Galapagos N.V. (GLPG) 10-Year Financial Performance & Capital Metrics

GLPG • • Industrial / General

HealthcareBiotechnologyAutoimmune & Inflammatory DiseasesDermatology & Autoimmune

AboutGalapagos 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 various phases of clinical trials for the treatment of rheumatoid arthritis, Crohn's disease, ulcerative colitis, small bowel CD, fistulizing CD, ankylosing spondylitis, psoriatic arthritis, and uveitis. The company's pipeline products also comprise GLPG1972 that has completed Phase 2b trial for treating osteoarthritis; Toledo molecules, including GLPG3970, GLPG4399, and GLPG4876 for inflammation; and GLPG4716 and Ziritaxestat to treat idiopathic pulmonary fibrosis. In addition, its other pipeline products include GLPG2737, a cystic fibrosis transmembrane conductance regulator that is in Phase 2 clinical trials to treat patients with autosomal dominant polycystic kidney disease; and GLPG0555, a JAK1 inhibitor, which is in Phase 1b for treatment of patients with osteoarthritis. The company has collaboration agreements with Gilead Sciences, Inc.; AbbVie S.à r.l.; and Novartis Pharma AG. Galapagos NV was incorporated in 1999 and is headquartered in Mechelen, Belgium.Show more

Revenue $276M +15.0%
EBITDA -$143M -220.1%
Net Income $74M -65.0%
EPS (Diluted) 1.12 +1951.2%
Gross Margin 87.35% -12.6%
EBITDA Margin -51.82% -178.4%
Operating Margin -68.33% -85.6%
Net Margin 26.88% -69.6%
ROE 2.6% -67.3%
ROIC -5.15% -82.1%
Debt/Equity 0.00 +17.9%
Interest Coverage -206.74 -287.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Trading at only 0.8x book value

✗Weaknesses

✗Weak 3Y average ROE of 0.7%
✗Profits declining 13.1% over 5 years
✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Sales declining 19.9% over 5 years
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.79%

