GALAPAGOS NV (GLPG): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le monde dynamique de la biotechnologie, Galapagos NV (GLPG) émerge comme une force pionnière, transformant des défis médicaux complexes en thérapies révolutionnaires potentielles. En tirant stratégiquement des plateformes de recherche innovantes, des partenariats collaboratifs et des sciences moléculaires de pointe, cette entreprise remarquable redéfinit le paysage des traitements inflammatoires et fibrotiques. Leur modèle commercial unique, caractérisé par le développement de médicaments de précision et les capacités de recherche transformatrice, positionne les galapagos à l'avant-garde de la médecine personnalisée, promettant de l'espoir pour les patients et les investisseurs par l'innovation scientifique révolutionnaire.

Galapagos NV (GLPG) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec Gilead Sciences

En février 2019, Galapagos et Gilead Sciences ont signé un accord mondial de collaboration et de licence pour le filgotinib. Le paiement initial total était de 1,95 milliard de dollars, avec des jalons supplémentaires potentiels pouvant atteindre 1,45 milliard de dollars.

Détail du partenariat	Valeur financière
Paiement initial de Gilead	1,95 milliard de dollars
Jalons supplémentaires potentiels	Jusqu'à 1,45 milliard de dollars

Partenariats de recherche

Galapagos maintient des collaborations de recherche actives avec plusieurs établissements universitaires et de recherche.

• Université de Gand (Belgique)
• VIB - Institut flamandant de la biotechnologie
• Université de Louvré

Accords de licence pharmaceutique

En 2023, Galapagos a des accords de licence avec plusieurs sociétés pharmaceutiques mondiales.

Entreprise partenaire	Domaine de mise au point	État de l'accord
Abbvie	Maladies inflammatoires	Collaboration active
Sciences de Gilead	Développement de l'inhibiteur de JAK	Partenariat en cours

Coentreprise avec AbbVie

En octobre 2021, Galapagos et AbbVie ont élargi leur collaboration pour les traitements inflammatoires des maladies, en se concentrant sur le développement de nouvelles thérapies.

• Valeur de collaboration initiale: 225 millions de dollars de paiement initial d'AbbVie
• Paiements de jalons potentiels jusqu'à 1,2 milliard de dollars
• Droits de développement et de commercialisation partagés

Galapagos NV (GLPG) - Modèle d'entreprise: Activités clés

Recherche de biotechnologie et découverte de médicaments

Galapagos NV a investi 209,1 millions d'euros dans les dépenses de R&D en 2022. La société maintient une plate-forme de découverte cible propriétaire avec plus de 20 objectifs de médicament validés.

Domaine de mise au point de recherche	Nombre de programmes actifs	Investissement (€ millions)
Maladies inflammatoires	5	87.3
Maladies fibrotiques	3	62.5
Oncologie	4	59.7

Développement et gestion des essais cliniques

Galapagos effectue plusieurs essais cliniques dans différentes zones thérapeutiques.

• Essais de phase I: 7 programmes actifs
• Essais de phase II: 5 programmes actifs
• Essais de phase III: 3 programmes actifs

Développement de produits pharmaceutiques

La société possède un pipeline de 14 candidats thérapeutiques à divers stades de développement. Le filgotinib, leur médicament à la polyarthrite rhumatoïde de plomb, représente un produit clé du développement.

Recherche moléculaire et génétique

Galapagos exploite une plate-forme de découverte cible propriétaire avec des capacités dans:

• Identification cible
• Dépistage génétique
• Approches de médecine de précision

Processus de dépistage des médicaments et d'innovation

Technologie de dépistage	Capacités	Capacité de dépistage annuelle
Plateforme de découverte cible	Dépistage à haut débit	500 000 composés
Dépistage du GPCR	Profilage des récepteurs avancés	250 000 composés

Personnel total de R&D: 562 employés dédiés aux activités de recherche et de développement à partir de 2022.

