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Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2020
Document and Entity Information [Abstract]
Document Type	6-K
Document Period End Date	Jun. 30, 2020
Entity Registrant Name	GALAPAGOS NV
Entity Central Index Key	0001421876
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Income and Comprehensive Income - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statements of Income and Comprehensive Income
Revenues	€ 103,600	€ 58,738	€ 201,773	€ 91,785
Other income	14,059	8,852	22,802	16,724
Total revenues and other income	117,659	67,590	224,575	108,509
Research and development expenditure	(149,114)	(94,372)	(265,877)	(177,567)
Sales and marketing expenses	(17,086)	(3,875)	(26,922)	(5,620)
General and administrative expenses	(37,673)	(13,711)	(62,575)	(22,931)
Total operating expenses	(203,873)	(111,958)	(355,374)	(206,119)
Operating result	(86,214)	(44,367)	(130,799)	(97,610)
Fair value re-measurement of warrants	(589)		(21,118)
Other financial income	(25,435)	(1,349)	14,288	5,651
Other Financial expenses	(2,431)	(1,472)	(27,305)	(3,816)
Loss before tax	(114,669)	(47,188)	(164,934)	(95,776)
Income taxes	(373)	(61)	(709)	(129)
Net loss	(115,042)	(47,249)	(165,643)	(95,905)
Net loss attributable to: Owners of the parent	€ (115,042)	€ (47,249)	€ (165,643)	€ (95,905)
Basic and diluted loss per share (in EUR per share)	€ (1.77)	€ (0.86)	€ (2.55)	€ (1.76)

Consolidated Statement of Comprehensive Income/Loss - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statement of Comprehensive Income/Loss
Net loss	€ (115,042)	€ (47,249)	€ (165,643)	€ (95,905)
Items that may be reclassified subsequently to profit or loss:
Translation differences, arisen from translating foreign activities	(63)	(215)	338	52
Other comprehensive income / loss (-), net of income tax	(63)	(215)	338	52
Total comprehensive income / loss (-) attributable to: Owners of the parent	€ (115,105)	€ (47,463)	€ (165,305)	€ (95,853)

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2019-01-01
-Paragraph 18
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2019-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2019-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2019-01-01
-Paragraph 24
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2019-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2019-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2019-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2019-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2019-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2019-01-01
-Paragraph 39L
-Subparagraph e
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2019-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2019-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 23
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_23&doctype=Standard
-URIDate 2019-03-27

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2019-03-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2019-03-27

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2021-01-01
-Name IFRS
-Number 17
-IssueDate 2019-01-01
-Paragraph 113
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2019-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2019-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 81A
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2019-03-27

+ Details

Consolidated Statement of Financial Position - EUR (€) € in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Intangible assets	€ 39,254	€ 24,927
Property, plant and equipment	73,786	66,052
Deferred tax assets	4,207	4,205
Non-current R&D incentives receivables	102,790	93,407
Other non-current assets	9,523	14,091
Non-current assets	229,559	202,682
Trade and other receivables	31,351	54,009
Current R&D incentives receivables	13,839	21,949
Current financial investments	3,182,276	3,919,216
Cash and cash equivalents	2,384,220	1,861,616
Other current assets	10,319	9,138
Current assets	5,622,005	5,865,927
Total assets	5,851,564	6,068,609
Equity and liabilities
Share capital	290,462	287,282
Share premium account	2,723,671	2,703,583
Other reserves	(4,900)	(4,842)
Translation differences	(746)	(1,142)
Accumulated losses	(235,224)	(109,223)
Total equity	2,773,263	2,875,658
Retirement benefit liabilities	8,511	8,263
Non-current lease liabilities	20,384	19,558
Other non-current liabilities	10,691	6,989
Non-current deferred income	2,420,177	2,586,348
Non-current liabilities	2,459,763	2,621,158
Current lease liabilities	6,872	5,826
Trade and other liabilities	179,432	143,434
Current tax payable	1,262	2,037
Current financial instruments	27,316	6,198
Current deferred income	403,656	414,298
Current liabilities	618,538	571,793
Total liabilities	3,078,301	3,192,951
Total equity and liabilities	€ 5,851,564	€ 6,068,609

Consolidated Cash Flow Statement - EUR (€) € in Thousands	6 Months Ended
Consolidated Cash Flow Statement - EUR (€) € in Thousands	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statement of Cash Flows
Net loss of the period	€ (165,643)	€ (95,905)
Adjustment for non-cash transactions	87,724	23,278
Adjustment for items to disclose separately under operating cash flow	(1,810)	(2,864)
Adjustment for items to disclose under investing and financing cash flows	(2,363)	(3)
Change in working capital other than deferred income	55,299	(15,918)
Decrease in deferred income	(185,537)	(53,478)
Cash used in operations	(212,329)	(144,890)
Interest paid	(1,406)	(628)
Interest received	5,182	3,866
Corporate taxes paid	(1,276)	(88)
Net cash flows used in operating activities	(209,829)	(141,740)
Purchase of property, plant and equipment	(9,207)	(5,033)
Purchase of intangible fixed assets	(15,673)	(3,535)
Proceeds from disposal of property, plant and equipment	4	2
Purchase of current financial investments	(2,968,597)
Interest received related to current financial investments	3,296
Sale of current financial investments	3,699,036
Acquisition of financial assets	(2,681)	(177)
Proceeds from sale of financial assets held at fair value through profit or loss	6,626	82
Net cash flows generated / used (-) in investing activities	712,804	(8,661)
Payment of lease liabilities	(3,023)	(2,144)
Proceeds from capital and share premium increases from exercise of subscription rights	23,268	7,805
Net cash flows generated in financing activities	20,246	5,661
Cash and cash equivalents at beginning of year	1,861,616	1,290,796
Increase/decrease (-) in cash and cash equivalents	523,222	(144,740)
Effect of exchange rate differences on cash and cash equivalents	(617)	1,866
Cash and cash equivalents at end of year	€ 2,384,220	€ 1,147,923

Consolidated Statement of Cash Flows, Current Financial Investments - EUR (€) € in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Consolidated Statement of Cash Flows
Current financial investments.	€ 3,182,276	€ 3,919,216
Cash and cash equivalents	2,384,220	1,861,616	€ 1,147,923	€ 1,290,796
Current financial investments and cash and cash equivalents	€ 5,566,496	€ 5,780,800	€ 1,147,923

