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

GLPG •

HealthcareBiotechnologyImmunology and Inflammation Therapies

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 $1.11B +303.5%
EBITDA $485M +439.5%
Net Income $321M +333.2%
EPS (Diluted) 4.85 +333.0%
Gross Margin 56.02% -35.9%
EBITDA Margin 43.6% +184.1%
Operating Margin 40.56% +159.4%
Net Margin 28.85% +7.4%
ROE 10.47% +302.2%
ROIC 11.27% +318.8%
Debt/Equity 0.00 -7.6%
Interest Coverage 164.04 +179.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y sales CAGR of 18.4%
✓Trading at only 0.6x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y39.6%

5Y18.4%

3Y66.43%

TTM303.48%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM333.17%

EPS CAGR

10Y-

5Y-

3Y-

TTM345.28%

ROCE

10Y Avg-0.71%

5Y Avg-0.13%

3Y Avg1.92%

Latest12.79%

Peer Comparison

Immunology and Inflammation Therapies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TGTXTG Therapeutics, Inc.	4.75B	30.09	200.60	40.8%	13.31%	21.87%		1.14
APLSApellis Pharmaceuticals, Inc.	2.65B	20.96	116.44	-11.77%	3.25%	7.48%	1.71%	0.30
ARGXargenx SE	47.46B	766.92	60.01	78.6%	23.34%	15.14%		0.01
KNSAKiniksa Pharmaceuticals, Ltd.	3.39B	44.49	59.32	60.09%	17.52%	20.92%	0.75%	0.02
AUPHAurinia Pharmaceuticals Inc.	1.88B	14.17	6.85	20.38%	101.47%	49.4%	7.22%	0.13
GLPGGalapagos N.V.	2.22B	33.66	5.88	303.48%	28.85%	9.92%		0.00
AKTXAkari Therapeutics, Plc	12.56B	0.24	-0.00			-69.35%		0.15
RAPTRAPT Therapeutics, Inc.	7.65B	57.98	-2.27			-69.51%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	129.52M	127.09M	288.84M	834.9M	478.05M	484.85M	241.25M	239.72M	275.65M	1.11B
Revenue Growth %	227.37%	-1.88%	127.27%	189.06%	-42.74%	1.42%	-50.24%	-0.63%	14.99%	303.48%
Cost of Goods Sold+	139.57M	218.5M	322.88M	420.09M	523.67M	1.63M	0	0	34.86M	489.1M
COGS % of Revenue	107.77%	171.93%	111.79%	50.32%	109.54%	0.34%	-	-	12.65%	43.98%
Gross Profit+	-10.06M	-91.42M	-34.04M	414.81M	-45.61M	483.22M	241.25M	239.72M	240.79M	623.1M
Gross Margin %	-7.76%	-71.93%	-11.79%	49.68%	-9.54%	99.66%	100%	100%	87.35%	56.02%
Gross Profit Growth %	88.84%	-808.97%	62.76%	1318.6%	-111%	1159.36%	-50.07%	-0.63%	0.44%	158.78%
Operating Expenses+	141.01M	216.89M	333.64M	46.06M	133.02M	648.81M	372.31M	327.99M	429.12M	328M
OpEx % of Revenue	108.87%	170.66%	115.51%	5.52%	27.82%	133.82%	154.32%	136.82%	155.68%	29.49%
Selling, General & Admin	16.95M	20.56M	29.64M	96.96M	185.22M	167.22M	103.31M	94.25M	96.88M	153.4M
SG&A % of Revenue	13.08%	16.18%	10.26%	11.61%	38.75%	34.49%	42.82%	39.32%	35.15%	13.79%
Research & Development	139.57M	218.5M	322.88M	420.09M	523.67M	491.71M	269.8M	241.29M	335.46M	459.4M
R&D % of Revenue	107.77%	171.93%	111.79%	50.32%	109.54%	101.42%	111.83%	100.65%	121.7%	41.31%
Other Operating Expenses	-15.51M	-22.17M	-18.87M	-470.99M	-575.87M	-10.11M	-802K	-7.56M	-3.21M	-284.8M
Operating Income+	-11.49M	-89.8M	-44.81M	368.75M	-178.63M	-165.6M	-131.06M	-88.26M	-188.34M	451.12M
Operating Margin %	-8.87%	-70.66%	-15.51%	44.17%	-37.37%	-34.15%	-54.32%	-36.82%	-68.33%	40.56%
