CORRECTED-Belgium's Galapagos 2025 net revenue surges, driven by Gilead collaboration

Overview

• Belgium-based biotech's 2025 net revenue rose 304% yr/yr, driven by Gilead collaboration

• Company reported 2025 net profit of €320.9 mln, up from €74.1 mln in 2024

• Company expects to be cash flow neutral to positive by end of 2026

Outlook

• Galapagos expects 2026 year-end cash between €2.775 bln and €2.850 bln

• Company anticipates cash flow neutral to positive by end of 2026

Result Drivers

• GILEAD COLLABORATION - Revenue growth driven by full recognition of deferred income from Gilead collaboration

• CELL THERAPY WIND-DOWN - Strategic wind-down of cell therapy activities resulted in impairment costs

Company press release: ID:nGNE4k1xC7

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 4 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Galapagos NV is €28.95, about 1.9% above its February 23 closing price of €28.40

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