|(2,907) |(1,017) |
+------------------------------------------------------------+--------+--------+
|General and administrative expenses |(27,881)|(26,034)| +------------------------------------------------------------+--------+--------+
|Other operating income | 9,387 | 6,838 | +------------------------------------------------------------+--------+--------+
|Operating loss |(33,131)|(14,198)| +------------------------------------------------------------+--------+--------+
|Fair value adjustments and net currency exchange differences| 30,613 |(9,697) |
+------------------------------------------------------------+--------+--------+
|Other financial income | 25,707 | 13,358 | +------------------------------------------------------------+--------+--------+
|Other financial expenses | (254) | (844) | +------------------------------------------------------------+--------+--------+
|Profit/loss (-) before tax | 22,935 |(11,380)| +------------------------------------------------------------+--------+--------+
|Income taxes | 568 | 185 | +------------------------------------------------------------+--------+--------+
|Net profit/loss (-) from continuing operations | 23,503 |(11,195)| +------------------------------------------------------------+--------+--------+
| | | | +------------------------------------------------------------+--------+--------+
|Net profit from discontinued operations, net of tax | 66,717 | 34,402 | +------------------------------------------------------------+--------+--------+
| | | | +------------------------------------------------------------+--------+--------+
|Net profit | 90,220 | 23,207 | +------------------------------------------------------------+--------+--------+
|Net profit attributable to: | | | +------------------------------------------------------------+--------+--------+
|Owners of the parent | 90,220 | 23,207 | +------------------------------------------------------------+--------+--------+
|Basic and diluted earnings per share | 1.37 | 0.35 | +------------------------------------------------------------+--------+--------+
|Basic and diluted earnings/loss (-) per share from | | | |continuing operations | 0.36 | (0.17) | +------------------------------------------------------------+--------+--------+
Consolidated statement of comprehensive income/loss (-)
+----------------+ | Three months | | ended | | 31 March | +------+---------+ (thousands of EUR) | 2024 | 2023 |
+-------------------------------------------------------------+------+---------+
|Net profit |90,220| 23,207 | +-------------------------------------------------------------+------+---------+
|Items that will not be reclassified subsequently to profit or| | | |loss: | | | +-------------------------------------------------------------+------+---------+
|Re-measurement of defined benefit obligation | 74 | - | +-------------------------------------------------------------+------+---------+
|Items that may be reclassified subsequently to profit or | | | |loss: | | | +-------------------------------------------------------------+------+---------+
|Translation differences, arisen from translating foreign | | | |activities | 79 | (59) | +-------------------------------------------------------------+------+---------+
|Realization of translation differences upon sale of foreign | | | |operations |4,095 | - | +-------------------------------------------------------------+------+---------+
|Other comprehensive income/loss (-), net of income tax |4,248 | (59) | +-------------------------------------------------------------+------+---------+
| | | | +-------------------------------------------------------------+------+---------+
|Total comprehensive income attributable to: | | | +-------------------------------------------------------------+------+---------+
|Owners of the parent |94,468| 23,148 | +-------------------------------------------------------------+------+---------+
|Total comprehensive income attributable to owners of the | | | |parent arises from: | | | +-------------------------------------------------------------+------+---------+
|Continuing operations |23,392|(11,179) | +-------------------------------------------------------------+------+---------+
|Discontinued operations |71,076| 34,327 | +-------------------------------------------------------------+------+---------+
|Total comprehensive income, net of income tax |94,468| 23,148 | +-------------------------------------------------------------+------+---------+
Consolidated statements of financial position (unaudited)
+-------------+----------------+ (thousands of EUR) |31 March 2024|31 December 2023|
+-----------------------------------------------+-------------+----------------+
|Assets | | | +-----------------------------------------------+-------------+----------------+
|Goodwill | 69,715 | 69,557 | +-----------------------------------------------+-------------+----------------+
|Intangible assets other than goodwill | 125,998 | 127,906 | +-----------------------------------------------+-------------+----------------+
|Property, plant and equipment | 125,059 | 126,321 | +-----------------------------------------------+-------------+----------------+
|Deferred tax assets | 1,107 | 1,126 | +-----------------------------------------------+-------------+----------------+
|Non-current R&D incentives receivables | 144,775 | 141,252 | +-----------------------------------------------+-------------+----------------+
|Non-current contingent consideration receivable| 42,739 | - | +-----------------------------------------------+-------------+----------------+
|Other non-current assets | 65,516 | 29,645 | +-----------------------------------------------+-------------+----------------+
|Non-current assets | 574,909 | 495,807 | +-----------------------------------------------+-------------+----------------+
|Inventories | 80,558 | 73,978 | +-----------------------------------------------+-------------+----------------+
|Trade and other receivables | 54,611 | 28,449 | +-----------------------------------------------+-------------+----------------+
