the Company's Ongoing Transformation

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October 16, 2025 · 4:01 PM UTC

Galapagos Announces Appointment of Fred Blakeslee as General Counsel

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