Operating Income Growth %	87.15%	-681.5%	50.1%	922.97%	-148.44%	7.3%	20.86%	32.65%	-113.38%	339.53%
EBITDA+	-7.31M	-85.52M	-39.73M	374.24M	-170.67M	-144.29M	-65.49M	-44.62M	-142.84M	484.9M
EBITDA Margin %	-5.64%	-67.29%	-13.75%	44.82%	-35.7%	-29.76%	-27.15%	-18.61%	-51.82%	43.6%
EBITDA Growth %	91.51%	-1070.02%	53.55%	1042.06%	-145.61%	15.46%	54.61%	31.87%	-220.12%	439.47%
D&A (Non-Cash Add-back)	4.18M	4.29M	5.08M	5.5M	7.96M	21.3M	65.57M	43.64M	45.5M	33.78M
EBIT	-11.49M	-114.57M	-30.64M	368.75M	-178.63M	-122.23M	-61.69M	7.39M	-2.17M	523.2M
Net Interest Income+	8.26M	1.67M	3.87M	14.17M	-150.48K	-8.73M	8.94M	77.64M	88.86M	-2.75M
Interest Income	1.61M	3.04M	5.22M	16.01M	11.43M	2.87M	18.09M	79.29M	89.77M	0
Interest Expense	47K	936K	780K	1.84M	11.58M	11.59M	9.15M	1.65M	911K	2.75M
Other Income/Expense	65.74M	-25.7M	15.6M	-219.89M	-131.14M	48.57M	60.21M	93.89M	185.25M	-162.13M
Pretax Income+	54.25M	-115.51M	-29.21M	148.85M	-309.77M	-123M	-70.85M	5.63M	-3.08M	289M
Pretax Margin %	41.88%	-90.89%	-10.11%	17.83%	-64.8%	-25.37%	-29.37%	2.35%	-1.12%	25.98%
Income Tax+	235K	198K	50K	165K	1.23M	2.42M	572K	9.61M	-1.8M	-17.89M
Effective Tax Rate %	99.57%	100.17%	100.17%	100.67%	98.6%	101.97%	307.68%	3763.5%	-2401.36%	111.04%
Net Income+	54.01M	-115.7M	-29.26M	149.84M	-305.44M	-125.42M	-217.99M	211.7M	74.08M	320.9M
Net Margin %	41.7%	-91.04%	-10.13%	17.95%	-63.89%	-25.87%	-90.36%	88.31%	26.88%	28.85%
Net Income Growth %	145.61%	-314.22%	74.71%	612.13%	-303.83%	58.94%	-73.81%	197.11%	-65.01%	333.17%
Net Income (Continuing)	54.01M	-115.7M	-29.26M	148.69M	-311M	-125.42M	-71.42M	-3.99M	-1.28M	319.5M
Discontinued Operations	0	0	0	1.16M	5.57M	0	-146.57M	215.69M	75.36M	1.4M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.14	-2.34	-0.56	2.60	-4.78	-1.91	-3.32	-0.06	1.12	4.85
EPS Growth %	134.34%	-305.26%	76.07%	564.29%	-283.85%	60.04%	-73.82%	98.18%	1951.24%	333.04%
EPS (Basic)	1.18	-2.34	-0.56	2.60	-4.78	-1.91	-3.32	-0.06	1.12	4.85
Diluted Shares Outstanding	45.7M	49.48M	52.11M	57.61M	65.08M	65.5M	65.7M	65.93M	66.14M	65.89M
Basic Shares Outstanding	45.7M	49.45M	52.11M	57.61M	65.08M	65.5M	65.7M	65.93M	66.14M	66.18M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.01B	1.2B	1.33B	5.87B	5.37B	4.86B	4.24B	3.86B	3.34B	3.08B
Cash & Short-Term Investments	973.24M	1.15B	1.29B	5.78B	5.16B	4.7B	4.09B	3.68B	3.12B	3B
Cash Only	973.24M	1.15B	1.29B	1.86B	2.14B	2.23B	508.12M	166.8M	64.24M	87.83M
Short-Term Investments	0	0	0	3.92B	3.03B	2.47B	3.59B	3.52B	3.05B	2.91B
Accounts Receivable	23.48M	41.79M	33.53M	80.11M	173.4M	128.6M	77.34M	65.66M	47.48M	51.89M
Days Sales Outstanding	66.16	120.02	42.38	35.02	132.39	96.81	117.02	99.97	62.87	17.03
Inventory	300K	279K	276K	255K	355K	20.57M	52.92M	73.98M	51.19M	0
Days Inventory Outstanding	0.78	0.47	0.31	0.22	0.25	4.61K	-	-	535.96	-
Other Current Assets	10.19M	3.83M	4.1M	4.44M	33.91M	9.3M	12.03M	36.72M	123.11M	29.48M
Total Non-Current Assets+	76.11M	88.63M	110.64M	202.68M	348.38M	331.31M	497.5M	495.81M	796.27M	326.92M