5Y-19.88%

3Y-17.16%

TTM3298.67%

Profit (Net Income) CAGR

10Y8.35%

5Y-13.14%

3Y-

TTM-311.29%

EPS CAGR

10Y0.18%

5Y-15.5%

3Y-

TTM-6036.36%

ROCE

10Y Avg-5.08%

5Y Avg-3.36%

3Y Avg-3.34%

Latest-4.87%

Peer Comparison

Dermatology & Autoimmune

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AUPHAurinia Pharmaceuticals Inc.	1.96B	14.87	378.37	33.97%	29.28%	21.28%	2.25%	0.21
ARGXargenx SE	50.33B	813.24	63.63	78.6%	23.34%	15.14%		0.01
INVAInnoviva, Inc.	1.48B	19.76	54.89	15.54%	32.78%	12.61%	12.75%	0.65
GLPGGalapagos N.V.	2.24B	34.03	30.38	14.99%	-151.94%	-15.16%		0.00
PTGXProtagonist Therapeutics, Inc.	5.3B	84.75	20.04	6.24%	21.94%	7.11%	3.45%	0.02
ALMSAlumis Inc. Common Stock	2.84B	24.17	-2.33		-11.08%	-63.71%		0.12
PHATPhathom Pharmaceuticals, Inc.	1.17B	14.98	-2.83	80.01%	-186.53%
ORKAOruka Therapeutics, Inc.	1.57B	32.50	-6.51			-22.44%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	39.56M	129.52M	127.09M	288.84M	834.9M	478.05M	484.85M	241.25M	239.72M	275.65M
Revenue Growth %	-0.43%	2.27%	-0.02%	1.27%	1.89%	-0.43%	0.01%	-0.5%	-0.01%	0.15%
Cost of Goods Sold+	129.71M	139.57M	218.5M	322.88M	420.09M	523.67M	1.63M	0	0	34.86M
COGS % of Revenue	3.28%	1.08%	1.72%	1.12%	0.5%	1.1%	0%	-	-	0.13%
Gross Profit+	-90.15M	-10.06M	-91.42M	-34.04M	414.81M	-45.61M	483.22M	241.25M	239.72M	240.79M
Gross Margin %	-2.28%	-0.08%	-0.72%	-0.12%	0.5%	-0.1%	1%	1%	1%	0.87%
Gross Profit Growth %	-1.16%	0.89%	-8.09%	0.63%	13.19%	-1.11%	11.59%	-0.5%	-0.01%	0%
Operating Expenses+	129.01M	141.01M	216.89M	333.64M	46.06M	133.02M	648.81M	372.31M	327.99M	429.12M
OpEx % of Revenue	3.26%	1.09%	1.71%	1.16%	0.06%	0.28%	1.34%	1.54%	1.37%	1.56%
Selling, General & Admin	20.31M	16.95M	20.56M	29.64M	96.96M	185.22M	167.22M	103.31M	94.25M	96.88M
SG&A % of Revenue	0.51%	0.13%	0.16%	0.1%	0.12%	0.39%	0.34%	0.43%	0.39%	0.35%
Research & Development	129.71M	139.57M	218.5M	322.88M	420.09M	523.67M	491.71M	269.8M	241.29M	335.46M
R&D % of Revenue	3.28%	1.08%	1.72%	1.12%	0.5%	1.1%	1.01%	1.12%	1.01%	1.22%
Other Operating Expenses	-14.63M	-15.51M	-22.17M	-18.87M	-470.99M	-575.87M	-10.11M	-802K	-7.56M	-3.21M
Operating Income+	-89.44M	-11.49M	-89.8M	-44.81M	368.75M	-178.63M	-165.6M	-131.06M	-88.26M	-188.34M
Operating Margin %	-2.26%	-0.09%	-0.71%	-0.16%	0.44%	-0.37%	-0.34%	-0.54%	-0.37%	-0.68%
Operating Income Growth %	-1.44%	0.87%	-6.81%	0.5%	9.23%	-1.48%	0.07%	0.21%	0.33%	-1.13%
EBITDA+	-86.04M	-7.31M	-85.52M	-39.73M	374.24M	-170.67M	-144.29M	-65.49M	-44.62M	-142.84M
EBITDA Margin %	-2.17%	-0.06%	-0.67%	-0.14%	0.45%	-0.36%	-0.3%	-0.27%	-0.19%	-0.52%
EBITDA Growth %	-1.69%	0.92%	-10.7%	0.54%	10.42%	-1.46%	0.15%	0.55%	0.32%	-2.2%
D&A (Non-Cash Add-back)	3.4M	4.18M	4.29M	5.08M	5.5M	7.96M	21.3M	65.57M	43.64M	45.5M
EBIT	-119.58M	-11.49M	-114.57M	-30.64M	368.75M	-178.63M	-122.23M	-61.69M	7.39M	-2.17M
Net Interest Income+	1.13M	8.26M	1.67M	3.87M	6.1M	-14.87M	-8.73M	8.94M	77.64M	88.86M
Interest Income	1.38M	1.61M	3.04M	5.22M	14.31M	10.03M	2.87M	18.09M	79.29M	89.77M
Interest Expense	252.83K	47K	936K	780K	1.3M	9.39M	11.59M	9.15M	1.65M	911K