|Current R&D incentives receivables | 37,436 | 37,436 | +-----------------------------------------------+-------------+----------------+
|Current financial investments | 3,484,560 | 3,517,698 | +-----------------------------------------------+-------------+----------------+
|Cash and cash equivalents | 73,372 | 166,803 | +-----------------------------------------------+-------------+----------------+
|Escrow account | 40,222 | - | +-----------------------------------------------+-------------+----------------+
|Other current assets | 15,711 | 15,140 | +-----------------------------------------------+-------------+----------------+
|Current assets from continuing operations | 3,786,470 | 3,839,504 | +-----------------------------------------------+-------------+----------------+
|Assets in disposal group classified as held for| | | |sale | - | 22,085 | +-----------------------------------------------+-------------+----------------+
|Total current assets | 3,786,470 | 3,861,589 | +-----------------------------------------------+-------------+----------------+
|Total assets | 4,361,379 | 4,357,396 | +-----------------------------------------------+-------------+----------------+
| | | | +-----------------------------------------------+-------------+----------------+
|Equity and liabilities | | | +-----------------------------------------------+-------------+----------------+
|Share capital | 293,937 | 293,937 | +-----------------------------------------------+-------------+----------------+
|Share premium account | 2,736,994 | 2,736,994 | +-----------------------------------------------+-------------+----------------+
|Other reserves | (5,530) | (5,890) | +-----------------------------------------------+-------------+----------------+
|Translation differences | 2,687 | (1,201) | +-----------------------------------------------+-------------+----------------+
|Accumulated losses | (133,080) | (228,274) | +-----------------------------------------------+-------------+----------------+
|Total equity | 2,895,008 | 2,795,566 | +-----------------------------------------------+-------------+----------------+
|Retirement benefit liabilities | 2,270 | 2,293 | +-----------------------------------------------+-------------+----------------+
|Deferred tax liabilities | 22,728 | 23,607 | +-----------------------------------------------+-------------+----------------+
|Non-current lease liabilities | 3,837 | 4,944 | +-----------------------------------------------+-------------+----------------+
|Other non-current liabilities | 42,887 | 31,570 | +-----------------------------------------------+-------------+----------------+
|Non-current deferred income | 1,012,435 | 1,071,193 | +-----------------------------------------------+-------------+----------------+
|Non-current liabilities | 1,084,157 | 1,133,607 | +-----------------------------------------------+-------------+----------------+
|Current lease liabilities | 4,140 | 4,652 | +-----------------------------------------------+-------------+----------------+
|Trade and other liabilities | 145,551 | 135,201 | +-----------------------------------------------+-------------+----------------+
|Current tax payable | 62 | 56 | +-----------------------------------------------+-------------+----------------+
|Current deferred income | 232,461 | 256,270 | +-----------------------------------------------+-------------+----------------+
|Current liabilities from continuing operations | 382,214 | 396,179 | +-----------------------------------------------+-------------+----------------+
|Liabilities directly associated with assets in | | | |disposal group classified as held for sale | - | 32,044 | +-----------------------------------------------+-------------+----------------+
|Total current liabilities | 382,214 | 428,223 | +-----------------------------------------------+-------------+----------------+
|Total liabilities | 1,466,371 | 1,561,830 | +-----------------------------------------------+-------------+----------------+
|Total equity and liabilities | 4,361,379 | 4,357,396 | +-----------------------------------------------+-------------+----------------+
Consolidated cash flow statements (unaudited)
+---------------------+ | Three months ended | | 31 March | +---------+-----------+ (thousands of EUR) | 2024 | 2023 |
+--------------------------------------------------------+---------+-----------+
|Net profit of the period | 90,220 | 23,207 | +--------------------------------------------------------+---------+-----------+
|Adjustment for non-cash transactions |(13,367) | 34,340 | +--------------------------------------------------------+---------+-----------+
|Adjustment for items to disclose separately under | | | |operating cash flow |(25,638) | (9,972) | +--------------------------------------------------------+---------+-----------+
|Adjustment for items to disclose under investing and | | | |financing cash flows |(57,736) | (2,426) | +--------------------------------------------------------+---------+-----------+
|Change in working capital other than deferred income |(46,217) | 8,273 | +--------------------------------------------------------+---------+-----------+
|Decrease in deferred income |(81,974) | (150,517) | +--------------------------------------------------------+---------+-----------+
|Cash used in operations |(134,712)| (97,095) | +--------------------------------------------------------+---------+-----------+
|Interest paid | (432) | (2,944) | +--------------------------------------------------------+---------+-----------+
|Interest received | 13,461 | 5,823 | +--------------------------------------------------------+---------+-----------+
|Corporate taxes paid | (751) | (651) | +--------------------------------------------------------+---------+-----------+
|Net cash flows used in operating activities |(122,434)| (94,868) | +--------------------------------------------------------+---------+-----------+
|Purchase of property, plant and equipment | (3,742) | (4,264) | +--------------------------------------------------------+---------+-----------+
