* Half-year 2023 key financials

      * Group revenues of EUR328.8 million
      * Jyseleca® net sales of EUR54.3 million

* Cash and current financial investments of EUR3.9 billion on 30 June 2023

  * Full year 2023 net sales guidance for Jyseleca® lowered to EUR100-EUR120 million
    - 2023 cash burn guidance of EUR380-EUR420 million reiterated
  * Oncology pipeline update - continued progress with point-of-care
    manufactured CAR-T candidates in hemato-oncology, including approval of the
    clinical trial application in Europe for BCMA CAR-T candidate in multiple
    myeloma

* Immunology pipeline update - start of Phase 3 study with filgotinib in axial

    spondyloarthritis; start of Phase 2 study with GLPG3667 in dermatomyositis;
    clinical trial application in Europe for CAR-T candidate in refractory
    systemic lupus erythematosus
  * Implemented R&D strategy focused on best-in-class medicines to accelerate
    innovation and time-to-patients - over 10 differentiated discovery programs
    across multiple modalities in immunology and oncology initiated
  * Appointed Thad Huston as Chief Financial Officer (CFO) and Chief Operating
    Officer (COO)

* Appointed Dr. Susanne Schaffert as non-executive independent Director to the Board of Directors
Webcast presentation (https://edge.media-server.com/mmc/p/sk43e2oz)
tomorrow, 4 August 2023, at 14:00 CET / 8:00 am ET, www.glpg.com
(http://www.glpg.com)
Mechelen, Belgium; 3 August 2023, 22:01 CET; regulated information - Galapagos
NV (Euronext & NASDAQ: GLPG) today announced its first half-year 2023 financial
results, a year-to-date business update and its outlook for the remainder of
2023. The results are further detailed in the H1 2023 financial report available
on the financial reports section of the corporate website
(https://www.glpg.com/financial-reports).
"The market and competitive landscape for the JAK class in Europe has changed
significantly over the past six months, negatively impacting net sales of
Jyseleca® and leading us to revise our 2023 net sales guidance for Jyseleca® in
rheumatoid arthritis and ulcerative colitis from EUR140-EUR160 million to EUR100-EUR120
million. In response to that, we are in the process of evaluating various
strategic options for Jyseleca®. We have a strong cash position of EUR3.9 billion
and we will continue to deploy our resources in our strategic areas of
immunology and oncology, including externally sourced innovative product
candidates, to further build and expand our portfolio. Despite lower than
anticipated net sales for Jyseleca®, we reiterate our cash burn guidance of
EUR380-EUR420 million," said Thad Huston, CFO and COO of Galapagos.
Dr. Paul Stoffels(1), CEO and Chairman of Galapagos added: "Our commitment to
providing transformational medicines to patients worldwide remains our core
focus. We have successfully implemented our R&D strategy focused on best-in-
class medicines to accelerate innovation, aiming to generate short and long-term
value for all our stakeholders. We are actively building a differentiated
discovery pipeline of best-in-class small molecules, CAR-T cell therapies and
biologicals in our core areas of immunology and oncology. In addition, our
ongoing clinical programs across our therapeutic areas are progressing well, and
we are optimistic about the global potential of our point-of-care CAR-T cell
therapy portfolio in hematological malignancies. Furthermore, in immunology, we
have continued to expand our clinical pipeline of small molecules, while
leveraging our CAR-T capabilities to start clinical development in refractory
systemic lupus erythematosus with a CD19 CAR-T candidate."
Half-Year 2023 operational performance
Immunology portfolio

  * Jyseleca® (filgotinib) (JAK1)
      * Jyseleca® is reimbursed for rheumatoid arthritis (RA) and ulcerative
        colitis (UC) in 19 and 18 countries respectively. Sobi(2), our
        distribution and commercialization partner in Eastern and Central
        Europe, Portugal, Greece, and the Baltic countries, launched Jyseleca®
        in Czech Republic and Poland in UC and in Croatia in RA. The commercial
        launch of Jyseleca® in Poland resulted in a EUR1 million milestone
        receivable for us in the first half of 2023.
      * The European Commission endorsed the recommendation of the
        Pharmaceutical Risk Assessment Committee (PRAC) to add measures to
        minimize risks of serious side effects with the JAK inhibitor class of
        medicines used for chronic inflammatory disorders. The product
        information for all JAK inhibitors has been updated accordingly to
        include these recommendations and warnings.
      * We dosed the first patients in the pivotal Phase 3 OLINGUITO study in
        axial spondyloarthritis (AxSpA).