Property, Plant & Equipment	14.96M	16.69M	23.14M	66.05M	103.38M	137.51M	154.25M	126.32M	122.9M	0
Fixed Asset Turnover	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	69.81M	69.56M	70.01M	0
Intangible Assets	1.02M	2.5M	3.63M	24.93M	67.57M	60.1M	146.35M	127.91M	164.86M	847.64K
Long-Term Investments	0	1.75M	6M	11.28M	8.95M	0	0	13.57M	253.12M	221.13M
Other Non-Current Assets	58.17M	65.7M	75.36M	96.22M	164.01M	129.66M	125.72M	157.32M	183.9M	104.95M
Total Assets+	1.08B	1.29B	1.44B	6.07B	5.72B	5.19B	4.73B	4.36B	4.14B	3.41B
Asset Turnover	0.12x	0.10x	0.20x	0.14x	0.08x	0.09x	0.05x	0.06x	0.07x	0.33x
Asset Growth %	144.81%	18.73%	11.91%	321.58%	-5.78%	-9.17%	-8.83%	-7.96%	-5.09%	-17.67%
Total Current Liabilities+	103.79M	171.7M	219.91M	571.79M	635.27M	566.47M	522.54M	428.22M	335.08M	152.8M
Accounts Payable	31.21M	47.12M	68.04M	142.51M	171.32M	134.3M	133.3M	134.65M	97.78M	104.6M
Days Payables Outstanding	81.61	78.72	76.91	123.82	119.41	30.09K	-	-	1.02K	78.06
Short-Term Debt	0	0	0	0	0	0	0	0	0	1.73M
Deferred Revenue (Current)	70.83M	122.54M	149.8M	414.3M	443.16M	419.87M	365.63M	256.27M	0	0
Other Current Liabilities	60K	0	1K	6.2M	12.08M	204K	8.51M	32.04M	232.72M	45.51M
Current Ratio	9.70x	6.98x	6.04x	10.26x	8.45x	8.58x	8.11x	9.02x	9.97x	20.15x
Quick Ratio	9.70x	6.97x	6.04x	10.26x	8.45x	8.55x	8.01x	8.84x	9.81x	20.15x
Cash Conversion Cycle	-14.67	41.77	-34.23	-88.58	13.23	-25.39K	-	-	-424.89	-
Total Non-Current Liabilities+	220.85M	102.59M	5.34M	2.62B	2.41B	1.98B	1.69B	1.13B	903.7M	17.78M
Long-Term Debt	0	0	0	0	0	0	0	0	0	5.18M
Capital Lease Obligations	9K	0	0	19.56M	23.04M	19.66M	14.69M	4.94M	8.24M	5.18M
Deferred Tax Liabilities	0	0	0	0	0	0	20.15M	23.61M	20.66M	0
Other Non-Current Liabilities	6.05M	5.24M	5.34M	15.25M	23.09M	18.83M	27.35M	33.86M	35.92M	7.41M
Total Liabilities	324.64M	274.29M	225.25M	3.19B	3.05B	2.55B	2.21B	1.56B	1.24B	170.58M
Total Debt+	63K	9K	0	25.38M	29.44M	26.86M	21.9M	9.6M	11.72M	12.1M
Net Debt	-973.18M	-1.15B	-1.29B	-1.84B	-2.11B	-2.21B	-486.22M	-157.21M	-52.52M	-75.73M
Debt / Equity	0.00x	0.00x	-	0.01x	0.01x	0.01x	0.01x	0.00x	0.00x	0.00x
Debt / EBITDA	-	-	-	0.07x	-	-	-	-	-	0.02x
Net Debt / EBITDA	-	-	-	-4.91x	-	-	-	-	-	-0.16x
Interest Coverage	-244.49x	-95.94x	-57.44x	199.92x	-15.42x	-14.29x	-14.32x	-53.36x	-206.74x	164.04x
Total Equity+	758.7M	1.01B	1.21B	2.88B	2.67B	2.64B	2.53B	2.8B	2.9B	3.23B
Equity Growth %	107.86%	33.38%	19.99%	136.83%	-7.14%	-1.01%	-4.44%	10.67%	3.63%	11.65%
Book Value per Share	16.60	20.45	23.30	49.91	41.04	40.36	38.45	42.40	43.80	49.09
Total Shareholders' Equity	758.7M	1.01B	1.21B	2.88B	2.67B	2.64B	2.53B	2.8B	2.9B	3.23B
Common Stock	223.93M	233.41M	236.54M	287.28M	291.31M	292.07M	293.6M	293.94M	293.94M	293.81M
Retained Earnings	-112.27M	-211.44M	-297.78M	-109.22M	-334.7M	-367.2M	-496.69M	-228.27M	-134.31M	210.49M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.09M	-3.01M	-2.29M	-5.98M	-14.1M	-11.9M	-6.45M	-7.09M	314K	3M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	239.4M	-147.03M	-142.47M	3.6B	-427.34M	-503.83M	-500.54M	-405.97M	-320.03M	0