Other Income/Expense	-30.18M	65.74M	-25.7M	15.6M	-219.89M	-131.14M	48.57M	60.21M	93.89M	185.25M
Pretax Income+	-119.63M	54.25M	-115.51M	-29.21M	148.85M	-309.77M	-123M	-70.85M	5.63M	-3.08M
Pretax Margin %	-3.02%	0.42%	-0.91%	-0.1%	0.18%	-0.65%	-0.25%	-0.29%	0.02%	-0.01%
Income Tax+	-1.22M	235K	198K	50K	165K	1.23M	2.42M	572K	9.61M	-1.8M
Effective Tax Rate %	0.99%	1%	1%	1%	1.01%	0.99%	1.02%	3.08%	37.64%	-24.01%
Net Income+	-118.41M	54.01M	-115.7M	-29.26M	149.84M	-305.44M	-125.42M	-217.99M	211.7M	74.08M
Net Margin %	-2.99%	0.42%	-0.91%	-0.1%	0.18%	-0.64%	-0.26%	-0.9%	0.88%	0.27%
Net Income Growth %	-4.57%	1.46%	-3.14%	0.75%	6.12%	-3.04%	0.59%	-0.74%	1.97%	-0.65%
Net Income (Continuing)	-118.41M	54.01M	-115.7M	-29.26M	148.69M	-311M	-125.42M	-71.42M	-3.99M	-1.28M
Discontinued Operations	0	0	0	0	1.16M	5.57M	0	-146.57M	215.69M	75.36M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-3.32	1.14	-2.34	-0.56	2.60	-4.78	-1.91	-3.32	-0.06	1.12
EPS Growth %	-4.02%	1.34%	-3.05%	0.76%	5.64%	-2.84%	0.6%	-0.74%	0.98%	19.51%
EPS (Basic)	-3.32	1.18	-2.34	-0.56	2.60	-4.78	-1.91	-3.32	-0.06	1.12
Diluted Shares Outstanding	35.7M	45.7M	49.48M	52.11M	57.61M	65.08M	65.5M	65.7M	65.93M	66.14M
Basic Shares Outstanding	35.67M	45.7M	49.45M	52.11M	57.61M	65.08M	65.5M	65.7M	65.93M	66.14M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	374.47M	1.01B	1.2B	1.33B	5.87B	5.37B	4.86B	4.24B	3.86B	3.34B
Cash & Short-Term Investments	340.31M	973.24M	1.15B	1.29B	5.78B	5.16B	4.7B	4.09B	3.68B	3.12B
Cash Only	340.31M	973.24M	1.15B	1.29B	1.86B	2.14B	2.23B	508.12M	166.8M	64.24M
Short-Term Investments	0	0	0	0	3.92B	3.03B	2.47B	3.59B	3.52B	3.05B
Accounts Receivable	16.06M	23.48M	41.79M	33.53M	80.11M	173.4M	128.6M	77.34M	65.66M	47.48M
Days Sales Outstanding	148.14	66.16	120.02	42.38	35.02	132.39	96.81	117.02	99.97	62.87
Inventory	325K	300K	279K	276K	255K	355K	20.57M	52.92M	73.98M	51.19M
Days Inventory Outstanding	0.91	0.78	0.47	0.31	0.22	0.25	4.61K	-	-	535.96
Other Current Assets	17.76M	10.19M	3.83M	4.1M	4.44M	33.91M	9.3M	12.03M	36.72M	123.11M
Total Non-Current Assets+	68.04M	76.11M	88.63M	110.64M	202.68M	348.38M	331.31M	497.5M	495.81M	796.27M
Property, Plant & Equipment	13.78M	14.96M	16.69M	23.14M	66.05M	103.38M	137.51M	154.25M	126.32M	122.9M
Fixed Asset Turnover	2.87x	8.66x	7.61x	12.48x	12.64x	4.62x	3.53x	1.56x	1.90x	2.24x
Goodwill	0	0	0	0	0	0	0	69.81M	69.56M	70.01M
Intangible Assets	1.55M	1.02M	2.5M	3.63M	24.93M	67.57M	60.1M	146.35M	127.91M	164.86M
Long-Term Investments	0	0	1.75M	6M	11.28M	8.95M	0	0	13.57M	253.12M
Other Non-Current Assets	50.98M	58.17M	65.7M	75.36M	96.22M	164.01M	129.66M	125.72M	157.32M	183.9M
Total Assets+	442.51M	1.08B	1.29B	1.44B	6.07B	5.72B	5.19B	4.73B	4.36B	4.14B
Asset Turnover	0.09x	0.12x	0.10x	0.20x	0.14x	0.08x	0.09x	0.05x	0.06x	0.07x
Asset Growth %	0.64%	1.45%	0.19%	0.12%	3.22%	-0.06%	-0.09%	-0.09%	-0.08%	-0.05%
Total Current Liabilities+	72.41M	103.79M	171.7M	219.91M	571.79M	635.27M	566.47M	522.54M	428.22M	335.08M
Accounts Payable	29.11M	31.21M	47.12M	68.04M	142.51M	171.32M	134.3M	133.3M	134.65M	97.78M