* Based on the topline results from the Phase 3 DIVERSITY study in Crohn's

        disease (CD), we decided not to submit a Marketing Authorization
        Application (MAA) in Europe in this indication and not to proceed with
        the MAA for filgotinib in UC in Switzerland.
      * We presented various data abstracts at the annual ECCO and EULAR
        congresses in Europe.
  * Our pipeline assets

* First patients dosed in the Phase 2 GALARISSO study with oral, selective

        tyrosine kinase 2 (TYK2) inhibitor, GLPG3667, in dermatomyositis (DM).
      * Clinical trial application (CTA) filed to start clinical development of
        a CD19 CAR-T candidate in patients with refractory systemic lupus
        erythematosus (rSLE).
      * Multiple small molecules programs initiated to further build our
        research pipeline.

Oncology portfolio

  * We are encouraged by the initial safety, efficacy and point-of-care
    feasibility results we have observed in the Phase 1/2 studies with our CD19
    CAR-T candidates, GLPG5101 and GLPG5201, which underscore the potential
    global transformational impact our differentiated approach to CAR-T cell
    therapy could have on patients.
  * GLPG5101 in relapsed/refractory non-Hodgkin's lymphoma (rrNHL)
      * We are in the final stages of the Phase 1 part of the ongoing Phase 1/2
        ATALANTA-1 study, which enrolled patients with diffuse large B cell
        lymphoma, mantle cell lymphoma and indolent lymphoma. To generate a

robust data package that is informative for further development, we have

        decided to include more patients of certain subpopulations in the Phase
        1 dose-escalation cohort of ATALANTA-1.
      * The first patients with indolent lymphoma and mantle cell lymphoma in
        the Phase 2 dose-expansion part of ATALANTA-1 have been dosed.
  * GLPG5201 in relapsed/refractory chronic lymphocytic leukemia (rrCLL), with
    or without Richter's transformation (RT)
      * We presented promising interim safety, efficacy and point-of-care
        manufacturing data from 7 eligible patients(3) of the ongoing Phase 1/2
        EUPLAGIA-1 study at two major scientific meetings in Europe: objective
        response rate of 100%; no cytokine release syndrome higher than grade
        2, or immune effector cell-associated neurotoxicity syndrome
        observed.(4)
      * We are recruiting the last patients in the Phase 1 dose-escalation part
        of EUPLAGIA-1 and preparations to start the Phase 2 dose-expansion
        cohort of the study are ongoing.
  * We initiated multiple programs spanning various drug modalities, including
    biologicals, CAR-T cell therapies and small molecules, to further build our
    research pipeline.

Corporate update

  * At the Annual General Meeting held on 25 April 2023, all proposed
    resolutions were approved.
  * The Board of Directors created 1,975,000 subscriptions rights under new
    subscription right plans.
  * Thad Huston was appointed as Chief Financial Officer (CFO) and Chief
    Operating Officer (COO), succeeding Bart Filius, per 1 July 2023.
  * The Board of Directors appointed Dr. Susanne Schaffert as non-executive
    independent Director by way of co-optation on 12 June 2023, replacing Dr.
    Rajesh Parekh who stepped down on 10 June 2023.
  * We completed the integrated drug discovery collaboration transaction with
    NovAliX on 30 June 2023, effective as from 1 July 2023. Under the terms of
    the agreement, Galapagos' drug discovery and research activities conducted
    in Romainville, France, and Galapagos' employees in Romainville, which are
    exclusively dedicated to the operation of these activities, are transferred
    to NovAliX who will assume all ongoing research and discovery activities in
    Romainville. In return, Galapagos is committed to utilizing the research
    capabilities and expertise of NovAliX through a five year-collaboration and
    within the context of the company's R&D portfolio.