Operating CF Margin %	184.84%	-115.69%	-49.32%	430.82%	-89.39%	-103.91%	-207.48%	-169.35%	-116.1%	-
Operating CF Growth %	308.92%	-161.42%	3.1%	2624.74%	-111.88%	-17.9%	0.65%	18.89%	21.17%	100%
Net Income	54.01M	-115.7M	-29.26M	166.42M	-305.44M	-103.23M	-217.99M	211.7M	74.08M	320.9M
Depreciation & Amortization	4.18M	4.29M	5.08M	12.1M	18.68M	34.64M	65.57M	43.64M	35.4M	0
Stock-Based Compensation	11.03M	16.54M	26.76M	0	79.96M	70.73M	88.51M	56.72M	0	0
Deferred Taxes	235K	198K	50K	0	2.12M	2.42M	2.84M	11.69M	-1.71M	0
Other Non-Cash Items	-65.27M	26.22M	-11.71M	265.57M	131.22M	-78M	-60M	-37.28M	-362.76M	-320.9M
Working Capital Changes	235.21M	-78.56M	-133.39M	3.15B	-353.88M	-430.38M	-379.47M	-692.43M	-65.04M	0
Change in Receivables	-12.98M	-27.66M	-76K	-75.28M	-177.16M	79.86M	68.98M	-39.11M	-31.05M	0
Change in Inventory	25K	22K	3K	22.38K	-100K	-21.17M	-34.59M	-24.08M	23.04M	0
Change in Payables	2.1M	14.77M	20M	89.47M	0	0	0	0	0	0
Cash from Investing+	-7.29M	-549K	-15.91M	-4.22B	757.29M	541.24M	-1.25B	71.19M	220.6M	0
Capital Expenditures	-4.79M	-7.44M	-13.72M	-51.13M	-42.52M	-54.2M	-27.39M	-18.71M	-16.72M	0
CapEx % of Revenue	3.7%	5.85%	4.75%	6.12%	8.89%	11.18%	11.35%	7.8%	6.07%	-
Acquisitions	0	7K	3.33M	0	0	28.7M	-115.27M	-7M	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	253K	6.52M	-3.32M	0	-45.24M	-3.66M	-15.82M	16.62M	237.32M	0
Cash from Financing+	396M	353.36M	287.88M	1.5B	22.04M	-3.88M	-1.49M	-5M	-4.92M	0
Debt Issued (Net)	-49K	-65K	-5K	-5.7M	-6.25M	-7.19M	-8.18M	-6.77M	-4.92M	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	3.92M	-10.5M	-8.31M	0	28.29M	3.31M	6.7M	1.77M	0	0
Net Change in Cash	632.93M	177.97M	139.59M	382.13M	281.45M	90.3M	-1.73B	-341.31M	-102.57M	-64.24M
Free Cash Flow+	234.61M	-154.47M	-156.18M	3.57B	-518.65M	-561.71M	-537.49M	-425.24M	-402.14M	0
FCF Margin %	181.14%	-121.54%	-54.07%	427.82%	-108.49%	-115.85%	-222.8%	-177.39%	-145.89%	-
FCF Growth %	293.49%	-165.84%	-1.11%	2386.96%	-114.52%	-8.3%	4.31%	20.88%	5.43%	100%
FCF per Share	5.13	-3.12	-3.00	62.00	-7.97	-8.58	-8.18	-6.45	-6.08	-
FCF Conversion (FCF/Net Income)	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	689K	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.61%	-13.07%	-2.63%	7.33%	-11.01%	-4.72%	-8.43%	7.96%	2.6%	10.47%
Return on Invested Capital (ROIC)	-	-	-	57.44%	-16.7%	-24.8%	-7.94%	-2.83%	-5.15%	11.27%
Gross Margin	-7.76%	-71.93%	-11.79%	49.68%	-9.54%	99.66%	100%	100%	87.35%	56.02%
Net Margin	41.7%	-91.04%	-10.13%	17.95%	-63.89%	-25.87%	-90.36%	88.31%	26.88%	28.85%
Debt / Equity	0.00x	0.00x	-	0.01x	0.01x	0.01x	0.01x	0.00x	0.00x	0.00x
Interest Coverage	-244.49x	-95.94x	-57.44x	199.92x	-15.42x	-14.29x	-14.32x	-53.36x	-206.74x	164.04x
FCF Conversion	4.43x	1.27x	4.87x	24.00x	1.40x	4.02x	2.30x	-1.92x	-4.32x	-
Revenue Growth	227.37%	-1.88%	127.27%	189.06%	-42.74%	1.42%	-50.24%	-0.63%	14.99%	303.48%