Consolidated Statement of Changes in Equity - EUR (€) € in Thousands	Share capital.	Share premium account	Translation differences	Other reserves	Accumulated losses	Total
Restated total equity at January 1	€ 236,540	€ 1,277,780	€ (1,557)	€ (735)	€ (297,363)	€ 1,214,665
Balance at beginning of period at Dec. 31, 2018	236,540	1,277,780	(1,557)	(735)	(297,779)	1,214,249
Change in accounting policy ( modified retrospective application IFRS 16) (IFRS 16) at Dec. 31, 2018					416	416
Net loss of the period					(95,905)	(95,905)
Other comprehensive income / loss (-)			52			52
Total comprehensive income / loss (-)			52		(95,905)	(95,853)
Share-based compensation					16,751	16,751
Exercise of subscription rights	1,935	5,870				7,805
Balance at end of period at Jun. 30, 2019	238,475	1,283,650	(1,505)	(735)	(376,518)	1,143,367
Balance at beginning of period at Dec. 31, 2019	287,282	2,703,583	(1,142)	(4,842)	(109,223)	2,875,658
Net loss of the period					(165,643)	(165,643)
Other comprehensive income / loss (-)			396	(58)		338
Total comprehensive income / loss (-)			396	(58)	(165,643)	(165,305)
Share-based compensation					39,641	39,641
Exercise of subscription rights	3,180	20,089				23,269
Balance at end of period at Jun. 30, 2020	€ 290,462	€ 2,723,671	€ (746)	€ (4,900)	€ (235,224)	€ 2,773,263

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

+ Details

Basis of preparation	6 Months Ended
Basis of preparation	Jun. 30, 2020
Basis of preparation
Basis of preparation	NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE FIRST SIX MONTHS OF 2020 Basis of preparation These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as adopted by the European Union and as issued by the IASB. The condensed consolidated interim financial statements do not contain all information required for an annual report and should therefore be read in conjunction with Galapagos’ annual report 2019. Impact of COVID-19 on the financial statements We refer to the section ‘Covid-19 impact’ in this H1 report for a comprehensive overview of the impact of Covid-19 on the business evolution of Galapagos. To date we have experienced limited impact on our financial performance, financial position, cash flows and significant judgements and estimates, although we continue to face additional risks and challenges associated with the impact of the outbreak.

Significant accounting policies	6 Months Ended
Significant accounting policies	Jun. 30, 2020
Significant accounting policies
Significant accounting policies	Significant accounting policies There were no significant changes in accounting policies applied by us in these condensed consolidated interim financial statements compared to those used in the most recent annual consolidated financial statements of December 31, 2019. New standards and interpretations applicable for the annual period beginning on January 1, 2020 did not have any impact on our condensed consolidated interim financial statements. We have not early adopted any other standard, interpretation, or amendment that has been issued but is not yet effective. New accounting policies as a result of recent transactions: Financial assets at amortized cost Current financial investments measured at amortized cost Current financial investments measured at amortized cost include treasury bills that have a maturity equal or less than 12 months. We apply settlement date accounting for the recognition and de-recognition of current financial investments measured at amortized cost.

Revenues and other income

6 Months Ended

Jun. 30, 2020

Total revenues and other income

Total revenues and other income

DETAILS OF THE UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS

Revenues and other income

Revenues

The following table summarizes our revenues for the six months ended June 30, 2020 and 2019.


		Six months ended June 30,
	Over time	2020		2019
		(Euro, in thousands)
Recognition of non-refundable upfront payments and license fees		€	180,711	€	42,113
Gilead collaboration agreement for filgotinib	Ö		67,992		41,069
Gilead collaboration agreement for drug discovery platform	Ö		112,719		—
AbbVie collaboration agreement for CF	Ö		—		1,044
Milestone payments			6,996		33,383
Gilead collaboration agreement for filgotinib	Ö		6,996		10,034
AbbVie collaboration agreement for CF	Ö		—		23,349
Reimbursement income			6,628		11,344
Novartis collaboration agreement for MOR106	Ö		6,659		10,595
AbbVie collaboration agreement for CF	Ö		(31)		749
Other revenues			7,438		4,944
Fee-for-services revenues	Ö		7,369		4,878
Other revenues			69		66
Total revenues		€	201,773	€	91,785

Revenues (€201.8 million for the first six months of 2020 compared to €91.8 million for the first six months of 2019) were higher mainly due to the revenue recognition of the upfront payment received in August 2019 from Gilead related to (i) the access and option rights to our drug discovery platform, and (ii) additional consideration received for the extended cost sharing for filgotinib.

The rollforward of the outstanding balance of the current and non-current deferred income between January 1, 2020 and June 30, 2020 can be summarized as follows:


		Total		Gilead collaboration agreement for filgotinib		Gilead collaboration agreement for drug discovery platform (1)		Deferred income related to contracts in our fee-for-service segment		Deferred income related to grants		Other
		(Euro, in thousands)

On January 1, 2020	€	3,000,646	€	780,261	€	2,220,013	€	362	€	—	€	10

Significant financing component (2)		8,728		8,728

Revenue recognition of upfront		(180,711)		(67,992)		(112,719)
Revenue recognition of milestones		(6,996)		(6,996)

Other movements		2,166						(324)		2,500		(10)

On June 30, 2020	€	2,823,833	€	714,001	€	2,107,294	€	38	€	2,500	€	—

(1)

The outstanding balance at January 1,2020 and June 30,2020 comprise the issuance liability for subsequent warrant B and the upfront payment allocated to the drug discovery platform.

(2)

With regard to the additional consideration received for the extended cost sharing for filgotinib, we assume the existence of a significant financing component reflecting the time value of money on the estimated recognition period.

Other income

Other income (€22.8 million for the first six months of 2020, compared to €16.7 million for the first six months of 2019) increased by €6.1 million, mainly driven by higher income from R&D incentives.

Results

6 Months Ended

Jun. 30, 2020

Results

Results

We realized a net loss of €165.6 million for the first six months of 2020, compared to a net loss of €95.9 million in the first six months of 2019.

We reported an operating loss amounting to €130.8 million for the first six months of 2020, compared to an operating loss of €97.6 million for the first six months of 2019.

Our R&D expenditure in the first six months of 2020 amounted to €265.9 million, compared to €177.6 million in the first six months of 2019. This planned increase was mainly due to an increase of €42.7 million in subcontracting costs primarily related to our filgotinib program, our Toledo program and other clinical programs. Furthermore, personnel costs increased by €35.4 million explained by a planned headcount increase and increased cost of the subscription right plans.

The cost increase for filgotinib for the first six months of 2020 compared to the same period in 2019, was mainly due to the increased cost share from 20/80 to 50/50 on the global development activities effective as from the closing of our collaboration agreement with Gilead on August 23, 2019. As from this date, we also started to share the development costs equally with Gilead for ziritaxestat (GLPG1690), while those costs were carried fully by us before, which is the main driver of the decrease in our costs for this program.