First half-year 2023 financial highlights (unaudited)
(EUR millions, except basic & diluted income/loss (-) per share)
+---------------+------+ |Six months | | |ended | | |30 June |Change| +-------+-------+ | |2023 |2022 | | +-------------------------------------------------------+-------+-------+------+
|Product net sales |54.3 |35.4 |+54% | +-------------------------------------------------------+-------+-------+------+
|Collaboration revenues |274.5 |238.6 |+15% | +-------------------------------------------------------+-------+-------+------+
|Total net revenues |328.8 |274.0 |+20% | +-------------------------------------------------------+-------+-------+------+
|Cost of sales |(7.8) |(5.5) |+41% | +-------------------------------------------------------+-------+-------+------+
|R&D expenditure |(211.9)|(249.5)|-15% | +-------------------------------------------------------+-------+-------+------+
|G&A(ii) and S&M(iii) expenses |(121.6)|(134.0)|-9% | +-------------------------------------------------------+-------+-------+------+
|Other operating income |23.8 |17.6 |+35% | +-------------------------------------------------------+-------+-------+------+
|Operating profit/loss (-) |11.3 |(97.5) | | +-------------------------------------------------------+-------+-------+------+
|Fair value adjustments and net currency exchange |0.2 |71.9 | | |differences | | | | +-------------------------------------------------------+-------+-------+------+
|Net other financial result |30.4 |(4.3) | | +-------------------------------------------------------+-------+-------+------+
|Income taxes |(13.6) |(2.5) | | +-------------------------------------------------------+-------+-------+------+
|Net profit/loss (-) of the period |28.3 |(32.3) | | +-------------------------------------------------------+-------+-------+------+
|Basic and diluted income/loss (-) per share (EUR) |0.43 |(0.49) | |
+-------------------------------------------------------+-------+-------+------+
|Current financial investments and cash and cash |3,874.9|4,429.0| | |equivalents | | | | +-------------------------------------------------------+-------+-------+------+
Details of the first half-year 2023 financial results
Total net revenues for the six months ended 30 June 2023 was EUR328.8 million,
compared to EUR274.0 million for the six months ended 30 June 2022, and consisted
of:

  * Product net sales of Jyseleca® in Europe for the first six months of 2023
    amounting to EUR54.3 million (EUR35.4 million in the first half-year of 2022).

* Collaboration revenues of EUR274.5 million for the first six months of 2023, compared to EUR238.6 million for the first six months of 2022.
Collaboration revenues increased mainly due to revenue recognition related to
the collaboration agreement with Gilead for the filgotinib development amounting
to EUR154.9 million in the first six months of 2023 compared to EUR115.3 million for
the same period last year. This increase is primarily driven by a positive catch
up of revenue explained by a decrease in the total estimated remaining costs to
complete the filgotinib development. This was a consequence of the topline
results from Phase 3 DIVERSITY trial of filgotinib in CD and our decision not to
submit a Marketing Authorization Application in Europe.
Our deferred income balance on 30 June 2023 includes EUR1.4 billion allocated to
our drug discovery platform that is recognized linearly over the remaining
period of our 10-year collaboration, and EUR0.3 billion allocated to the
filgotinib development that is recognized over time until the end of the
development period.
Total operating profit for the six months ended 30 June 2023 was EUR11.3 million,
compared to total operating loss of EUR97.5 million for the first six months ended
30 June 2022.

  * Cost of sales related to Jyseleca® net sales in the first six months of
    2023 amounted to EUR7.8 million (EUR5.5 million in the first half-year of 2022).

* R&D expenditure in the first six months of 2023 amounted to EUR211.9 million, compared to EUR249.5 million for the first six months of 2022. This decrease was primarily explained by an impairment recorded in the first six months of 2022 of EUR26.7 million of previously capitalized upfront fees related to our

    collaboration with Molecure on the dual chitinase inhibitor OATD-01
    (GLPG4716), as well as by decreased personnel and subcontracting costs.

* S&M and G&A expenses amounted to EUR121.6 million in the first six months of

    2023, compared to EUR134.0 million in the first six months of 2022. This
    decrease was primarily due to a decrease in personnel costs and agency
    deliverables.

* Other operating income amounted to EUR23.8 million in the first six months of 2023, compared to EUR17.6 million for the same period last year.
Net financial income in the first six months of 2023 amounted to EUR30.6 million,
compared to net financial income of EUR67.7 million for the first six months of
2022.

  * Fair value adjustments and net currency exchange differences in the first
    six months of 2023 amounted to EUR0.2 million, compared to fair value

adjustments and net currency exchange gains of EUR71.9 million for the first

    six months of 2022, and were primarily attributable to EUR11.4 million of
    unrealized currency exchange losses on our cash and cash equivalents and
    current financial investments at amortized cost in U.S. dollars, offset by
    EUR12.7 million of positive changes in (fair) value of current financial
    investments.
  * Net other financial income in the first six months of 2023 amounted to
    EUR30.4 million, compared to net other financial expenses of EUR4.3 million for
    the first six months of 2022, and was primarily attributable to EUR33.4
    million of interest income, which increased significantly due to the
    increase in interest rates.

