GLPG

MKT CAP:$2B

Galapagos N.V.

Market Cap

$2B

Healthcare·Biotechnology·🇧🇪 Belgium·NASDAQ

Healthcare·Biotechnology·🇧🇪·NASDAQ

Stock Price

$28.68-$4.29 (-13.01%)

Apr 23, 2026

Company Details

Galapagos NV, an integrated biopharmaceutical company, engages in the discovery, development, and commercialization of various medicines for high unmet medical need. Its pipeline products include filgotinib, a JAK1 inhibitor that is in vari...

CEO

Henry Gosebruch

IPO Date

Feb 27, 2012

Website

www.glpg.com

Key Metrics TTM

Revenue

$1.3B

+303.5% YoY

Net Income

$375M

EPS (Diluted)

$5.66

Free Cash Flow

-$310M

Revenue / Share

$19.74

Gross Margin

56.0%

Operating Margin

26.7%

Net Margin

28.9%

FCF Margin

-23.9%

P/S

1.5x

P/E

5.0x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 26, 2026

$1.3B+303.5%EPS $5.67

Q4 2025

Mar 26, 2026

$1.1B+1093.2%EPS $13.89

Q3 2025

Nov 6, 2025

$83M+18.9%EPS -$3.62

Q2 2025

Jul 24, 2025

$76M-16.2%EPS -$1.88

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$195M	$194M	-$399M
Q1 22	$159M	$39M	-$25M
Q2 22	$161M	$158M	-$89M
Q3 22	$159M	$23M	-$44M
Q1 23	$68M	$68M	-$17M
Q2 23	$175M	$170M	-$12M
Q3 23	$140M	$134M	-$35M
Q4 23	-$245M	-$245M	-$81M
Q1 24	$73M	$70M	-$39M
Q2 24	$91M	$72M	-$45M
Q3 24	$70M	$70M	-$63M
Q4 24	$88M	-$44M	-$73M
Q1 25	$88M	$72M	-$186M
Q2 25	$76M	$71M	-$67M
Q3 25	$83M	$71M	-$288M
Q4 25	$1.1B	$516M	$887M

Valuation

Quarter	P/S	P/E
Q4 21	3.3x	—
Q1 22	3.2x	—
Q2 22	3.2x	—
Q3 22	2.8x	290.4x
Q1 23	3.4x	130.1x
Q2 23	3.4x	52.4x
Q3 23	3.5x	21.4x
Q4 23	13.5x	7.6x
Q1 24	13.1x	5.8x
Q2 24	31.6x	5.7x
Q3 24	—	7.8x
Q4 24	5.9x	21.8x
Q1 25	5.6x	—
Q2 25	5.9x	—
Q3 25	5.6x	—
Q4 25	1.5x	5.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$191M	-$218M
Q1 22	-$72M	-$84M
Q2 22	-$166M	-$175M
Q3 22	-$137M	-$150M
Q1 23	-$111M	-$116M
Q2 23	-$147M	-$151M
Q3 23	-$139M	-$142M
Q4 23	-$78M	-$88M
Q1 24	-$143M	-$150M
Q2 24	-$78M	-$82M
Q3 24	-$84M	-$89M
Q4 24	-$69M	-$76M
Q1 25	-$45M	-$51M
Q2 25	-$127M	-$132M
Q3 25	-$73M	-$77M
Q4 25	-$49M	-$51M