The table below summarizes our R&D expenditure for the six months ended June 30, 2020 and 2019, broken down by program.


	Six months ended June 30,
	2020		2019
	(Euro, in thousands)
Filgotinib program	€	(65,541)	€	(30,406)
Ziritaxestat program		(29,790)		(41,668)
OA program on GLPG1972		(12,499)		(9,733)
Toledo program		(37,557)		(11,869)
AtD program on MOR106		(9,518)		(12,460)
CF program		(176)		(1,793)
Other programs		(110,797)		(69,638)
Total R&D expenditure	€	(265,877)	€	(177,567)

Our G&A and S&M expenses were €89.5 million in the first six months of 2020, compared to €28.6 million in the first six months of 2019. This increase mainly resulted from higher personnel costs for €31.3 million due to a planned headcount increase and higher costs for subscription right plans, and increased costs from the preparation of the commercial launch of filgotinib in Europe.

We reported a non-cash fair value loss from the re-measurement of initial warrant B issued to Gilead, amounting to €21.1 million, mainly due to the increased implied volatility of the Galapagos share price.

Net other financial loss in the first six months of 2020 amounted to €13.0 million, compared to net other financial income of €1.8 million in the first six months of 2019, which was primarily attributable to negative changes in (fair) value of current financial investments of €12.5 million. The increase in financial expenses was further explained by the effect of discounting long term deferred income for €8.7 million, offset by net currency gains and interest income.

Segment information

6 Months Ended

Jun. 30, 2020

Segment information

Segment information

We have two reportable segments: R&D and our fee-for-service business Fidelta, located in Croatia.

Segment information for the six months ended June 30, 2020

(Euro, in thousands)




		R&D		Fee-for-services	Inter-segment elimination		Group
External revenue	€	194,404	€	7,369		€	201,773
Internal revenue				4,475	(4,475)		—
Other income		22,802					22,802
Revenues & other income		217,206		11,844	(4,475)		224,575

Operating result (1)		(134,295)		3,496			(130,799)
Financial (expenses)/income							(34,135)
Result before tax							(164,934)
Income taxes							(709)
Net loss						€	(165,643)

(1)

Expenses for subscription right plans under IFRS 2 Share based payments are reported as part of the segment operating results as from 2020.

Segment information for the six months ended June 30, 2019

(Euro, in thousands)




		R&D		Fee-for-services		Inter-segment elimination		Group
External revenue	€	86,907	€	4,878			€	91,785
Internal revenue				3,581	€	(3,581)		—
Other income		16,717		7				16,724
Revenues & other income		103,624		8,466		(3,581)		108,509

Segment result		(81,269)		410				(80,859)
Unallocated expenses (1)								(16,751)
Operating loss								(97,610)
Financial (expenses)/income								1,834
Result before tax								(95,776)
Income taxes								(129)
Net loss							€	(95,905)

(1)

Unallocated expenses consist of expenses for subscription right plans under IFRS 2 Share based payments.

The basis of accounting for any transactions between reportable segments is consistent with the valuation rules and with transactions with third parties.

Cash position

6 Months Ended

Jun. 30, 2020

Cash position

Cash position

Cash and cash equivalents and current financial investments totaled €5,566.5 million on June 30, 2020 (€5,780.8 million on December 31, 2019).

A net decrease of €214.3 million in cash and cash equivalents and current financial investments was recorded during the first six months of 2020, compared to a net decrease of €142.9 million during the first six months of 2019. This net decrease was composed of (i) €230.5 million of operational cash burn, (ii) €23.3 million of cash proceeds from capital and share premium increases from exercise of subscription rights in the first six months of 2020, and (iii) €7.1 million of negative changes in (fair) value of current financial investments and unrealized positive exchange rate differences.

The operational cash burn (or operational cash flow if this performance measure is positive) is a financial measure that is not calculated in accordance with IFRS. Operational cash burn/ cash flow is defined as the increase or decrease in our cash and cash equivalents (excluding the effect of exchange rate differences on cash and cash equivalents), minus:

i.the net proceeds, if any, from share capital and share premium increases included in the net cash flows generated / used (–) in financing activities

ii.the net proceeds or cash used, if any, in acquisitions or disposals of businesses; the movement in restricted cash and movement in current financial investments, if any, included in the net cash flows generated / used (–) in investing activities.

This alternative performance measure is in our view an important metric for a biotech company in the development stage.

The following table represents a reconciliation of the operational cash burn:


	Six months ended June 30,
	2020		2019
	(Euro, in thousands)
Increase/decrease (-) in cash and cash equivalents (excluding effect of exchange differences)	€	523,222	€	(144,740)
Minus:
Net proceeds from capital and share premium increases		(23,268)		(7,805)
Net sale of current financial investments		(730,439)		—
Total operational cash burn		(230,486)	€	(152,545)

Cash and cash equivalents and current financial investments comprised cash at banks, short-term bank deposits, treasury bills and money market funds. The short-term bank deposits and money market funds are readily convertible to cash and are subject to an insignificant risk of changes in value. Our cash management strategy may allow short term deposits with an original maturity exceeding three months while monitoring all liquidity aspects. Cash and cash equivalents comprised €1,169.2 million of term deposits that are available upon maximum three month notice period. Cash at banks were mainly composed of savings accounts and current accounts. We maintain our bank deposits in highly rated financial institutions to reduce credit risk.

Cash invested in highly liquid money market funds represented €1,439.6 million and are presented as current financial investments on June 30, 2020 because we are not using them for meeting short-term cash commitments. Since 2020, the current financial investments also include treasury bills, amounting to €1,742.6 million on June 30, 2020.


	June 30,		December 31,
	2020		2019
	(Euro, in thousands)
Cash at banks	€	1,214,975	€	907,939
Term deposits		1,169,245		953,677
Total cash and cash equivalents	€	2,384,220	€	1,861,616

On June 30, 2020, our cash and cash equivalents and current financial investments included $1,459.8 million held in U.S. dollars ($1,507.4 million on December 31, 2019) which could generate foreign exchange gains or losses in our financial results in accordance with the fluctuation of the EUR/U.S. dollar exchange rate as our functional currency is EUR. The foreign exchange loss (-)/gain in case of a 10% change in the EUR/U.S. dollar exchange rate amounts to €130.4 million.

Finally, our balance sheet held R&D incentives receivables from the French government (Crédit d’Impôt Recherche), to be received in four yearly tranches, and R&D incentives receivables from the Belgian Government, for a total of €116.6 million as at June 30, 2020.

Capital increase

6 Months Ended

Jun. 30, 2020

Capital increase

Capital increase

On June 30, 2020, Galapagos NV’s share capital was represented by 65,254,562 shares. All shares were issued, fully paid up and of the same class. The below table summarizes our capital increases for the period ended June 30, 2020.


(Euro, in thousands, except share data)	Number of shares		Share capital		Share premium			Share capital and share premium	Average exercise price subscription rights	Closing share price on date of capital increase
									( in Euro/ subscription right)	( in Euro/ share)
On January 1, 2020		64,666,802	€	287,282	€	2,703,583	€	2,990,865

March 17, 2020 : exercise of subscription rights		152,220		824		4,531		5,355	35.18	141.40

May 28, 2020 : exercise of subscription rights		435,540		2,356		15,558		17,914	41.13	186.60

On June 30, 2020		65,254,562	€	290,462	€	2,723,671	€	3,014,133

Note the cash flow statement

6 Months Ended

Jun. 30, 2020

Consolidated Statement of Cash Flows

Note the cash flow statement


	Six months ended June 30,
	2020		2019
	(Euro, in thousands)
Adjustment for non-cash transactions
Depreciation and amortization	€	9,008		€	5,653
Share-based compensation expenses		39,641			16,751
Increase in retirement benefit liabilities and provisions		174			168
Unrealized exchange results and non-cash other financial expenses		(4,015)			(1,424)
Discounting effect of deferred income		8,728			—
Fair value re-measurement of warrants		21,118			—
Net change in (fair) value of current financial investments		12,484			—
Fair value adjustment financial assets held at fair value through profit or loss		354			2,130
Other non-cash costs		233			—
Total adjustment for non-cash transactions		87,724			23,278


Adjustment for items to disclose separately under operating cash flow
Interest expense		2,602			452
Interest income		(5,121)			(3,445)
Tax expense		709			129
Total adjustment for items to disclose separately under operating cash flow		(1,810)			(2,864)


Adjustment for items to disclose under investing and financing cash flows
Gain (-)/loss on sale of fixed assets		83			(3)
Interest income related to current financial investments		(2,447)			—
Total adjustment for items to disclose under investing and financing cash flows		(2,363)			(3)


Change in working capital other than deferred income
Decrease / increase (-) in inventories		(47)			3
Decrease / increase (-) in receivables		19,056			(32,895)
Increase in payables		36,290			16,974
Total change in working capital other than deferred income	€	55,299		€	(15,918)

The increase in the costs of our subscription right plans is primarily related to the issuance of our subscription right plans 2020 to a higher number of beneficiaries as well as a higher fair value of the attached subscription rights mainly due to the increase in the price and the volatility of the Galapagos share. Under these subscription right plans, 2,173,335 subscription rights were granted to the beneficiaries of the plans. The subscription rights have an exercise term of eight years as of the date of the offer and have an exercise price of €168.42 (the average closing price of the share on Euronext Amsterdam and Brussels during the thirty days preceding the date of the offer on April 17, 2020). The subscription rights are not transferable and can in principle not be exercised prior to January 1, 2024. Each subscription right gives the right to subscribe to one new Galapagos share.

Fair value re-measurement of share subscription agreement and warrants granted to Gilead	6 Months Ended
	Jun. 30, 2020
Fair value re-measurement of share subscription agreement and warrants granted to Gilead
Fair value re-measurement of share subscription agreement and warrants granted to Gilead	Gilead warrants B The issuance of initial warrant B was approved on October 22, 2019 by the extraordinary general meeting of shareholders and is not yet exercised by Gilead at June 30, 2020. The fair value measurement of this financial liability is categorized as level 3 in the fair value hierarchy. Initial warrant B has been valued on the basis of a Longstaff-Schwartz Monte Carlo model. The input data used in the model were derived from market observations (volatility, discount rate and share price) and from management estimates (number of shares to be issued and applied discount for lack of marketability). The recognized fair value loss of €21.1 million was mainly the result of an increase in the implied volatility of our share price between December 31, 2019 and June 30, 2020. The fair value of the financial liability related to the initial warrant B amounted to €27.3 million on June 30, 2020 and was presented as a current financial instrument. Subsequent warrant B is still subject to approval by an extraordinary general meeting of shareholders and is therefore still presented as issuance liability in our deferred income.

Contingencies and commitment

6 Months Ended

Jun. 30, 2020

Contingencies and commitment

Contingencies and commitment

Contingencies and commitments

Contractual obligations and commitments

We have certain purchase commitments principally with CRO subcontractors and certain collaboration partners.

On June 30, 2020 we had outstanding obligations for purchase commitments, which become due as follows:


	Total		Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years
		(Euro, in thousands)
Purchase commitments	€	299,000	€	216,700	€	77,559	€	4,663	€	78

In addition we have engaged a property developer for the construction of a building in Leiden.

At June 30, 2020, we were committed to leases which have not yet started. The total future cash outflows for leases that had not yet commenced were as follows:


	Total		Less than 1 year			1 - 3 years		3 - 5 years		More than 5 years
					(Euro, in thousands)

Lease commitments not yet commenced	€	5,606	€	5,606		€	—	€	—	€	—

In addition to the table above, we have a contractual cost sharing obligation related to our collaboration agreement with Gilead for filgotinib. The contractual cost sharing commitment amounted to €560.1 million at June 30, 2020 for which we have direct purchase commitments of €18.3 million at June 30, 2020 reflected in the table above.

Contingent liabilities and assets

We refer to our annual report 2019 for a description of our contingent liabilities and assets.

Related party transactions

6 Months Ended

Jun. 30, 2020

Related party Transactions

Related party transactions

On April 17, 2020, the members of the management board were offered new subscription rights under Subscription Right Plan 2020, subject to acceptance. The final number of accepted subscription rights under Subscription Right Plan 2020 was enacted by notary deed on July 2, 2020. The members of the management board accepted all subscription rights offered to them. Under Subscription Right Plan 2020, the subscription rights have an exercise term of eight years as of the date of the offer. The exercise price of the subscription rights is €168.42 (the average closing price of the share on Euronext Amsterdam and Brussels during the thirty days preceding the date of the offer). Each subscription right gives the right to subscribe for one new Galapagos share. For all the beneficiaries, the subscription rights vest only and fully on the first day of the fourth calendar year following the calendar year in which the grant was made. The subscription rights are not transferable and can in principle not be exercised prior to January 1, 2024.

On May, 6 and 7, 2020, the members of the management board were offered new restricted stock units (‘RSUs’), subject to acceptance. The RSUs are offered for no consideration. The members of the management board accepted all RSUs offered to them. Each RSU represents the right to receive, at Galapagos’ discretion, one Galapagos share or a payment in cash of an amount equivalent to the volume-weighted average price of the Galapagos share on Euronext Brussels over the 30-calendar day period preceding the relevant vesting date. The first RSU grant will vest in full three years after the offer date. The second RSU grant has a four-year vesting period, with 25% vesting each year and a first vesting date on May 1, 2021. For the members of the management board, any vesting prior to the third anniversary of the offer date will always give rise to a payment in cash rather than a delivery of shares. The RSUs are not transferable.

The table below sets forth the number of subscription rights offered under Subscription Right Plan 2020 and the total number of RSUs accepted by each member of the management board during the first six months of 2020:


Name	Title	Number of 2020 subscription rights offered	Number of 2020 RSUs accepted
Onno van de Stolpe	Chief Executive Officer	85,000	18,317
Piet Wigerinck	Chief Scientific Officer	40,000	12,080
Bart Filius	Chief Operating Officer; Chief Financial Officer	50,000	12,600
Andre Hoekema	Chief Business Officer	30,000	832
Walid Abi-Saab	Chief Medical Officer	40,000	12,080
Michele Manto	Chief Commercial Officer	30,000	5,920

We note that Dr. Elisabeth Svanberg was appointed as an independent member of the supervisory board by the shareholders’ meeting on April 28, 2020. With the implementation of the new two-tier governance structure, the mandate of Mr. Onno van de Stolpe as member of the board of directors ended on April 28, 2020, as it is not possible to be a member of the supervisory board and the management board at the same time. Mr. Onno van de Stolpe continues his mandate as member and chairman of the management board and CEO.

During the first six months of 2020, there were no changes to related party transactions disclosed in the 2019 annual report that potentially had a material impact on the financials of the first six months of 2020.

Events after balance sheet date	6 Months Ended
Events after balance sheet date	Jun. 30, 2020
Events after balance sheet date
Events after balance sheet date	Events after the end of the reporting period There were no adjusting events nor material non-adjusting events to be reported.

Revenues and other income (Tables)

6 Months Ended

Jun. 30, 2020

Total revenues and other income

Schedule of revenues


		Six months ended June 30,
	Over time	2020		2019
		(Euro, in thousands)
Recognition of non-refundable upfront payments and license fees		€	180,711	€	42,113
Gilead collaboration agreement for filgotinib	Ö		67,992		41,069
Gilead collaboration agreement for drug discovery platform	Ö		112,719		—
AbbVie collaboration agreement for CF	Ö		—		1,044
Milestone payments			6,996		33,383
Gilead collaboration agreement for filgotinib	Ö		6,996		10,034
AbbVie collaboration agreement for CF	Ö		—		23,349
Reimbursement income			6,628		11,344
Novartis collaboration agreement for MOR106	Ö		6,659		10,595
AbbVie collaboration agreement for CF	Ö		(31)		749
Other revenues			7,438		4,944
Fee-for-services revenues	Ö		7,369		4,878
Other revenues			69		66
Total revenues		€	201,773	€	91,785

Schedule of current and non-current deferred income


		Total		Gilead collaboration agreement for filgotinib		Gilead collaboration agreement for drug discovery platform (1)		Deferred income related to contracts in our fee-for-service segment		Deferred income related to grants		Other
		(Euro, in thousands)

On January 1, 2020	€	3,000,646	€	780,261	€	2,220,013	€	362	€	—	€	10

Significant financing component (2)		8,728		8,728

Revenue recognition of upfront		(180,711)		(67,992)		(112,719)
Revenue recognition of milestones		(6,996)		(6,996)

Other movements		2,166						(324)		2,500		(10)

On June 30, 2020	€	2,823,833	€	714,001	€	2,107,294	€	38	€	2,500	€	—

(1)

The outstanding balance at January 1,2020 and June 30,2020 comprise the issuance liability for subsequent warrant B and the upfront payment allocated to the drug discovery platform.

(2)

Results (Tables)

6 Months Ended

Jun. 30, 2020

Results

Summary of R&D expenditure by program


	Six months ended June 30,
	2020		2019
	(Euro, in thousands)
Filgotinib program	€	(65,541)	€	(30,406)
Ziritaxestat program		(29,790)		(41,668)
OA program on GLPG1972		(12,499)		(9,733)
Toledo program		(37,557)		(11,869)
AtD program on MOR106		(9,518)		(12,460)
CF program		(176)		(1,793)
Other programs		(110,797)		(69,638)
Total R&D expenditure	€	(265,877)	€	(177,567)

Segment information (Tables)

6 Months Ended

Jun. 30, 2020

Segment information

Segment information

Segment information for the six months ended June 30, 2020

(Euro, in thousands)




		R&D		Fee-for-services	Inter-segment elimination		Group
External revenue	€	194,404	€	7,369		€	201,773
Internal revenue				4,475	(4,475)		—
Other income		22,802					22,802
Revenues & other income		217,206		11,844	(4,475)		224,575

Operating result (1)		(134,295)		3,496			(130,799)
Financial (expenses)/income							(34,135)
Result before tax							(164,934)
Income taxes							(709)
Net loss						€	(165,643)

(1)

Expenses for subscription right plans under IFRS 2 Share based payments are reported as part of the segment operating results as from 2020.

Segment information for the six months ended June 30, 2019

(Euro, in thousands)




		R&D		Fee-for-services		Inter-segment elimination		Group
External revenue	€	86,907	€	4,878			€	91,785
Internal revenue				3,581	€	(3,581)		—
Other income		16,717		7				16,724
Revenues & other income		103,624		8,466		(3,581)		108,509

Segment result		(81,269)		410				(80,859)
Unallocated expenses (1)								(16,751)
Operating loss								(97,610)
Financial (expenses)/income								1,834
Result before tax								(95,776)
Income taxes								(129)
Net loss							€	(95,905)

(1)

Unallocated expenses consist of expenses for subscription right plans under IFRS 2 Share based payments.

Cash position (Tables)

6 Months Ended

Jun. 30, 2020

Cash position

Summary of reconciliation of operational cash burn


	Six months ended June 30,
	2020		2019
	(Euro, in thousands)
Increase/decrease (-) in cash and cash equivalents (excluding effect of exchange differences)	€	523,222	€	(144,740)
Minus:
Net proceeds from capital and share premium increases		(23,268)		(7,805)
Net sale of current financial investments		(730,439)		—
Total operational cash burn		(230,486)	€	(152,545)

Schedule of cash and cash equivalents


	June 30,		December 31,
	2020		2019
	(Euro, in thousands)
Cash at banks	€	1,214,975	€	907,939
Term deposits		1,169,245		953,677
Total cash and cash equivalents	€	2,384,220	€	1,861,616

Capital increase (Tables)

6 Months Ended

Jun. 30, 2020

Capital increase

Summary of capital increases


(Euro, in thousands, except share data)	Number of shares		Share capital		Share premium			Share capital and share premium	Average exercise price subscription rights	Closing share price on date of capital increase
									( in Euro/ subscription right)	( in Euro/ share)
On January 1, 2020		64,666,802	€	287,282	€	2,703,583	€	2,990,865

March 17, 2020 : exercise of subscription rights		152,220		824		4,531		5,355	35.18	141.40

May 28, 2020 : exercise of subscription rights		435,540		2,356		15,558		17,914	41.13	186.60

On June 30, 2020		65,254,562	€	290,462	€	2,723,671	€	3,014,133

Note the cash flow statement (Tables)

6 Months Ended

Jun. 30, 2020

Consolidated Statement of Cash Flows


	Six months ended June 30,
	2020		2019
	(Euro, in thousands)
Adjustment for non-cash transactions
Depreciation and amortization	€	9,008		€	5,653
Share-based compensation expenses		39,641			16,751
Increase in retirement benefit liabilities and provisions		174			168
Unrealized exchange results and non-cash other financial expenses		(4,015)			(1,424)
Discounting effect of deferred income		8,728			—
Fair value re-measurement of warrants		21,118			—
Net change in (fair) value of current financial investments		12,484			—
Fair value adjustment financial assets held at fair value through profit or loss		354			2,130
Other non-cash costs		233			—
Total adjustment for non-cash transactions		87,724			23,278


Adjustment for items to disclose separately under operating cash flow
Interest expense		2,602			452
Interest income		(5,121)			(3,445)
Tax expense		709			129
Total adjustment for items to disclose separately under operating cash flow		(1,810)			(2,864)


Adjustment for items to disclose under investing and financing cash flows
Gain (-)/loss on sale of fixed assets		83			(3)
Interest income related to current financial investments		(2,447)			—
Total adjustment for items to disclose under investing and financing cash flows		(2,363)			(3)


Change in working capital other than deferred income
Decrease / increase (-) in inventories		(47)			3
Decrease / increase (-) in receivables		19,056			(32,895)
Increase in payables		36,290			16,974
Total change in working capital other than deferred income	€	55,299		€	(15,918)

Contingencies and commitment (Tables)

6 Months Ended

Jun. 30, 2020

Contingencies and commitment

Schedule of future minimum repayments and purchase commitments

On June 30, 2020 we had outstanding obligations for purchase commitments, which become due as follows:


	Total		Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years
		(Euro, in thousands)
Purchase commitments	€	299,000	€	216,700	€	77,559	€	4,663	€	78

Schedule of future minimum cash outflows for lease not yet commenced


	Total		Less than 1 year			1 - 3 years		3 - 5 years		More than 5 years
					(Euro, in thousands)

Lease commitments not yet commenced	€	5,606	€	5,606		€	—	€	—	€	—

Related party transactions (Tables)

6 Months Ended

Jun. 30, 2020

Related party Transactions

Summary of warrants offered


Name	Title	Number of 2020 subscription rights offered	Number of 2020 RSUs accepted
Onno van de Stolpe	Chief Executive Officer	85,000	18,317
Piet Wigerinck	Chief Scientific Officer	40,000	12,080
Bart Filius	Chief Operating Officer; Chief Financial Officer	50,000	12,600
Andre Hoekema	Chief Business Officer	30,000	832
Walid Abi-Saab	Chief Medical Officer	40,000	12,080
Michele Manto	Chief Commercial Officer	30,000	5,920

Revenues and other income - Summary of revenue (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue and Other Income [Line Items]
Recognition of non-refundable upfront payments and license fees			€ 180,711	€ 42,113
Milestone payments			6,996	33,383
Reimbursement income			6,628	11,344
Other revenues			7,438	4,944
Total revenue	€ 103,600	€ 58,738	201,773	91,785
Other income	€ 14,059	€ 8,852	22,802	16,724
Fee for services segment
Revenue and Other Income [Line Items]
Other revenues			7,369	4,878
Total revenue			7,369	4,878
Other income				7
Other revenues
Revenue and Other Income [Line Items]
Other revenues			69	66
Collaboration agreement for filgotinib \| Gilead
Revenue and Other Income [Line Items]
Recognition of non-refundable upfront payments and license fees			67,992	41,069
Milestone payments			6,996	10,034
Collaboration agreement for drug discovery platform \| Gilead
Revenue and Other Income [Line Items]
Recognition of non-refundable upfront payments and license fees			112,719
Collaboration agreement for CF \| AbbVie
Revenue and Other Income [Line Items]
Recognition of non-refundable upfront payments and license fees				1,044
Milestone payments				23,349
Reimbursement income			(31)	749
Collaboration agreement for MOR106 \| Novartis
Revenue and Other Income [Line Items]
Reimbursement income			€ 6,659	€ 10,595

Revenues and other income - Current and non-current deferred income (Details) € in Thousands	6 Months Ended
	Jun. 30, 2020 EUR (€)
Disclosure of Deferred Income [Line Items]
Deferred income, beginning balance	€ 3,000,646
Significant financing component	8,728
Revenue recognition of upfront/license fees	(180,711)
Revenue recognition of milestones	(6,996)
Other movements	2,166
Deferred income, ending balance	2,823,833
Other
Disclosure of Deferred Income [Line Items]
Deferred income, beginning balance	10
Other movements	(10)
Fee for services segment
Disclosure of Deferred Income [Line Items]
Deferred income, beginning balance	362
Other movements	(324)
Deferred income, ending balance	38
Grants
Disclosure of Deferred Income [Line Items]
Other movements	2,500
Deferred income, ending balance	2,500
Collaboration agreement for filgotinib \| Gilead
Disclosure of Deferred Income [Line Items]
Deferred income, beginning balance	780,261
Significant financing component	8,728
Revenue recognition of upfront/license fees	(67,992)
Revenue recognition of milestones	(6,996)
Deferred income, ending balance	714,001
Gilead collaboration agreement for drug discovery platform \| Gilead
Disclosure of Deferred Income [Line Items]
Deferred income, beginning balance	2,220,013
Revenue recognition of upfront/license fees	(112,719)
Deferred income, ending balance	€ 2,107,294

Revenues and other income - Other Income (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Total revenues and other income
Increase in other income			€ 6,100
Other income	€ 14,059	€ 8,852	€ 22,802	€ 16,724