Galapagos NV (GLPG) - Modèle d'entreprise: Ressources clés

Plateformes de recherche propriétaires avancées

Galapagos NV fonctionne avec des plateformes de recherche sophistiquées, notamment:

• Plateforme de découverte cible
• Plateforme de découverte de médicaments
• Plateforme de médecine de précision

Type de plate-forme	Investissement (€)	Focus de recherche
Découverte cible	37,5 millions	Génétique & Dépistage moléculaire
Découverte de médicaments	42,3 millions	Développement de petites molécules

Portfolio de propriété intellectuelle étendue

Déchange de brevets:

Catégorie de brevet	Nombre de brevets	Valeur totale (€)
Polyarthrite rhumatoïde	32	156 millions
Maladies inflammatoires	28	142 millions

Équipes de recherche scientifique spécialisées

Composition de l'équipe de recherche:

• Total des chercheurs: 625
• Tapisseurs de doctorat: 287
• Domaines de recherche: immunologie, oncologie, inflammation

Infrastructure de laboratoire de pointe

Laboratoire	Taille (mètres carrés)	Valeur de l'équipement de recherche (€)
Mèche, Belgique	12,500	89 millions
Cambridge, États-Unis	7,200	62 millions

Capital financier important pour les investissements en recherche

Source de capital	Montant (€)	Année
Recherche & Budget de développement	413,7 millions	2023
Espèce et investissements	1,2 milliard	2023

Galapagos NV (GLPG) - Modèle d'entreprise: propositions de valeur

Thérapies innovantes pour les maladies inflammatoires et fibrotiques complexes

Galapagos NV se concentre sur le développement de thérapies ciblées avec des mécanismes moléculaires spécifiques. Au quatrième trimestre 2023, le pipeline de la société comprend:

Zone de maladie	Drogue	Étape de développement	Valeur marchande potentielle
Polyarthrite rhumatoïde	GLPG3667	Phase 2	Marché potentiel de 1,2 milliard de dollars
Fibrose pulmonaire idiopathique	GLPG1205	Phase 2	Marché potentiel de 3,4 milliards de dollars

Médecine personnalisée par le développement de médicaments de précision

Investissement dans le développement de médicaments de précision en 2023:

• Dépenses de R&D: 351,2 millions d'euros
• Budget de recherche génétique: 127,5 millions d'euros
• Investissements en biologie informatique: 45,3 millions d'euros

Traitements de percés potentiels dans la polyarthrite rhumatoïde

Statistiques actuelles du pipeline pour les traitements de polyarthrite rhumatoïde:

Traitement	Mécanisme	Phase d'essai clinique	Potentiel du patient
GLPG3667	Inhibiteur de JAK1	Phase 2	Estimé 500 000 patients

Capacités de recherche génétique avancées

Capacités de recherche génétique Mesures:

• Personnel de recherche génétique totale: 87 spécialistes
• Bases de données génétiques propriétaires: 3 bases de données majeures
• Plateformes de modélisation informatique: 5 systèmes avancés

Nouvelles approches thérapeutiques

Mécanisme moléculaire ciblant overview:

Cible moléculaire	Focus de la maladie	Intensité de recherche
Voie jak1	Maladies inflammatoires	Recherche de grande priorité
Signalisation fibrotique	Fibrose pulmonaire	Étape de développement avancé

Galapagos NV (GLPG) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Galapagos NV maintient des interactions directes avec des professionnels de la santé grâce à des canaux de communication ciblés:

Méthode d'engagement	Fréquence	Spécialistes de la cible
Boards consultatifs cliniques	Trimestriel	Rhumatologues, gastro-entérologues
Consultations individuelles	Mensuel	Leaders d'opinion clés

Partenariats de recherche collaborative

Galapagos NV établit des collaborations de recherche stratégique:

• Partenariats actifs avec 12 institutions de recherche
• 87,4 millions d'euros ont investi dans la recherche collaborative en 2023
• Collaborations en cours avec Gilead Sciences

Programmes de soutien aux patients

Les initiatives de soutien centrées sur le patient comprennent:

Type de programme	Couverture	Segments de patients
Programme d'accès aux médicaments	Marchés européens	Patients atteints de polyarthrite rhumatoïde
Éducation numérique des patients	Portée mondiale	Patiens des maladies inflammatoires

Conférence scientifique et participation au symposium

Métriques d'engagement de la conférence:

• 22 conférences scientifiques assistées en 2023
• 47 présentations de recherche présentées
• Conférences internationales à travers l'Europe et l'Amérique du Nord

Plateformes de communication numérique pour les mises à jour de la recherche

Stratégie de communication numérique:

Plate-forme	Adeptes / abonnés	Mettre à jour la fréquence
Liendin	38 500 abonnés	Hebdomadaire
Newsletter scientifique	5 200 abonnés	Mensuel

Galapagos NV (GLPG) - Modèle d'entreprise: canaux

Équipes de vente pharmaceutique directes

En 2024, Galapagos NV maintient une force de vente spécialisée de 75 représentants pharmaceutiques ciblant les rhumatologues, les gastro-entérologues et d'autres médecins spécialisés à travers l'Europe.

Couverture géographique	Nombre de représentants commerciaux	Cible des spécialités médicales
Belgique	22	Rhumatologie
Pays-Bas	18	Gastro-entérologie
Allemagne	35	Immunologie

Présentations de la conférence médicale

Galapagos NV participe à 42 conférences médicales internationales par an, avec un budget de 3,2 millions d'euros dédié à l'engagement de la conférence scientifique.

• Conférence de la Ligue européenne contre les rhumatismes (eular)
• American College of Rheumatology (ACR) Assemblée annuelle
• Semaine de la gastroentérologie européenne unie (UEGW)

Réseaux de publication scientifique

La société a publié 67 articles de recherche évalués par des pairs en 2023, en mettant l'accent sur la polyarthrite rhumatoïde et les maladies inflammatoires.

Type de publication	Nombre de publications	Plage du facteur d'impact
Recherche clinique	37	4.5 - 8.2
Recherche translationnelle	22	3.8 - 6.5
Science fondamentale	8	2.9 - 5.1

Plateformes de recherche en ligne

Galapagos NV utilise 6 plates-formes de diffusion de recherche numérique primaires avec un budget annuel d'engagement numérique de 1,5 million d'euros.

• PubMed Central
• Researchgate
• Science directe
• Scopus

Réseaux de distributeurs pharmaceutiques

La société collabore avec 23 distributeurs pharmaceutiques à travers l'Europe, avec un réseau de distribution couvrant 12 pays.

Pays	Nombre de distributeurs	Couverture du marché
Belgique	5	100%
Pays-Bas	4	95%
Allemagne	7	98%
Autres pays européens	7	85%

Galapagos NV (GLPG) - Modèle d'entreprise: segments de clientèle

Institutions de recherche pharmaceutique

Galapagos NV collabore avec plusieurs institutions de recherche dans le monde.

Type d'institution de recherche	Compte de collaboration	Investissement de recherche annuel
Centres de recherche universitaires	12	8,4 millions d'euros
Laboratoires de recherche pharmaceutique spécialisés	7	5,6 millions d'euros

Fournisseurs de soins de santé

Galapagos cible des segments de soins de santé spécifiques.

• Cliniques de rhumatologie: 124 partenariats
• Centres de traitement des maladies inflammatoires: 86 partenariats
• Réseaux hospitaliers: 42 collaborations actives

Patients atteints de maladies inflammatoires

Cibler les populations de patients pour les zones thérapeutiques clés.

Catégorie de maladie	Population estimée des patients	Taille du marché potentiel
Polyarthrite rhumatoïde	1,3 million de patients	742 millions d'euros
La maladie de Crohn	780 000 patients	456 millions d'euros

Organisations de recherche médicale

Partenariats de recherche stratégique.

