Galapagos Reports Half-Year 2025 Financial Results and Provides Second Quarter Business Update Appointments of new CEO, CFO, and seasoned business development leaders with proven track records of executing strategic tran

Galapagos Reports Half-Year 2025 Financial Results and Provides Second Quarter Business Update

Appointments of new CEO, CFO, and seasoned business development leaders with proven track records of executing strategic transactions

will position the Company to drive shareholder value and advance pipeline expansion

Strategic alternatives for the cell

therapy business, including a potential divestiture, are being evaluated; CAR-T programs maintain positive momentum with recently presented clinical data

Strong balance sheet with 3.1 billion in cash and financial investments as of June 30, 2025

Mechelen, Belgium; July 23, 2025, 22:01 CET; regulated information inside information Galapagos NV (Euronext & NASDAQ: GLPG)

today announced its half-year 2025 financial results and provided a second quarter and post-period business update. These results are further detailed in the half-year 2025 financial report available on the financial reports section of the corporate

We have commenced a bold new chapter in our transformation journey, said Henry Gosebruch, Galapagos CEO.

Our priorities are clear: pursue and execute on transformational transactions to build a pipeline of innovative clinical programs and maximize the cash available for this new business development activity, all with the goal of delivering

meaningful impact to patients. I am delighted that Aaron, Sooin and Dan have joined our senior team, as they will bring relevant experience to help us achieve these goals. Further, we are making solid progress in evaluating strategic alternatives

for our cell therapy business and we look forward to updating shareholders at the appropriate time.

Aaron Cox, Galapagos CFO, said: I

am very pleased to join Galapagos at such a pivotal time in the Company s evolution. We closed the first half of 2025 with a strong cash position of 3.1 billion, providing a solid foundation for our next phase of growth. We remain

committed to disciplined capital allocation as we pursue business development opportunities to build a pipeline of innovative programs. Following recent leadership changes and as we assess strategic alternatives for the cell therapy business, we

plan to provide an updated 2025 cash outlook at the time of our third-quarter results.

SECOND QUARTER 2025 AND RECENT BUSINESS UPDATE

Strategic and Corporate Update

Advancing the Cell Therapy Pipeline and Platform Under Current Planning, Subject to Ongoing Strategic Review

FINANCIAL PERFORMANCE

First half-year 2025 key figures (consolidated)

( millions, except basic & diluted earnings/loss (-) per share)

DETAILS OF THE FINANCIAL RESULTS OF THE FIRST HALF YEAR OF 2025

On May 13, 2025, Galapagos announced a strategic update regarding the Company s intention to separate into two publicly traded entities. Since the

initial announcement on January 8, 2025, the Company made significant progress in reorganizing its business towards the separation, which was expected by mid-2025, subject to shareholder approval and

other customary conditions. However, following regulatory and market developments, the Board of Directors of Galapagos decided to re-evaluate the previously proposed separation, and the Company is exploring

all strategic alternatives for the existing businesses, including the cell therapy business, with a focus on maximizing resources available for transformative business development transactions.

Total operating loss from continuing operations for the six months ended June 30, 2025, amounted to

215.7 million, compared to an operating loss of 71.3 million for the six months ended June 30, 2024. This operating loss was negatively impacted by the planned strategic reorganization and separation, for a total of

131.6 million. This is reflected in severance costs of 47.5 million, costs for early termination of collaborations of 45.7 million, impairment on fixed assets related to small molecules activities of 12.0

million, deal costs of 16.6 million, 8.0 million accelerated non-cash cost recognition for subscription right plans and 1.8 million other expenses.

in the first six months of 2025 amounted to 45.0 million, compared to net financial income of 98.4 million for the first six months of 2024.

The Company reported a net loss

from continuing operations for the first six months of 2025 of 259.0 million, compared to a net profit from continuing operations of 28.2 million for the first six months of 2024.

