Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2021 |
Entity File Number | 001-37384 |
Entity Registrant Name | GALAPAGOS NV |
Entity Incorporation, State or Country Code | C9 |
Document Accounting Standard | International Financial Reporting Standards |
Entity Address, Address Line One | Generaal De Wittelaan L11 A3 |
Entity Address, City or Town | Mechelen |
Entity Address, Country | BE |
Entity Address, Postal Zip Code | 2800 |
Title of 12(b) Security | American Depositary Shares, each representing one |
Security Exchange Name | NASDAQ |
Trading Symbol | GLPG |
Entity Common Stock, Shares Outstanding | 65,552,721 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Entity Shell Company | false |
Entity Central Index Key | 0001421876 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Auditor Name | Deloitte Bedrijfsrevisoren / Réviseurs d’Entreprises BV/SRL |
Auditor Firm ID | 1133 |
Auditor Location | Zaventem, Belgium |
Amendment Flag | false |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Generaal De Wittelaan L11 A3 |
Entity Address, City or Town | Mechelen |
Entity Address, Country | BE |
Entity Address, Postal Zip Code | 2800 |
Contact Personnel Fax Number | 32 15 342 901 |
Contact Personnel Name | Onno van de Stolpe |
Consolidated Statement of Finan
Consolidated Statement of Financial Position € in Thousands, $ in Millions | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) |
Assets | |||
Intangible assets | € 60,103 | € 67,565 | € 24,927 |
Property, plant and equipment | 137,512 | 103,378 | 66,052 |
Deferred tax assets | 4,032 | 4,475 | 4,205 |
Non-current trade receivables | 50,000 | ||
Non-current R&D incentives receivables | 127,186 | 111,624 | 93,407 |
Other non-current assets | 2,473 | 11,343 | 14,091 |
Non-current assets | 331,306 | 348,384 | 202,682 |
Inventories | 20,569 | 36 | |
Trade and other receivables | 111,337 | 148,418 | 54,009 |
Current R&D incentives receivables | 16,827 | 24,104 | 21,949 |
Current financial investments | 2,469,809 | 3,026,278 | 3,919,216 |
Cash and cash equivalents | 2,233,368 | 2,135,187 | 1,861,616 |
Other current assets | 9,945 | 11,917 | 9,138 |
Current assets from continuing operations | 4,861,854 | 5,345,941 | 5,865,927 |
Assets classified as held for sale | 23,406 | ||
Total current assets | 4,861,854 | 5,369,347 | 5,865,927 |
Total assets | 5,193,160 | 5,717,731 | 6,068,609 |
Equity and liabilities | |||
Share capital | 292,075 | 291,312 | 287,282 |
Share premium account | 2,730,391 | 2,727,840 | 2,703,583 |
Other reserves | 10,177 | 10,907 | 4,842 |
Translation differences | (1,722) | (3,189) | (1,142) |
Accumulated losses | (367,205) | (334,701) | (109,223) |
Total equity | 2,643,362 | 2,670,355 | 2,875,658 |
Retirement benefit liabilities | 11,699 | 14,996 | 8,263 |
Non-current lease liabilities | 19,655 | 23,035 | 19,558 |
Other non-current liabilities | 7,135 | 8,096 | 6,989 |
Non-current deferred income | 1,944,836 | 2,365,974 | 2,586,348 |
Non-current liabilities | 1,983,325 | 2,412,101 | 2,621,158 |
Current lease liabilities | 7,204 | 6,401 | 5,826 |
Trade and other liabilities | 137,418 | 172,386 | 143,434 |
Current tax payable | 1,782 | 1,248 | 2,037 |
Current financial instruments | 204 | 3,164 | 6,198 |
Current deferred income | 419,866 | 443,159 | 414,298 |
Current liabilities from continuing operations | 566,474 | 626,357 | 571,793 |
Liabilities directly associated with assets classified as held for sale | 8,917 | ||
Total current liabilities | 566,474 | 635,274 | 571,793 |
Total liabilities | 2,549,798 | 3,047,375 | 3,192,951 |
Total equity and liabilities | € 5,193,160 | € 5,717,731 | € 6,068,609 |
Consolidated Statement of Opera
Consolidated Statement of Operations - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statement of Operations | |||
Product net sales | € 14,753 | € 2 | |
Collaboration revenues | 470,093 | 478,051 | € 834,901 |
Total net revenues | 484,846 | 478,053 | 834,901 |
Cost of sales | (1,629) | ||
Research and development expenses | (491,707) | (523,667) | (420,090) |
Sales and marketing expenses | (69,956) | (66,468) | (24,577) |
General and administrative expenses | (140,899) | (118,757) | (72,382) |
Other operating income | 53,749 | 52,207 | 50,896 |
Operating income/loss (-) | (165,596) | (178,632) | 368,748 |
Fair value re-measurement of share subscription agreement and warrants | 2,960 | 3,034 | (181,644) |
Other financial income | 70,548 | 18,667 | 21,389 |
Other financial expenses | (30,911) | (152,844) | (59,968) |
Income/loss (-) before tax | (122,999) | (309,775) | 148,525 |
Income taxes | (2,423) | (1,226) | 165 |
Net income/loss (-) from continuing operations | (125,422) | (311,001) | 148,689 |
Net income from discontinued operations, net of tax | 22,191 | 5,565 | 1,156 |
Net income/loss (-) | (103,231) | (305,436) | 149,845 |
Net income/loss (-) attributable to: | |||
Owners of the parent | € (103,231) | € (305,436) | € 149,845 |
Basic income/loss (-) per share | € (1.58) | € (4.69) | € 2.60 |
Diluted income/loss (-) per share | (1.58) | (4.69) | 2.49 |
Basic income/ loss (-) per share from continuing operations (in EUR per share) | (1.91) | (4.78) | 2.58 |
Diluted income/ loss (-) per share from continuing operations (in EUR per share) | € (1.91) | € (4.78) | € 2.47 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income/Loss (-) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statement of Comprehensive Income/Loss | |||
Net income/loss (-) | € (103,231) | € (305,436) | € 149,845 |
Items that will not be reclassified subsequently to profit or loss: | |||
Re-measurement of defined benefit obligation | 730 | (6,065) | (4,107) |
Items that may be reclassified subsequently to profit or loss: | |||
Translation differences, arisen from translating foreign activities | 736 | (1,024) | 415 |
