0001558370-21-010527 | 6-K | XBRL Viewer

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Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2021
Document and Entity Information [Abstract]
Document Type	6-K
Document Period End Date	Jun. 30, 2021
Entity Registrant Name	GALAPAGOS NV
Entity Central Index Key	0001421876
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Income and Comprehensive Income/loss - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statements of Income and Comprehensive Income/loss (unaudited)
Revenues	€ 139,772	€ 99,587	€ 253,664	€ 194,404
Other income	13,298	14,059	23,564	22,802
Total revenues and other income	153,070	113,646	277,228	217,206
Research and development expenditure	(138,866)	(147,448)	(268,826)	(262,901)
Sales and marketing expenses	(14,518)	(17,086)	(29,092)	(26,922)
General and administrative expenses	(46,436)	(37,285)	(76,858)	(61,774)
Total operating expenses	(199,820)	(201,819)	(374,776)	(351,597)
Operating income	(46,750)	(88,173)	(97,548)	(134,391)
Fair value re-measurement of warrants	(858)	589	(2,828)	21,118
Other financial income	(10,927)	(25,468)	36,573	14,214
Other financial expenses	(8,140)	(2,382)	(19,485)	(27,240)
Loss before tax	(64,959)	(116,613)	(77,632)	(168,535)
Income taxes	630	(373)	473	(709)
Net loss from continuing operations	(64,329)	(116,986)	(77,159)	(169,244)
Net income from discontinued operations, net of tax	0	1,944	22,191	3,601
Net loss	(64,329)	(115,042)	(54,968)	(165,643)
Net loss attributable to:
Owners of the parent	€ (64,329)	€ (115,042)	€ (54,968)	€ (165,643)
Basic and diluted loss per share	€ (0.98)	€ (1.77)	€ (0.84)	€ (2.55)
Basic and diluted loss per share from continuing operations	€ (0.98)	€ (1.80)	€ (1.18)	€ (2.61)

Consolidated Statement of Comprehensive Income/Loss (-) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statement of Comprehensive Income/Loss
Net loss	€ (64,329)	€ (115,042)	€ (54,968)	€ (165,643)
Items that may be reclassified subsequently to profit or loss:
Translation differences, arisen from translating foreign activities	(95)	(63)	203	338
Realization of translation differences upon sale of foreign operations	0	0	731	0
Other comprehensive income / loss (-), net of income tax	(95)	(63)	934	338
Total comprehensive income / loss (-) attributable to:
Owners of the parent	(64,424)	(115,105)	(54,034)	(165,305)
Total comprehensive income / loss (-) attributable to owners of the parent arises from:
Continuing operations	(64,424)	(117,154)	(76,956)	(168,662)
Discontinued operations	€ 0	€ 2,049	€ 22,922	€ 3,357

Consolidated Statement of Financial Position - EUR (€) € in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Intangible assets	€ 63,072	€ 67,565
Property, plant and equipment	111,900	103,378
Deferred tax assets	4,451	4,475
Non-current trade receivables	0	50,000
Non-current R&D incentives receivables	117,278	111,624
Other non-current assets	4,422	11,343
Non-current assets	301,123	348,384
Trade and other receivables	88,133	148,418
Current R&D incentives receivables	25,467	24,104
Current financial investments	2,363,969	3,026,278
Cash and cash equivalents	2,642,639	2,135,187
Other current assets	9,286	11,953
Current assets from continuing operations	5,129,494	5,345,941
Assets classified as held for sale	0	23,406
Total current assets	5,129,494	5,369,347
Total assets	5,430,617	5,717,731
Equity and liabilities
Share capital	291,912	291,312
Share premium account	2,729,824	2,727,840
Other reserves	(10,768)	(10,907)
Translation differences	(2,394)	(3,189)
Accumulated losses	(345,101)	(334,701)
Total equity	2,663,473	2,670,355
Retirement benefit liabilities	15,031	14,996
Non-current lease liabilities	21,429	23,035
Other non-current liabilities	6,478	8,096
Non-current deferred income	2,147,222	2,365,974
Non-current liabilities	2,190,160	2,412,101
Current lease liabilities	6,480	6,401
Trade and other liabilities	151,721	172,386
Current tax payable	377	1,248
Current financial instruments	336	3,164
Current deferred income	418,071	443,159
Current liabilities from continuing operations	576,985	626,357
Liabilities directly associated with assets classified as held for sale	0	8,917
Total current liabilities	576,985	635,274
Total liabilities	2,767,144	3,047,375
Total equity and liabilities	€ 5,430,617	€ 5,717,731

Consolidated Cash Flow Statement € in Thousands	6 Months Ended
Consolidated Cash Flow Statement € in Thousands	Jun. 30, 2021 EUR (€)	Jun. 30, 2020 EUR (€)
Consolidated Statement of Cash Flows
Net loss of the period	€ (54,968)	€ (165,643)
Adjustment for non-cash transactions	50,310	87,724
Adjustment for items to disclose separately under operating cash flow	2,518	(1,810)
Adjustment for items to disclose under investing and financing cash flows	(28,843)	(2,363)
Change in working capital other than deferred income	81,359	55,299
Decrease in deferred income	(248,610)	(185,537)
Cash used in operations	(198,234)	(212,329)
Interest paid	(5,862)	(1,406)
Interest received	1,237	5,182
Corporate taxes paid	(272)	(1,276)
Net cash flows used in operating activities	(203,131)	(209,829)
Purchase of property, plant and equipment	(19,414)	(9,207)
Purchase of intangible fixed assets	(647)	(15,673)
Proceeds from disposal of property, plant and equipment	0	4
Purchase of current financial investments	(703,841)	(2,968,597)
Interest received related to current financial investments	8	3,296
Sale of current financial investments	1,373,206	3,699,036
Cash in from disposal of subsidiaries, net of cash disposed of	28,696	0
Acquisition of financial assets	0	(2,681)
Proceeds from sale of financial assets held at fair value through profit or loss	4,045	6,626
Net cash flows generated from in investing activities	682,053	712,804
Payment of lease liabilities	(4,057)	(3,023)
Proceeds from capital and share premium increases from exercise of subscription rights	2,583	23,268
Net cash flows generated from financing activities	(1,474)	20,246
Cash and cash equivalents at beginning of period	2,135,187	1,861,616
Cash and cash equivalents at beginning of period (including discontinued operations)	2,642,639
Increase in cash and cash equivalents	477,448	523,222
Effect of exchange rate differences on cash and cash equivalents	22,121	(617)
Cash and cash equivalents at end of the period	€ 2,642,639	€ 2,384,220