US Stock Screener

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

GLPG •

HealthcareBiotechnologyImmunology and Inflammation Therapies

Revenue $1.11B +303.5%
EBITDA $485M +439.5%
Net Income $321M +333.2%
EPS (Diluted) 4.85 +333.0%
Gross Margin 56.02% -35.9%
EBITDA Margin 43.6% +184.1%
Operating Margin 40.56% +159.4%
Net Margin 28.85% +7.4%
ROE 10.47% +302.2%
ROIC 11.27% +318.8%
Debt/Equity 0.00 -7.6%
Interest Coverage 164.04 +179.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y sales CAGR of 18.4%
✓Trading at only 0.6x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y39.6%

5Y18.4%

3Y66.43%

TTM303.48%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM333.17%

EPS CAGR

10Y-

5Y-

3Y-

TTM345.28%

ROCE

10Y Avg-0.71%

5Y Avg-0.13%

3Y Avg1.92%

Latest12.79%

Peer Comparison

Immunology and Inflammation Therapies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TGTXTG Therapeutics, Inc.	4.75B	30.09	200.60	40.8%	13.31%	21.87%		1.14
APLSApellis Pharmaceuticals, Inc.	2.65B	20.96	116.44	-11.77%	3.25%	7.48%	1.71%	0.30
ARGXargenx SE	47.46B	766.92	60.01	78.6%	23.34%	15.14%		0.01
KNSAKiniksa Pharmaceuticals, Ltd.	3.39B	44.49	59.32	60.09%	17.52%	20.92%	0.75%	0.02
AUPHAurinia Pharmaceuticals Inc.	1.88B	14.17	6.85	20.38%	101.47%	49.4%	7.22%	0.13
GLPGGalapagos N.V.	2.22B	33.66	5.88	303.48%	28.85%	9.92%		0.00
AKTXAkari Therapeutics, Plc	12.56B	0.24	-0.00			-69.35%		0.15
RAPTRAPT Therapeutics, Inc.	7.65B	57.98	-2.27			-69.51%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	129.52M	127.09M	288.84M	834.9M	478.05M	484.85M	241.25M	239.72M	275.65M	1.11B
Revenue Growth %	227.37%	-1.88%	127.27%	189.06%	-42.74%	1.42%	-50.24%	-0.63%	14.99%	303.48%
Cost of Goods Sold+	139.57M	218.5M	322.88M	420.09M	523.67M	1.63M	0	0	34.86M	489.1M
COGS % of Revenue	107.77%	171.93%	111.79%	50.32%	109.54%	0.34%	-	-	12.65%	43.98%
Gross Profit+	-10.06M	-91.42M	-34.04M	414.81M	-45.61M	483.22M	241.25M	239.72M	240.79M	623.1M
Gross Margin %	-7.76%	-71.93%	-11.79%	49.68%	-9.54%	99.66%	100%	100%	87.35%	56.02%
Gross Profit Growth %	88.84%	-808.97%	62.76%	1318.6%	-111%	1159.36%	-50.07%	-0.63%	0.44%	158.78%
Operating Expenses+	141.01M	216.89M	333.64M	46.06M	133.02M	648.81M	372.31M	327.99M	429.12M	328M
OpEx % of Revenue	108.87%	170.66%	115.51%	5.52%	27.82%	133.82%	154.32%	136.82%	155.68%	29.49%
Selling, General & Admin	16.95M	20.56M	29.64M	96.96M	185.22M	167.22M	103.31M	94.25M	96.88M	153.4M
SG&A % of Revenue	13.08%	16.18%	10.26%	11.61%	38.75%	34.49%	42.82%	39.32%	35.15%	13.79%
Research & Development	139.57M	218.5M	322.88M	420.09M	523.67M	491.71M	269.8M	241.29M	335.46M	459.4M
R&D % of Revenue	107.77%	171.93%	111.79%	50.32%	109.54%	101.42%	111.83%	100.65%	121.7%	41.31%
Other Operating Expenses	-15.51M	-22.17M	-18.87M	-470.99M	-575.87M	-10.11M	-802K	-7.56M	-3.21M	-284.8M
Operating Income+	-11.49M	-89.8M	-44.81M	368.75M	-178.63M	-165.6M	-131.06M	-88.26M	-188.34M	451.12M
Operating Margin %	-8.87%	-70.66%	-15.51%	44.17%	-37.37%	-34.15%	-54.32%	-36.82%	-68.33%	40.56%