Capital Expenditures

Quarter	CapEx
Q4 21	$26M
Q1 22	$11M
Q2 22	$9M
Q3 22	$14M
Q1 23	$5M
Q2 23	$4M
Q3 23	$4M
Q4 23	$9M
Q1 24	$7M
Q2 24	$4M
Q3 24	$5M
Q4 24	$6M
Q1 25	$6M
Q2 25	$5M
Q3 25	$3M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+15.6%	+217.8%
Q1 22	+19.7%	-4.4%
Q2 22	-1.5%	+14.7%
Q3 22	+112.2%	+22.0%
Q1 23	-64.9%	-85.7%
Q2 23	+10.0%	+2.0%
Q3 23	-12.8%	-29.8%
Q4 23	-253.5%	-180.5%
Q1 24	+6.6%	+31.3%
Q2 24	-48.1%	-27.8%
Q3 24	-50.1%	-24.0%
Q4 24	+136.1%	+198.9%
Q1 25	+20.1%	+144.5%
Q2 25	-16.2%	+5.4%
Q3 25	+18.9%	+178.2%
Q4 25	+1093.2%	+2.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$9M	4.6%
Q1 22	$17M	10.6%
Q2 22	$21M	12.9%
Q3 22	$22M	13.9%
Q1 23	$0	0.0%
Q2 23	$32M	18.4%
Q3 23	-$32M	-23.0%
Q4 23	$0	—
Q1 24	$0	0.0%
Q2 24	$12M	13.1%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	-$15M	-17.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$133M	—	$27M
Q1 22	$117M	$39M	$34M
Q2 22	$175M	$50M	$18M
Q3 22	$134M	$40M	$40M
Q1 23	$61M	$30M	$1M
Q2 23	$127M	$56M	—
Q3 23	$117M	$19M	$80M
Q1 24	$84M	$33M	$3M
Q2 24	$86M	$21M	—
Q3 24	$109M	$44M	$11M
Q4 24	$671M	$40M	$8M
Q1 25	$214M	$46M	$5M
Q2 25	$111M	$26M	—
Q3 25	$86M	$37M	$3M
Q4 25	$126M	$7M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.5B	$4.0B	$5.4B
Q2 22	$1.1B	$4.0B	$5.2B
Q3 22	$790M	$4.3B	$5.1B
Q4 22	$594M	$4.2B	$4.8B
Q1 23	$145M	$4.5B	$4.7B
Q2 23	$115M	$4.4B	$4.5B
Q3 23	$186M	$4.3B	$4.5B
Q4 23	$195M	$4.1B	$4.3B
Q1 24	$86M	$4.1B	$4.2B
Q2 24	$85M	$3.9B	$4.0B
Q3 24	$65M	$3.8B	$3.9B
Q4 24	$75M	$3.6B	$3.6B
Q1 25	$126M	$3.7B	$3.9B
Q2 25	$84M	$3.5B	$3.6B
Q3 25	$89M	$4.1B	$4.2B
Q4 25	$103M	$3.4B	$3.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	67M	+1.6%	+0.9%
Q1 22	67M	0.0%	-0.5%
Q2 22	66M	-1.2%	+0.3%
Q3 22	66M	+0.2%	+0.5%
Q1 23	66M	+0.1%	-1.0%
Q2 23	66M	+0.0%	-1.0%
Q3 23	66M	0.0%	+0.3%
Q4 23	66M	+0.2%	+0.3%
Q1 24	66M	-0.2%	+0.0%
Q2 24	66M	0.0%	0.0%
Q3 24	66M	+0.1%	+0.1%
Q4 24	67M	+1.4%	+1.3%
Q1 25	66M	-1.5%	-0.1%
Q2 25	66M	0.0%	-0.1%
Q3 25	66M	+0.1%	-0.1%
Q4 25	66M	-0.0%	-1.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$149.2K	1K
Q1 22	$121.8K	1K
Q2 22	$122.9K	1K
Q3 22	$121.7K	1K
Q1 23	$51.2K	1K
Q2 23	$131.0K	1K
Q3 23	$104.9K	1K
Q4 23	-$217.7K	1K
Q1 24	$65.0K	1K
Q2 24	$81.1K	1K
Q3 24	$62.3K	1K
Q4 24	$125.4K	704
Q1 25	$124.5K	704
Q2 25	$108.4K	704
Q3 25	$118.2K	704
Q4 25	$2M	452

Revenue / Employee