Days Payables Outstanding	81.92	81.61	78.72	76.91	123.82	119.41	30.09K	-	-	1.02K
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	368K	60K	0	1K	6.2M	12.08M	204K	8.51M	32.04M	232.72M
Current Ratio	5.17x	9.70x	6.98x	6.04x	10.26x	8.45x	8.58x	8.11x	9.02x	9.97x
Quick Ratio	5.17x	9.70x	6.97x	6.04x	10.26x	8.45x	8.55x	8.01x	8.84x	9.81x
Cash Conversion Cycle	67.13	-14.67	41.77	-34.23	-88.58	13.23	-25.39K	-	-	-424.89
Total Non-Current Liabilities+	5.1M	220.85M	102.59M	5.34M	2.62B	2.41B	1.98B	1.69B	1.13B	903.7M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	63K	9K	0	0	19.56M	23.04M	19.66M	14.69M	4.94M	8.24M
Deferred Tax Liabilities	0	0	0	0	0	0	0	20.15M	23.61M	20.66M
Other Non-Current Liabilities	5.04M	6.05M	5.24M	5.34M	15.25M	23.09M	18.83M	27.35M	33.86M	35.92M
Total Liabilities	77.52M	324.64M	274.29M	225.25M	3.19B	3.05B	2.55B	2.21B	1.56B	1.24B
Total Debt+	115K	63K	9K	0	25.38M	29.44M	26.86M	21.9M	9.6M	11.72M
Net Debt	-340.2M	-973.18M	-1.15B	-1.29B	-1.84B	-2.11B	-2.21B	-486.22M	-157.21M	-52.52M
Debt / Equity	0.00x	0.00x	0.00x	-	0.01x	0.01x	0.01x	0.01x	0.00x	0.00x
Debt / EBITDA	-	-	-	-	0.07x	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-4.91x	-	-	-	-	-
Interest Coverage	-353.77x	-244.49x	-95.94x	-57.44x	283.22x	-19.03x	-14.29x	-14.32x	-53.36x	-206.74x
Total Equity+	365M	758.7M	1.01B	1.21B	2.88B	2.67B	2.64B	2.53B	2.8B	2.9B
Equity Growth %	0.77%	1.08%	0.33%	0.2%	1.37%	-0.07%	-0.01%	-0.04%	0.11%	0.04%
Book Value per Share	10.22	16.60	20.45	23.30	49.91	41.04	40.36	38.45	42.40	43.80
Total Shareholders' Equity	365M	758.7M	1.01B	1.21B	2.88B	2.67B	2.64B	2.53B	2.8B	2.9B
Common Stock	185.4M	223.93M	233.41M	236.54M	287.28M	291.31M	292.07M	293.6M	293.94M	293.94M
Retained Earnings	-177.32M	-112.27M	-211.44M	-297.78M	-109.22M	-334.7M	-367.2M	-496.69M	-228.27M	-134.31M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-485K	-2.09M	-3.01M	-2.29M	-5.98M	-14.1M	-11.9M	-6.45M	-7.09M	314K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-114.59M	239.4M	-147.03M	-142.47M	3.6B	-427.34M	-503.83M	-500.54M	-405.97M	-320.03M
Operating CF Margin %	-2.9%	1.85%	-1.16%	-0.49%	4.31%	-0.89%	-1.04%	-2.07%	-1.69%	-1.16%
Operating CF Growth %	-0.52%	3.09%	-1.61%	0.03%	26.25%	-1.12%	-0.18%	0.01%	0.19%	0.21%
Net Income	-118.41M	54.01M	-115.7M	-29.26M	166.42M	-305.44M	-103.23M	-217.99M	211.7M	74.08M
Depreciation & Amortization	3.4M	4.18M	4.29M	5.08M	12.1M	18.68M	34.64M	65.57M	43.64M	35.4M
Stock-Based Compensation	5.04M	11.03M	16.54M	26.76M	0	79.96M	70.73M	88.51M	56.72M	0
Deferred Taxes	-1.22M	235K	198K	50K	0	2.12M	2.42M	2.84M	11.69M	-1.71M
Other Non-Cash Items	30.69M	-65.27M	26.22M	-11.71M	265.57M	131.22M	-78M	-60M	-37.28M	-362.76M
Working Capital Changes	-34.09M	235.21M	-78.56M	-133.39M	3.15B	-353.88M	-430.38M	-379.47M	-692.43M	-65.04M
Change in Receivables	-7.22M	-12.98M	-27.66M	-76K	-75.28M	-177.16M	79.86M	68.98M	-39.11M	-31.05M
Change in Inventory	-44K	25K	22K	3K	22.38K	-100K	-21.17M	-34.59M	-24.08M	23.04M
Change in Payables	-26.73M	2.1M	14.77M	20M	89.47M	0	0	0	0	0
Cash from Investing+	-4.3M	-7.29M	-549K	-15.91M	-4.22B	757.29M	541.24M	-1.25B	71.19M	220.6M