Results (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
Results (Details) - EUR (€) € in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Financial Statements, Captions [Line Items]
Net loss	€ (115,042)	€ (47,249)	€ (165,643)	€ (95,905)
Operating loss	(86,214)	(44,367)	(130,799)	(97,610)
Research and development expenditure	149,114	€ 94,372	265,877	177,567
G&A and S&M expenses			89,500	28,600
Fair value re-measurement of warrants	€ 589		21,118
Net finance income (expense)			(13,000)	1,800
Net change in (fair) value of current financial investments			(12,484)
Effect of exchange rate differences on cash and cash equivalents			(617)	€ 1,866
Increase (decrease) in personnel costs related to research and development			35,400
Increase (decrease) in personnel costs related to general and administrative			€ 31,300
Cost Share For Global Development Activities	50.00%	20.00%	50.00%	20.00%
Effect of discounting long term deferred income			€ 8,700
Gilead
Condensed Financial Statements, Captions [Line Items]
Cost Share For Global Development Activities	50.00%	80.00%	50.00%	80.00%
Warrant B \| Gilead
Condensed Financial Statements, Captions [Line Items]
Fair value re-measurement of warrants			€ 21,100
filgotinib, Toledo Program aAd Other Clinical Programs [Member]
Condensed Financial Statements, Captions [Line Items]
Increase in subcontracting costs classified as R&D expenses			€ 42,700

Results - Summary of R&D expenditure by program (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating costs
Total R&D expenditure	€ (149,114)	€ (94,372)	€ (265,877)	€ (177,567)
Filgotinib program
Operating costs
Total R&D expenditure			(65,541)	(30,406)
Ziritaxestat program
Operating costs
Total R&D expenditure			(29,790)	(41,668)
OA program on GLPG1972
Operating costs
Total R&D expenditure			(12,499)	(9,733)
Toledo Program
Operating costs
Total R&D expenditure			(37,557)	(11,869)
AtD program on MOR106
Operating costs
Total R&D expenditure			(9,518)	(12,460)
CF program
Operating costs
Total R&D expenditure			(176)	(1,793)
Other programs
Operating costs
Total R&D expenditure			€ (110,797)	€ (69,638)

Segment information (Details) € in Thousands	3 Months Ended		6 Months Ended
Segment information (Details) € in Thousands	Jun. 30, 2020 EUR (€)	Jun. 30, 2019 EUR (€)	Jun. 30, 2020 EUR (€) segment	Jun. 30, 2019 EUR (€)
Disclosure of operating segments [line items]
Number of reportable segments \| segment			2
Revenues	€ 103,600	€ 58,738	€ 201,773	€ 91,785
Other income	14,059	8,852	22,802	16,724
Total revenues and other income	117,659	67,590	224,575	108,509
Operating result	(86,214)	(44,367)	(130,799)	(97,610)
Financial (expenses)/income			(34,135)	1,834
Loss before tax	(114,669)	(47,188)	(164,934)	(95,776)
Income taxes	(373)	(61)	(709)	(129)
Net loss	€ (115,042)	€ (47,249)	(165,643)	(95,905)
Segment result
Disclosure of operating segments [line items]
Operating result				(80,859)
Elimination of intersegment amounts
Disclosure of operating segments [line items]
Revenues			(4,475)	(3,581)
Total revenues and other income			(4,475)	(3,581)
Unallocated amounts
Disclosure of operating segments [line items]
Operating result				(16,751)
Research and Development Segment
Disclosure of operating segments [line items]
Revenues			194,404	86,907
Other income			22,802	16,717
Total revenues and other income			217,206	103,624
Operating result			(134,295)
Research and Development Segment \| Segment result
Disclosure of operating segments [line items]
Operating result				(81,269)
Fee for services segment
Disclosure of operating segments [line items]
Revenues			7,369	4,878
Other income				7
Total revenues and other income			11,844	8,466
Operating result			3,496
Fee for services segment \| Segment result
Disclosure of operating segments [line items]
Operating result				410
Fee for services segment \| Elimination of intersegment amounts
Disclosure of operating segments [line items]
Revenues			€ (4,475)	€ (3,581)

Cash position - Narrative (Details) € in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2020 EUR (€) tranche	Jun. 30, 2019 EUR (€)	Jun. 30, 2020 USD ($)	Jun. 30, 2020 EUR (€)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)	Dec. 31, 2018 EUR (€)
Cash and cash equivalents
Current financial investments and cash and cash equivalents		€ 1,147,923		€ 5,566,496		€ 5,780,800
Increase/decrease (-) in current financial instruments and cash and cash equivalents	€ (214,300)	(142,900)
Cash reported, operating activities	(209,829)	(141,740)
Operational cash burn	(230,486)	(152,545)
Proceeds from issuance of shares net of issuance cost	23,300
Proceeds from capital and share premium increases from exercise of subscription rights	23,268	7,805
(Fair) value of current financial investments and unrealized positive exchange rate differences	(7,100)
Term deposits				1,169,245		953,677
Cash and cash equivalents		€ 1,147,923		2,384,220		€ 1,861,616	€ 1,290,796
Cash invested in highly liquid money market funds				1,439,600
Foreign exchange gain in case of a 10% change in the EUR/U.S. dollar exchange rate	€ 130,400
Research and development incentive receivables				116,600
Treasury bills (included in current financial investments)				€ 1,742,600
U.S. Dollars
Cash and cash equivalents
Current financial investments and cash and cash equivalents \| $			$ 1,459.8		$ 1,507.4
Minimum
Cash and cash equivalents
Maturity period	3 months
France
Cash and cash equivalents
Number of tranches in which R&D tax credit receivable will be paid \| tranche	4

Cash position - Reconciliation of operational cash burn (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash position
Increase/decrease (-) in cash and cash equivalents (excluding effect of exchange differences)	€ 523,222	€ (144,740)
Net proceeds from capital and share premium increases	(23,268)	(7,805)
Net sale of current financial investments	(730,439)
Total operational cash flow/cash burn (-)	€ (230,486)	€ (152,545)

Cash position (Details) - EUR (€) € in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Cash position
Cash at banks	€ 1,214,975	€ 907,939
Term deposits	1,169,245	953,677
Total cash and cash equivalents	€ 2,384,220	€ 1,861,616	€ 1,147,923	€ 1,290,796

Capital increase (Details) - EUR (€)	6 Months Ended
Capital increase (Details) - EUR (€)	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disclosure of classes of share capital [line items]
Balance at beginning of period, shares	64,666,802
Balance at beginning of period	€ 2,875,658,000	€ 1,214,249,000
Share capital	290,462,000		€ 287,282,000
Share premium	2,723,671,000		2,703,583,000
Exercise of subscription rights	€ 23,269,000	7,805,000
Balance at end of period, shares	65,254,562
Balance at end of period	€ 2,773,263,000	1,143,367,000
March 17, 2020 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	€ 152,220
Average exercise price warrants	€ 35.18
Closing share price on date of capital increase	€ 141.40
May 28, 2020 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	€ 435,540
Average exercise price warrants	€ 41.13
Closing share price on date of capital increase	€ 186.60
Share capital.
Disclosure of classes of share capital [line items]
Balance at beginning of period	€ 287,282,000	236,540,000
Exercise of subscription rights	3,180,000	1,935,000
Balance at end of period	290,462,000	238,475,000
Share capital. \| March 17, 2020 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	824,000
Share capital. \| May 28, 2020 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	2,356,000
Share premium account
Disclosure of classes of share capital [line items]
Balance at beginning of period	2,703,583,000	1,277,780,000
Exercise of subscription rights	20,089,000	5,870,000
Balance at end of period	2,723,671,000	€ 1,283,650,000
Share premium account \| March 17, 2020 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	4,531,000
Share premium account \| May 28, 2020 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	15,558,000
Share capital and share premium
Disclosure of classes of share capital [line items]
Share capital and share premium			€ 2,990,865,000
Balance at end of period	3,014,133,000
Share capital and share premium \| March 17, 2020 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	5,355,000
Share capital and share premium \| May 28, 2020 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	€ 17,914,000

Note the cash flow statement (Details) - EUR (€)	3 Months Ended	6 Months Ended
Note the cash flow statement (Details) - EUR (€)	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Adjustment for non-cash transactions
Depreciation and amortization		€ 9,008,000	€ 5,653,000
Share-based compensation		39,641,000	16,751,000
Increase in retirement benefit obligations and provisions		174,000	168,000
Unrealized exchange results and non-cash other financial expenses		(4,015,000)	(1,424,000)
Discounting effect of deferred income		8,728,000
Fair value re-measurement of warrants	€ 589,000	21,118,000
Net change in fair value of current financial investments		12,484,000
Fair value adjustment financial assets held at fair value through profit or loss		354,000	2,130,000
Other non-cash costs		233,000
Total adjustment for non-cash transactions		87,724,000	23,278,000
Interest expense		2,602,000	452,000
Interest income		(5,121,000)	(3,445,000)
Tax expense		709,000	129,000
Total adjustment for items to disclose separately under operating cash flow		(1,810,000)	(2,864,000)
Gain (-)/loss on sale of fixed assets		83,000	(3,000)
Interest received related to current financial investments		2,447,000
Total adjustment for items to disclose separately under investing and financing cash flow		(2,363,000)	(3,000)
Decrease / increase (-) in inventories		(47,000)	3,000
Decrease / increase (-) in receivables		19,056,000	(32,895,000)
Increase in payables		36,290,000	16,974,000
Total change in working capital other than deferred income		€ 55,299,000	€ (15,918,000)
Weighted average exercise price of other equity instruments granted in share-based payment arrangement		€ 168.42
Other equity instruments granted in share-based payment arrangement, exercise term		8 years
Subscription Rights [Member]
Adjustment for non-cash transactions
Number of other equity instruments granted in share-based payment arrangement		2,173,335
Weighted average exercise price of other equity instruments granted in share-based payment arrangement		€ 168.42

Fair value re-measurement of share subscription agreement and warrants granted to Gilead - Financial assets (Details) € in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020 EUR (€)	Jun. 30, 2020 EUR (€)
Disclosure of fair value measurement of assets [line items]
Fair value re-measurement of warrants	€ 589	€ 21,118
Gilead \| Warrant B
Disclosure of fair value measurement of assets [line items]
Financial liabilities	€ 27,300	27,300
Fair value re-measurement of warrants		€ 21,100

- Definition

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]

+ References + Details

Contingencies and commitment (Details) € in Thousands	Jun. 30, 2020 EUR (€)
IFRS Other Commitments [Line Items]
Purchase commitments	€ 299,000
Collaboration agreement for filgotinib \| Gilead
IFRS Other Commitments [Line Items]
Purchase commitments	560,100
Total contractual obligations and commitments	18,300
Less than 1 year
IFRS Other Commitments [Line Items]
Purchase commitments	216,700
1-3 years
IFRS Other Commitments [Line Items]
Purchase commitments	77,559
3-5 years
IFRS Other Commitments [Line Items]
Purchase commitments	4,663
More than 5 years
IFRS Other Commitments [Line Items]
Purchase commitments	€ 78

Contingencies and commitment - Future cash outflows for leases not yet commenced (Details) € in Thousands	Jun. 30, 2020 EUR (€)
Disclosure of net defined benefit liability (asset) [line items]
Lease commitments not yet commenced	€ 5,606
Less than 1 year
Disclosure of net defined benefit liability (asset) [line items]
Lease commitments not yet commenced	€ 5,606

Related party transactions - Narrative (Details)			6 Months Ended
Related party transactions - Narrative (Details)	May 07, 2020 EUR (€)	May 06, 2020	Jun. 30, 2020 EquityInstruments € / shares	Jun. 30, 2019
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Number of days preceding the offer			30 days
Exercise term of warrants			8 years
Exercise price of warrants \| € / shares			€ 168.42
Number of shares subscribed if warrant is exercised \| EquityInstruments			1
Cost share mechanism			50.00%	20.00%
Restricted Stock Units (RSUs)
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Number of calendar days	30 days
Consideration for RSU	€ 0
Number of shares subscribed if warrant is exercised	1
First RSU
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Vesting period		3 years
Second RSU
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Vesting period	4 years
Second RSU \| Tranche one
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Vesting percentage	25.00%
Second RSU \| Tranche two
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Vesting percentage	25.00%
Second RSU \| Tranche three
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Vesting percentage	25.00%
Second RSU \| Tranche four
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Vesting percentage	25.00%

Related party transactions - Summary of remuneration package (Details)	6 Months Ended
	Jun. 30, 2020 EquityInstruments
Onno van de Stolpe
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Subscription rights offered	85,000
RSUs accepted	18,317
Piet Wigerinck
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Subscription rights offered	40,000
RSUs accepted	12,080
Bart Filius
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Subscription rights offered	50,000
RSUs accepted	12,600
Andre Hoekema
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Subscription rights offered	30,000
RSUs accepted	832
Walid Abi-Saab
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Subscription rights offered	40,000
RSUs accepted	12,080
Michele Manto
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Subscription rights offered	30,000
RSUs accepted	5,920