We reported a group net profit for the first six months of 2023 of EUR28.3
million, compared to a group net loss of EUR32.3 million for the first six months
of 2022.
Cash position
Current financial investments and cash and cash equivalents totaled EUR3,874.9
million on 30 June 2023, as compared to EUR4,094.1 million on 31 December 2022.
Total net decrease in cash and cash equivalents and current financial
investments amounted to EUR219.1 million during the first six months of 2023,
compared to a net decrease of EUR274.2 million during the first six months of
2022. This net decrease was composed of (i) EUR224.3 million of operational cash
burn, (ii) EUR9.3 million of mainly negative exchange rate differences, offset by
(iii) EUR1.8 million of cash proceeds from capital and share premium increase from
exercise of subscription rights in the first six months of 2023, and (iv) EUR12.7
million positive changes in (fair) value of current financial investments.
Outlook 2023
Financial outlook

  * In response to the changing market dynamics and the competitive landscape
    for the JAK class in Europe, we are in the process of evaluating various

strategic options for Jyseleca® and have lowered our net 2023 sales guidance

    for Jyseleca® in RA and UC to EUR100-EUR120 million, compared to EUR140-160
    million initially guided in our full year 2022 results in February.

* Despite the lower than anticipated net sales for Jyseleca®, we reiterate our

    full year 2023 cash burn guidance in the range of EUR380-EUR420 million. We will
    continue to focus on expanding our portfolio and will deploy our resources
    in our strategic core areas of immunology and oncology.

R&D outlook

  * Immunology portfolio
      * We expect to announce Phase 4 results from the FILOSOPHY real-world
        evidence study of filgotinib in patients with RA at a future scientific
        conference (subject to abstract acceptance) and to initiate the Phase 2
        pediatric study in patients with juvenile arthritis later this year.
      * We aim to start dosing patients with SLE in the Phase 2 GALACELA study
        of oral, selective TYK2 inhibitor, GLPG3667.

* Following the potential approval of the CTA submitted in Europe for CD19

        CAR-T candidate, GLPG5101, in patients with rSLE, we expect to open the
        clinical centers in the coming months.
  * Oncology portfolio
      * As we continue to build a solid data package, we aim to release an
        update on the ATALANTA-1 and EUPLAGIA-1 Phase 1 studies with GLPG5101

and GLPG5201 in rrNHL and rrCLL respectively later this year. We intend

        to present detailed data at a forthcoming hematology scientific
        conference (subject to abstract acceptance) before year-end.
      * The Phase 1 part of EUPLAGIA-1 study with GLPG5201 is close to
        completion and we aim to initiate the Phase 2 dose-expansion cohort in
        the first half of 2024.
      * In the first half of 2024, we anticipate submitting an investigational
        new drug application (IND) in the US to start clinical development with
        our CD19 CAR-T program.
      * We expect to start the Phase 1/2 PAPILIO-1 study with BCMA CAR-T
        candidate, GLPG5301, in relapsed/refractory multiple myeloma (rrMM)
        after summer(5).

Business development

  * We continue to explore additional business development opportunities to
    further leverage our internal capabilities and expand our portfolio in our
    core areas of growth and value creation.

First half-year 2023 financial report
Galapagos' financial report for the first six months ended 30 June 2023,
including details of the unaudited consolidated results, is accessible on the
financial reports section of our website (https://www.glpg.com/financial-
reports).
Conference call and webcast presentation
We will host a conference call and webcast presentation tomorrow 4 August 2023,
at 14:00 CET / 8:00 am ET. To participate in the conference call, please
register in advance using this link,
(https://register.vevent.com/register/BI49ef398dba394f6d83a4199ee6c3708f) after
which the dial-in numbers will be provided. The conference call can be accessed
10 minutes prior to the start by using the conference access information
provided in the email after registration, or by selecting the "call me" feature.
The live webcast is available on glpg.com (http://www.glpg.com) or via the
following link. (https://edge.media-server.com/mmc/p/sk43e2oz) The archived
webcast will be available for replay shortly after the close of the call on the
investor section of the website (https://www.glpg.com/webcasts).
Financial calendar 2023