Capital Expenditures	-6.67M	-4.79M	-7.44M	-13.72M	-51.13M	-42.52M	-54.2M	-27.39M	-18.71M	-16.72M
CapEx % of Revenue	0.17%	0.04%	0.06%	0.05%	0.06%	0.09%	0.11%	0.11%	0.08%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.37M	253K	6.52M	-3.32M	0	-45.24M	-3.66M	-15.82M	16.62M	237.32M
Cash from Financing+	271.37M	396M	353.36M	287.88M	1.5B	22.04M	-3.88M	-1.49M	-5M	-4.92M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-7.29M	3.92M	-10.5M	-8.31M	0	28.29M	3.31M	6.7M	1.77M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-121.25M	234.61M	-154.47M	-156.18M	3.57B	-518.65M	-561.71M	-537.49M	-425.24M	-402.14M
FCF Margin %	-3.06%	1.81%	-1.22%	-0.54%	4.28%	-1.08%	-1.16%	-2.23%	-1.77%	-1.46%
FCF Growth %	-0.55%	2.93%	-1.66%	-0.01%	23.87%	-1.15%	-0.08%	0.04%	0.21%	0.05%
FCF per Share	-3.40	5.13	-3.12	-3.00	62.00	-7.97	-8.58	-8.18	-6.45	-6.08
FCF Conversion (FCF/Net Income)	0.97x	4.43x	1.27x	4.87x	24.00x	1.40x	4.02x	2.30x	-1.92x	-4.32x
Interest Paid	0	0	0	0	0	0	0	0	0	689K
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-41.46%	9.61%	-13.07%	-2.63%	7.33%	-11.01%	-4.72%	-8.43%	7.96%	2.6%
Return on Invested Capital (ROIC)	-309.21%	-	-	-	57.44%	-16.7%	-24.8%	-7.94%	-2.83%	-5.15%
Gross Margin	-227.87%	-7.76%	-71.93%	-11.79%	49.68%	-9.54%	99.66%	100%	100%	87.35%
Net Margin	-299.29%	41.7%	-91.04%	-10.13%	17.95%	-63.89%	-25.87%	-90.36%	88.31%	26.88%
Debt / Equity	0.00x	0.00x	0.00x	-	0.01x	0.01x	0.01x	0.01x	0.00x	0.00x
Interest Coverage	-353.77x	-244.49x	-95.94x	-57.44x	283.22x	-19.03x	-14.29x	-14.32x	-53.36x	-206.74x
FCF Conversion	0.97x	4.43x	1.27x	4.87x	24.00x	1.40x	4.02x	2.30x	-1.92x	-4.32x
Revenue Growth	-42.97%	227.37%	-1.88%	127.27%	189.06%	-42.74%	1.42%	-50.24%	-0.63%	14.99%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Upfront payments and milestone payments	-	-	-	235.7M	174.4M	-	-
Upfront payments and milestone payments Growth	-	-	-	-	-26.01%	-	-
Jyseleca	-	-	-	-	87.6M	-	-
Jyseleca Growth	-	-	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
United States	-	-	-	-	-	665.17M	266.59M
United States Growth	-	-	-	-	-	-	-59.92%
Europe	-	49.02M	5.61M	-	-	118.35M	46.58M
Europe Growth	-	-	-88.56%	-	-	-	-60.65%
North America	-	795.61M	-	-	-	-	-
North America Growth	-	-	-	-	-	-	-
Asia Pacific	114K	362K	-	-	-	-	-
Asia Pacific Growth	-	217.54%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Galapagos N.V. (GLPG) has a price-to-earnings (P/E) ratio of 30.4x. This suggests investors expect higher future growth.

Growth & Financials

Galapagos N.V. (GLPG) reported $286.9M in revenue for fiscal year 2024. This represents a 199% increase from $95.9M in 2011.

Galapagos N.V. (GLPG) grew revenue by 15.0% over the past year. This is steady growth.

Galapagos N.V. (GLPG) reported a net loss of $436.0M for fiscal year 2024.

Dividend & Returns

Galapagos N.V. (GLPG) has a return on equity (ROE) of 2.6%. This is below average, suggesting room for improvement.

Galapagos N.V. (GLPG) had negative free cash flow of $287.0M in fiscal year 2024, likely due to heavy capital investments.

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