Net loss from discontinued operations related to Jyseleca amounted to 0.1 million

for the first six months of 2025, compared to a net profit amounting to 71.0 million for the first six months of 2024. The operating profit from discontinued operations for the six months ended June 30, 2024, was mainly related to

the gain on the sale of the Jysecela business to Alfasigma of 52.3 million.

Galapagos reported a net loss for the six months ended June 30, 2025, of 259.1 million, compared to a net profit of

99.2 million for the six months ended June 30, 2024.

Cash, cash equivalents and financial investments totaled 3,091.5 million as of

June 30, 2025, as compared to 3,317.8 million as of December 31, 2024.

On June 30, 2025, cash and cash equivalents and current

financial investments included $2,156.2 million held in U.S. dollars (compared to $726.9 million on December 31, 2024) which could generate foreign exchange gains or losses in the financial results in accordance with the fluctuation

of the EUR/U.S. dollar exchange rate as the functional currency of Galapagos is EUR.

Total net decrease in cash and cash equivalents and financial

investments amounted to 226.3 million during the first six months of 2025, compared to a net decrease of 254.1 million during the first six months of 2024. This net decrease was composed of (i) 91.5 million of

operational cash burn, (ii) 122.7 million of negative exchange rate differences, negative changes in fair value of current financial investments and variation in accrued interest income, (iii) 20.0 million loans and advances

given to third parties, and (iv) 7.9 million of net cash in related to the sale/acquisition of subsidiaries.

As of June 30, 2025, Galapagos had approximately 3.1 billion in cash and financial investments. Following recent leadership changes and as the

Company assesses strategic alternatives for the cell therapy business, Galapagos plans to provide an updated 2025 cash outlook at the time of its third-quarter 2025 results.

Galapagos is a biotechnology company

with operations in Europe, the U.S., and Asia, dedicated to transforming patient outcomes through life-changing science and innovation for more years of life and quality of life. Focusing on high unmet medical needs, we synergize compelling science,

technology, and collaborative approaches to create a deep pipeline of best-in-class medicines. With capabilities from lab to patient, including a decentralized cell

therapy manufacturing platform, we are committed to challenging the status quo and delivering results for our patients, employees, and shareholders. Our goal is to meet current medical needs, and anticipate and shape the future of healthcare,

This press release contains inside information within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of

April 16, 2014 on market abuse (market abuse regulation).

For further information, please contact:

Forward-looking statements

This press release contains forward-looking statements, all of which involve certain risks and uncertainties. These statements are often, but are not

always, made through the use of words or phrases such as believe, anticipate, plan, upcoming, future, estimate, may, will, could,

would, potential, forward, goal, next, continue, should, encouraging, aim, progress, remain, advance,

ambition, outlook, further, as well as similar expressions. These statements include, but are not limited to, the guidance from management regarding our financial results (including guidance regarding

the expected operational use of cash for the fiscal year 2025), statements regarding our regulatory outlook, statements regarding the amount and timing of potential future milestones, including potential milestone payments,

statements regarding our R&D plans, strategy and outlook, including progress on our oncology or

immunology portfolio, and potential changes of such plans, statements regarding our pipeline and complementary technology platforms facilitating future growth, statements regarding our product candidates and partnered

programs, statements regarding the expected timing, design and readouts of ongoing and planned clinical trials, including but not limited to (i) GLPG3667 in SLE and DM, (ii) GLPG5101 in R/R NHL, CLL, MCL and other hematological

malignancies, and (iii) GLPG5301 in R/R MM, including recruitment for trials and interim or topline results for trials and studies in our portfolio, statements regarding the potential attributes and benefits of our product candidates,

statements regarding our commercialization efforts for our product candidates and any of our future approved products, if any, statements about potential future commercial manufacturing of T-cell

therapies, statements regarding our expectations on commercial sales of any of our product candidates (if approved), statements related to the anticipated timing for submissions to regulatory agencies, including any INDs or CTAs, statements

relating to the development of our distributed manufacturing capabilities on a global basis, and statements related to our review of strategic alternatives, including the potential divestiture of our cell therapy business, anticipated leadership