|Purchase of and expenditure in intangible fixed assets | (2,520) | (20) | +--------------------------------------------------------+---------+-----------+
|Purchase of current financial investments |(420,158)|(1,008,866)| +--------------------------------------------------------+---------+-----------+
|Investment income received related to current financial | | | |investments | 4,653 | 2,345 | +--------------------------------------------------------+---------+-----------+
|Sale of current financial investments | 489,651 | 722,137 | +--------------------------------------------------------+---------+-----------+
|Cash out from sale of subsidiaries, net of cash disposed| (1,339) | - | +--------------------------------------------------------+---------+-----------+
|Acquisition of financial assets held at fair value | | | |through profit or loss |(36,880) | - | +--------------------------------------------------------+---------+-----------+
|Net cash flows generated from/used in (-) investing | | | |activities | 29,665 | (288,669) | +--------------------------------------------------------+---------+-----------+
|Payment of lease liabilities | (1,168) | (1,960) | +--------------------------------------------------------+---------+-----------+
|Proceeds from capital and share premium increases from | | | |exercise of subscription rights | - | 1,770 | +--------------------------------------------------------+---------+-----------+
|Net cash flows used in financing activities | (1,168) | (190) | +--------------------------------------------------------+---------+-----------+
| | | | +--------------------------------------------------------+---------+-----------+
|Decrease in cash and cash equivalents |(93,937) | (383,727) | +--------------------------------------------------------+---------+-----------+
| | | | +--------------------------------------------------------+---------+-----------+
|Cash and cash equivalents at beginning of the year | 166,810 | 508,117 | +--------------------------------------------------------+---------+-----------+
|Decrease in cash and cash equivalents |(93,937) | (383,727) | +--------------------------------------------------------+---------+-----------+
|Effect of exchange rate differences on cash and cash | | | |equivalents | 499 | (254) | +--------------------------------------------------------+---------+-----------+
|Cash and cash equivalents at end of the period | 73,372 | 124,135 | +--------------------------------------------------------+---------+-----------+
Consolidated statements of changes in equity (unaudited)
+-------+---------+-----------+--------+-----------+---------+ | | Share | | | | | (thousands of EUR) | Share | premium |Translation| Other |Accumulated| |
|capital| account |differences|reserves| losses | Total | +-----------------+-------+---------+-----------+--------+-----------+---------+
|On 1 January 2023|293,604|2,735,557| (1,593) |(4,853) | (496,689) |2,526,026| +-----------------+-------+---------+-----------+--------+-----------+---------+
|Net profit | | | | | 23,207 | 23,207 | +-----------------+-------+---------+-----------+--------+-----------+---------+
|Other | | | | | | | |comprehensive | | | | | | | |income/loss (-) | | | (111) | 52 | | (59) | +-----------------+-------+---------+-----------+--------+-----------+---------+
|Total | | | | | | | |comprehensive | | | | | | | |income/loss (-) | | | (111) | 52 | 23,207 | 23,148 | +-----------------+-------+---------+-----------+--------+-----------+---------+
|Share-based | | | | | | | |compensation | | | | | 13,663 | 13,663 | +-----------------+-------+---------+-----------+--------+-----------+---------+
|Exercise of | | | | | | | |subscription | | | | | | | |rights | 333 | 1,437 | | | | 1,770 | +-----------------+-------+---------+-----------+--------+-----------+---------+
|On 31 March 2023 |293,937|2,736,994| (1,704) |(4,801) | (459,821) |2,564,604| +-----------------+-------+---------+-----------+--------+-----------+---------+
| | | | | | | | +-----------------+-------+---------+-----------+--------+-----------+---------+
|On 1 January 2024|293,937|2,736,994| (1,201) |(5,890) | (228,274) |2,795,566| +-----------------+-------+---------+-----------+--------+-----------+---------+
|Net profit | | | | | 90,220 | 90,220 | +-----------------+-------+---------+-----------+--------+-----------+---------+
|Other | | | | | | | |comprehensive | | | | | | | |income | | | 3,888 | 360 | | 4,248 | +-----------------+-------+---------+-----------+--------+-----------+---------+
|Total | | | | | | | |comprehensive | | | | | | | |income | | | 3,888 | 360 | 90,220 | 94,468 | +-----------------+-------+---------+-----------+--------+-----------+---------+
|Share-based | | | | | | | |compensation | | | | | 4,974 | 4,974 | +-----------------+-------+---------+-----------+--------+-----------+---------+
|On 31 March 2024 |293,937|2,736,994| 2,687 |(5,530) | (133,080) |2,895,008| +-----------------+-------+---------+-----------+--------+-----------+---------+
--------------------------------------------------------------------------------
(1) Throughout this press release, 'Dr. Paul Stoffels' should be read as 'Dr. Paul Stoffels, acting via Stoffels IMC BV'
--------------------------------------------------------------------------------
(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, related to the acquisitions or disposals of businesses; the acquisition of financial assets held at fair value through profit or loss; 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 first three months of 2024 amounted to EUR125.2 million and can be reconciled to
our cash flow statement by considering the decrease in cash and cash equivalents

of  EUR93.9 million, adjusted by (i) the net sale of current financial investments
amounting   to  EUR69.5  million,  (ii)  the  cash-out  related  to  the  sale  of

subsidiaries of EUR1.3 million, and (iii) the acquisition of financial assets held
at fair value through profit or loss of EUR36.9 million.
(ii) General and administrative
(iii) Sales and marketing
Â