GALAPAGOS (GLPG) Company Report

Galapagos is undergoing a strategic transformation, exiting its cell therapy business to focus on building a new pipeline through disciplined business development.
The company possesses approximately EUR 3 billion in cash, with its shares trading at a significant discount, reflecting EUR 46 in cash per share against a EUR 26 share price as of November 19, 2025.
Management anticipates year-end 2025 cash between EUR 2.975 billion and EUR 3.025 billion, after incurring EUR 100 million to EUR 125 million in additional operating costs and EUR 150 million to EUR 200 million in restructuring costs for the cell therapy wind-down.
Galapagos expects to achieve cash flow neutral to positive status by year-end 2026, supported by interest income, tax refunds, and royalty income.
Capital will be deployed into de-risked, post-Proof-of-Concept (POC) assets, primarily in immunology and oncology, often in collaboration with Gilead, which holds a 25% stake.

Nov 19, 2025, 1:30 PM

Transcript

Galapagos outlines strategic transformation and cell therapy exit

GLPG

M&A

New Projects/Investments

Guidance Update

Galapagos is undergoing a transformation, exiting its cell therapy business to focus on building a new pipeline and deploying its capital into new programs.
The company holds approximately EUR 3 billion in cash and is trading at a significant discount, with EUR 46 in cash per share compared to a trading price of EUR 26.
The wind-down of the cell therapy business is expected to incur EUR 100 million-EUR 125 million in additional operating costs and EUR 150 million-EUR 200 million in restructuring costs, with completion anticipated in Q1 2026.
Galapagos expects to be cash flow neutral or positive by year-end 2026, supported by interest income, tax refunds, and royalty income.
The company plans to deploy capital into de-risked business development opportunities (M&A and in-licensing) primarily in immunology and oncology, working closely with Gilead.

Nov 19, 2025, 1:30 PM

Transcript

Galapagos Outlines Strategic Shift and Capital Deployment Plans

GLPG

M&A

New Projects/Investments

Guidance Update

Galapagos is undergoing a transformation, holding approximately EUR 3 billion in cash and trading at a significant discount to this cash value.
The company is winding down its cell therapy business, a process expected to conclude in Q1 2026, incurring estimated additional operating costs of EUR 100 million-EUR 125 million and restructuring costs of EUR 150 million-EUR 200 million.
The revised strategy focuses on deploying capital into de-risked, post-POC assets in areas like immunology and oncology through business development (M&A and in-licensing), with an aim to achieve cash flow neutrality or positivity by year-end 2026.
Galapagos is actively collaborating with Gilead, its 25% shareholder, to renegotiate their overriding partnership agreement (OLCA) to enable future deals and potential co-funding opportunities.

Nov 19, 2025, 1:30 PM

Transcript

Galapagos to Wind Down Self-Therapy Business, Focus on Business Development

GLPG

Layoffs

New Projects/Investments

Guidance Update

Galapagos announced its intention to wind down its self-therapy business after a five-month strategic review failed to yield viable proposals, a decision expected to impact up to 365 employees and lead to the closure of several sites.
The wind-down is projected to incur EUR 100 million-EUR 125 million in operating cash impact from Q4 2025 through 2026, and EUR 150 million-EUR 200 million in one-time restructuring cash costs in 2026.
As of September 30, 2025, Galapagos held EUR 3.05 billion in cash, cash equivalents, and financial investments, representing approximately EUR 46 per share, and generated EUR 77.2 million in fair value gains and interest income for the first nine months of 2025.
The company anticipates being cash flow neutral to positive by the end of 2026, excluding business development activities and currency fluctuations, and is shifting its focus to a new business development strategy for clinically de-risked opportunities, potentially in collaboration with Gilead.

Nov 6, 2025, 1:00 PM

Transcript

Galapagos Reports Nine Months 2025 Financial Results and Plans Cell Therapy Business Wind Down

GLPG

Earnings

Layoffs

Guidance Update

Galapagos NV reported a net loss of €461.3 million for the first nine months of 2025, compared to a net profit of €48.8 million in the same period of 2024, largely due to a €204.8 million impairment on its cell therapy business.
The company announced its intention to wind down its cell therapy business, which is expected to impact approximately 365 employees and lead to the closure of several sites, with the remaining organization projected to be 35-40 employees by the end of 2026.
As of September 30, 2025, Galapagos maintained a strong balance sheet with €3.05 billion in cash and financial investments, and anticipates ending 2025 with €2.975 billion to €3.025 billion.
The company plans to focus on disciplined capital stewardship and transformative business development, prioritizing value-accretive transactions in promising small molecule and biologics programs within immunology and oncology.

Nov 6, 2025, 11:00 AM

6-K

Galapagos to Present New Data for Cell Therapy Candidate GLPG5101 at ASH 2025

GLPG

New Projects/Investments

Galapagos NV will present new and updated Phase 2 data for its CAR T-cell therapy candidate, GLPG5101, in relapsed/refractory mantle cell lymphoma (R/R MCL) and R/R large B-cell lymphoma (R/R DLBCL) at the 67th American Society of Hematology (ASH) Annual Meeting from December 6-9, 2025.
The data from the ATALANTA-1 study demonstrates high rates of complete and durable responses and low rates of high-grade toxicities for GLPG5101, which is manufactured with a median seven-day vein-to-vein time.
This presentation of clinical data follows Galapagos's announced intention on October 21, 2025, to wind down its cell therapy business, including GLPG5101, subject to consultations.

Nov 3, 2025, 10:04 PM

6-K

Galapagos Announces Intention to Wind Down Cell Therapy Business

GLPG

Layoffs

New Projects/Investments

Guidance Update

Galapagos NV announced its intention to wind down its cell therapy business as part of an ongoing transformation, following a comprehensive strategic review that did not yield viable divestiture proposals.
This decision is anticipated to impact approximately 365 employees across Europe, the U.S., and China, and will lead to the closure of sites in Leiden, Basel, Princeton, Pittsburgh, and Shanghai.
If implemented, the company expects to incur €100 million to €125 million in operating costs from Q4 2025 through 2026 and €150 million to €200 million in one-time restructuring costs in 2026 related to the cell therapy business wind-down.
The remaining Galapagos organization plans to focus on building a pipeline of novel therapeutics through strategic business development transactions, utilizing its available cash resources.

Oct 21, 2025, 10:05 AM

6-K

Galapagos Provides Update on Strategic Alternatives for Cell Therapy Business

GLPG

M&A

Galapagos' Board of Directors decided on May 13, 2025, to explore strategic alternatives for its Cell Therapy Business, including a potential divestiture.
As of October 1, 2025, the Board has received a limited number of non-binding offers from consortia, predominantly comprised of financial investors, to acquire the Cell Therapy Business.
The deadline for potential bidders to submit binding, fully-financed offers is in the coming weeks.
Galapagos expects to announce the outcome of the strategic review no later than November 5, 2025, with the release of its third-quarter financial results.

Oct 1, 2025, 8:28 PM

6-K

Earnings Transcripts

Quarterly earnings call transcripts for GALAPAGOS.

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