changes, potential partnering opportunities and anticipated changes to, our portfolio, goals and business plans. . Galapagos cautions the reader that forward-looking statements are based on our management s current expectations and

beliefs and are not guarantees of future performance. Forward-looking statements may involve known and unknown risks, uncertainties and other factors which might cause our actual results, financial conditions and

liquidity, performance or achievements, or the industry in which we operate, to be materially different from any historic or future results, financial conditions and liquidity, performance or achievements expressed or implied by such

forward-looking statements. In addition, even if Galapagos results, performance, financial condition and liquidity, and the development of the industry in which it operates are consistent with such forward-looking statements, they may not

be predictive of results or developments in future periods. Such risks include, but are not limited to, the risk that our expectations and management s guidance regarding our 2025 operating expenses, cash burn and other

financial estimates may be incorrect (including because one or more of our assumptions underlying our revenue and expense expectations may not be realized), risks related to our ability to effectively transfer

knowledge, risks associated with Galapagos product candidates and partnered programs, including GLPG5101 and uza-cel, the risk that ongoing and future clinical trials may not be completed in the

currently envisaged timelines or at all, the inherent risks and uncertainties associated with competitive developments, clinical trials, recruitment of patients, product development activities and regulatory approval requirements

(including the risk that data from our ongoing and planned clinical research programs in DM, SLE, R/R NHL, R/R CLL, R/R MM and other oncologic indications or any other indications or diseases, may not support registration or

further development of our product candidates due to safety or efficacy concerns or other reasons), the risk that the preliminary and topline data from our studies, including the ATALANTA-1

study, may not be reflective of the final data, risks related to our reliance on collaborations with third parties (including, but not limited to, our collaboration partners Gilead, Lonza, and Adaptimmune), the risk that the

transfer of the Jyseleca business will not have the currently expected results for our business and results of operations, the risk that we will not be able to continue to execute on our

currently contemplated business plan and/or will revise our business plan, including the risk that our plans with respect to CAR-T may not be achieved on the currently anticipated timeline or at all, the risk

that our estimates of the commercial potential of our product candidates (if approved) or expectations regarding the costs and revenues associated with any commercialization rights may be inaccurate, the risks related to our strategic

transformation, including the risk that we may not achieve the anticipated benefits of such exercise on the currently envisaged timeline or at all and the risks related to geopolitical conflicts and macro-economic events. A further list and

description of these risks, uncertainties and other risks can be found in our filings and reports with the Securities and Exchange Commission (SEC), including in our most recent annual report on Form 20-F filed with the SEC and our subsequent filings and reports filed with the SEC. Given these risks and uncertainties, the reader is advised not to place any undue reliance on such forward-looking

statements. In addition, even if the result of our operations, financial condition and liquidity, or the industry in which we operate are consistent with such forward-looking statements, they may not be predictive of results,

performance or achievements in future periods. These forward-looking statements speak only as of the date of publication of this release. We expressly disclaim any obligation to update any such forward-looking statements in

this release to reflect any change in our expectations or any change in events, conditions or circumstances, unless specifically required by law or regulation.

The operational cash burn (or operational cash flow if this liquidity measure is positive) is equal to the increase or decrease in the cash and cash

equivalents (excluding the effect of exchange rate differences on cash and cash equivalents), minus:

This alternative liquidity measure is in the view of the Company an

important metric for a biotech company in the development stage. The operational cash burn for the six months ended June 30, 2025, amounted to 91.5 million and can be reconciled to the cash flow statement by considering the increase

in cash and cash equivalents of 10.5 million, adjusted by (i) the net sale of financial investments amounting to 114.0 million, (ii) the cash-in related to the sale/acquisition

of subsidiaries of 8.0 million, and (iii) the loans and advances given to third parties of 20.0 million.

APPENDIX TO THE PRESS RELEASE

Announcement in application of Article 7:97, 4/1 of the BCAC (regulated information inside information)

The Board of Directors of Galapagos NV ( Galapagos or the Company ) has approved the entering into of a royalty and waiver