Realization of translation differences upon sale/liquidation of foreign operations | 731 | (1,023) | |
Other comprehensive income / loss (-), net of income tax | 2,197 | (8,112) | (3,692) |
Total comprehensive income / loss (-) attributable to: | |||
Owners of the parent | (101,034) | (313,548) | 146,154 |
Total comprehensive income / loss (-) attributable to owners of the parent arises from: | |||
Continuing operations | (123,956) | (318,841) | 145,050 |
Discontinued operations | € 22,922 | € 5,293 | € 1,104 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - EUR (€) € in Thousands | Share capital.Warrant A [member]Gilead [member] | Share capital. | Share premium accountWarrant A [member]Gilead [member] | Share premium account | Translation differences | Other reserves | Accumulated losses | Warrant A [member]Gilead [member] | Total |
Balance at beginning of year (IFRS 9) at Dec. 31, 2018 | € 236,540 | € 1,277,780 | € (1,557) | € (735) | € (297,363) | € 1,214,665 | |||
Balance at beginning of year at Dec. 31, 2018 | 236,540 | 1,277,780 | (1,557) | (735) | (297,779) | 1,214,249 | |||
Change in accounting policy ( modified retrospective application IFRS 9) (IFRS 9) at Dec. 31, 2018 | 416 | 416 | |||||||
Net income/loss (-) | 149,845 | 149,845 | |||||||
Other comprehensive income / loss (-) | 415 | (4,107) | (3,692) | ||||||
Total comprehensive income / loss (-) | 415 | (4,107) | 149,845 | 146,154 | |||||
Share-based compensation | 38,297 | 38,297 | |||||||
Derecognition of financial liability from share subscription agreement and warrant A | 135,702 | 135,702 | |||||||
Issue of new shares | 36,945 | 923,142 | 960,087 | ||||||
Share issue costs | (4,447) | (4,447) | |||||||
Exercise of warrant/ subscription rights | € 14,162 | 4,082 | € 353,873 | 13,085 | € 368,035 | 17,167 | |||
Balance at end of year at Dec. 31, 2019 | 287,282 | 2,703,583 | (1,142) | (4,842) | (109,223) | 2,875,658 | |||
Net income/loss (-) | (305,436) | (305,436) | |||||||
Other comprehensive income / loss (-) | (2,047) | (6,065) | (8,112) | ||||||
Total comprehensive income / loss (-) | (2,047) | (6,065) | (305,436) | (313,548) | |||||
Share-based compensation | 79,959 | 79,959 | |||||||
Exercise of warrant/ subscription rights | 4,031 | 24,257 | 28,288 | ||||||
Balance at end of year at Dec. 31, 2020 | 291,312 | 2,727,840 | (3,189) | (10,907) | (334,701) | 2,670,355 | |||
Net income/loss (-) | (103,231) | (103,231) | |||||||
Other comprehensive income / loss (-) | 1,467 | 730 | 2,197 | ||||||
Total comprehensive income / loss (-) | 1,467 | 730 | (103,231) | (101,034) | |||||
Share-based compensation | 70,726 | 70,726 | |||||||
Exercise of warrant/ subscription rights | 763 | 2,551 | 3,314 | ||||||
Balance at end of year at Dec. 31, 2021 | € 292,075 | € 2,730,391 | € (1,722) | € (10,177) | € (367,205) | € 2,643,362 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net income/loss (-) | € (103,231) | € (305,436) | € 149,845 |
Adjustment for non-cash transactions | 57,718 | 230,723 | 248,027 |
Adjustment for items to disclose separately under operating cash flow | 11,227 | 4,067 | (7,731) |
Adjustment for items to disclose under investing and financing cash flows | (28,847) | (2,472) | (5,061) |
Change in working capital other than deferred income | 23,337 | (146,092) | 12,698 |
Increase/decrease (-) in deferred income | (453,720) | (207,787) | 2,804,202 |
Cash generated from/used in (-) operations | (493,516) | (426,998) | 3,201,980 |
Interest paid | (12,540) | (9,033) | (1,158) |
Interest received | 2,913 | 10,054 | 7,852 |
Corporate taxes paid | (684) | (1,358) | (57) |
Net cash flows generated from/used in (-) operating activities | (503,827) | (427,336) | 3,208,617 |
Purchase of property, plant and equipment | (54,205) | (42,522) | (22,385) |
Purchase of and expenditure in intangible fixed assets | (3,674) | (48,793) | (23,300) |
Proceeds from disposal of property, plant and equipment | 49 | ||
Purchase of current financial investments | (1,561,015) | (4,574,206) | (4,787,284) |
Interest received related to current financial investments | 12 | 3,500 | 5,059 |
Sale of current financial investments | 2,127,380 | 5,415,316 | 1,063,344 |
Disposals of subsidiaries, net of cash disposed | 28,696 | ||
Acquisition of financial assets | (2,681) | (177) | |
Proceeds from sale of financial assets held at fair value through profit or loss | 4,045 | 6,626 | 82 |
Net cash flows generated from/used in (-) investing activities | 541,238 | 757,288 | (3,764,660) |
Payment of lease liabilities and other debts | (7,190) | (6,247) | (5,091) |
Proceeds from capital and share premium increases, gross amount | 960,087 | ||
Issue cost paid, related to capital and share premium increases | (4,447) | ||
Proceeds from capital and share premium increases from exercise of subscription rights | 3,314 | 28,287 | 17,167 |
Net cash flows generated from/used in (-) financing activities | (3,876) | 22,040 | 1,335,751 |
Increase in cash and cash equivalents | 33,535 | 351,994 | 779,708 |
Cash and cash equivalents at beginning of period | 2,143,071 | 1,861,616 | 1,290,796 |
Supplemental Cash Flow Information [abstract] | |||
Transfer To Current Financial Investments | (198,922) | ||
Cash and cash equivalents at end of the period | 2,233,368 | 2,143,071 | 1,861,616 |
Effect of exchange rate differences on cash and cash equivalents | € 56,763 | € (70,539) | (9,966) |
Warrant A [member] | Gilead [member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Proceeds from capital and share premium increases from exercise of subscription rights | € 368,035 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows, Current Financial Investments € in Thousands, $ in Millions | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) |
Consolidated Statement of Cash Flows | ||||
Current financial investments | € 2,469,809 | € 3,026,278 | € 3,919,216 | |