Operating Income Growth %	87.15%	-681.5%	50.1%	922.97%	-148.44%	7.3%	20.86%	32.65%	-113.38%	339.53%
EBITDA+	-7.31M	-85.52M	-39.73M	374.24M	-170.67M	-144.29M	-65.49M	-44.62M	-142.84M	484.9M
EBITDA Margin %	-5.64%	-67.29%	-13.75%	44.82%	-35.7%	-29.76%	-27.15%	-18.61%	-51.82%	43.6%
EBITDA Growth %	91.51%	-1070.02%	53.55%	1042.06%	-145.61%	15.46%	54.61%	31.87%	-220.12%	439.47%
D&A (Non-Cash Add-back)	4.18M	4.29M	5.08M	5.5M	7.96M	21.3M	65.57M	43.64M	45.5M	33.78M
EBIT	-11.49M	-114.57M	-30.64M	368.75M	-178.63M	-122.23M	-61.69M	7.39M	-2.17M	523.2M
Net Interest Income+	8.26M	1.67M	3.87M	14.17M	-150.48K	-8.73M	8.94M	77.64M	88.86M	-2.75M
Interest Income	1.61M	3.04M	5.22M	16.01M	11.43M	2.87M	18.09M	79.29M	89.77M	0
Interest Expense	47K	936K	780K	1.84M	11.58M	11.59M	9.15M	1.65M	911K	2.75M
Other Income/Expense	65.74M	-25.7M	15.6M	-219.89M	-131.14M	48.57M	60.21M	93.89M	185.25M	-162.13M
Pretax Income+	54.25M	-115.51M	-29.21M	148.85M	-309.77M	-123M	-70.85M	5.63M	-3.08M	289M
Pretax Margin %	41.88%	-90.89%	-10.11%	17.83%	-64.8%	-25.37%	-29.37%	2.35%	-1.12%	25.98%
Income Tax+	235K	198K	50K	165K	1.23M	2.42M	572K	9.61M	-1.8M	-17.89M
Effective Tax Rate %	99.57%	100.17%	100.17%	100.67%	98.6%	101.97%	307.68%	3763.5%	-2401.36%	111.04%
Net Income+	54.01M	-115.7M	-29.26M	149.84M	-305.44M	-125.42M	-217.99M	211.7M	74.08M	320.9M
Net Margin %	41.7%	-91.04%	-10.13%	17.95%	-63.89%	-25.87%	-90.36%	88.31%	26.88%	28.85%
Net Income Growth %	145.61%	-314.22%	74.71%	612.13%	-303.83%	58.94%	-73.81%	197.11%	-65.01%	333.17%
Net Income (Continuing)	54.01M	-115.7M	-29.26M	148.69M	-311M	-125.42M	-71.42M	-3.99M	-1.28M	319.5M
Discontinued Operations	0	0	0	1.16M	5.57M	0	-146.57M	215.69M	75.36M	1.4M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.14	-2.34	-0.56	2.60	-4.78	-1.91	-3.32	-0.06	1.12	4.85
EPS Growth %	134.34%	-305.26%	76.07%	564.29%	-283.85%	60.04%	-73.82%	98.18%	1951.24%	333.04%
EPS (Basic)	1.18	-2.34	-0.56	2.60	-4.78	-1.91	-3.32	-0.06	1.12	4.85
Diluted Shares Outstanding	45.7M	49.48M	52.11M	57.61M	65.08M	65.5M	65.7M	65.93M	66.14M	65.89M
Basic Shares Outstanding	45.7M	49.45M	52.11M	57.61M	65.08M	65.5M	65.7M	65.93M	66.14M	66.18M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.01B	1.2B	1.33B	5.87B	5.37B	4.86B	4.24B	3.86B	3.34B	3.08B
Cash & Short-Term Investments	973.24M	1.15B	1.29B	5.78B	5.16B	4.7B	4.09B	3.68B	3.12B	3B
Cash Only	973.24M	1.15B	1.29B	1.86B	2.14B	2.23B	508.12M	166.8M	64.24M	87.83M
Short-Term Investments	0	0	0	3.92B	3.03B	2.47B	3.59B	3.52B	3.05B	2.91B
Accounts Receivable	23.48M	41.79M	33.53M	80.11M	173.4M	128.6M	77.34M	65.66M	47.48M	51.89M
Days Sales Outstanding	66.16	120.02	42.38	35.02	132.39	96.81	117.02	99.97	62.87	17.03
Inventory	300K	279K	276K	255K	355K	20.57M	52.92M	73.98M	51.19M	0
Days Inventory Outstanding	0.78	0.47	0.31	0.22	0.25	4.61K	-	-	535.96	-
Other Current Assets	10.19M	3.83M	4.1M	4.44M	33.91M	9.3M	12.03M	36.72M	123.11M	29.48M
Total Non-Current Assets+	76.11M	88.63M	110.64M	202.68M	348.38M	331.31M	497.5M	495.81M	796.27M	326.92M
Property, Plant & Equipment	14.96M	16.69M	23.14M	66.05M	103.38M	137.51M	154.25M	126.32M	122.9M	0