Consolidated Statement of Cash Flows, Current Financial Investments - EUR (€) € in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Consolidated Statement of Cash Flows
Current financial investments	€ 2,363,969	€ 3,026,278	€ 3,182,276
Cash and cash equivalents	2,642,639	2,135,187	2,384,220	€ 1,861,616
Current financial investments and cash and cash equivalents	€ 5,006,608	€ 5,169,300	€ 5,566,496

Consolidated Statement of Changes in Equity - EUR (€) € in Thousands	Share capital.	Share premium account	Translation differences	Other reserves	Accumulated losses	Total
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					(165,643)	(165,643)
Other comprehensive income / loss (-)			396	(58)		338
Total comprehensive income / loss (-)	0	0	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
Balance at beginning of period at Dec. 31, 2020	291,312	2,727,840	(3,189)	(10,907)	(334,701)	2,670,355
Net loss					(54,968)	(54,968)
Other comprehensive income / loss (-)			795	139		934
Total comprehensive income / loss (-)	0	0	795	139	(54,968)	(54,034)
Share-based compensation					44,568	44,568
Exercise of subscription rights	599	1,984				2,583
Balance at end of period at Jun. 30, 2021	€ 291,912	€ 2,729,824	€ (2,394)	€ (10,768)	€ (345,101)	€ 2,663,473

- 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

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+ Details

Basis of preparation

6 Months Ended

Jun. 30, 2021

Basis of preparation

Basis of preparation

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 our annual report 2020.

Impact of COVID-19 on the financial statements

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

Jun. 30, 2021

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, 2020.

New standards and interpretations applicable for the annual period beginning on January 1, 2021 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.

Revenues and other income

6 Months Ended

Jun. 30, 2021

Revenues and other income

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, 2021 and 2020.


			Six months ended June 30,
	Over time	Point in time	2021		2020

			(Euro, in thousands)
Recognition of non-refundable upfront payments and license fees			€	232,441	€	180,711
Gilead collaboration agreement for filgotinib	Ö			116,744		67,992
Gilead collaboration agreement for drug discovery platform	Ö			115,697		112,719
Milestone payments				19,369		6,996
Gilead collaboration agreement for filgotinib	Ö			19,369		6,996
Reimbursement income				—		6,628
Novartis collaboration agreement for MOR106	Ö			—		6,659
AbbVie collaboration agreement for CF	Ö			—		(31)
Other revenues				43		69
Other revenues		Ö		43		69
Commercial revenues				1,810		—
Sale of goods		Ö		456		—
Royalties		Ö		1,350		—
Other commercial revenues		Ö		4		—
Total revenues			€	253,664	€	194,404

Revenues (€253.7 million for the first six months of 2021 compared to €194.4 million for the first six months of 2020) were higher mainly driven by the increase in revenue recognition of upfront consideration and milestone payments received in the scope of the collaboration with Gilead for filgotinib amounting to €136.1 million for the first six months of 2021 (€75.0 million for the same period last year). The increased cost share and the additional upfront consideration as a consequence of the renegotiated arrangement between Gilead and Galapagos in December 2020, as well as the milestones for the approval of filgotinib in Europe and Japan achieved in the third quarter of 2020, all contributed to this increase in revenues.

The rollforward of the outstanding balance of the current and non-current deferred income between January 1, 2021 and June 30, 2021 can be summarized as follows:


		Total		Gilead collaboration agreement for filgotinib		Gilead collaboration agreement for drug discovery platform⁽¹⁾		Other deferred income (grants)
		(Euro, in thousands)

On January 1, 2021	€	2,809,133	€	818,654	€	1,990,412	€	67

Significant financing component ⁽²⁾		4,770		4,770

Revenue recognition of upfront		(232,441)		(116,744)		(115,697)
Revenue recognition of milestones		(19,369)		(19,369)

Other movements		3,204						3,204

On June 30, 2021	€	2,565,292	€	687,310	€	1,874,714	€	3,270

(1)

The outstanding balance at January 1, 2021 and June 30, 2021 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 (€23.6 million for the first six months of 2021, compared to €22.8 million for the first six months of 2020) increased by €0.8 million, mainly driven by higher grant income.

Results from continuing operations

6 Months Ended

Jun. 30, 2021

Results from continuing operations

Results from continuing operations

Results from continuing operations

We realized a net loss from continuing operations of €77.2 million for the first six months of 2021, compared to a net loss of €169.2 million in the first six months of 2020.

We reported an operating loss amounting to €97.6 million for the first six months of 2021, compared to an operating loss of €134.4 million for the same period last year.

Our R&D expenditure in the first six months of 2021 amounted to €268.8 million, compared to €262.9 million in the first six months of 2020. This increase, primarily related to our filgotinib program and our Toledo program, was compensated by a decrease for ziritaxestat, the OA program with GLPG1972, and the AtD program with MOR106. Personnel costs increased by €11.7 million from €82.5 million in the first six months of 2020 to €94.2 million in the first six months of 2021. This increase is due to an increase in headcount compared to the same period last year, and increased costs of our subscription right plans.

The table below summarizes our R&D expenditure for the six months ended June 30, 2021 and 2020, broken down by program.


	Six months ended June 30,
	2021		2020

	(Euro, in thousands)
Filgotinib program	€	(87,840)	€	(65,541)
Ziritaxestat program		(19,418)		(29,790)
OA program with GLPG1972		(1,241)		(12,499)
Toledo program		(52,235)		(37,557)
AtD program with MOR106		(52)		(9,518)
Other programs		(108,040)		(107,997)
Total R&D expenditure	€	(268,826)	€	(262,901)

Our G&A and S&M expenses were €106.0 million in the first six months of 2021, compared to €88.7 million in the first six months of 2020. This increase mainly resulted from higher personnel costs for €15.3 million (€64.4 million in the first six months of 2021 compared to €49.1 million in the same period last year). This increase was due to a planned headcount increase following the commercial launch of filgotinib in Europe as well as higher costs of subscription right plans.

In the first six months of 2021 we reported a non-cash fair value gain from the re-measurement of initial warrant B issued to Gilead, amounting to €2.8 million, mainly due to the decreased implied volatility of the Galapagos share price as well as its evolution between December 31, 2020 and June 30, 2021.

Net other financial income in the first six months of 2021 amounted to €17.1 million, (as compared to net other financial loss of €13.0 million in the same period last year), which was primarily attributable to €33.4 million of currency exchange gains on our cash and cash equivalents and current financial investments in U.S dollars (as compared to €5.5 million currency exchange gains in the first six months of 2020) and €5.8 million negative changes in (fair) value of current financial investments (€12.5 million in the same period last year). The other financial expenses also contained the effect of discounting our long term deferred income of €4.8 million (€8.7 million in the same period last year) as well as the fair value loss of financial assets held at fair value through profit or loss of €2.9 million (€0.4 million in the same period last year).

Cash position

6 Months Ended

Jun. 30, 2021

Cash position

Cash position

Cash position

Cash and cash equivalents and current financial investments totaled €5,006.6 million on June 30, 2021 (€5,169.3 million on December 31, 2020, including the cash and cash equivalents included in the assets classified as held for sale).

A net decrease of €162.7 million in cash and cash equivalents and current financial investments was recorded during the first six months of 2021, compared to a net decrease of €214.3 million during the first six months of 2020. This net decrease was composed of (i) €223.2 million of operational cash burn, (ii) offset by €2.6 million of cash proceeds from capital and share premium increases from exercise of subscription rights in the first six months of 2021, (iii) €5.8 million of negative changes in (fair) value of current financial investments and €35.0 million of mainly positive exchange rate differences, and (iv) €28.7 million cash in from disposal of subsidiaries, net of cash disposed of.

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 from/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 from/ 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,
	2021		2020

	(Euro, in thousands)
Increase in cash and cash equivalents (excluding effect of exchange differences)	€	477,448	€	523,222
Minus:
Net proceeds from capital and share premium increases		(2,583)		(23,268)
Net sale of current financial investments		(669,365)		(730,439)
Cash in from disposal of subsidiaries, net of cash disposed of		(28,696)		—
Total operational cash burn		(223,196)	€	(230,486)

Cash and cash equivalents and current financial investments comprised cash at banks, short-term bank deposits, treasury bills and money market funds that are readily convertible to cash and are subject to an insignificant risk of changes in value. Our cash management strategy monitors and optimizes our liquidity position. Our cash management strategy allows short term deposits with an original maturity exceeding three months while monitoring all liquidity aspects. Cash and cash equivalents comprised €1,411.7 million of term deposits which all had an original maturity longer than three months. All cash and cash equivalents are available upon maximum three months notice period and without significant penalty. Cash at banks were mainly composed of notice accounts and term deposits. Our credit risk is mitigated by selecting a panel of highly rated financial institutions for our deposits.

Cash invested in highly liquid money market funds represented €1,060.3 million (€1,571.9 million on December 31, 2020) and are presented as current financial investments on June 30, 2021. The current financial investments also include treasury bills, amounting to €1,303.7 million on June 30, 2021 (€1,454.4 million on December 31, 2020). Our portfolio of treasury bills contains only AAA rated paper, issued by Germany and The Netherlands. Our money market funds portfolio consists of AAA short-term money market funds with a diversified and highly rated underlying portfolio managed by established fund management companies with a proven track record leading to an insignificant risk of changes in value.


	June 30,		December 31,
	2021		2020

	(Euro, in thousands)
Cash at banks	€	1,230,956	€	1,239,993
Term deposits		1,411,683		895,194
Total cash and cash equivalents from continuing operations		2,642,639		2,135,187
Cash and cash equivalents included in assets classified as held for sale		—		7,884
Total cash and cash equivalents	€	2,642,639	€	2,143,071

On June 30, 2021, our cash and cash equivalents and current financial investments included $973.3 million held in U.S. dollars ($1,418.9 million on December 31, 2020) 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 €81.9 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 €142.7 million as at June 30, 2021.

Capital increase

6 Months Ended

Jun. 30, 2021

Capital increase

Capital increase

Capital increase

On June 30, 2021, Galapagos NV’s share capital was represented by 65,522,521 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, 2021.

(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, 2021

65,411,767

€

291,312

€

2,727,840

€

3,019,153

March 19, 2021 : exercise of subscription rights

99,814

540

1,718

2,258

22.62

68.48

June 7, 2021 : exercise of subscription rights

10,940

266

325

29.73

61.78

On June 30, 2021

65,522,521

€

291,912

€

2,729,824

€

3,021,736

Note the cash flow statement

6 Months Ended

Jun. 30, 2021

Consolidated Statement of Cash Flows

Note the cash flow statement

Note the cash flow statement


	Six months ended June 30,
	2021		2020

	(Euro, in thousands)
Adjustment for non-cash transactions
Depreciations, amortizations and impairment	€	20,996		€	9,008
Share-based compensation expenses		44,568			39,641
Increase in retirement benefit liabilities and provisions		190			174
Unrealized exchange results and non-cash other financial expenses		(26,537)			(4,015)
Discounting effect of deferred income		4,770			8,728
Fair value re-measurement of warrants		(2,828)			21,118
Net change in (fair) value of current financial investments		5,833			12,484
Fair value adjustment financial assets held at fair value through profit or loss		2,913			354
Other non-cash costs		405			233
Total adjustment for non-cash transactions		50,310			87,724


Adjustment for items to disclose separately under operating cash flow
Interest expense		4,425			2,602
Interest income		(1,434)			(5,121)
Tax income (-)/tax expense		(473)			709
Total adjustment for items to disclose separately under operating cash flow		2,518			(1,810)


Adjustment for items to disclose under investing and financing cash flows
Gain on sale of subsidiaries		(22,191)			—
Loss on sale of fixed assets		1			83
Realized exchange gain on sale of current financial investments		(6,645)			—
Interest income related to current financial investments		(8)			(2,447)
Total adjustment for items to disclose under investing and financing cash flows		(28,843)			(2,363)


Change in working capital other than deferred income
Increase in inventories		(1,419)			(47)
Decrease in receivables		107,041			19,056
Increase/decrease (-) in payables		(24,263)			36,290
Total change in working capital other than deferred income	€	81,359		€	55,299

Discontinued operations

6 Months Ended

Jun. 30, 2021

Discontinued operations

Discontinued operations

Discontinued operations

The following disclosure illustrates the result of our discontinued operations, related to the sale of our fee-for-service business (Fidelta) to Selvita on January 4, 2021.

Disposal of subsidiaries (discontinued operations)

1.1

Consideration received


	(Euro, in thousands)
Consideration received in cash and cash equivalents	€	37,080
Total consideration received	€	37,080

1.2

Analysis of assets and liabilities over which control was lost


	January 4, 2021

	(Euro, in thousands)
Intangible assets	€	21
Property, plant and equipment		10,050
Other non-current assets		160
Trade and other receivables		4,428
Cash and cash equivalents		7,884
Other current assets		863
Total assets		23,406

Non-current lease liabilities		4,115
Other non-current liabilities		70
Trade and other liabilities		4,479
Current lease liabilities		727
Income tax payable		356
Total liabilities		9,747

Net assets disposed of	€	13,658

1.3

Gain on disposal of subsidiaries


	(Euro, in thousands)
Consideration received	€	37,080
Net assets disposed of		(13,658)
Effect of cumulative translation adjustments reclassified from equity on loss of control		(731)
Costs associated to the sale		(500)
Gain on disposal	€	22,191

1.4

Net cash inflow on disposal of subsidiaries


	(Euro, in thousands)
Consideration received in cash and cash equivalents	€	37,080
Less: cash and cash equivalents balances disposed of		(7,884)
Total consideration received, net of cash disposed of		29,196
Costs associated to the sale		(500)
Cash in from disposal of subsidiaries, net of cash disposed of	€	28,696

Result from discontinued operations


	Six months ended June 30,
	2021		2020

	(Euro, in thousands, except share and per share data)
Revenues	€	—	€	7,369
Other income		—		—
Total revenues and other income		—		7,369

Gain on disposal of subsidiaries		22,191		—

Research and development expenditure		—		(2,976)
Sales and marketing expenses		—		—
General and administrative expenses		—		(801)
Total operating expenses		—		(3,777)

Operating income		22,191		3,592

Other financial income		—		74
Other financial expenses		—		(65)

Income before tax		22,191		3,601

Income taxes		—		—

Net income	€	22,191	€	3,601

Basic income per share	€	0.34	€	0.06
Diluted income per share	€	0.34	€	0.05
Weighted average number of shares - Basic (in '000 shares)		65,470		64,834
Weighted average number of shares - Diluted (in '000 shares)		66,109		68,151

Cash flows from discontinued operations


	Six months ended June 30,
	2021		2020

	(Euro, in thousands)
Net cash flows generated from operating activities	€	—	€	3,031
Net cash flows generated from/used in (-) investing activities		28,696		(953)
Net cash flows used in financing activities		—		(352)
Net cash flows from discontinued operations	€	28,696	€	1,726

Contingencies and commitment

6 Months Ended

Jun. 30, 2021

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, 2021 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

€

251,814

€

200,620

€

39,972

€

10,861

€

361

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 €407.9 million at June 30, 2021 for which we have direct purchase commitments of €19.4 million at June 30, 2021 reflected in the table above.

Contingent liabilities and assets

We refer to our annual report 2020 for a description of our contingent liabilities and assets.

Related party transactions

6 Months Ended

Jun. 30, 2021

Related party transactions

Related party transactions

Related party transactions

On April 30, 2021, the members of the management board were offered new subscription rights under Subscription Right Plan 2021 BE, subject to acceptance. A first portion of the number of accepted subscription rights under Subscription Right Plan 2021 BE and the final number of accepted subscription rights under Subscription Right Plan 2021 RMV and Subscription Right Plan 2021 ROW were enacted by notary deed on July 2, 2021. For four members of the management board, the suspensive condition of acceptance is still outstanding. 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 €64.76 (the closing price of the Galapagos share on Euronext Amsterdam and Brussels on the day preceding the date of the offer). Each subscription right gives the right to subscribe for one new Galapagos share. For all the beneficiaries under Subscription Right plan 2021 BE 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, 2025. Subscription rights granted under Subscription Right Plan 2021 RMV and Subscription Right Plan 2021 ROW vest in instalments: with 25% of each grant being exercisable as of January 1, 2023, 25% as of January 1, 2024 and 50% (the remainder) as of January 1, 2025.

On May 5, 2021, the members of the management board were offered new restricted stock units (‘RSUs’), subject to acceptance. The RSUs are offered for no consideration. Four 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 RSU grant will vest in full three years after the offer date. 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 2021 BE and the total number of RSUs accepted by each member of the management board during the first six months of 2021:


Name	Title	Number of 2021 subscription rights offered	Number of 2021 RSUs accepted
Onno van de Stolpe	Chief Executive Officer	85,000	2,111
Bart Filius	President & Chief Operating Officer	50,000	1,011
Walid Abi-Saab	Chief Medical Officer	40,000	835
Piet Wigerinck	Chief Scientific Officer	40,000	-
Andre Hoekema	Chief Business Officer	30,000	-
Michele Manto	Chief Commercial Officer	30,000	835

We note that Dr. Rajesh Parekh and Ms. Katrine Bosley were re-appointed as members of the supervisory board by the shareholders’ meeting of April 28, 2021 for a period of four years and for a period of one year respectively. Ms. Katrine Bosley is an independent supervisory board member within the meaning of article 7:87 of the Belgian Companies Code and article 3.5 of the Belgian Corporate Governance Code 2020.

During the first six months of 2021, there were no changes to related party transactions disclosed in the 2020 annual report that potentially had a material impact on the financials of the first six months of 2021.

Events after balance sheet date

6 Months Ended

Jun. 30, 2021

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.

Significant accounting policies (Policies)	6 Months Ended
Significant accounting policies (Policies)	Jun. 30, 2021
Significant accounting policies
New Standards and Interpretations Applicable for the Annual Period	New standards and interpretations applicable for the annual period beginning on January 1, 2021 did not have any impact on our condensed consolidated interim financial statements.

Revenues and other income (Tables)

6 Months Ended

Jun. 30, 2021

Revenues and other income

Schedule of revenues


			Six months ended June 30,
	Over time	Point in time	2021		2020

			(Euro, in thousands)
Recognition of non-refundable upfront payments and license fees			€	232,441	€	180,711
Gilead collaboration agreement for filgotinib	Ö			116,744		67,992
Gilead collaboration agreement for drug discovery platform	Ö			115,697		112,719
Milestone payments				19,369		6,996
Gilead collaboration agreement for filgotinib	Ö			19,369		6,996
Reimbursement income				—		6,628
Novartis collaboration agreement for MOR106	Ö			—		6,659
AbbVie collaboration agreement for CF	Ö			—		(31)
Other revenues				43		69
Other revenues		Ö		43		69
Commercial revenues				1,810		—
Sale of goods		Ö		456		—
Royalties		Ö		1,350		—
Other commercial revenues		Ö		4		—
Total revenues			€	253,664	€	194,404

Schedule of current and non-current deferred income


		Total		Gilead collaboration agreement for filgotinib		Gilead collaboration agreement for drug discovery platform⁽¹⁾		Other deferred income (grants)
		(Euro, in thousands)

On January 1, 2021	€	2,809,133	€	818,654	€	1,990,412	€	67

Significant financing component ⁽²⁾		4,770		4,770

Revenue recognition of upfront		(232,441)		(116,744)		(115,697)
Revenue recognition of milestones		(19,369)		(19,369)

Other movements		3,204						3,204

On June 30, 2021	€	2,565,292	€	687,310	€	1,874,714	€	3,270

(1)

The outstanding balance at January 1, 2021 and June 30, 2021 comprise the issuance liability for subsequent warrant B and the upfront payment allocated to the drug discovery platform.

(2)

Results from continuing operations (Tables)

6 Months Ended

Jun. 30, 2021

Results from continuing operations

Summary of R&D expenditure by program


	Six months ended June 30,
	2021		2020

	(Euro, in thousands)
Filgotinib program	€	(87,840)	€	(65,541)
Ziritaxestat program		(19,418)		(29,790)
OA program with GLPG1972		(1,241)		(12,499)
Toledo program		(52,235)		(37,557)
AtD program with MOR106		(52)		(9,518)
Other programs		(108,040)		(107,997)
Total R&D expenditure	€	(268,826)	€	(262,901)

Cash position (Tables)

6 Months Ended

Jun. 30, 2021

Cash position

Summary of reconciliation of operational cash burn


	Six months ended June 30,
	2021		2020

	(Euro, in thousands)
Increase in cash and cash equivalents (excluding effect of exchange differences)	€	477,448	€	523,222
Minus:
Net proceeds from capital and share premium increases		(2,583)		(23,268)
Net sale of current financial investments		(669,365)		(730,439)
Cash in from disposal of subsidiaries, net of cash disposed of		(28,696)		—
Total operational cash burn		(223,196)	€	(230,486)

Schedule of cash and cash equivalents


	June 30,		December 31,
	2021		2020

	(Euro, in thousands)
Cash at banks	€	1,230,956	€	1,239,993
Term deposits		1,411,683		895,194
Total cash and cash equivalents from continuing operations		2,642,639		2,135,187
Cash and cash equivalents included in assets classified as held for sale		—		7,884
Total cash and cash equivalents	€	2,642,639	€	2,143,071

Capital increase (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021

65,411,767

€

291,312

€

2,727,840

€

3,019,153

March 19, 2021 : exercise of subscription rights

99,814

540

1,718

2,258

22.62

68.48

June 7, 2021 : exercise of subscription rights

10,940

266

325

29.73

61.78

On June 30, 2021

65,522,521

€

291,912

€

2,729,824

€

3,021,736

Note the cash flow statement (Tables)

6 Months Ended

Jun. 30, 2021

Consolidated Statement of Cash Flows


	Six months ended June 30,
	2021		2020

	(Euro, in thousands)
Adjustment for non-cash transactions
Depreciations, amortizations and impairment	€	20,996		€	9,008
Share-based compensation expenses		44,568			39,641
Increase in retirement benefit liabilities and provisions		190			174
Unrealized exchange results and non-cash other financial expenses		(26,537)			(4,015)
Discounting effect of deferred income		4,770			8,728
Fair value re-measurement of warrants		(2,828)			21,118
Net change in (fair) value of current financial investments		5,833			12,484
Fair value adjustment financial assets held at fair value through profit or loss		2,913			354
Other non-cash costs		405			233
Total adjustment for non-cash transactions		50,310			87,724


Adjustment for items to disclose separately under operating cash flow
Interest expense		4,425			2,602
Interest income		(1,434)			(5,121)
Tax income (-)/tax expense		(473)			709
Total adjustment for items to disclose separately under operating cash flow		2,518			(1,810)


Adjustment for items to disclose under investing and financing cash flows
Gain on sale of subsidiaries		(22,191)			—
Loss on sale of fixed assets		1			83
Realized exchange gain on sale of current financial investments		(6,645)			—
Interest income related to current financial investments		(8)			(2,447)
Total adjustment for items to disclose under investing and financing cash flows		(28,843)			(2,363)


Change in working capital other than deferred income
Increase in inventories		(1,419)			(47)
Decrease in receivables		107,041			19,056
Increase/decrease (-) in payables		(24,263)			36,290
Total change in working capital other than deferred income	€	81,359		€	55,299

Discontinued operations (Tables)

6 Months Ended

Jun. 30, 2021

Discontinued operations

Schedule of financial statements in relation to the discontinued operations


	(Euro, in thousands)
Consideration received in cash and cash equivalents	€	37,080
Total consideration received	€	37,080


	January 4, 2021

	(Euro, in thousands)
Intangible assets	€	21
Property, plant and equipment		10,050
Other non-current assets		160
Trade and other receivables		4,428
Cash and cash equivalents		7,884
Other current assets		863
Total assets		23,406

Non-current lease liabilities		4,115
Other non-current liabilities		70
Trade and other liabilities		4,479
Current lease liabilities		727
Income tax payable		356
Total liabilities		9,747

Net assets disposed of	€	13,658


	(Euro, in thousands)
Consideration received	€	37,080
Net assets disposed of		(13,658)
Effect of cumulative translation adjustments reclassified from equity on loss of control		(731)
Costs associated to the sale		(500)
Gain on disposal	€	22,191


	(Euro, in thousands)
Consideration received in cash and cash equivalents	€	37,080
Less: cash and cash equivalents balances disposed of		(7,884)
Total consideration received, net of cash disposed of		29,196
Costs associated to the sale		(500)
Cash in from disposal of subsidiaries, net of cash disposed of	€	28,696


	Six months ended June 30,
	2021		2020

	(Euro, in thousands, except share and per share data)
Revenues	€	—	€	7,369
Other income		—		—
Total revenues and other income		—		7,369

Gain on disposal of subsidiaries		22,191		—

Research and development expenditure		—		(2,976)
Sales and marketing expenses		—		—
General and administrative expenses		—		(801)
Total operating expenses		—		(3,777)

Operating income		22,191		3,592

Other financial income		—		74
Other financial expenses		—		(65)

Income before tax		22,191		3,601

Income taxes		—		—

Net income	€	22,191	€	3,601

Basic income per share	€	0.34	€	0.06
Diluted income per share	€	0.34	€	0.05
Weighted average number of shares - Basic (in '000 shares)		65,470		64,834
Weighted average number of shares - Diluted (in '000 shares)		66,109		68,151


	Six months ended June 30,
	2021		2020

	(Euro, in thousands)
Net cash flows generated from operating activities	€	—	€	3,031
Net cash flows generated from/used in (-) investing activities		28,696		(953)
Net cash flows used in financing activities		—		(352)
Net cash flows from discontinued operations	€	28,696	€	1,726

Contingencies and commitment (Tables)

6 Months Ended

Jun. 30, 2021

Contingencies and commitment

Schedule of future minimum repayments and purchase commitments

On June 30, 2021 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

€

251,814

€

200,620

€

39,972

€

10,861

€

361

Related party transactions (Tables)

6 Months Ended

Jun. 30, 2021

Related party transactions

Summary of warrants offered


Name	Title	Number of 2021 subscription rights offered	Number of 2021 RSUs accepted
Onno van de Stolpe	Chief Executive Officer	85,000	2,111
Bart Filius	President & Chief Operating Officer	50,000	1,011
Walid Abi-Saab	Chief Medical Officer	40,000	835
Piet Wigerinck	Chief Scientific Officer	40,000	-
Andre Hoekema	Chief Business Officer	30,000	-
Michele Manto	Chief Commercial Officer	30,000	835

Revenues and other income - Summary of revenue (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue and Other Income [Line Items]
Recognition of non-refundable upfront payments and license fees			€ 232,441	€ 180,711
Milestone payments			19,369	6,996
Reimbursement income				6,628
Other revenues			43	69
Commercial revenues			1,810
Total revenue	€ 139,772	€ 99,587	253,664	194,404
Point in time
Revenue and Other Income [Line Items]
Sale of goods			456
Royalties			1,350
Other commercial revenues			4
Other revenues \| Point in time
Revenue and Other Income [Line Items]
Other revenues			43	69
Collaboration with Gilead for filgotinib \| Gilead
Revenue and Other Income [Line Items]
Revenue recognition of upfront consideration and milestone payments			136,100	75,000
Collaboration with Gilead for filgotinib \| Gilead \| Over time
Revenue and Other Income [Line Items]
Recognition of non-refundable upfront payments and license fees			116,744	67,992
Milestone payments			19,369	6,996
Collaboration agreement for drug discovery platform \| Gilead \| Over time
Revenue and Other Income [Line Items]
Recognition of non-refundable upfront payments and license fees			€ 115,697	112,719
Collaboration agreement for CF \| AbbVie \| Over time
Revenue and Other Income [Line Items]
Reimbursement income				(31)
Collaboration agreement for MOR106 \| Novartis \| Over time
Revenue and Other Income [Line Items]
Reimbursement income				€ 6,659

Revenues and other income - Current and non-current deferred income (Details) € in Thousands	6 Months Ended
	Jun. 30, 2021 EUR (€)
Disclosure of Deferred Income [Line Items]
Deferred income, beginning balance	€ 2,809,133
Significant financing component	4,770
Revenue recognition of upfront	(232,441)
Revenue recognition of milestones	(19,369)
Other movements	3,204
Deferred income, ending balance	2,565,292
Grants
Disclosure of Deferred Income [Line Items]
Deferred income, beginning balance	67
Other movements	3,204
Deferred income, ending balance	3,270
Collaboration with Gilead for filgotinib \| Gilead
Disclosure of Deferred Income [Line Items]
Deferred income, beginning balance	818,654
Significant financing component	4,770
Revenue recognition of upfront	(116,744)
Revenue recognition of milestones	(19,369)
Deferred income, ending balance	687,310
Gilead collaboration agreement for drug discovery platform \| Gilead
Disclosure of Deferred Income [Line Items]
Deferred income, beginning balance	1,990,412
Revenue recognition of upfront	(115,697)
Deferred income, ending balance	€ 1,874,714

Revenues and other income - Other Income (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues and other income
Other income	€ 13,298	€ 14,059	€ 23,564	€ 22,802
Increase in other income			€ 800

Results from continuing operations (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Financial Statements, Captions [Line Items]
Net loss	€ (64,329)	€ (115,042)	€ (54,968)	€ (165,643)
Net loss from continuing operations	(64,329)	(116,986)	(77,159)	(169,244)
Operating loss	(46,750)	(88,173)	(97,548)	(134,391)
Operating Loss			(97,600)
Research and development expenditure	138,866	147,448	268,826	262,901
G&A and S&M expenses			106,000	88,700
Fair value re-measurement of warrants	€ 858	€ (589)	2,828	(21,118)
Net other financial income (loss)			17,100	(13,000)
Net change in (fair) value of current financial investments			5,833	12,484
Effect of exchange rate differences on cash and cash equivalents			22,121	(617)
Increase (decrease) in personnel costs related to research and development			11,700
Personnel cost (R&D)			94,200	82,500
Increase (decrease) in personnel costs related to general and administrative			15,300
Personnel cost related to general and administrative			64,400	49,100
Effect of discounting long term deferred income			4,800	8,700
Foreign exchange gain (loss)			33,400	5,500
Changes in (fair) value of current financial investments			(5,800)	(12,500)
Fair value loss of financial assets held			2,900	400
Gilead \| Warrant B
Condensed Financial Statements, Captions [Line Items]
Fair value re-measurement of warrants			€ 2,828	€ (21,118)

Results from continuing operations - Summary of R&D expenditure by program (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating costs
Total R&D expenditure	€ (138,866)	€ (147,448)	€ (268,826)	€ (262,901)
Filgotinib program
Operating costs
Total R&D expenditure			(87,840)	(65,541)
Ziritaxestat program
Operating costs
Total R&D expenditure			(19,418)	(29,790)
OA program with GLPG1972
Operating costs
Total R&D expenditure			(1,241)	(12,499)
Toledo Program
Operating costs
Total R&D expenditure			(52,235)	(37,557)
AtD program with MOR106
Operating costs
Total R&D expenditure			(52)	(9,518)
Other programs (Partnered)
Operating costs
Total R&D expenditure			€ (108,040)	€ (107,997)