• Partenariats de l'organisation de la recherche mondiale: 19
• Budget total de collaboration de recherche: 34,2 millions d'euros
• Réseaux d'essais cliniques actifs: 8

Communautés d'investissement en biotechnologie

Segments d'investissement et de financement.

Catégorie d'investisseurs	Volume d'investissement	Pourcentage du financement total
Sociétés de capital-risque	87,5 millions d'euros	42%
Investisseurs institutionnels	62,3 millions d'euros	30%
Capital-investissement	37,6 millions d'euros	18%

Galapagos NV (GLPG) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

En 2022, Galapagos NV a déclaré des dépenses de R&D de 445,2 millions d'euros. L'investissement en R&D de la société représentait environ 67% du total des dépenses d'exploitation.

Année	Dépenses de R&D (millions d'euros)	Pourcentage des dépenses d'exploitation
2022	445.2	67%
2021	421.3	65%

Coûts de gestion des essais cliniques

Galapagos NV a alloué environ 180 à 200 millions d'euros par an pour la gestion des essais cliniques et les dépenses connexes.

• Phase I-III Essais cliniques Plage de coûts: 50 à 75 millions d'euros par programme
• Dépenses moyennes d'essai cliniques par patient: 25 000 € à 35 000 €
• Budget annuel de développement clinique: 180 à 200 millions d'euros

Maintenance de la propriété intellectuelle

La société a dépensé environ 15 à 20 millions d'euros par an pour la protection de la propriété intellectuelle et l'entretien des brevets.

Catégorie de coûts IP	Dépenses annuelles (millions d'euros)
Dépôt de brevet	8-10
Entretien de brevets	5-7
Protection juridique	2-3

Recrutement de talents scientifiques

Galapagos NV a investi environ 40 à 50 millions d'euros dans l'acquisition et la rétention de talents pour le personnel scientifique.

• Salaire moyen des chercheurs seniors: 120 000 € à 180 000 € par an
• Coûts de recrutement et d'intégration par scientifique: 50 000 € à 75 000 €
• Budget total d'acquisition annuelle des talents: 40 à 50 millions d'euros

Investissements avancés d'infrastructure technologique

L'entreprise a alloué 60 à 75 millions d'euros pour l'infrastructure technologique et l'équipement de recherche.

Catégorie d'infrastructure	Investissement annuel (millions d'euros)
Équipement de recherche	35-45
Infrastructure informatique et numérique	15-20
Entretien de laboratoire	10-15

GALAPAGOS NV (GLPG) - Modèle d'entreprise: Strots de revenus

Accords de licence pharmaceutique

En 2022, Galapagos NV a signalé des accords de licence avec Gilead Sciences d'une valeur de 385 millions d'euros de paiements initiaux. La collaboration s'est concentrée sur le filgotinib et d'autres maladies inflammatoires.

Partenaire	Valeur de l'accord	Année
Sciences de Gilead	385 millions d'euros	2022

Financement de recherche collaborative

Galapagos NV a reçu un financement de recherche de partenariats stratégiques totalisant 97,4 millions d'euros en 2022.

• Collaboration de recherche avec AbbVie
• Partenariats en cours dans les maladies inflammatoires et fibrotiques
• Financement de la recherche sur plusieurs partenaires pharmaceutiques

Paiements d'étape de développement des médicaments

En 2022, les paiements marquants des programmes de développement ont atteint 46,2 millions d'euros.

Programme de drogue	Paiements d'étape	Statut
Filgotinib	32,5 millions d'euros	Étape clinique avancée
Autres programmes	13,7 millions d'euros	Diverses étapes de développement

Revenus potentiels de redevance

Revenus de redevances prévus des composés agréés estimés à 12 à 15 millions d'euros par an.

Revenu de partenariat stratégique

Le revenu total de partenariat stratégique en 2022 était de 142,6 millions d'euros, ce qui représente 68% du total des revenus de l'entreprise.

Type de partenariat	Contribution des revenus	Pourcentage
Accords de licence	385 millions d'euros	54%
Financement de recherche	97,4 millions d'euros	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.