Fixed Asset Turnover	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	69.81M	69.56M	70.01M	0
Intangible Assets	1.02M	2.5M	3.63M	24.93M	67.57M	60.1M	146.35M	127.91M	164.86M	847.64K
Long-Term Investments	0	1.75M	6M	11.28M	8.95M	0	0	13.57M	253.12M	221.13M
Other Non-Current Assets	58.17M	65.7M	75.36M	96.22M	164.01M	129.66M	125.72M	157.32M	183.9M	104.95M
Total Assets+	1.08B	1.29B	1.44B	6.07B	5.72B	5.19B	4.73B	4.36B	4.14B	3.41B
Asset Turnover	0.12x	0.10x	0.20x	0.14x	0.08x	0.09x	0.05x	0.06x	0.07x	0.33x
Asset Growth %	144.81%	18.73%	11.91%	321.58%	-5.78%	-9.17%	-8.83%	-7.96%	-5.09%	-17.67%
Total Current Liabilities+	103.79M	171.7M	219.91M	571.79M	635.27M	566.47M	522.54M	428.22M	335.08M	152.8M
Accounts Payable	31.21M	47.12M	68.04M	142.51M	171.32M	134.3M	133.3M	134.65M	97.78M	104.6M
Days Payables Outstanding	81.61	78.72	76.91	123.82	119.41	30.09K	-	-	1.02K	78.06
Short-Term Debt	0	0	0	0	0	0	0	0	0	1.73M
Deferred Revenue (Current)	70.83M	122.54M	149.8M	414.3M	443.16M	419.87M	365.63M	256.27M	0	0
Other Current Liabilities	60K	0	1K	6.2M	12.08M	204K	8.51M	32.04M	232.72M	45.51M
Current Ratio	9.70x	6.98x	6.04x	10.26x	8.45x	8.58x	8.11x	9.02x	9.97x	20.15x
Quick Ratio	9.70x	6.97x	6.04x	10.26x	8.45x	8.55x	8.01x	8.84x	9.81x	20.15x
Cash Conversion Cycle	-14.67	41.77	-34.23	-88.58	13.23	-25.39K	-	-	-424.89	-
Total Non-Current Liabilities+	220.85M	102.59M	5.34M	2.62B	2.41B	1.98B	1.69B	1.13B	903.7M	17.78M
Long-Term Debt	0	0	0	0	0	0	0	0	0	5.18M
Capital Lease Obligations	9K	0	0	19.56M	23.04M	19.66M	14.69M	4.94M	8.24M	5.18M
Deferred Tax Liabilities	0	0	0	0	0	0	20.15M	23.61M	20.66M	0
Other Non-Current Liabilities	6.05M	5.24M	5.34M	15.25M	23.09M	18.83M	27.35M	33.86M	35.92M	7.41M
Total Liabilities	324.64M	274.29M	225.25M	3.19B	3.05B	2.55B	2.21B	1.56B	1.24B	170.58M
Total Debt+	63K	9K	0	25.38M	29.44M	26.86M	21.9M	9.6M	11.72M	12.1M
Net Debt	-973.18M	-1.15B	-1.29B	-1.84B	-2.11B	-2.21B	-486.22M	-157.21M	-52.52M	-75.73M
Debt / Equity	0.00x	0.00x	-	0.01x	0.01x	0.01x	0.01x	0.00x	0.00x	0.00x
Debt / EBITDA	-	-	-	0.07x	-	-	-	-	-	0.02x
Net Debt / EBITDA	-	-	-	-4.91x	-	-	-	-	-	-0.16x
Interest Coverage	-244.49x	-95.94x	-57.44x	199.92x	-15.42x	-14.29x	-14.32x	-53.36x	-206.74x	164.04x
Total Equity+	758.7M	1.01B	1.21B	2.88B	2.67B	2.64B	2.53B	2.8B	2.9B	3.23B
Equity Growth %	107.86%	33.38%	19.99%	136.83%	-7.14%	-1.01%	-4.44%	10.67%	3.63%	11.65%
Book Value per Share	16.60	20.45	23.30	49.91	41.04	40.36	38.45	42.40	43.80	49.09
Total Shareholders' Equity	758.7M	1.01B	1.21B	2.88B	2.67B	2.64B	2.53B	2.8B	2.9B	3.23B
Common Stock	223.93M	233.41M	236.54M	287.28M	291.31M	292.07M	293.6M	293.94M	293.94M	293.81M
Retained Earnings	-112.27M	-211.44M	-297.78M	-109.22M	-334.7M	-367.2M	-496.69M	-228.27M	-134.31M	210.49M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.09M	-3.01M	-2.29M	-5.98M	-14.1M	-11.9M	-6.45M	-7.09M	314K	3M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	239.4M	-147.03M	-142.47M	3.6B	-427.34M	-503.83M	-500.54M	-405.97M	-320.03M	0
Operating CF Margin %	184.84%	-115.69%	-49.32%	430.82%	-89.39%	-103.91%	-207.48%	-169.35%	-116.1%	-