Cash and cash equivalents. | 2,233,368 | $ 807.9 | 2,135,187 | 1,861,616 |
Cash and cash equivalents classified as assets held for sale | 7,884 | |||
Current financial investments and cash and cash equivalents | € 4,703,177 | € 5,169,349 | € 5,780,832 |
General information
General information | 12 Months Ended |
Dec. 31, 2021 | |
General information. | |
General information | Notes to Consolidated Financial Statements 1. General information Galapagos NV is a limited liability company incorporated in Belgium and has its registered office at Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium. In the notes to the consolidated financial statements, references to “we,” “us,” “the group” or “Galapagos” include Galapagos NV together with its subsidiaries. We are an integrated biopharmaceutical company active in the discovery, development, and commercialization of medicines with novel modes of action, several of which are currently in clinical development in multiple diseases with high unmet medical need. Our highly flexible discovery platform is applicable across many therapeutic areas. Having achieved approval in the European Union and Great Britain for our first ever medicine in RA and UC, we remain highly committed to progressing our pipeline of drug candidates to address unmet medical needs and improve the lives of millions. We devote substantially all of our resources to our drug discovery efforts from target discovery through clinical development, and to our commercialization efforts for filgotinib in Europe. The components of the operating result presented in the financial statements include the following companies: Galapagos NV, Galapagos Biopharma Belgium BV, Galapagos Real Estate Belgium BV (Mechelen, Belgium); Galapagos SASU (Romainville, France); Galapagos B.V., Galapagos Biopharma Netherlands B.V. and Galapagos Real Estate Netherlands B.V. (Leiden, the Netherlands); Galapagos, Inc. and its subsidiary Xenometrix, Inc. (United States); Galapagos GmbH (Basel, Switzerland); Galapagos Biotech Ltd (Cambridge, UK), Galapagos Biopharma Germany GmbH (München, Germany), Galapagos Biopharma Spain S.L.U. (Madrid, Spain); Galapagos Biopharma Italy S.r.l. (Milan, Italy); Our continuing operations had 1,309 employees as at December 31, 2021 (as compared to 1,304 employees as at December 31, 2020 and 1,003 employees as at December 31, 2019) mainly working in the operating facilities in Mechelen (the Belgian headquarters), the Netherlands, France, Switzerland, Germany, Italy, Spain and the United Kingdom. On January 4, 2021, we sold our fee-for-service business Fidelta to Selvita S.A. for a total consideration of €37.1 million. Fidelta d.o.o. had 185 employees on December 31, 2020 working in the operating facilities in Croatia. We classified the assets and the associated liabilities of Fidelta as held for sale in our financial statements for the year ended December 31, 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. |
Summary of significant transact
Summary of significant transaction | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant transaction | |
Summary of significant transaction | 2. Summary of significant transaction On July 14, 2019 we and Gilead announced that we entered into a 10-year global research and development collaboration. Through this agreement, Gilead gained exclusive access to our innovative portfolio of compounds, including clinical and preclinical programs and a proven drug discovery platform. At inception of this collaboration in 2019, we received an upfront payment €3,569.8 million ($3.95 billion) and a €960.1 million ($1.1 billion) equity investment from Gilead. On the closing date of the transaction (August 23, 2019) we concluded that the upfront payment implicitly included a premium for the future issuance of warrant A and initial and subsequent warrant B. The expected value of the warrants to be issued is treated as a contract liability ("warrant issuance liability") and reduces the transaction price until approval date of the issuance of the underlying warrants. As from approval date, the allocation of the upfront payment to the respective warrant becomes fixed and future changes in the fair value of the respective warrant are recognized in profit or loss. As such, the part of the upfront payment allocated to the warrant A and initial warrant B reflects the fair value of these financial liabilities at the warrant approval date (October 22, 2019). On November 6, 2019 Gilead exercised warrant A, which resulted in an additional equity investment of €368.0 million. Subsequent warrant B is still subject to approval by an extraordinary meeting of shareholders and is therefore still presented as warrant issuance liability in our deferred income (we refer to note 25 for more information). The value allocated to the subsequent warrant B reflects the fair value of the underlying liability on December 31, 2019, December 31, 2020 and December 31, 2021. On December 31, 2021 the value of subsequent warrant B further decreased to €2.4 million, driven by the decrease of our share price and of the implied volatility in 2021. At inception of this collaboration, we identified the following three performance obligations: (i) the transfer of an extended license on GLPG1690, (ii) the granting of exclusive access to our drug discovery platform (i.e. the IP, technology, expertise and capabilities) during the collaboration period and exclusive option rights on our current and future clinical programs after Phase 2 (or, in certain circumstances, the first Phase 3 study) outside Europe and (iii) an increased cost share from 20 As part of the collaboration, Gilead also received option rights for GLPG1972, a Phase 2b candidate for osteoarthritis, in the United States. In November 2020, Gilead however declined to exercise its option for GLPG1972. Since October 22, 2019, Gilead has had two representatives on the supervisory board of Galapagos (Daniel O’Day and Linda Higgins). In Q4 2020, Gilead decided not to pursue FDA approval of the RA indication for filgotinib in the U.S. as a result of Complete Response Letter (CRL) from the Food and Drug Administration (FDA). Due to this, in December 2020 Gilead and we agreed to amend our existing collaboration for the commercialization and development of filgotinib. This resulted in the execution of the Transition and Amendment Agreement of April 3, 2021 and the Second Amended and Restated license and Collaboration Agreement of December 24, 2021, effective as of January 1, 2022. In September 2021 we agreed together with Gilead to also take over the sponsorship of and operational and financial responsibility for the ongoing DIVERSITY clinical study, evaluating filgotinib in CD, and its long-term extension study. We intend to complete the transfer of the DIVERSITY clinical study no later than June 30, 2022. From April 1, 2022, we will also be solely responsible for all development costs for the DIVERSITY clinical study. Gilead remains responsible for commercial activities outside of Europe. These modifications to the collaboration with Gilead did not result in the creation of new performance obligations, and only the performance obligation related to the development activities for filgotinib has been reassessed. We retain the following three performance obligations, of which the first one was satisfied completely in 2019; (i) the transfer of an extended license on GLPG1690, (ii) the granting of exclusive access to our drug discovery platform (i.e. the IP, technology, expertise and capabilities) during the collaboration period and exclusive option rights on our current and future clinical programs after Phase 2 (or, in certain circumstances, the first Phase 3 study) outside Europe and (iii) an increased cost share from 20 We refer to the critical accounting judgments and key sources of estimation uncertainty section (note 4) explaining critical judgments and estimates in applying accounting policies. Terms of the collaboration We will fund and lead all discovery and development autonomously until the end of Phase 2. After the completion of a qualifying Phase 2 study (or, in certain circumstances, the first Phase 3 study), Gilead will have the option to acquire a license to the compound outside Europe. If the option is exercised, we and Gilead will co-develop the compound and share costs equally. Gilead will maintain option rights to our programs through the 10-year term of the collaboration. This term can be extended for up to an additional three years thereafter for those programs, if any, that have entered clinical development prior to the end of the collaboration term. In addition a final term extension can be granted in certain circumstances. Development of GLPG1690 was discontinued in February 2021. For GLPG1972, after the completion of the ongoing Phase 2b study in osteoarthritis, Gilead had the option to pay a $250 million fee to license the compound in the United States but declined to exercise its option in November 2020. For all other programs resulting from the collaboration, Gilead will make a $150 million opt-in payment per program and will owe no subsequent milestones. We will receive tiered royalties ranging from 20%-24% on net sales of all our products licensed by Gilead in all countries outside Europe as part of the agreement. Revised filgotinib collaboration Under the revised agreement of December 2020, we assume all development, manufacturing, commercialization and certain other rights for filgotinib in Europe, providing the opportunity to build a commercial presence on an accelerated timeline. The transfer is subject to applicable local legal, regulatory and consultation requirements. Most activities have been transferred as of December 31, 2021 and the parties intend to complete the transition by December 31, 2022. Beginning on January 1, 2021, we bear the future development costs for certain studies (defined as “Group A activities”), in lieu of the equal cost split contemplated by the previous agreement. These studies initially included the DARWIN3, FINCH4, FILOSOPHY, and Phase 4 studies and registries in RA, MANTA and MANTA-RAy, the PENGUIN1 and 2 and EQUATOR2 studies in PsA, the SEALION1 and 2 studies in AS, the HUMBOLDT study in uveitis in addition to other clinical and non-clinical expenses supporting these studies and support for any investigator sponsored trials in non-IBD conditions and non-clinical costs on all current trials. The DIVERSITY study has been added to the “Group A activities” in September 2021. The existing 50/50 global development cost sharing arrangement will continue for the following studies (defined as “Group B activities”): SELECTION and its long-term extension study (LTE) in UC, DIVERGENCE 1 and 2 and their LTEs and support for Phase 4 studies and registries in Crohn’s disease, pediatric studies and their LTEs in RA, UC and Crohn’s disease, and support for investigator sponsored trials in IBD. All commercial economics on filgotinib in Europe will transfer to us as of January 1, 2022, subject to payment of tiered royalties of 8% to 15% of net sales in Europe to Gilead, starting in 2024. In addition, if the European Medicines Agency grants regulatory approval of filgotinib for the treatment of CD based on data from the DIVERSITY trial, then royalties payable by us to Gilead will be reduced by 30% across all filgotinib indications and will become 5.6% to 10.5% of net sales in Europe. In connection with the amendments to the existing arrangement for the commercialization and development of filgotinib, Gilead has agreed to irrevocably pay us €160 million, which is split between a €110 million payment received in 2021 and a €50 million payment to be received in 2022 and is subject to certain adjustments for higher than budgeted development costs. Upon completion of the DIVERSITY study transfer in 2022, Gilead will make a one-time payment of $15 million to us in consideration for assuming responsibility for the DIVERSITY clinical study. In addition, we will no longer be eligible to receive any future milestone payments relating to filgotinib in Europe. Other terms of the original license agreement remain in effect, including the remaining $295 million in development and regulatory milestones, sales-based milestone payments of up to $600 million and tiered royalties ranging from 20% – 30% payable in territories outside Europe (whereas before it was applicable for all countries outside of Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Spain and the United Kingdom). In addition, we achieved two regulatory approval milestones in 2020 totaling $105 million. No regulatory approval milestones were achieved during 2021. Terms of the equity investment As part of the research and development collaboration of 2019 Gilead also entered into a share subscription agreement with us. Gilead’s equity investment consisted of a subscription for new Galapagos shares at a price of €140.59 per share, representing at July 14, 2019 a 20% premium to Galapagos’ 30-day, volume-weighted average price. This equity subscription took place at closing of the transaction, on August 23, 2019 and increased Gilead’s stake in Galapagos from approximately 12.3% to 22.04% of the then issued and outstanding shares in Galapagos. In addition, the extraordinary general meeting of shareholders of October 22, 2019 approved the issuance of warrant A and initial warrant B allowing Gilead to further increase its ownership of Galapagos to up to 29.9% of the company’s issued and outstanding shares. The initial warrant B has a term of five years and an exercise price per share equal to the greater of (i) 120% multiplied by the arithmetic mean of the 30-day daily volume weighted average trading price of Galapagos’ shares as traded on Euronext Brussels and Euronext Amsterdam, and (ii) €140.59. Subsequent warrant B is still subject to approval by an extraordinary general meeting of shareholders. This extraordinary general meeting of shareholders shall take place between 57 and 59 months after the closing of the subscription agreement (August 23, 2019) and this warrant will have substantially similar terms, including as to exercise price, to the initial warrant B. The agreement also includes a 10-year standstill restricting Gilead’s ability to propose a business combination with or acquisition of Galapagos or increase its stake in Galapagos beyond 29.9% of the company’s issued and outstanding shares, subject to limited exceptions. On November 6, 2019 Gilead exercised warrant A and increased its ownership in Galapagos to 25.10% of the then outstanding shares. Warrant A expired in October 2020. Gilead’s ownership amounted to 25.49% at December 31, 2021. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting policies | |
Significant accounting policies | 3. Significant accounting policies Our principal accounting policies are summarized below. BASIS OF PREPARATION AND GOING CONCERN ASSUMPTION The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and the interpretations issued by the IASB’s International Financial Reporting Interpretation Committee. The consolidated financial statements provide a general overview of our activities and the results achieved. They give a true and fair view of our financial position, our financial performance and cash flows, on a going concern basis. NEW STANDARDS AND INTERPRETATIONS APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2020 New standards and interpretations applicable for the annual period beginning on January 1, 2020 did not have a material impact on our consolidated financial statements. NEW STANDARDS AND INTERPRETATIONS APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2021 New standards and interpretations applicable for the annual period beginning on January 1, 2021 did not have a material impact on our consolidated financial statements. STANDARDS AND INTERPRETATIONS PUBLISHED, BUT NOT YET APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2021 A number of new standards are effective for annual periods beginning on or after January 1, 2022 with earlier adoption permitted. However we have not early adopted new or amended standards in preparing our consolidated financial statements. We are currently still assessing the impact of these new accounting standards and amendments that are not yet effective but we expect no standard to have a material impact on our financial statements in the period of initial application. The following amendments are effective for the period beginning 1 January 2022: ● Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37); ● Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16); ● Annual Improvements to IFRS Standards 2018-2020 (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41); and ● References to Conceptual Framework (Amendments to IFRS 3). The following amendments are effective for the period beginning 1 January 2023: ● Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); ● Definition of Accounting Estimates (Amendments to IAS 8); ● Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12); and ● IFRS 17 Insurance Contracts and Amendments to IFRS 17. CONSOLIDATED REPORTING The consolidated financial statements comprise the financial statements of Galapagos NV and entities controlled by Galapagos NV. Control is achieved where Galapagos NV has the power to direct the relevant activities of another entity so as to obtain benefits from its activities. The results of subsidiaries are included in the statement of operations and statement of comprehensive income from the effective date of acquisition up to the date when control ceases to exist. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency with our accounting policies. All intra-group transactions, balances, income and expenses are eliminated when preparing the consolidated financial statements. INTANGIBLE ASSETS Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from our development activities is recognized only if all of the following conditions are met: ● Technically feasible to complete the intangible asset so that it will be available for use or sale ● We have the intention to complete the intangible assets and use or sell it ● We have the ability to use or sell the intangible assets ● The intangible asset will generate probable future economic benefits, or indicate the existence of a market ● Adequate technical, financial and other resources to complete the development are available ● We are able to measure reliably the expenditure attributable to the intangible asset during its development (i) Internally generated intangible assets The amount capitalized as internally generated intangible assets is the sum of the development costs incurred as of the date that the asset meets the conditions described above. Because of risks and uncertainties inherent to the regulatory authorizations and to the development process itself, management estimates that the conditions for capitalization are not met until we obtain regulatory approval from the competent authorities. Currently we recognize all development costs as an expense in the period in which they are incurred, even for approved products because they do not generate separately identifiable incremental future economic benefits that can be reliably measured. (ii) Licences, patents & know-how Acquired in-process research and development obtained through in-licensing agreements, business combinations, collaboration agreements or separate acquisitions are capitalized as an intangible asset provided that they are separately identifiable, controlled by us and expected to provide economic benefits. As the probability criterion in IAS 38 is always considered to be satisfied for separately acquired research and development assets, upfront and milestone payments to third parties for products or compounds for which regulatory approval has not yet been obtained are recognized as intangible assets. We consider such intangible assets as not yet available for use until the moment that the underlying asset is approved and commercially launched. Amortization will commence when the underlying asset is approved for commercialization and the asset will be amortized over its useful life. Licenses, patents and know-how will be amortized over their useful life (generally between 5 and 20 years), using the straight-line method. Intangible assets may also consist of upfront fees paid to third party institutions in exchange for an option to negotiate a license to any of the third party’s rights in technology resulting from the collaboration. The upfront fee paid in exchange for this option is capitalized as intangible asset and amortized over the expected duration of the option. In the event an asset has an indefinite life, this fact is disclosed along with the reasons for being deemed to have an indefinite life. Intangible assets with an indefinite useful life and intangible assets which are not yet available for use are tested for impairment annually, and whenever there is an indication that the asset might be impaired. (iii) Software Acquired software is recognized at cost less accumulated amortization and any impairment loss. Amortization is recognized so as to write off the cost of assets over their useful lives (generally between 3 and 5 years), using the straight-line method. (iv) Contract costs Contract costs are those costs we incur to obtain a contract with a customer that we would not have incurred if the contract has not been obtained and are capitalized as intangible assets only if they are expected to be recoverable. Capitalized contract costs are amortized on a systematic basis that reflects the pattern of transfer of the related promised goods or services to the customer. Costs that we would have incurred regardless of whether the contract is obtained or those costs that are not directly related to obtaining a contract would not be capitalized. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recognized at cost less accumulated depreciation and any impairment loss. Depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is recognized so as to write off the cost of assets over their useful lives, using the straight-line method, on the following bases: ● Installation & machinery: 3 – 15 years ● Furniture, fixtures & vehicles: 4 – 10 years Leasehold improvements are depreciated 3 -10 years, being the term of the lease, unless a shorter useful life is expected. The other tangible assets category mainly consists of assets under construction. Assets under construction are not depreciated. Any gain or loss incurred at the disposal of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognized in profit or loss. LEASES All leases are accounted for by recognizing a right-of-use asset and a corresponding lease liability except for: ● Leases of low value assets; and ● Leases with a duration of 12 months or less Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. If this rate cannot be readily determined, we will apply the incremental borrowing rate. The lease payments can include fixed payments, variable payments that depend on an index or rate known at the commencement date, expected residual value guarantees, termination penalties and extension option payments or purchase options if we are reasonably certain to exercise this option. After initial recognition, the lease liability will be measured at amortized cost using the discount rate determined at commencement and will be re-measured (with a corresponding adjustment to the related right-of-use asset) when there is a change in future lease payments in case of renegotiation, changes of an index or rate or in case of reassessment of options. At the commencement date, the right-of-use assets are measured at cost, comprising the amount of the initial lease liability, initial direct costs and the expected dismantling and removing costs (when we incur an obligation for these costs), less any lease incentives received from the lessors. After initial recognition, the right-of-use assets are measured at cost and depreciated over the shorter of the underlying asset's useful life and the lease term on a straight-line basis. The right-of-use assets will be adjusted for any re-measurements of the lease liability as a result of lease modifications. The right-of-use assets are subject to impairment testing if there is an indicator for impairment, as for property, plant and equipment. The right-of-use assets are presented in the statement of financial position under the caption “Property, plant and equipment” and the lease liabilities are presented as current and non-current lease liabilities. In determining the lease term, we consider all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. We only include extension options (or periods after termination options) in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within our control. Each lease payment is allocated between the liability and financial expenses. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. INVENTORIES Inventories consist of raw materials, semi-finished products and finished products purchased for resale. These inventories are initially recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, including transportation costs, and is determined using the FIFO-method. FINANCIAL INSTRUMENTS Financial assets and financial liabilities are recognized on our balance sheet when we become a party to the contractual provisions of the instrument. We do not actively use currency derivatives to hedge planned future cash flows, nor do we make use of forward foreign exchange contracts, outside of the Gilead transaction, fully settled at December 31, 2019. Additionally, we do not have financial debts at December 31, 2021. (i) Financial assets Financial assets are initially recognized either at fair value or at their transaction price. All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 on the basis of both our business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. ● a financial asset that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option; ● a financial asset that (i) is held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets and (ii) has contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, is measured at fair value through other comprehensive income (FVTOCI), unless the asset is designated at FVTPL under the fair value option; ● all other financial assets are measured at FVTPL. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year. We derecognize a financial asset when the contractual rights to the cash flows from the asset expire, or we transfer the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. We classify non-derivative financial assets into the following categories: ● financial assets at fair value through profit or loss (equity instruments, current financial investments and cash equivalents) ● financial assets at amortized cost (receivables, current financial investments and cash and cash equivalents). Financial assets at fair value through profit or loss Financial assets are designated at fair value through profit or loss if we manage such investments and make purchase and sale decisions based on their fair value in accordance with the investment strategy. Attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein, which take into account any dividend income, are recognized in profit or loss. Equity instruments We hold investments in equity instruments, which based on IFRS 9, are designated as financial assets at fair value through profit or loss. The fair value of listed investments is based upon the closing price of such securities on Euronext at each reporting date. If there is no active market for an equity instrument, we establish the fair value by using valuation techniques. Current financial investments measured at fair value through profit or loss Current financial investments include financial assets measured at fair value through profit or loss and may comprise short term bond funds that have a maturity equal or less than 12 months, and money market funds. Cash equivalents measured at fair value through profit or loss Cash equivalents measured at fair value through profit or loss may comprise bonds and money market funds that are readily convertible to cash and are subject to an insignificant risk of changes in value. Financial assets at amortized cost Receivables Receivables are designated as financial assets measured at amortized cost. They are initially measured either at fair value or at transaction price, in the absence of a significant financing component. All receivables are subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Receivables mainly comprise trade and other receivables and current/non-current R&D incentives receivables. The R&D incentives receivables relate to refunds resulting from R&D incentives on research and development expenses in France and Belgium. Research and development incentives receivables are discounted over the period until maturity date according to the appropriate discount