  2 November 2023    Third quarter 2023 results   (webcast 3 November 2023)
  22 February 2024   Full year 2023 results       (webcast 23 February 2024)

About Galapagos
Galapagos is a fully integrated biotechnology company united around a single
purpose: to transform patient outcomes through life-changing science
and innovation for more years of life and quality of life. We focus on the key
therapeutic areas of immunology and oncology, where we have developed deep
scientific expertise in multiple drug modalities, including small molecules and
cell therapies. Our portfolio comprises discovery through to commercialized
programs and our first medicine for rheumatoid arthritis and ulcerative colitis
is currently available in Europe and Japan. For additional information, please
visit www.glpg.com (http://www.glpg.com/) or follow us on LinkedIn
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Contact

  Media inquiries:                         Investor inquiries:
  Marieke Vermeersch                       Sofie Van Gijsel
  +32 479 490 603                          +1 781 296 1143
  media@glpg.com (mailto:media@glpg.com)   ir@glpg.com (mailto:ir@glpg.com)
                                           Sandra Cauwenberghs
                                           +32 495 58 46 63
                                           ir@glpg.com (mailto:ir@glpg.com)

Forward-looking statements
This release may contain 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 "anticipate," "believe,"
"progress," "further," "expect," "encouraging," "long-term," "plan," "could,"
"estimate," "will," "continue," "aim," "intend," "future," "guidance,"
"outlook," "progress," "forward" as well as similar expressions. Forward-looking
statements contained in this release include, but are not limited to, statements
made in the sections captioned "Half-Year 2023 operational performance" and
"Outlook 2023", the guidance from management regarding our financial results
(including guidance regarding the expected operational use of cash and adjusted
net sales guidance for Jyseleca® during the financial year 2023), statements
regarding our strategy and plans, including our strategic and capital allocation
priorities, statements regarding the transfer of our drug and research
activities and employees exclusively dedicated to the activities in Romainville
(France), statements regarding the five year-collaboration between Galapagos and
NovAliX, statements regarding the global R&D collaboration with Gilead,
statements regarding the amount and timing of potential future milestones, and
other payments, statements regarding our strategic R&D plans, including progress
on our immunology or oncology portfolio, our CAR-T-portfolio and our SIKi-
portfolio, and potential changes of such plans, statements regarding our
pipeline and complementary technology platforms facilitating future growth,
statements regarding the expected timing, design and readouts of ongoing and
planned preclinical studies and clinical trials, including but not limited to
(i) filgotinib in RA, UC and AxSpA, (ii) with SIKi compounds, including GLPG3667
in SLE and DM, (iii) GLPG5101 in rrNHL and rSLE, (iv) GLPG5201 in rrCLL and
rrSLL, and (v) GLPG5301 in rrMM, including recruitment for trials and topline
results for our trials and studies in our portfolio, statements relating to
interactions with regulatory authorities, the timing or likelihood of additional
regulatory authorities' approval of marketing authorization for filgotinib for
RA, UC or any other indication for filgotinib, statements regarding our
commercialization efforts for filgotinib, our product candidates, and any of our
future approved products, statements regarding our expectations on commercial
sales of filgotinib and any of our product candidates (if approved), statements
related to the EMA's safety review of JAK inhibitors used to treat certain
inflammatory disorders, including filgotinib, initiated at the request of the
European Commission (EC) under Article 20 of Regulation (EC) No 726/2004 and
regarding the related CHMP opinion and EC's decision, statements regarding the
timing or likelihood of pricing and reimbursement interactions for filgotinib,
statements relating to the development of our commercial organization,
statements and expectations regarding commercial sales for filgotinib,
statements regarding our plans and strategy related to the development of our
CD19 CAR-T candidates, GLPG5101 and GLPG5201, including patient enrollment for
the Phase 1/2 ATALANTA-1 study and the EUPLAGIA-1 study, and the timing for
topline results from such studies, statements regarding the timing for
initiation of, the Phase 1/2 PAPILIO-1 study with BCMA CAR-T candidate,
GLPG5301, statements regarding the timing and likelihood of business development
projects and external innovation, and statements regarding the changes in our
leadership and expected resulting benefits. Any forward-looking statements in
this release are based on management's current expectations and beliefs and are
not guarantees of future performance. Forward-looking statements involve known
and unknown risks, uncertainties and other factors which might cause our actual
results, financial condition and liquidity, performance or achievements 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. Such risks include, but are not limited to, the risk that