Operating CF Growth %	308.92%	-161.42%	3.1%	2624.74%	-111.88%	-17.9%	0.65%	18.89%	21.17%	100%
Net Income	54.01M	-115.7M	-29.26M	166.42M	-305.44M	-103.23M	-217.99M	211.7M	74.08M	320.9M
Depreciation & Amortization	4.18M	4.29M	5.08M	12.1M	18.68M	34.64M	65.57M	43.64M	35.4M	0
Stock-Based Compensation	11.03M	16.54M	26.76M	0	79.96M	70.73M	88.51M	56.72M	0	0
Deferred Taxes	235K	198K	50K	0	2.12M	2.42M	2.84M	11.69M	-1.71M	0
Other Non-Cash Items	-65.27M	26.22M	-11.71M	265.57M	131.22M	-78M	-60M	-37.28M	-362.76M	-320.9M
Working Capital Changes	235.21M	-78.56M	-133.39M	3.15B	-353.88M	-430.38M	-379.47M	-692.43M	-65.04M	0
Change in Receivables	-12.98M	-27.66M	-76K	-75.28M	-177.16M	79.86M	68.98M	-39.11M	-31.05M	0
Change in Inventory	25K	22K	3K	22.38K	-100K	-21.17M	-34.59M	-24.08M	23.04M	0
Change in Payables	2.1M	14.77M	20M	89.47M	0	0	0	0	0	0
Cash from Investing+	-7.29M	-549K	-15.91M	-4.22B	757.29M	541.24M	-1.25B	71.19M	220.6M	0
Capital Expenditures	-4.79M	-7.44M	-13.72M	-51.13M	-42.52M	-54.2M	-27.39M	-18.71M	-16.72M	0
CapEx % of Revenue	3.7%	5.85%	4.75%	6.12%	8.89%	11.18%	11.35%	7.8%	6.07%	-
Acquisitions	0	7K	3.33M	0	0	28.7M	-115.27M	-7M	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	253K	6.52M	-3.32M	0	-45.24M	-3.66M	-15.82M	16.62M	237.32M	0
Cash from Financing+	396M	353.36M	287.88M	1.5B	22.04M	-3.88M	-1.49M	-5M	-4.92M	0
Debt Issued (Net)	-49K	-65K	-5K	-5.7M	-6.25M	-7.19M	-8.18M	-6.77M	-4.92M	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	3.92M	-10.5M	-8.31M	0	28.29M	3.31M	6.7M	1.77M	0	0
Net Change in Cash	632.93M	177.97M	139.59M	382.13M	281.45M	90.3M	-1.73B	-341.31M	-102.57M	-64.24M
Free Cash Flow+	234.61M	-154.47M	-156.18M	3.57B	-518.65M	-561.71M	-537.49M	-425.24M	-402.14M	0
FCF Margin %	181.14%	-121.54%	-54.07%	427.82%	-108.49%	-115.85%	-222.8%	-177.39%	-145.89%	-
FCF Growth %	293.49%	-165.84%	-1.11%	2386.96%	-114.52%	-8.3%	4.31%	20.88%	5.43%	100%
FCF per Share	5.13	-3.12	-3.00	62.00	-7.97	-8.58	-8.18	-6.45	-6.08	-
FCF Conversion (FCF/Net Income)	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	689K	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.61%	-13.07%	-2.63%	7.33%	-11.01%	-4.72%	-8.43%	7.96%	2.6%	10.47%
Return on Invested Capital (ROIC)	-	-	-	57.44%	-16.7%	-24.8%	-7.94%	-2.83%	-5.15%	11.27%
Gross Margin	-7.76%	-71.93%	-11.79%	49.68%	-9.54%	99.66%	100%	100%	87.35%	56.02%
Net Margin	41.7%	-91.04%	-10.13%	17.95%	-63.89%	-25.87%	-90.36%	88.31%	26.88%	28.85%
Debt / Equity	0.00x	0.00x	-	0.01x	0.01x	0.01x	0.01x	0.00x	0.00x	0.00x
Interest Coverage	-244.49x	-95.94x	-57.44x	199.92x	-15.42x	-14.29x	-14.32x	-53.36x	-206.74x	164.04x
FCF Conversion	4.43x	1.27x	4.87x	24.00x	1.40x	4.02x	2.30x	-1.92x	-4.32x	-
Revenue Growth	227.37%	-1.88%	127.27%	189.06%	-42.74%	1.42%	-50.24%	-0.63%	14.99%	303.48%

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare GLPG vs Peers

vs ARGX

vs CANF

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare GLPG vs Peers

vs ARGX

vs CANF

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios