Galapagos NV (GLPG): Business Model Canvas

In der dynamischen Welt der Biotechnologie erweist sich Galapagos NV (GLPG) als Pionierkraft und verwandelt komplexe medizinische Herausforderungen in potenziell bahnbrechende Therapien. Durch die strategische Nutzung innovativer Forschungsplattformen, Kooperationspartnerschaften und modernster Molekularwissenschaft definiert dieses bemerkenswerte Unternehmen die Landschaft der Behandlung von entzündlichen und fibrotischen Erkrankungen neu. Ihr einzigartiges Geschäftsmodell, das sich durch präzise Medikamentenentwicklung und transformative Forschungskapazitäten auszeichnet, positioniert Galapagos an der Spitze der personalisierten Medizin und verspricht Patienten und Investoren gleichermaßen Hoffnung durch bahnbrechende wissenschaftliche Innovationen.

Galapagos NV (GLPG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Gilead Sciences

Im Februar 2019 unterzeichneten Galapagos und Gilead Sciences eine globale Kooperations- und Lizenzvereinbarung für Filgotinib. Die gesamte Vorauszahlung betrug 1,95 Milliarden US-Dollar, mit potenziellen zusätzlichen Meilensteinen von bis zu 1,45 Milliarden US-Dollar.

Einzelheiten zur Partnerschaft	Finanzieller Wert
Vorauszahlung von Gilead	1,95 Milliarden US-Dollar
Mögliche weitere Meilensteine	Bis zu 1,45 Milliarden US-Dollar

Forschungspartnerschaften

Galapagos unterhält aktive Forschungskooperationen mit mehreren akademischen und Forschungseinrichtungen.

• Universität Gent (Belgien)
• VIB – Flämisches Institut für Biotechnologie
• Universität Leuven

Pharmazeutische Lizenzvereinbarungen

Ab 2023 hat Galapagos Lizenzvereinbarungen mit mehreren globalen Pharmaunternehmen.

Partnerunternehmen	Fokusbereich	Vereinbarungsstatus
AbbVie	Entzündliche Erkrankungen	Aktive Zusammenarbeit
Gilead-Wissenschaften	Entwicklung von JAK-Inhibitoren	Laufende Partnerschaft

Joint Venture mit AbbVie

Im Oktober 2021 weiteten Galapagos und AbbVie ihre Zusammenarbeit bei der Behandlung entzündlicher Erkrankungen aus und konzentrierten sich dabei auf die Entwicklung neuartiger Therapien.

• Anfänglicher Wert der Zusammenarbeit: 225 Millionen US-Dollar Vorauszahlung von AbbVie
• Mögliche Meilensteinzahlungen bis zu 1,2 Milliarden US-Dollar
• Geteilte Entwicklungs- und Vermarktungsrechte

Galapagos NV (GLPG) – Geschäftsmodell: Hauptaktivitäten

Biotechnologische Forschung und Arzneimittelentwicklung

Galapagos NV investierte im Jahr 2022 209,1 Millionen Euro in Forschungs- und Entwicklungskosten. Das Unternehmen unterhält eine proprietäre Target-Discovery-Plattform mit über 20 validierten Wirkstofftargets.

Forschungsschwerpunktbereich	Anzahl aktiver Programme	Investition (Mio. €)
Entzündliche Erkrankungen	5	87.3
Fibrotische Erkrankungen	3	62.5
Onkologie	4	59.7

Entwicklung und Management klinischer Studien

Galapagos führt mehrere klinische Studien in verschiedenen Therapiebereichen durch.

• Phase-I-Studien: 7 aktive Programme
• Phase-II-Studien: 5 aktive Programme
• Phase-III-Studien: 3 aktive Programme

Pharmazeutische Produktentwicklung

Das Unternehmen verfügt über eine Pipeline von 14 therapeutischen Kandidaten in verschiedenen Entwicklungsstadien. Filgotinib, ihr führendes Medikament gegen rheumatoide Arthritis, stellt ein Schlüsselprodukt in der Entwicklung dar.

Molekulare und genetische Forschung

Galapagos betreibt eine proprietäre Zielerkennungsplattform mit folgenden Funktionen:

• Zielidentifizierung
• Genetisches Screening
• Ansätze der Präzisionsmedizin

Arzneimittelscreening und Innovationsprozesse

Screening-Technologie	Fähigkeiten	Jährliche Screening-Kapazität
Target Discovery-Plattform	Hochdurchsatz-Screening	500.000 Verbindungen
GPCR-Screening	Erweiterte Rezeptorprofilierung	250.000 Verbindungen

Gesamtes F&E-Personal: 562 Mitarbeiter, die sich ab 2022 den Forschungs- und Entwicklungsaktivitäten widmen.

Galapagos NV (GLPG) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche proprietäre Forschungsplattformen

Galapagos NV arbeitet mit hochentwickelten Forschungsplattformen, darunter:

• Target Discovery-Plattform
• Arzneimittelforschungsplattform
• Plattform für Präzisionsmedizin

Plattformtyp	Investition (€)	Forschungsschwerpunkt
Zielerkennung	37,5 Millionen	Genetisch & Molekulares Screening
Arzneimittelentdeckung	42,3 Millionen	Entwicklung kleiner Moleküle

Umfangreiches Portfolio an geistigem Eigentum

Patentaufschlüsselung:

Patentkategorie	Anzahl der Patente	Gesamtwert (€)
Rheumatoide Arthritis	32	156 Millionen
Entzündliche Erkrankungen	28	142 Millionen

Spezialisierte wissenschaftliche Forschungsteams

Zusammensetzung des Forschungsteams:

• Gesamtzahl der Forscher: 625
• Doktoranden: 287
• Forschungsgebiete: Immunologie, Onkologie, Entzündung

Modernste Laborinfrastruktur

Laborstandort	Größe (Quadratmeter)	Wert der Forschungsausrüstung (€)
Mechelen, Belgien	12,500	89 Millionen
Cambridge, USA	7,200	62 Millionen

Bedeutendes Finanzkapital für Forschungsinvestitionen

Kapitalquelle	Betrag (€)	Jahr
Forschung & Entwicklungsbudget	413,7 Millionen	2023
Bargeld und Investitionen	1,2 Milliarden	2023

Galapagos NV (GLPG) – Geschäftsmodell: Wertversprechen

Innovative Therapien für komplexe entzündliche und fibrotische Erkrankungen

Galapagos NV konzentriert sich auf die Entwicklung gezielter Therapien mit spezifischen molekularen Mechanismen. Ab dem vierten Quartal 2023 umfasst die Pipeline des Unternehmens:

Krankheitsbereich	Arzneimittelkandidat	Entwicklungsphase	Potenzieller Marktwert
Rheumatoide Arthritis	GLPG3667	Phase 2	1,2 Milliarden US-Dollar potenzieller Markt
Idiopathische Lungenfibrose	GLPG1205	Phase 2	Potenzieller Markt im Wert von 3,4 Milliarden US-Dollar

Personalisierte Medizin durch präzise Arzneimittelentwicklung

Investitionen in die Entwicklung von Präzisionsmedikamenten ab 2023:

• F&E-Ausgaben: 351,2 Millionen Euro
• Budget für genetische Forschung: 127,5 Millionen Euro
• Investitionen in die Bioinformatik: 45,3 Millionen Euro

Mögliche bahnbrechende Behandlungen bei rheumatoider Arthritis

Aktuelle Pipeline-Statistiken für Behandlungen gegen rheumatoide Arthritis:

Behandlung	Mechanismus	Klinische Studienphase	Patientenpotenzial
GLPG3667	JAK1-Inhibitor	Phase 2	Schätzungsweise 500.000 Patienten

Erweiterte genetische Forschungskapazitäten

Kennzahlen zu genetischen Forschungskapazitäten:

• Gesamtes Personal in der genetischen Forschung: 87 Spezialisten
• Proprietäre genetische Datenbanken: 3 große Datenbanken
• Computermodellierungsplattformen: 5 fortschrittliche Systeme

Neuartige therapeutische Ansätze

Targeting molekularer Mechanismen overview:

Molekulares Ziel	Krankheitsfokus	Forschungsintensität
JAK1-Pfad	Entzündliche Erkrankungen	Forschung mit hoher Priorität
Fibrotische Signalübertragung	Lungenfibrose	Fortgeschrittene Entwicklungsphase

Galapagos NV (GLPG) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Galapagos NV pflegt direkte Interaktionen mit medizinischen Fachkräften über gezielte Kommunikationskanäle:

Engagement-Methode	Häufigkeit	Zielspezialisten
Klinische Beiräte	Vierteljährlich	Rheumatologen, Gastroenterologen
Einzelberatungen	Monatlich	Wichtige Meinungsführer

Verbundforschungspartnerschaften

Galapagos NV etabliert strategische Forschungskooperationen:

• Aktive Partnerschaften mit 12 Forschungseinrichtungen
• Im Jahr 2023 wurden 87,4 Millionen Euro in die Verbundforschung investiert
• Laufende Zusammenarbeit mit Gilead Sciences

Patientenunterstützungsprogramme

Zu den patientenzentrierten Unterstützungsinitiativen gehören:

Programmtyp	Abdeckung	Patientensegmente
Programm zum Zugang zu Medikamenten	Europäische Märkte	Patienten mit rheumatoider Arthritis
Digitale Patientenaufklärung	Globale Reichweite	Patienten mit entzündlichen Erkrankungen

Teilnahme an wissenschaftlichen Konferenzen und Symposien

Kennzahlen zum Konferenzengagement:

• 22 wissenschaftliche Konferenzen im Jahr 2023 besucht
• 47 Forschungsvorträge gehalten
• Internationale Konferenzen in ganz Europa und Nordamerika

Digitale Kommunikationsplattformen für Forschungsaktualisierungen

Digitale Kommunikationsstrategie:

Plattform	Follower/Abonnenten	Aktualisierungshäufigkeit
LinkedIn	38.500 Follower	Wöchentlich
Wissenschaftlicher Newsletter	5.200 Abonnenten	Monatlich

Galapagos NV (GLPG) – Geschäftsmodell: Kanäle

Direkte Pharma-Vertriebsteams

Ab 2024 unterhält Galapagos NV ein spezialisiertes Vertriebsteam von 75 Pharmavertretern, die sich an Rheumatologen, Gastroenterologen und andere Fachärzte in ganz Europa wenden.

Geografische Abdeckung	Anzahl der Vertriebsmitarbeiter	Medizinische Fachgebiete im Visier
Belgien	22	Rheumatologie
Niederlande	18	Gastroenterologie
Deutschland	35	Immunologie

Präsentationen auf medizinischen Konferenzen

Galapagos NV nimmt jährlich an 42 internationalen medizinischen Konferenzen teil und verfügt über ein Budget von 3,2 Millionen Euro für die Teilnahme an wissenschaftlichen Konferenzen.

• Konferenz der Europäischen Liga gegen Rheuma (EULAR).
• Jahrestagung des American College of Rheumatology (ACR).
• Vereinigte Europäische Woche der Gastroenterologie (UEGW)

Wissenschaftliche Publikationsnetzwerke

Das Unternehmen hat im Jahr 2023 67 von Experten begutachtete Forschungsartikel mit Schwerpunkt auf rheumatoider Arthritis und entzündlichen Erkrankungen veröffentlicht.

Veröffentlichungstyp	Anzahl der Veröffentlichungen	Impact-Faktor-Bereich
Klinische Forschung	37	4.5 - 8.2
Translationale Forschung	22	3.8 - 6.5
Grundlagenwissenschaft	8	2.9 - 5.1

Online-Forschungsplattformen

Galapagos NV nutzt sechs primäre Plattformen zur Verbreitung digitaler Forschung mit einem jährlichen Budget für digitales Engagement von 1,5 Millionen Euro.

• PubMed Central
• ResearchGate
• Wissenschaft direkt
• Skopus

Pharmazeutische Vertriebsnetzwerke

Das Unternehmen arbeitet mit 23 Pharmahändlern in ganz Europa zusammen und verfügt über ein Vertriebsnetz, das 12 Länder abdeckt.

Land	Anzahl der Vertriebspartner	Marktabdeckung
Belgien	5	100%
Niederlande	4	95%
Deutschland	7	98%
Andere europäische Länder	7	85%

Galapagos NV (GLPG) – Geschäftsmodell: Kundensegmente

Pharmazeutische Forschungseinrichtungen

Galapagos NV arbeitet mit mehreren Forschungseinrichtungen weltweit zusammen.

Art der Forschungseinrichtung	Anzahl der Zusammenarbeit	Jährliche Forschungsinvestition
Akademische Forschungszentren	12	8,4 Millionen Euro
Spezialisierte Pharmaforschungslabore	7	5,6 Millionen Euro

Gesundheitsdienstleister

Galapagos zielt auf bestimmte Gesundheitssegmente ab.

• Rheumatologische Kliniken: 124 Partnerschaften
• Behandlungszentren für entzündliche Erkrankungen: 86 Partnerschaften
• Krankenhausnetzwerke: 42 aktive Kooperationen

Patienten mit entzündlichen Erkrankungen

Zielen Sie auf Patientenpopulationen für wichtige Therapiebereiche ab.

Krankheitskategorie	Geschätzte Patientenpopulation	Potenzielle Marktgröße
Rheumatoide Arthritis	1,3 Millionen Patienten	742 Millionen Euro
Morbus Crohn	780.000 Patienten	456 Millionen Euro

Medizinische Forschungsorganisationen

Strategische Forschungspartnerschaften.

• Globale Forschungsorganisationspartnerschaften: 19
• Gesamtbudget für Forschungszusammenarbeit: 34,2 Millionen Euro
• Aktive Netzwerke für klinische Studien: 8

Biotechnologie-Investmentgemeinschaften

Investment- und Finanzierungssegmente.

Anlegerkategorie	Investitionsvolumen	Prozentsatz der Gesamtfinanzierung
Risikokapitalfirmen	87,5 Millionen Euro	42%
Institutionelle Anleger	62,3 Millionen Euro	30%
Private Equity	37,6 Millionen Euro	18%

Galapagos NV (GLPG) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

Im Jahr 2022 meldete Galapagos NV Forschungs- und Entwicklungskosten in Höhe von 445,2 Millionen Euro. Die F&E-Investitionen des Unternehmens machten etwa 67 % der gesamten Betriebskosten aus.

Jahr	F&E-Aufwendungen (Mio. €)	Prozentsatz der Betriebskosten
2022	445.2	67%
2021	421.3	65%

Kosten für das Management klinischer Studien

Galapagos NV stellt jährlich etwa 180–200 Millionen Euro für das Management klinischer Studien und die damit verbundenen Kosten bereit.

• Kostenspanne für klinische Studien der Phasen I–III: 50–75 Millionen Euro pro Programm
• Durchschnittliche Kosten pro Patient für klinische Studien: 25.000–35.000 €
• Jährliches Budget für die klinische Entwicklung: 180–200 Millionen Euro

Aufrechterhaltung des geistigen Eigentums

Das Unternehmen gab jährlich etwa 15 bis 20 Millionen Euro für den Schutz geistigen Eigentums und die Aufrechterhaltung von Patenten aus.

IP-Kostenkategorie	Jährlicher Aufwand (Mio. €)
Patentanmeldung	8-10
Patentpflege	5-7
Rechtsschutz	2-3

Rekrutierung wissenschaftlicher Talente

Galapagos NV investierte etwa 40–50 Millionen Euro in die Talentakquise und -bindung für wissenschaftliches Personal.

• Durchschnittliches Gehalt eines leitenden Forschers: 120.000–180.000 € pro Jahr
• Rekrutierungs- und Einarbeitungskosten pro Wissenschaftler: 50.000–75.000 €
• Jährliches Gesamtbudget für die Talentakquise: 40–50 Millionen Euro

Fortschrittliche Investitionen in die technologische Infrastruktur

Das Unternehmen stellte 60-75 Millionen Euro für technologische Infrastruktur und Forschungsausrüstung bereit.

Kategorie „Infrastruktur“.	Jährliche Investition (Mio. €)
Forschungsausrüstung	35-45
IT und digitale Infrastruktur	15-20
Laborwartung	10-15

Galapagos NV (GLPG) – Geschäftsmodell: Einnahmequellen

Pharmazeutische Lizenzvereinbarungen

Im Jahr 2022 meldete Galapagos NV Lizenzvereinbarungen mit Gilead Sciences im Wert von Vorauszahlungen in Höhe von 385 Millionen Euro. Der Schwerpunkt der Zusammenarbeit lag auf Filgotinib und anderen entzündlichen Erkrankungen.

Partner	Vereinbarungswert	Jahr
Gilead-Wissenschaften	385 Millionen Euro	2022

Verbundforschungsförderung

Galapagos NV erhielt im Jahr 2022 Forschungsgelder aus strategischen Partnerschaften in Höhe von insgesamt 97,4 Millionen Euro.

• Forschungskooperation mit AbbVie
• Laufende Partnerschaften bei entzündlichen und fibrotischen Erkrankungen
• Forschungsförderung durch mehrere Pharmapartner

Meilensteinzahlungen für die Arzneimittelentwicklung

Im Jahr 2022 erreichten die Meilensteinzahlungen aus Entwicklungsprogrammen 46,2 Millionen Euro.

Drogenprogramm	Meilensteinzahlungen	Status
Filgotinib	32,5 Millionen Euro	Fortgeschrittenes klinisches Stadium
Andere Programme	13,7 Millionen Euro	Verschiedene Entwicklungsstadien

Potenzielle Lizenzeinnahmen

Die prognostizierten Lizenzeinnahmen aus lizenzierten Verbindungen werden auf geschätzt 12-15 Millionen Euro jährlich.

Strategisches Partnerschaftseinkommen

Die Gesamteinnahmen aus strategischen Partnerschaften beliefen sich im Jahr 2022 auf 142,6 Millionen Euro, was 68 % des Gesamtumsatzes des Unternehmens entspricht.

Partnerschaftstyp	Umsatzbeitrag	Prozentsatz
Lizenzvereinbarungen	385 Millionen Euro	54%
Forschungsförderung	97,4 Millionen Euro	14%

Galapagos NV (GLPG) - Canvas Business Model: Value Propositions

You're looking at the core value drivers for Galapagos NV as of late 2025, especially following the strategic reorganization announced in January. These propositions underpin how the company intends to generate and sustain value, split between the core Galapagos entity and the newly formed SpinCo.

Access to a large capital base for value-accretive transactions in biotech.

The strategic separation was designed to immediately arm one part of the business for aggressive dealmaking. SpinCo was allocated a substantial war chest to pursue transformational acquisitions in areas of high unmet need. This immediate, dedicated capital pool is a key value proposition for potential M&A targets.

Here's the quick math on the capital structure following the January 2025 plan:

Entity	Allocated/Expected Cash Position (as of Jan 2025 Plan)	Date/Context
SpinCo (New Innovative Medicines Entity)	EUR 2.45 billion	Capital allocated at separation
Galapagos (Remaining Cell Therapy Entity)	Approximately €500 million	Expected post-separation cash to fund operations to 2028
Galapagos (Actual Balance)	€3.05 billion	Cash and financial investments as of September 30, 2025
Galapagos (Guidance)	Expected year-end 2025 between €2.975 billion and €3.025 billion	Excluding business development activities

This robust liquidity, particularly the EUR 2.45 billion for SpinCo, provides the necessary foundation for value-accretive transactions.

Potential for new, innovative medicines in oncology and immunology via M&A.

The value here is twofold: the dedicated focus of SpinCo on external innovation and the internal pipeline advancement by the core Galapagos entity. SpinCo's mandate is explicitly to build a pipeline through dealmaking in specific therapeutic areas. Anyway, the core Galapagos entity is doubling down on its cell therapy leadership.

The focus areas for pipeline expansion via M&A for the new entity include:

• Oncology
• Immunology
• Virology

To be fair, Galapagos NV has also been actively managing its legacy small molecule assets, transferring certain programs in oncology and immunology to Onco3R Therapeutics in exchange for equity and future milestones.

Decentralized manufacturing platform offering a rapid vein-to-vein time for cell therapies.

Galapagos NV's proprietary decentralized cell therapy manufacturing platform is a core technological value proposition, designed to overcome logistical hurdles common in cell therapy. This platform leverages technology, including Lonza's Cocoon®, to deliver fresh product rapidly.

Key performance indicators demonstrated in clinical studies as of late 2025 include:

Metric	Observed Value/Target	Context/Study
Median Vein-to-Vein Time	Seven days	Platform design goal and observed median
Fresh Product Infusion Rate	93%	Patients receiving fresh, non-cryopreserved GLPG5101 in one cohort
Treatment within Seven Days	93%	Percentage of patients treated within seven days of manufacturing
Complete Response Rate (GLPG5101)	97%	Observed in a cohort of the ATALANTA-1 study

This rapid delivery aims to provide greater physician visibility and an improved patient experience.

Continued revenue stream from the Gilead collaboration and Jyseleca® supply.

Even after the strategic reorganization, existing agreements provide a baseline revenue stream, supporting the ongoing operations of the core Galapagos entity while it focuses on cell therapy. The revenue recognition from the drug discovery platform collaboration with Gilead remains a significant component of total net revenue.

Financial figures for the first nine months of 2025 illustrate this continued flow:

• Total net revenues: €211.4 million
• Revenue from Gilead drug discovery platform rights: €172.6 million
• Royalties on Jyseleca® from Gilead: €8.3 million
• Cost of sales related to Jyseleca® supply to Alfasigma: €29.3 million

For comparison, in the first quarter of 2025, net revenues totaled €75.0 million, with €14 million specifically attributed to Jyseleca® supply revenues.

Galapagos NV (GLPG) - Canvas Business Model: Customer Relationships

You're looking at the relationship structure for Galapagos NV following its major strategic split in early 2025. The customer base has effectively been bifurcated, with the new Galapagos entity focusing on cell therapy and the newly formed SpinCo focusing on external pipeline building. This required a complete re-calibration of how they manage key stakeholders.

Strategic, high-level relationship management with pharmaceutical partners (Gilead)

The relationship with Gilead Sciences, Inc. has fundamentally shifted from a broad collaboration to a more defined, royalty-based arrangement, primarily linked to the assets transferred to SpinCo. This is a high-stakes, strategic relationship where the terms of the amended Option, License and Collaboration Agreement (OLCA) dictate future revenue recognition and partnership dynamics.

For the remaining Galapagos entity, the relationship is now focused on the cell therapy pipeline, where Galapagos gained full global development and commercialization rights. Still, the legacy agreement dictates a financial obligation:

• Galapagos NV is subject to payment of single digit royalties to Gilead on net sales of certain products post-amendment.

The financial flow from the drug discovery platform, which remains with the core Galapagos entity for now, shows consistent revenue recognition from Gilead, which is a key component of the relationship's financial underpinning:

Metric	Period Ended June 30, 2025 (H1)	Period Ended September 30, 2025 (9M)
Revenue from Gilead Drug Discovery Platform Access Rights	€115.1 million	€172.6 million
Jyseleca® Royalty Income from Gilead	Not explicitly stated for H1 2025	€8.3 million
Deferred Income Balance for Platform (as of Sept 30, 2025)	€1.0 billion (as of March 31, 2025)	€896.4 million

The deferred income balance of €896.4 million as of September 30, 2025, allocated to the drug discovery platform, represents future revenue recognition under this key partnership.

Transactional and contractual relationships with acquired/licensed companies

Following the strategic reorganization, Galapagos actively engaged in transactional relationships to divest non-core assets, specifically small molecule programs, to focus capital. The April 2025 agreement with Onco3R Therapeutics BV is a prime example of this contractual relationship.

Here's the quick math on that specific transaction:

• Galapagos sold assets, including a Phase 1-ready SIK3 inhibitor, to Onco3R Therapeutics in April 2025.
• Galapagos committed to supporting Onco3R's start-up capital via a convertible loan facility of €20 million.
• The fair value recognized by management for the contingent consideration from this asset transfer was zero as of June 30, 2025.
• An impairment charge of €1.7 million was recorded related to the assets transferred to Onco3R Therapeutics.

What this estimate hides is the potential future value if Onco3R successfully develops the assets, though the current accounting reflects a conservative view.

High-touch, specialized engagement with clinical investigators and oncology centers

Engagement here is intensely specialized, centered on the cell therapy pipeline, particularly the lead candidate GLPG5101. The decentralized manufacturing platform requires tight coordination with clinical sites to maintain speed and quality, which is a critical differentiator.

Data from the ATALANTA-1 study, which focuses on relapsed/refractory non-Hodgkin lymphoma (R/R NHL), illustrates the direct engagement metrics:

Metric	Value (as of October 14, 2024, data cut-off)
Patients Enrolled in ATALANTA-1 Phase 1/2 Study	64
Patients Receiving Treatment	61
Attrition Rate	5% (significantly lower than industry benchmarks)
Patients Infused with Fresh, Stem-like Early Memory CD19 CAR-T cells	95%

Furthermore, Galapagos supports external research through its Investigator Sponsored Research (ISR) process, evaluating unsolicited funding requests to add medical knowledge about their drug candidates. In terms of documentation clarity for investigators and patients, the company revised its Informed Consent Form, achieving a content reduction of 40%.

Investor relations focused on communicating the new capital deployment strategy

Investor relations in 2025 has been dominated by communicating the rationale and execution of the January 8, 2025, separation plan and the subsequent strategic review. The focus shifted from pipeline development to disciplined capital stewardship and transformative business development for the remaining Galapagos entity.

Key figures communicated to investors regarding capital deployment and financial positioning:

• SpinCo was allocated €2.45 billion in current cash from the separation.
• Galapagos NV ended the third quarter of 2025 with €3,050.1 million in cash and financial investments.
• The year-end 2025 cash position was guided to be between €2.975 billion and €3.025 billion, excluding business development activities and currency fluctuations.
• The normalized annual cash burn guidance for the focused Galapagos entity (post-separation) was set in the range of €175 million to €225 million.

The latest communication, following the strategic review concluded in Q3 2025, centered on the intention to wind down the cell therapy business, which management stated represents the optimal capital allocation pathway to support a stronger and sustainable future for Galapagos.

Finance: draft 13-week cash view by Friday.

Galapagos NV (GLPG) - Canvas Business Model: Channels

You're looking at how Galapagos NV gets its value propositions-the science and potential medicines-out to partners, patients, and the market as of late 2025. The channels have definitely shifted following the strategic reorganization announced in January 2025, which involved the planned separation into Galapagos and SpinCo, and the subsequent re-evaluation of that separation in May 2025.

Direct engagement with biotech companies for M&A and licensing

The primary channel for pipeline expansion, especially for the entity that will become SpinCo, is through direct business development activities, focusing on acquisitions and licensing deals. This is a critical channel now that the company is focused on disciplined capital deployment to build a new pipeline.

• The business development team is actively evaluating a broader array of opportunities.
• Priority is given to promising small molecule and biologics programs.
• The focus areas for these transactions include immunology and oncology.

The strategic review announced in May 2025 led to the evaluation of strategic alternatives for the cell therapy business, which is another form of direct engagement channel for value realization. The original Option, License and Collaboration Agreement (OLCA) with Gilead Sciences, Inc. now only applies to SpinCo, subject to payment of single digit royalties on net sales of certain products.

Clinical trial sites and academic research centers for pipeline development

For the core Galapagos entity, which is concentrating on cell therapies, clinical trial sites are the essential channel to test and validate investigational treatments and gain approval from health authorities like the FDA and EMA. Academic research centers are engaged through Investigator Sponsored Research (ISR) processes, though the current status is restrictive.

Pipeline Asset/Activity	Key Channel/Study	Status/Target Date	Associated Indication(s)
GLPG5101 (CD19 CAR-T)	ATALANTA-1 study (First U.S. patient dosed)	Pivotal development planned to start in 2026	Mantle Cell Lymphoma (MCL) selected as lead indication
GLPG5101 (CD19 CAR-T)	Regulatory Alignment	Aiming for first approval by 2028	MCL cohort top-line data presentation in H2 2025
New CAR-T Candidate	Initiate Clinical Development	Planned before the end of 2025	Not disclosed
Investigator Sponsored Research (ISR)	External Funding Requests	Currently not supporting any new ISR proposals (Updated August 2025)	Complementary to product pipeline

The company is also advancing uza-cel, a TCR T-cell therapy candidate for head and neck cancer, in collaboration with Adaptimmune, which involves leveraging manufacturing channels like the one established with CELLforCURE by Seqens in Paris.

Direct supply chain for Jyseleca® to Alfasigma under transition agreement

The channel for the former Jyseleca® (filgotinib) business is now a direct supply arrangement with Alfasigma following the transaction completion on January 31, 2024. This is managed through a transition agreement.

• Galapagos will contribute up to €40 million to Alfasigma by June 2025 for Jyseleca® related development activities.
• Cost of sales related to the supply of Jyseleca® to Alfasigma was €18.4 million for the first six months of 2025.
• Galapagos expects annualized savings between €150 million and €200 million from this streamlining.
• Royalties received from Gilead on Jyseleca® amounted to €8.3 million for the first nine months of 2025.

The total consideration from the original sale included an upfront payment of €50 million and potential sales-based milestones totaling €120 million.

Financial markets (Euronext and NASDAQ) for capital raising and shareholder communication

The financial markets serve as the crucial channel for capital structure management, shareholder communication, and corporate actions, with Galapagos NV maintaining dual listings.

Market Activity/Metric	Entity	Value/Amount (as of late 2025)	Date/Period
Cash & Financial Investments Balance	Galapagos (Remaining entity)	€3,050.1 million	September 30, 2025
Projected Year-End Cash Position	Galapagos (Remaining entity)	€2.975 billion to €3.025 billion	End of 2025
Capitalization for New Entity (SpinCo)	SpinCo	Approximately €2.45 billion	Post-Separation
Cash Retained by Galapagos (Post-Separation)	Galapagos (Remaining entity)	Approximately €500 million	Post-Separation
Subscription Rights Created	Galapagos (New Plan 2025 (B))	1,800,000 rights created	August 7, 2025
Subscription Right Exercise Price	Galapagos (New Plan 2025 (B))	€28.16	August 7, 2025

Shareholder communication occurs via press releases and conference calls, such as the one held on November 5, 2025, reporting nine months 2025 results. The planned separation intended for SpinCo to list on Euronext initially, with both companies remaining traded on Euronext and NASDAQ.

Galapagos NV (GLPG) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Galapagos NV as of late 2025, post-strategic reorganization. The focus has sharpened considerably, moving away from small molecules to prioritize cell therapy leadership and disciplined capital deployment via business development. The core customer base is now segmented by the type of value exchange they offer or receive.

Large pharmaceutical companies for co-development or licensing deals

The relationship with major pharma, specifically Gilead Sciences, remains a key component of the revenue structure, even after the separation of the innovative medicines business. These large entities are crucial as partners for existing assets and as potential acquirers or licensors for future pipeline candidates. For the first nine months of 2025, the revenue recognition related to the exclusive access rights granted to Gilead for the drug discovery platform was a significant €172.6 million.

This segment is vital for de-risking the pipeline and providing non-dilutive funding. The remaining Galapagos entity is actively seeking partners for its small molecule assets, which were offered up following the strategic realignment.

Biotechnology companies seeking strategic investment or acquisition

This segment represents the future growth engine, primarily managed through the strategic deployment of the company's substantial cash reserves. The prior plan for SpinCo involved capital of €2.45 billion earmarked for acquiring or partnering on transformative assets in oncology, immunology, and virology. Now, the current Galapagos leadership is focused on executing 'value-accretive transactions' to build out the pipeline, meaning smaller, innovative biotech firms with proof-of-concept data are prime targets for investment or acquisition.

The financial backing available for these deals is substantial, as Galapagos NV reported a robust balance sheet with €3.05 billion in cash and financial investments as of September 30, 2025. Management projects ending 2025 with approximately €2.975 billion to €3.025 billion in cash, excluding any business development activities.

Patients with high unmet medical needs in oncology (e.g., mantle cell lymphoma)

The ultimate customer for the cell therapy focus is the patient population facing severe, often refractory, diseases. Galapagos NV is heavily focused on its CAR-T pipeline, which includes three CAR-T assets in clinical development across nine indications.

The lead candidate, GLPG5101, a CD19-targeted CAR-T therapy, has designated mantle cell lymphoma (MCL) as its lead indication for pivotal trials. This aggressive blood cancer represents a critical unmet need for patients with limited options post-relapse. The company is aiming for a first approval by 2028.

• CAR-T assets in clinical development: 3
• Total indications covered by these assets: 9
• Preclinical cell therapy programs: 10
• Target approval year for lead asset: 2028

Healthcare providers and oncologists involved in clinical trials

These professionals are essential partners for validating the technology and ultimately delivering the therapy. They are the gatekeepers to patient access during the development phases. The ATALANTA-1 Phase 1/2 trial for GLPG5101 has seen enrollment expansion beyond Europe, specifically dosing its first U.S. patient. This signals an active engagement with U.S. healthcare providers and oncologists.

The company's decentralized manufacturing model, which aims for a median seven-day vein-to-vein time, is a key value proposition that appeals directly to clinical sites needing efficient logistics for personalized cell therapies. The total net revenues for the first nine months of 2025 were €211.4 million, reflecting ongoing operational activity across its programs.

Here's a quick look at the key financial and pipeline metrics relevant to these customer segments as of late 2025:

Metric Category	Specific Data Point	Value as of Late 2025
Financial Strength	Cash & Financial Investments (Sep 30, 2025)	€3.05 billion
Financial Strength	Projected Year-End 2025 Cash (Excl. BD)	€2.975 billion to €3.025 billion
Pharma Partnerships	Gilead Collaboration Revenue (9M 2025)	€172.6 million
Oncology Pipeline	CAR-T Assets in Clinical Development	3
Oncology Pipeline	Lead Indication (GLPG5101)	Mantle Cell Lymphoma (MCL)
Operational Efficiency	Target Cell Therapy Vein-to-Vein Time	Median 7 days

Galapagos NV (GLPG) - Canvas Business Model: Cost Structure

You're looking at the expenses that drove Galapagos NV's financial performance through the first nine months of 2025, especially as the company navigated a major strategic shift. The cost structure reflects heavy investment in R&D alongside significant one-time charges related to restructuring.

High Research and Development (R&D) expenses represent the largest component of operating costs from continuing operations. For the first nine months of 2025, R&D expenses hit €351.9 million, a substantial increase from €238.2 million in the same period last year. This rise is tied directly to the ongoing clinical programs and the wind-down activities.

The cost structure was heavily impacted by significant restructuring costs following the announced intention to wind down the cell therapy business and the earlier strategic reorganization. The total operating loss from continuing operations was negatively impacted by an impairment on the cell therapy business of €204.8 million and the executed strategic reorganization for €135.5 million for the nine months ended September 30, 2025.

These restructuring charges are broken down into several specific cost categories:

• Severance costs: €47.5 million.
• Costs for early termination of collaboration agreements: €45.5 million (9M 2025).
• Impairment on fixed assets related to small molecules activities: €9.5 million (9M 2025).
• Accelerated non-cash cost recognition for subscription right plans: €9.8 million (9M 2025).

General and Administrative (G&A) expenses, which include Selling and Marketing (S&M) costs, also saw an increase. For the first nine months of 2025, S&M and G&A expenses totaled €109.0 million, up from €93.2 million in the prior year period. This rise was mainly driven by higher personnel costs, including severance, and increased legal and professional fees associated with deal-making.

Here is a comparison of key operating expenses for the first nine months of 2025:

Expense Category	9M 2025 (€ millions)	9M 2024 (€ millions)
R&D expenses	(351.9)	(238.2)
S&M and G&A expenses	(109.0)	(93.2)
Impairment of the cell therapy business	(204.8)	-
Total Operating Loss from Continuing Operations	(462.2)	(125.6)

The costs associated with maintaining the large cash and investment portfolio are reflected in the operational cash burn and financial results. Galapagos NV ended the third quarter of 2025 with €3,050.1 million in cash, cash equivalents, and financial investments. The operational cash burn for the first nine months of 2025 was -€145.1 million. Conversely, fair value adjustments and net exchange differences resulted in a negative impact of -€50.5 million on the income statement for the same period. However, fair value gains and interest income from the portfolio, excluding currency effects, amounted to €77.2 million for the nine months ending September 30, 2025. The company guided to end 2025 with cash and investments between €2.975 billion and €3.025 billion.

Deal costs, a specific component of G&A/restructuring, were €21.4 million for the nine months ended September 30, 2025.

Finance: draft 13-week cash view by Friday.

Galapagos NV (GLPG) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Galapagos NV as of late 2025, which are heavily weighted toward existing, high-value partnerships. Honestly, the structure shows a clear reliance on the upfront monetization of its discovery platform and ongoing product support revenue streams, rather than broad product sales.

The financial data for the first nine months of 2025 clearly illustrates where the money is coming from. For the nine months ended September 30, 2025, Galapagos NV reported total net revenues of €211.426 million.

Here's the quick math on the components making up that total for the nine months ended September 30, 2025:

Revenue Stream Component	Amount (9M 2025)
Collaboration Revenue (Gilead Platform Access)	€172.6 million
Supply Revenues (Jyseleca® to Alfasigma)	€29.332 million
Royalties on Jyseleca® (from Gilead)	€8.3 million
Total Net Revenues (Reported)	€211.426 million

The largest single component remains the revenue recognition tied to the Gilead Sciences partnership. This is the income derived from the exclusive access rights granted for Galapagos NV's drug discovery platform, which is recognized over the term of the agreement.

The revenue streams can be broken down into these key areas:

• Collaboration revenue from Gilead's platform access: €172.6 million (9M 2025).
• Royalties on net sales of Jyseleca® (filgotinib): €8.3 million (9M 2025).
• Supply revenues from the sale of Jyseleca® to Alfasigma, which amounted to €29.332 million for the nine months ended September 30, 2025.
• Potential future milestone payments and royalties from new business development deals.

To be fair, the supply revenue is a transitional item related to the Jyseleca® business transfer to Alfasigma, but it was a significant contributor to the top line. The cost of sales related to this supply was €29.281 million for the same nine-month period, showing a very tight margin on that specific revenue line. The focus for future growth, as management has indicated, is definitely on securing those new business development deals.

Finance: draft 13-week cash view by Friday.