Cash position - Narrative (Details) € in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2021 EUR (€) tranche	Jun. 30, 2020 EUR (€)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 EUR (€)
Cash and cash equivalents
Current financial investments and cash and cash equivalents	€ 5,006,608	€ 5,566,496		€ 5,169,300
Increase/decrease (-) in current financial instruments and cash and cash equivalents	(162,700)	(214,300)
Cash reported, operating activities	(203,131)	(209,829)
Operational cash burn	223,196	230,486
Proceeds from issuance of shares net of issuance cost	2,600
Proceeds from capital and share premium increases from exercise of subscription rights	2,583	23,268
Negative changes in (fair) value of current financial investments	5,800
Positive exchange rate differences	35,000
Changes in (fair) value of current financial investments	(5,800)	(12,500)
Cash in from disposal of subsidiaries, net of cash disposed of	28,696	0
Term deposits	1,411,683			895,194
Cash and cash equivalents	2,642,639	2,384,220		2,135,187		€ 1,861,616
Cash invested in highly liquid money market funds	1,060,300			1,571,900
Currency exchange gains on our cash and cash equivalents and current financial investments in U.S dollars	33,400	€ 5,500
Research and development incentive receivables	€ 142,700
Percentage of foreign exchange	10.00%
Treasury bills (included in current financial investments)	€ 1,303,700			€ 1,454,400
10% change in the EUR/U.S. dollar exchange rate
Cash and cash equivalents
Currency exchange gains on our cash and cash equivalents and current financial investments in U.S dollars	€ 81,900
U.S. Dollars
Cash and cash equivalents
Current financial investments and cash and cash equivalents \| $			$ 973.3		$ 1,418.9
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, 2021	Jun. 30, 2020
Cash position
Increase in cash and cash equivalents (excluding effect of exchange differences)	€ 477,448	€ 523,222
Net proceeds from capital and share premium increases	(2,583)	(23,268)
Net sale of current financial investments	(669,365)	(730,439)
Cash in from disposal of subsidiaries, net of cash disposed of	(28,696)	0
Total operational cash flow/cash burn (-)	€ (223,196)	€ (230,486)

Cash position (Details) - EUR (€) € in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash position
Cash at banks	€ 1,230,956	€ 1,239,993
Term deposits	1,411,683	895,194
Total cash and cash equivalents from continuing operations	2,642,639	2,135,187	€ 2,384,220	€ 1,861,616
Cash and cash equivalents included in assets classified as held for sale		7,884
Total cash and cash equivalents	€ 2,642,639	€ 2,143,071

Capital increase (Details) - EUR (€)	6 Months Ended
Capital increase (Details) - EUR (€)	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Balance at beginning of period, shares	65,411,767
Balance at beginning of period	€ 2,670,355,000	€ 2,875,658,000
Share capital	291,912,000		€ 291,312,000
Share premium	2,729,824,000		2,727,840,000
Exercise of subscription rights	€ 2,583,000	23,269,000
Balance at end of period, shares	65,522,521
Balance at end of period	€ 2,663,473,000	2,773,263,000
March 19, 2021 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	€ 99,814
Average exercise price warrants	€ 22.62
Closing share price on date of capital increase	€ 68.48
June 7, 2021 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	€ 10,940
Average exercise price warrants	€ 29.73
Closing share price on date of capital increase	€ 61.78
Share capital.
Disclosure of classes of share capital [line items]
Balance at beginning of period	€ 291,312,000	287,282,000
Exercise of subscription rights	599,000	3,180,000
Balance at end of period	291,912,000	290,462,000
Share capital. \| March 19, 2021 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	540,000
Share capital. \| June 7, 2021 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	59,000
Share premium account
Disclosure of classes of share capital [line items]
Balance at beginning of period	2,727,840,000	2,703,583,000
Exercise of subscription rights	1,984,000	20,089,000
Balance at end of period	2,729,824,000	€ 2,723,671,000
Share premium account \| March 19, 2021 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	1,718,000
Share premium account \| June 7, 2021 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	266,000
Share capital and share premium
Disclosure of classes of share capital [line items]
Share capital and share premium			€ 3,019,153,000
Balance at end of period	3,021,736,000
Share capital and share premium \| March 19, 2021 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	2,258,000
Share capital and share premium \| June 7, 2021 : exercise of subscription rights
Disclosure of classes of share capital [line items]
Exercise of subscription rights	€ 325,000

Note the cash flow statement (Details) € / shares in Units, € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 EUR (€)	Jun. 30, 2020 EUR (€)	Jun. 30, 2021 EUR (€) EquityInstruments € / shares	Jun. 30, 2020 EUR (€)
Adjustment for non-cash transactions
Depreciations, amortizations and impairment			€ 20,996	€ 9,008
Share-based compensation			44,568	39,641
Increase in retirement benefit obligations and provisions			190	174
Unrealized exchange results and non-cash other financial expenses			(26,537)	(4,015)
Discounting effect of deferred income			4,770	8,728
Fair value re-measurement of warrants	€ (858)	€ 589	(2,828)	21,118
Net change in (fair) value of current financial investments			5,833	12,484
Fair value adjustment financial assets held at fair value through profit or loss			2,913	354
Other non-cash costs			405	233
Total adjustment for non-cash transactions			50,310	87,724
Interest expense			4,425	2,602
Interest income			(1,434)	(5,121)
Tax refund			(473)
Tax income (-)/tax expense				709
Total adjustment for items to disclose separately under operating cash flow			2,518	(1,810)
Gain on sale of subsidiaries			(22,191)
Gain (-)/loss on sale of fixed assets			1	83
Realized exchange gain on sale of current financial investments			(6,645)
Interest received related to current financial investments			(8)	(2,447)
Total adjustment for items to disclose separately under investing and financing cash flow			(28,843)	(2,363)
Decrease / increase (-) in inventories			(1,419)	(47)
Decrease / increase (-) in receivables			107,041	19,056
Increase in payables			(24,263)	36,290
Total change in working capital other than deferred income			€ 81,359	55,299
Weighted average exercise price of other equity instruments granted in share-based payment arrangement \| € / shares			€ 64.76
Other equity instruments granted in share-based payment arrangement, exercise term			8 years
Number of shares subscribed if RSU is exercised \| EquityInstruments			1
Warrant B \| Gilead
Adjustment for non-cash transactions
Fair value re-measurement of warrants			€ (2,828)	€ 21,118

Discontinued operations - Consideration received (Details) - Discontinued operations € in Thousands	6 Months Ended
	Jun. 30, 2021 EUR (€)
Disclosure of analysis of single amount of discontinued operations [line items]
Consideration received in cash and cash equivalents	€ 37,080
Total consideration received	€ 37,080

Discontinued operations - Assets and liabilities (Details) - EUR (€) € in Thousands	Jun. 30, 2021	Jan. 04, 2021	Dec. 31, 2020
Disclosure of analysis of single amount of discontinued operations [line items]
Intangible assets	€ 63,072		€ 67,565
Other non-current assets	4,422		11,343
Trade and other receivables	88,133		148,418
Cash and cash equivalents			7,884
Other current assets	9,286		11,953
Total assets	0		23,406
Non-current lease liabilities	21,429		23,035
Other non-current liabilities	6,478		8,096
Trade and other liabilities	151,721		172,386
Current lease liabilities	6,480		6,401
Total liabilities	€ 0		€ (8,917)
Discontinued operations
Disclosure of analysis of single amount of discontinued operations [line items]
Intangible assets		€ 21
Property, plant and equipment		10,050
Other non-current assets		160
Trade and other receivables		4,428
Cash and cash equivalents		7,884
Other current assets		863
Total assets		23,406
Non-current lease liabilities		4,115
Other non-current liabilities		70
Trade and other liabilities		4,479
Current lease liabilities		727
Income tax payable		356
Total liabilities		(9,747)
Net assets disposed of		€ 13,658

Discontinued operations - Gain on disposal of subsidiaries (Details) € in Thousands	6 Months Ended
	Jun. 30, 2021 EUR (€)
Disclosure of analysis of single amount of discontinued operations [line items]
Gain on disposal	€ 22,191
Discontinued operations
Disclosure of analysis of single amount of discontinued operations [line items]
Consideration received in cash and cash equivalents	37,080
Net assets disposed of	(13,658)
Effect of cumulative translation adjustments reclassified from equity on loss of control	(731)
Costs associated to the sale	(500)
Gain on disposal	€ 22,191

Discontinued operations - Net cash inflow on disposal of subsidiaries (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Disclosure of analysis of single amount of discontinued operations [line items]
Cash in from disposal of subsidiaries, net of cash disposed of	€ 28,696	€ 0
Discontinued operations
Disclosure of analysis of single amount of discontinued operations [line items]
Consideration received in cash and cash equivalents	37,080
Less: cash and cash equivalents balances disposed of	(7,884)
Total consideration received, net of cash disposed of	29,196
Costs associated to the sale	(500)
Cash in from disposal of subsidiaries, net of cash disposed of	€ 28,696

Discontinued operations - Result from discontinued operations (Details) - EUR (€) € / shares in Units, € in Thousands, shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of analysis of single amount of discontinued operations [line items]
Revenues	€ 139,772	€ 99,587	€ 253,664	€ 194,404
Other income	13,298	14,059	23,564	22,802
Total revenues and other income	153,070	113,646	277,228	217,206
Gain on disposal of subsidiaries			22,191
Research and development expenditure	(138,866)	(147,448)	(268,826)	(262,901)
Sales and marketing expenses	(14,518)	(17,086)	(29,092)	(26,922)
General and administrative expenses	(46,436)	(37,285)	(76,858)	(61,774)
Total operating expenses	(199,820)	(201,819)	(374,776)	(351,597)
Operating income	(46,750)	(88,173)	(97,548)	(134,391)
Other financial expenses	(8,140)	(2,382)	(19,485)	(27,240)
Net income	€ 0	€ 1,944	22,191	3,601
Discontinued operations
Disclosure of analysis of single amount of discontinued operations [line items]
Revenues				7,369
Total revenues and other income				7,369
Gain on disposal of subsidiaries			22,191
Research and development expenditure				(2,976)
General and administrative expenses				(801)
Total operating expenses				(3,777)
Operating income			22,191	3,592
Other financial income				74
Other financial expenses				(65)
Income before tax			22,191	3,601
Net income			€ 22,191	€ 3,601
Basic income per share			€ 0.34	€ 0.06
Diluted income per share			€ 0.34	€ 0.05
Weighted average number of shares - Basic			65,470	64,834
Weighted average number of shares - Diluted			66,109	68,151

Discontinued operations - Cash flows (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from discontinued operations
Net cash flows generated from operating activities		€ 3,031
Net cash flows generated from/used in (-) investing activities	€ 28,696	(953)
Net cash flows used in financing activities		(352)
Net cash flows from discontinued operations	€ 28,696	€ 1,726

Contingencies and commitment (Details) € in Thousands	Jun. 30, 2021 EUR (€)
IFRS Other Commitments [Line Items]
Purchase commitments	€ 251,814
Collaboration with Gilead for filgotinib \| Gilead
IFRS Other Commitments [Line Items]
Purchase commitments	19,400
Total contractual obligations and commitments	407,900
Less than 1 year
IFRS Other Commitments [Line Items]
Purchase commitments	200,620
1-3 years
IFRS Other Commitments [Line Items]
Purchase commitments	39,972
3-5 years
IFRS Other Commitments [Line Items]
Purchase commitments	10,861
More than 5 years
IFRS Other Commitments [Line Items]
Purchase commitments	€ 361

Related party transactions - Narrative (Details)					6 Months Ended
Related party transactions - Narrative (Details)	May 07, 2021 EUR (€)	May 06, 2021 EUR (€)	May 05, 2021 individual	Apr. 28, 2021	Jun. 30, 2021 EquityInstruments individual € / shares
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Number of board members for whom acceptance is still outstanding \| individual			4		4
Exercise term of warrants					8 years
Exercise price of warrants \| € / shares					€ 64.76
Number of shares subscribed if RSU is exercised \| EquityInstruments					1
January 1, 2023
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Vesting percentage for Subscription Right Plan 2021 RMV and Subscription Right Plan 2021 ROW					25.00%
January 1, 2024
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Vesting percentage for Subscription Right Plan 2021 RMV and Subscription Right Plan 2021 ROW					25.00%
January 1, 2025
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Vesting percentage for Subscription Right Plan 2021 RMV and Subscription Right Plan 2021 ROW					50.00%
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 received	€ 0	€ 0
Number of shares subscribed if RSU is exercised	1	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	3 years
Raj Parekh
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Period members of the supervisory board are re-appointed				4 years
Katrine Bosley
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Period members of the supervisory board are re-appointed				1 year

Related party transactions - Summary of remuneration package (Details)	6 Months Ended
	Jun. 30, 2021 EquityInstruments shares
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
Number of 2021 RSUs accepted \| shares	2,111
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
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
Number of 2021 RSUs accepted \| shares	1,011
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
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
Number of 2021 RSUs accepted \| shares	835
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
Number of 2021 RSUs accepted \| shares	835