Document and Entity Information
Document and Entity Information | 6 Months Ended |
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 Inco
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 Compr
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 Finan
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 Statemen
Consolidated Cash Flow Statement € in Thousands | 6 Months Ended | |
Jun. 30, 2021EUR (€) | Jun. 30, 2020EUR (€) | |
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
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 Chang
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 |
Basis of preparation
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
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
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 operati
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 |
Cash position
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 |
Capital increase
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 Share Share capital 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 59 266 325 29.73 61.78 On June 30, 2021 65,522,521 € 291,912 € 2,729,824 € 3,021,736 |
Note the cash flow statement
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 gg |
Discontinued operations
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. 1. 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 2. 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 3. 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
Contingencies and commitment | 6 Months Ended |
Jun. 30, 2021 | |
Contingencies and commitment | |
Contingencies and commitment | Contingencies and commitment s 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 - 3 3 - 5 More than 5 (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
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 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
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 polici_2
Significant accounting policies (Policies) | 6 Months Ended |
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 (Tabl
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) 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. |
Results from continuing opera_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)
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)
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 Share Share capital 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 59 266 325 29.73 61.78 On June 30, 2021 65,522,521 € 291,912 € 2,729,824 € 3,021,736 |
Note the cash flow statement (T
Note the cash flow statement (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Consolidated Statement of Cash Flows | |
Adjustments related to operating cash flow | 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
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 (T
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 - 3 3 - 5 More than 5 (Euro, in thousands) Purchase commitments € 251,814 € 200,620 € 39,972 € 10,861 € 361 |
Related party transactions (Tab
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 - Sum
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 - Cur
Revenues and other income - Current and non-current deferred income (Details) € in Thousands | 6 Months Ended |
Jun. 30, 2021EUR (€) | |
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 - Oth
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 opera_3
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 opera_4
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 (Deta
Cash position - Narrative (Details) € in Thousands, $ in Millions | 6 Months Ended | |||||
Jun. 30, 2021EUR (€)tranche | Jun. 30, 2020EUR (€) | Jun. 30, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019EUR (€) | |
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
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)
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)
Capital increase (Details) - EUR (€) | 6 Months Ended | ||
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 (D
Note the cash flow statement (Details) € / shares in Units, € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021EUR (€) | Jun. 30, 2020EUR (€) | Jun. 30, 2021EUR (€)EquityInstruments€ / shares | Jun. 30, 2020EUR (€) | |
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 - Consi
Discontinued operations - Consideration received (Details) - Discontinued operations € in Thousands | 6 Months Ended |
Jun. 30, 2021EUR (€) | |
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 - Asset
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
Discontinued operations - Gain on disposal of subsidiaries (Details) € in Thousands | 6 Months Ended |
Jun. 30, 2021EUR (€) | |
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 c
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 - Resul
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
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 (D
Contingencies and commitment (Details) € in Thousands | Jun. 30, 2021EUR (€) |
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 - Na
Related party transactions - Narrative (Details) | May 07, 2021EUR (€) | May 06, 2021EUR (€) | May 05, 2021individual | Apr. 28, 2021 | Jun. 30, 2021EquityInstrumentsindividual€ / 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 - Su
Related party transactions - Summary of remuneration package (Details) | 6 Months Ended |
Jun. 30, 2021EquityInstrumentsshares | |
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 |