our expectations regarding our 2023 revenues, operating expenses, cash burn and
other financial results may be incorrect (including because one or more of our
assumptions underlying our revenue and expense expectations may not be
realized), 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 RA, UC, DM, SLE, AxSpA, refractory/relapsed NHL, rrCLL,
refractory/replapsed small lymphocytic lymphoma, rrMM and other immunologic
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), risks related to the acquisitions of CellPoint and
AboundBio, including the risk that we may not achieve the anticipated benefits
of the acquisitions of CellPoint and AboundBio, risks related to the transfer of
the drug discoveries and research activities conducted in Romainville (France)
and employees exclusively dedicated to these activities to NovAliX, the inherent
risks and uncertainties associated with target discovery and validation and drug
discovery and development activities, the risk that the preliminary and topline
data from the OLINGUITO, ATALANTA-1, EUPLAGIA-1, GALARISSO, PAPILIO-1,
FILOSOPHY, and GALACELA-studies 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 partner Gilead, Sobi and Lonza), risks related to
the implementation of the transition of the European commercialization
responsibility of filgotinib from Gilead to us, including the transfer of the
supply chain, and the risk that the transition will not have the currently
expected results for our business and results of operations, the risk that our
plans with respect to our CAR-T programs 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 or expectations regarding the costs and
revenues associated with the commercialization rights may be inaccurate, 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, 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, the risk that we will be unable to successfully achieve the
anticipated benefits from our leadership transition, the risk that we will
encounter challenges retaining or attracting talent, risks related to potential
disruptions in ouroperations, supply chain or ongoing studies due to the
conflict between Russia and Ukraine, the risk that the EMA may impose JAK class-
based warnings, and the risk that the EMA's safety review may negatively impact
acceptance of filgotinib by patients, the medical community, and healthcare
payors, the risk that regulatory authorities may require additional post-
approval trials of filgotinib or any other product candidates that are approved
in the future, and the risks and uncertainties relating to the impact of the
COVID-19 pandemic. A further discussion 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 other filings and reports filed by Galapagos 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 our
results, performance, financial condition and liquidity, and the development of
the industry in which we operate are consistent with such forward-looking
statements, they may not be predictive of results or developments 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 unless required by law or
regulation.
(1) Throughout this press release, 'Dr. Paul Stoffels' should be read as 'Dr.
Paul Stoffels, acting via Stoffels IMC BV'
(2) Swedish Orphan Biovitrum AB
(3) Cut-off date for efficacy and safety analysis: 9 January 2023
(4) As published in the press release of February 9, 2023: Galapagos presented
encouraging initial safety and efficacy data at 2023 EBMTEHA for point-of-care
manufactured CAR-T candidate, GLPG5201, in rrCLL (https://www.glpg.com/press-
release/3769/galapagos-presented-encouraging-initial-safety-and-efficacy-data-
at-2023-ebmt-eha-for-point-of-care-manufactured-car-t-candidate-glpg5201-in-
rrcll)
(5) CTA for GLPG5301 in BCMA was approved in May 2023
(i) The operational cash burn (or operational cash flow if this liquidity
measure is positive) is equal to the increase or decrease in our cash and cash
equivalents (excluding the effect of exchange rate differences on cash and cash
equivalents), minus:

  * the net proceeds, if any, from share capital and share premium increases
    included in the net cash flows generated from/used in (-) financing
    activities
  * the net proceeds or cash used, if any, in acquisitions or disposals of
    businesses; the movement in restricted cash and movement in current
    financial investments, if any, the cash advances and loans given to third
    parties, if any, included in the net cash flows generated from/used in (-)
    investing activities
  * the cash used for other liabilities related to the acquisition of

businesses, if any, included in the net cash flows generated from/used in (- ) operating activities.
This alternative liquidity measure is in our view an important metric for a
biotech company in the development stage. The operational cash burn for the six
months ended 30 June 2023 amounted to EUR224.3 million and can be reconciled to
our cash flow statement by considering the decrease in cash and cash equivalents
of EUR409.8 million, adjusted by (i) the cash proceeds from capital and share
premium increase from the exercise of subscription rights by employees for EUR1.8
million, and (ii) the net purchase of current financial investments amounting to
EUR187.2 million.
(ii) General and administrative
(iii) Sales and marketing
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