Revenue growth has contracted sharply, evidenced by a 91.4% year-over-year decline in 2026Q1, while margins remain distorted by the erratic recognition of collaboration-based income.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 1.04B | 1.11B | 275.65M | 239.72M | 241.25M | 484.85M | 478.05M | 834.9M | 288.84M | 127.09M | 129.52M | 39.56M | 69.37M | 137.7M | 136.27M | 95.89M | 122.41M | 93.09M | 76.98M | 65.94M | 35.15M | 11.24M | 7.78M |
| Revenue Growth % | 262.17% | 303.5% | 14.99% | -0.63% | -50.24% | 1.42% | -42.74% | 189.06% | 127.27% | -1.88% | 227.37% | -42.97% | -49.62% | 1.05% | 42.11% | -21.67% | 31.5% | 20.93% | 16.75% | 87.57% | 212.74% | 44.53% | - |
| Cost of Goods Sold | 20.81M | 29.74M | 34.86M | 0 | 0 | 1.63M | 523.67M | 420.09M | 322.88M | 218.5M | 139.57M | 129.71M | 111.11M | 41.3M | 48.18M | 124.99M | 116.02M | 85.1M | 27.77M | 30.17M | 19.53M | 4.83M | 1.29M |
| COGS % of Revenue | - | 2.67% | 12.65% | - | - | 0.34% | 109.54% | 50.32% | 111.79% | 171.93% | 107.77% | 327.87% | 160.17% | 29.99% | 35.36% | 130.35% | 94.78% | 91.41% | 36.07% | 45.75% | 55.57% | 42.96% | 16.56% |
| Gross Profit | 1.02B | 1.08B | 240.79M | 239.72M | 241.25M | 483.22M | -45.61M | 414.81M | -34.04M | -91.42M | -10.06M | -90.15M | -41.74M | 96.4M | 88.09M | -29.1M | 6.39M | 7.99M | 49.21M | 35.77M | 15.62M | 6.41M | 6.49M |
| Gross Margin % | 98.01% | 97.33% | 87.35% | 100% | 100% | 99.66% | -9.54% | 49.68% | -11.79% | -71.93% | -7.76% | -227.87% | -60.17% | 70.01% | 64.64% | -30.35% | 5.22% | 8.59% | 63.93% | 54.25% | 44.43% | 57.04% | 83.44% |
| Gross Profit Growth % | - | 349.57% | 0.44% | -0.63% | -50.07% | 1159.36% | -111% | 1318.6% | 62.76% | -808.97% | 88.84% | -115.97% | -143.3% | 9.43% | 402.73% | -555.1% | -19.99% | -83.76% | 37.57% | 129.02% | 143.63% | -1.2% | - |
| Operating Expenses | 631.3M | 581.12M | 429.12M | 327.99M | 372.31M | 648.81M | 133.02M | 46.06M | 333.64M | 216.89M | 141.01M | 129.01M | 105.32M | 106.37M | 90.19M | 3.84M | 4.92M | 6.06M | 61.3M | 50.99M | 26.8M | 12.78M | 10.1M |
| OpEx % of Revenue | - | 52.25% | 155.68% | 136.82% | 154.32% | 133.82% | 27.82% | 5.52% | 115.51% | 170.66% | 108.87% | 326.08% | 151.83% | 77.25% | 66.18% | 4% | 4.02% | 6.51% | 79.63% | 77.33% | 76.25% | 113.7% | 129.83% |
| Selling, General & Admin | 91.79M | 111.96M | 96.88M | 94.25M | 103.31M | 167.22M | 185.22M | 96.96M | 29.64M | 20.56M | 16.95M | 20.31M | 9.08M | 21.76M | 20.4M | 25.39M | 24.07M | 19.01M | 23.4M | 21.9M | 13.94M | 6.16M | 4.65M |
| SG&A % of Revenue | - | 10.07% | 35.15% | 39.32% | 42.82% | 34.49% | 38.75% | 11.61% | 10.26% | 16.18% | 13.08% | 51.33% | 13.09% | 15.8% | 14.97% | 26.48% | 19.66% | 20.42% | 30.4% | 33.21% | 39.64% | 54.79% | 59.84% |
| Research & Development | 307.63M | 459.42M | 335.46M | 241.29M | 269.8M | 491.71M | 523.67M | 420.09M | 322.88M | 218.5M | 139.57M | 129.71M | 111.11M | 99.38M | 80.26M | 0 | 0 | 0 | 38.73M | 30.63M | 15.86M | 6.7M | 5.44M |
| R&D % of Revenue | - | 41.31% | 121.7% | 100.65% | 111.83% | 101.42% | 109.54% | 50.32% | 111.79% | 171.93% | 107.77% | 327.87% | 160.17% | 72.17% | 58.9% | - | - | - | 50.31% | 46.46% | 45.13% | 59.61% | 69.99% |
| Other Operating Expenses | 2M | 9.74M | -3.21M | -7.56M | -802K | -10.11M | -575.87M | -470.99M | -18.87M | -22.17M | -15.51M | -14.63M | -14.87M | -14.77M | -10.47M | -21.56M | -19.15M | -12.95M | -825K | -1.54M | -2.99M | -78K | 0 |
| Operating Income | 391.64M | 501.39M | -188.34M | -88.26M | -131.06M | -165.6M | -178.63M | 368.75M | -44.81M | -89.8M | -11.49M | -89.44M | -36.62M | -11.02M | -6.61M | -32.94M | 1.03M | 1.66M | -15.21M | -21.84M | -11.81M | -6.65M | -3.61M |
| Operating Margin % | 37.52% | 45.08% | -68.33% | -36.82% | -54.32% | -34.15% | -37.37% | 44.17% | -15.51% | -70.66% | -8.87% | -226.08% | -52.8% | -8% | -4.85% | -34.35% | 0.84% | 1.78% | -19.77% | -33.12% | -33.59% | -59.16% | -46.39% |
| Operating Income Growth % | - | 366.22% | -113.38% | 32.65% | 20.86% | 7.3% | -148.44% | 922.97% | 50.1% | -681.5% | 87.15% | -144.22% | -232.34% | -66.72% | 79.93% | -3294.47% | -37.78% | 110.89% | 30.33% | -84.97% | -77.55% | -84.31% | - |
| EBITDA | 157.69M | 557.27M | -142.84M | -44.62M | -65.49M | -144.29M | -170.67M | 374.24M | -39.73M | -85.52M | -7.31M | -86.04M | -31.98M | -2.87M | 2.4M | -20.84M | 12.67M | 8.61M | -7.85M | -13.49M | -7.08M | -5.33M | -2.6M |
| EBITDA Margin % | 15.11% | 50.1% | -51.82% | -18.61% | -27.15% | -29.76% | -35.7% | 44.82% | -13.75% | -67.29% | -5.64% | -217.48% | -46.09% | -2.08% | 1.76% | -21.73% | 10.35% | 9.25% | -10.2% | -20.45% | -20.14% | -47.46% | -33.5% |
| EBITDA Growth % | 151.69% | 490.14% | -220.12% | 31.87% | 54.61% | 15.46% | -145.61% | 1042.06% | 53.55% | -1070.02% | 91.51% | -169.09% | -1015.67% | -219.47% | 111.51% | -264.53% | 47.07% | 209.72% | 41.8% | -90.45% | -32.73% | -104.8% | - |
| D&A (Non-Cash Add-back) | 8.44M | 55.88M | 45.5M | 43.64M | 65.57M | 21.3M | 7.96M | 5.5M | 5.08M | 4.29M | 4.18M | 3.4M | 4.65M | 8.15M | 9.01M | 12.1M | 11.63M | 6.96M | 7.37M | 8.35M | 4.73M | 1.31M | 1M |
| EBIT | 197.7M | 303.09M | -2.17M | 7.39M | -61.69M | -122.23M | -178.63M | 368.75M | -30.64M | -114.57M | -11.49M | -119.58M | -35.09M | -15.98M | -5M | -33.59M | 2.15M | 2.4M | -9.25M | -21.72M | -11.44M | -6.28M | -3.41M |
| Net Interest Income | -7K | 44.12M | 88.86M | 77.64M | 8.94M | -8.73M | -150.48K | 14.17M | 3.87M | 1.67M | 8.26M | 1.13M | 1.88M | 1.32M | 1.46M | -793K | -443K | 27K | -3.26M | -666K | -687K | -1K | 40K |
| Interest Income | 23.51M | 46.34M | 89.77M | 79.29M | 18.09M | 2.87M | 11.43M | 16.01M | 5.22M | 3.04M | 1.61M | 1.38M | 1.16M | 1.19M | 1.02M | 859K | 1.11M | 738K | 1.86M | 1.08M | 370K | 368K | 202K |
| Interest Expense | 23.52M | 2.22M | 911K | 1.65M | 9.15M | 11.59M | 11.58M | 1.84M | 780K | 936K | 47K | 252.83K | 110K | 157K | 150K | 1.65M | 1.56M | 711K | 5.13M | 1.75M | 1.06M | 369K | 162K |
| Other Income/Expense | 79.55M | -200.52M | 185.25M | 93.89M | 60.21M | 48.57M | -131.14M | -219.89M | 15.6M | -25.7M | 65.74M | -30.18M | 1.42M | 780K | 2.87M | -792K | -443K | 26K | -3.26M | -666K | -687K | -1K | 40K |
| Pretax Income | 471.19M | 300.87M | -3.08M | 5.63M | -70.85M | -123M | -309.77M | 148.85M | -29.21M | -115.51M | 54.25M | -119.63M | -35.2M | -11.19M | -5.15M | -33.73M | 588K | 1.69M | -18.48M | -22.51M | -12.49M | -6.65M | -3.57M |
| Pretax Margin % | 45.14% | 27.05% | -1.12% | 2.35% | -29.37% | -25.37% | -64.8% | 17.83% | -10.11% | -90.89% | 41.88% | -302.37% | -50.75% | -8.13% | -3.78% | -35.17% | 0.48% | 1.81% | -24% | -34.13% | -35.54% | -59.17% | -45.88% |
| Income Tax | -16.74M | -18.62M | -1.8M | 9.61M | 572K | 2.42M | 1.23M | 165K | 50K | 198K | 235K | -1.22M | 2.1M | -3.12M | 569K | -630K | -3.78M | -1.32M | -3.89M | -558K | -1.16M | -110K | 21K |
| Effective Tax Rate % | -3.55% | -6.19% | 58.44% | 170.9% | -0.81% | -1.97% | -0.4% | 0.11% | -0.17% | -0.17% | 0.43% | 1.02% | -5.97% | 27.83% | -11.04% | 1.87% | -643.2% | -78.58% | 21.07% | 2.48% | 9.28% | 1.65% | -0.59% |
| Net Income | 488.78M | 320.88M | 74.08M | 211.7M | -217.99M | -125.42M | -305.44M | 149.84M | -29.26M | -115.7M | 54.01M | -118.41M | 33.21M | -8.08M | -5.72M | -33.1M | 4.37M | 3.01M | -14.58M | -21.95M | -11.34M | -6.54M | -3.59M |
| Net Margin % | 46.83% | 28.85% | 26.88% | 88.31% | -90.36% | -25.87% | -63.89% | 17.95% | -10.13% | -91.04% | 41.7% | -299.29% | 47.88% | -5.87% | -4.2% | -34.52% | 3.57% | 3.23% | -18.95% | -33.29% | -32.25% | -58.19% | -46.15% |
| Net Income Growth % | 388.3% | 333.15% | -65.01% | 197.11% | -73.81% | 58.94% | -303.83% | 612.13% | 74.71% | -314.22% | 145.61% | -456.54% | 511.08% | -41.22% | 82.71% | -857.37% | 45.18% | 120.64% | 33.55% | -93.63% | -73.29% | -82.25% | - |
| Net Income (Continuing) | 487.93M | 319.49M | -1.28M | -3.99M | -71.42M | -125.42M | -311M | 148.69M | -29.26M | -115.7M | 54.01M | -118.41M | -37.3M | -16.81M | -5.72M | -33.1M | 4.37M | 3.01M | -14.58M | -21.95M | -11.34M | -6.54M | -3.59M |
| Discontinued Operations | 263K | 1.39M | 75.36M | 215.69M | -146.57M | 0 | 5.57M | 1.16M | 0 | 0 | 0 | 0 | 70.51M | 8.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.42 | 4.85 | 1.12 | -0.06 | -3.32 | -1.91 | -4.78 | 2.60 | -0.56 | -2.34 | 1.14 | -3.32 | 1.10 | -0.28 | -0.22 | -1.25 | 0.17 | 0.13 | -0.69 | -1.06 | -0.84 | -0.73 | -0.60 |
| EPS Growth % | 379.92% | 333.04% | 1951.24% | 98.18% | -73.82% | 60.04% | -283.85% | 564.29% | 76.07% | -305.26% | 134.34% | -401.82% | 492.86% | -27.27% | 82.4% | -835.29% | 30.77% | 118.84% | 34.91% | -26.19% | -15.07% | -21.67% | - |
| EPS (Basic) | - | 4.85 | 1.12 | -0.06 | -3.32 | -1.91 | -4.78 | 2.60 | -0.56 | -2.34 | 1.18 | -3.32 | 1.10 | -0.28 | -0.22 | -1.25 | 0.17 | 0.14 | -0.69 | -1.06 | -0.84 | -0.73 | -0.60 |
| Diluted Shares Outstanding | 65.87M | 65.89M | 66.14M | 65.93M | 65.7M | 65.5M | 65.08M | 57.61M | 52.11M | 49.48M | 45.7M | 35.7M | 30.11M | 28.79M | 26.55M | 26.4M | 24.28M | 21.66M | 21.19M | 20.68M | 13.54M | 8.94M | 5.94M |
| Basic Shares Outstanding | 65.87M | 66.18M | 66.14M | 65.93M | 65.7M | 65.5M | 65.08M | 57.61M | 52.11M | 49.45M | 45.7M | 35.67M | 30.08M | 28.79M | 26.55M | 26.4M | 24.28M | 21.66M | 21.19M | 20.68M | 13.54M | 8.94M | 5.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical and liquidity volatility
As reported in recent financial statements, Galapagos experienced a 91.4% year-over-year revenue contraction in 2026Q1, highlighting the extreme instability of a business model heavily reliant on non-recurring milestone payments and collaboration accounting rather than consistent, organic commercial product demand across its core therapeutic portfolio.
The dramatic revenue swings observed over the last ten quarters suggest that the company lacks a stable commercial foundation. Investors should monitor whether the recent divestment of the Jyseleca business will lead to a permanent reduction in top-line visibility or if the company can successfully pivot to a sustainable oncology-focused revenue stream.
Based on reported figures, the company's gross margin profile has fluctuated wildly, ranging from a negative 49.6% in 2024Q4 to near-perfect 100% efficiency in other periods, reflecting the significant impact of collaboration revenue recognition rather than true operational cost-of-goods-sold management or underlying pricing power.
These extreme margin variances indicate that traditional profitability metrics are largely decoupled from operational performance. The reliance on accounting adjustments for collaboration revenue suggests that underlying commercial margins remain unproven and potentially fragile in the absence of milestone-driven inflows.
According to recent SEC filings, the company's cost structure remains dominated by R&D expenditures, which reached a peak of $573.7M in 2024Q4, underscoring a high-burn operational model that necessitates constant capital infusion to sustain its long-term drug discovery and decentralized CAR-T manufacturing initiatives.
The high fixed-cost base relative to revenue suggests that the company is currently in a capital-intensive phase with limited operating leverage. Management's ability to control these expenses while transitioning to a leaner oncology-focused structure will be critical for maintaining solvency in the coming fiscal periods.
Based on the provided data, the reported cash position of $87.8M represents a significant departure from historical balances, raising urgent questions regarding the company's ability to fund its ongoing R&D pipeline without immediate external financing or a drastic, potentially value-destructive, reduction in operational scope.
This rapid depletion of capital, if accurate, suggests that the company's current burn rate is unsustainable. Investors should exercise extreme caution, as the lack of a clear path to self-funding operations may force management into dilutive financing rounds or further asset divestments.
Quick answers to the most common questions about buying GLPG stock.
For fiscal year 2025, Galapagos N.V. (GLPG) reported total revenue of $1.11B. This represents a 14201.8% increase compared to $7.8M in 2004.
Galapagos N.V. (GLPG) is profitable, generating $320.9M in net income for the fiscal year ending 2025 with a net profit margin of 28.8%.
Galapagos N.V. (GLPG) reported an operating income of $501.4M, resulting in an operating profit margin of 45.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Galapagos N.V. (GLPG) generated $1.08B in gross profit for the year, representing a gross profit margin of 97.3%. This demonstrates the company's core pricing power and production efficiency.