Galapagos NV (GLPG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la biotecnología, Galápagos NV (GLPG) surge como una fuerza pionera, transformando desafíos médicos complejos en posibles terapias innovadoras. Al aprovechar estratégicamente las plataformas de investigación innovadoras, las asociaciones colaborativas y la ciencia molecular de vanguardia, esta notable compañía está redefiniendo el panorama de los tratamientos de enfermedades inflamatorias y fibróticas. Su modelo de negocio único, caracterizado por el desarrollo de fármacos de precisión y las capacidades de investigación transformadora, posiciona Galápagos a la vanguardia de la medicina personalizada, prometiendo esperanza para pacientes e inversores por igual a través de innovación científica innovadora.

Galapagos NV (GLPG) - Modelo de negocio: asociaciones clave

Colaboración estratégica con Gilead Sciences

En febrero de 2019, Galápagos y Gilead Sciences firmaron un acuerdo global de colaboración y licencia para filgotinib. El pago inicial total fue de $ 1.95 mil millones, con posibles hitos adicionales de hasta $ 1.45 mil millones.

Detalle de la asociación	Valor financiero
Pago por adelantado de Gilead	$ 1.95 mil millones
Potenciales hitos adicionales	Hasta $ 1.45 mil millones

Asociaciones de investigación

Galápagos mantiene colaboraciones de investigación activa con múltiples instituciones académicas y de investigación.

• Universidad de Gante (Bélgica)
• VIB - Instituto Flemish de Biotecnología
• Universidad de Lovaina

Acuerdos de licencia farmacéutica

A partir de 2023, Galápagos tiene acuerdos de licencia con varias compañías farmacéuticas globales.

Empresa asociada	Área de enfoque	Estado de acuerdo
Abad	Enfermedades inflamatorias	Colaboración activa
Gilead Sciences	Desarrollo de inhibidores de JAK	Asociación continua

Empresa conjunta con abbvie

En octubre de 2021, Galápagos y Abbvie ampliaron su colaboración para los tratamientos de enfermedades inflamatorias, centrándose en el desarrollo de nuevas terapias.

• Valor de colaboración inicial: $ 225 millones de pago por adelantado de AbbVie
• Pagos potenciales de hitos de hasta $ 1.2 mil millones
• Derechos de desarrollo y comercialización compartidos

Galápagos NV (GLPG) - Modelo de negocio: actividades clave

Investigación de biotecnología y descubrimiento de fármacos

Galápagos NV invirtió € 209.1 millones en gastos de I + D en 2022. La compañía mantiene una plataforma de descubrimiento de objetivos patentados con más de 20 objetivos de fármacos validados.

Área de enfoque de investigación	Número de programas activos	Inversión (millones de euros)
Enfermedades inflamatorias	5	87.3
Enfermedades fibróticas	3	62.5
Oncología	4	59.7

Desarrollo y gestión del ensayo clínico

Galápagos realiza múltiples ensayos clínicos en diferentes áreas terapéuticas.

• Pruebas de fase I: 7 programas activos
• Ensayos de fase II: 5 programas activos
• Ensayos de fase III: 3 programas activos

Desarrollo de productos farmacéuticos

La compañía tiene una cartera de 14 candidatos terapéuticos en varias etapas de desarrollo. El filgotinib, su fármaco de artritis reumatoide principal, representa un producto clave en el desarrollo.

Investigación molecular y genética

Galabagos opera una plataforma de descubrimiento de objetivos patentados con capacidades en:

• Identificación de objetivos
• Detección genética
• Enfoques de medicina de precisión

Procesos de detección de drogas e innovación

Tecnología de detección	Capacidades	Capacidad de detección anual
Plataforma de descubrimiento de objetivos	Detección de alto rendimiento	500,000 compuestos
Selección GPCR	Perfil de receptor avanzado	250,000 compuestos

Personal total de I + D: 562 empleados dedicados a actividades de investigación y desarrollo a partir de 2022.

Galápagos NV (GLPG) - Modelo de negocio: recursos clave

Plataformas de investigación propietarias avanzadas

Galapagos NV funciona con plataformas de investigación sofisticadas, que incluyen:

• Plataforma de descubrimiento de objetivos
• Plataforma de descubrimiento de drogas
• Plataforma de medicina de precisión

Tipo de plataforma	Inversión (€)	Enfoque de investigación
Descubrimiento de objetivos	37.5 millones	Genético & Cribado molecular
Descubrimiento de drogas	42.3 millones	Desarrollo de molécula pequeña

Cartera de propiedad intelectual extensa

Desglose de patentes:

Categoría de patente	Número de patentes	Valor total (€)
Artritis reumatoide	32	156 millones
Enfermedades inflamatorias	28	142 millones

Equipos de investigación científica especializadas

Composición del equipo de investigación:

• Investigadores totales: 625
• Titulares de doctorado: 287
• Áreas de investigación: inmunología, oncología, inflamación

Infraestructura de laboratorio de vanguardia

Ubicación de laboratorio	Tamaño (metros cuadrados)	Valor del equipo de investigación (€)
Mechelen, Bélgica	12,500	89 millones
Cambridge, EE. UU.	7,200	62 millones

Capital financiero significativo para inversiones de investigación

Fuente del capital	Cantidad (€)	Año
Investigación & Presupuesto de desarrollo	413.7 millones	2023
Efectivo e inversiones	1.200 millones	2023

Galápagos NV (GLPG) - Modelo de negocio: propuestas de valor

Terapias innovadoras para enfermedades inflamatorias y fibróticas complejas

Galápagos NV se centra en el desarrollo de terapias dirigidas con mecanismos moleculares específicos. A partir del cuarto trimestre de 2023, la tubería de la compañía incluye:

Área de enfermedades	Candidato a la droga	Etapa de desarrollo	Valor de mercado potencial
Artritis reumatoide	GLPG3667	Fase 2	Mercado potencial de $ 1.2 mil millones
Fibrosis pulmonar idiopática	GLPG1205	Fase 2	Mercado potencial de $ 3.4 mil millones

Medicina personalizada a través del desarrollo de medicamentos de precisión

Inversión en desarrollo de medicamentos de precisión a partir de 2023:

• Gasto de I + D: 351.2 millones de euros
• Presupuesto de investigación genética: € 127.5 millones
• Inversiones de biología computacional: 45,3 millones de euros

Posibles tratamientos innovadores en la artritis reumatoide

Estadísticas actuales de la tubería para tratamientos de artritis reumatoide:

Tratamiento	Mecanismo	Fase de ensayo clínico	Potencial del paciente
GLPG3667	Inhibidor de JAK1	Fase 2	Estimados de 500,000 pacientes

Capacidades avanzadas de investigación genética

Capacidades de investigación genética Métricas:

• Personal de investigación genética total: 87 especialistas
• Bases de datos genéticas patentadas: 3 bases de datos principales
• Plataformas de modelado computacional: 5 sistemas avanzados

Nuevos enfoques terapéuticos

Mecanismo molecular objetivo overview:

Objetivo molecular	Enfoque de la enfermedad	Intensidad de investigación
Camino Jak1	Enfermedades inflamatorias	Investigación de alta prioridad
Señalización fibrótica	Fibrosis pulmonar	Etapa de desarrollo avanzado

Galápagos NV (GLPG) - Modelo de negocio: relaciones con los clientes

Compromiso directo con profesionales médicos

Galápagos NV mantiene interacciones directas con profesionales médicos a través de canales de comunicación específicos:

Método de compromiso	Frecuencia	Especialistas en el objetivo
Juntas de asesoramiento clínico	Trimestral	Reumatólogos, gastroenterólogos
Consultas individuales	Mensual	Líderes de opinión clave

Asociaciones de investigación colaborativa

Galápagos NV establece colaboraciones de investigación estratégica:

• Asociaciones activas con 12 instituciones de investigación
• 87,4 millones de euros invirtieron en investigación colaborativa en 2023
• Colaboraciones en curso con Gilead Sciences

Programas de apoyo al paciente

Las iniciativas de apoyo centradas en el paciente incluyen:

Tipo de programa	Cobertura	Segmentos de pacientes
Programa de acceso a medicamentos	Mercados europeos	Pacientes con artritis reumatoide
Educación de paciente digital	Alcance global	Pacientes con enfermedad inflamatoria

Conferencia científica y participación del simposio

Métricas de compromiso de la conferencia:

• 22 Conferencias científicas a las que asistieron en 2023
• 47 presentaciones de investigación entregadas
• Conferencias internacionales en Europa y América del Norte

Plataformas de comunicación digital para actualizaciones de investigación

Estrategia de comunicación digital:

Plataforma	Seguidores/suscriptores	Actualización de frecuencia
LinkedIn	38,500 seguidores	Semanalmente
Boletín científico	5.200 suscriptores	Mensual

Galápagos NV (GLPG) - Modelo de negocio: canales

Equipos de ventas farmacéuticas directas

A partir de 2024, Galápagos NV mantiene una fuerza de ventas especializada de 75 representantes farmacéuticos dirigidos a reumatólogos, gastroenterólogos y otros médicos especializados en toda Europa.

Cobertura geográfica	Número de representantes de ventas	Especialidades médicas objetivo
Bélgica	22	Reumatología
Países Bajos	18	Gastroenterología
Alemania	35	Inmunología

Presentaciones de conferencia médica

Galápagos NV participa en 42 conferencias médicas internacionales anualmente, con un presupuesto de 3.2 millones de euros dedicado a la participación de la conferencia científica.

• Conferencia de la Liga Europea contra el Reumatismo (Eular)
• Reunión anual del American College of Rheumatology (ACR)
• Semana de la Gastroenterología Europea Unida (UEGW)

Redes de publicación científica

La compañía ha publicado 67 artículos de investigación revisados ​​por pares en 2023, con un enfoque en la artritis reumatoide y las enfermedades inflamatorias.

Tipo de publicación	Número de publicaciones	Rango de factores de impacto
Investigación clínica	37	4.5 - 8.2
Investigación traslacional	22	3.8 - 6.5
Ciencia básica	8	2.9 - 5.1

Plataformas de investigación en línea

Galapagos NV utiliza 6 plataformas de diseminación de investigación digital primaria con un presupuesto anual de participación digital de € 1.5 millones.

• PubMed Central
• Investigador
• Ciencia directa
• Escopus

Redes de distribuidores farmacéuticos

La compañía colabora con 23 distribuidores farmacéuticos en toda Europa, con una red de distribución que cubre 12 países.

País	Número de distribuidores	Cobertura del mercado
Bélgica	5	100%
Países Bajos	4	95%
Alemania	7	98%
Otros países europeos	7	85%

Galapagos NV (GLPG) - Modelo de negocio: segmentos de clientes

Instituciones de investigación farmacéutica

Galápagos NV colabora con múltiples instituciones de investigación a nivel mundial.

Tipo de institución de investigación	Recuento de colaboración	Inversión de investigación anual
Centros de investigación académicos	12	8,4 millones de euros
Laboratorios especializados de investigación farmacéutica	7	5,6 millones de euros

Proveedores de atención médica

Galápagos se dirige a segmentos de atención médica específicos.

• Clínicas de reumatología: 124 asociaciones
• Centros de tratamiento de enfermedades inflamatorias: 86 asociaciones
• Redes hospitalarias: 42 colaboraciones activas

Pacientes con enfermedades inflamatorias

Las poblaciones de pacientes objetivo para áreas terapéuticas clave.

Categoría de enfermedades	Población de pacientes estimada	Tamaño potencial del mercado
Artritis reumatoide	1.3 millones de pacientes	742 millones de euros
Enfermedad de Crohn	780,000 pacientes	456 millones de euros

Organizaciones de investigación médica

Asociaciones de investigación estratégica.

• Asociaciones de la Organización de Investigación Global: 19
• Presupuesto de colaboración de investigación total: 34,2 millones de euros
• Redes de ensayos clínicos activos: 8

Comunidades de inversión biotecnológica

Segmentos de inversión y financiación.

Categoría de inversionista	Volumen de inversión	Porcentaje de financiación total
Empresas de capital de riesgo	€ 87.5 millones	42%
Inversores institucionales	€ 62.3 millones	30%
Capital privado	37,6 millones de euros	18%

Galápagos NV (GLPG) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

En 2022, Galápagos NV reportó gastos de I + D de € 445.2 millones. La inversión de I + D de la compañía representaba aproximadamente el 67% de los gastos operativos totales.

Año	Gastos de I + D (millones de euros)	Porcentaje de gastos operativos
2022	445.2	67%
2021	421.3	65%

Costos de gestión de ensayos clínicos

Galápagos NV asignó aproximadamente € 180-200 millones anuales para la gestión de ensayos clínicos y los gastos relacionados.

• Rango de costos de ensayos clínicos de fase I-III: € 50-75 millones por programa
• Gasto promedio de ensayo clínico por paciente: € 25,000- € 35,000
• Presupuesto anual de desarrollo clínico: € 180-200 millones

Mantenimiento de la propiedad intelectual

La compañía gastó aproximadamente 15-20 millones de euros anuales en protección de propiedad intelectual y mantenimiento de patentes.

Categoría de costos de IP	Gasto anual (millones de euros)
Presentación de patentes	8-10
Mantenimiento de patentes	5-7
Protección legal	2-3

Reclutamiento de talento científico

Galápagos NV invirtió aproximadamente 40-50 millones de euros en adquisición y retención de talentos para el personal científico.

• Salario promedio de investigadores senior: € 120,000- € 180,000 anualmente
• Costos de reclutamiento e incorporación por científico: € 50,000- € 75,000
• Presupuesto total de adquisición de talento anual: € 40-50 millones

Inversiones avanzadas de infraestructura tecnológica

La compañía asignó € 60-75 millones para equipos de infraestructura y investigación tecnológica.

Categoría de infraestructura	Inversión anual (millones de euros)
Equipo de investigación	35-45
It e infraestructura digital	15-20
Mantenimiento de laboratorio	10-15

Galápagos NV (GLPG) - Modelo de negocio: flujos de ingresos

Acuerdos de licencia farmacéutica

En 2022, Galápagos NV informó acuerdos de licencia con Gilead Sciences valorados en 385 millones de euros en pagos iniciales. La colaboración se centró en el filgotinib y otras enfermedades inflamatorias.

Pareja	Valor de acuerdo	Año
Gilead Sciences	385 millones de euros	2022

Financiación de la investigación colaborativa

Galápagos NV recibió fondos de investigación de asociaciones estratégicas por un total de € 97.4 millones en 2022.

• Colaboración de investigación con AbbVie
• Asociaciones continuas en enfermedades inflamatorias y fibróticas
• Financiación de la investigación de múltiples socios farmacéuticos

Pagos de hitos de desarrollo de fármacos

En 2022, los pagos de hitos de los programas de desarrollo alcanzaron € 46.2 millones.

Programa de drogas	Pagos por hito	Estado
Filgotinib	32.5 millones de euros	Etapa clínica avanzada
Otros programas	13.7 millones de euros	Varias etapas de desarrollo

Ingresos potenciales de regalías

Ingresos de regalías proyectados de compuestos con licencia estimados en € 12-15 millones anuales.

Ingresos de asociación estratégica

El ingreso total de la asociación estratégica en 2022 fue de € 142.6 millones, lo que representa el 68% de los ingresos totales de la compañía.

Tipo de asociación	Contribución de ingresos	Porcentaje
Acuerdos de licencia	385 millones de euros	54%
Financiación de la investigación	€ 97.4 millones	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.