rates. Current financial investments measured at amortized cost Current financial investments measured at amortized cost include treasury bills that have a maturity equal or less than 12 months. We apply settlement date accounting for the recognition and de-recognition of current financial investments measured at amortized cost. Current financial investments measured at amortized cost also include short-term deposits with maturities exceeding three months from the acquisition date. Cash and cash equivalents measured at amortized cost Cash and cash equivalents measured at amortized cost mainly comprise of notice accounts and short-term deposits that are readily convertible to cash within three months or less and that are subject to an insignificant risk of changes in value. Cash and cash equivalents exclude restricted cash, which is presented in the line other non-current assets in the statement of financial position. (ii) Financial liabilities Financial liabilities are initially measured either at fair value or at their transaction price. Subsequent to initial recognition, financial liabilities are measured at amortized cost. Financial liabilities mainly comprise trade and other liabilities. Trade and other liabilities are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year. They also include accrued expense related to our research and development project costs. We derecognize a financial liability when its contractual obligations are discharged, cancelled or expire. (iii) Financial instruments: derivative assets/liabilities Financial assets and financial liabilities are recognized on our balance sheet when we become a party to the contractual provisions of the instrument. Derivative assets and liabilities are initially measured at fair value. After initial measurement we will measure the derivatives at fair value through profit or loss. TAXATION Income tax in the profit or loss accounts represents the sum of the current tax and deferred tax. Current tax is the expected tax payable on the taxable profit of the year. The taxable profit of the year differs from the profit as reported in the financial statements as it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Our liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred income tax is provided in full, using the liability-method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. As such, a deferred tax asset for the carry forward of unused tax losses will be recognized to the extent that is probable that future taxable profits will be available. FOREIGN CURRENCIES ● Functional and presentation currency Items included in the financial statements of each of our entities are valued using the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Euros, which is our presentation currency. ● Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of transaction. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at closing rates of monetary assets and liabilities denominated in foreign currencies are recognized in the financial result in the statement of operations. Non-monetary assets and liabilities measured at historical cost that are denominated in foreign currencies are translated using the exchange rate at the date of the transaction. ● Financial statements of foreign group companies The results and financial position of all our entities that have a functional currency different from Euro are translated as follows: ● Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; ● Income and expenses for each statement of operations are translated at average exchange rates; ● All resulting cumulative exchange differences are recognized as a separate component of equity; ● Such cumulative exchange differences are recognized in profit or loss in the period in which the foreign operation is disposed of. RECOGNITION OF EXPENSES LINKED TO CLINICAL TRIAL MILESTONES We recognize expenses specifically linked to clinical trial milestones with regard to patient recruitment and patient treatment (i.e. completion), incurred in carrying out clinical trials, in line with actual patient recruitment or treatment at each period end, in reference to the milestone targets for patient recruitment or treatment. This involves the calculation of clinical trial accruals at each period end, for which an estimation of the expected full clinical trial milestone cost is required, as well as the current stage of patient recruitment or treatment. Clinical trials usually take place over extended time periods and typically involve a set-up phase, a recruitment phase and a completion phase which ends upon the receipt of a final report containing full statistical analysis of trial results. Accruals for patient recruitment and patient completion are prepared separately for each clinical trial in progress and take into consideration the stage of completion of each trial including the number of patients that have entered the trial and the number of patients that have been treated in the trial. In all cases, the full cost of each trial is expensed by the time the final report is received. REVENUE RECOGNITION Revenues to date have consisted principally of collaboration revenues, which consist of milestones, license fees, non-refundable upfront fees and royalties received in connection with collaboration and license agreements. We also generated revenue from our fee-for-service activities, which is reported as discontinued operations per December 31, 2020.The revenue recognition policies can be summarized as follows: We recognize revenue when our customer obtains control of promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. To determine revenue recognition for agreements that we determine are within the scope of IFRS 15, we perform the following five steps: COLLABORATION REVENUES (i) identify the contract In our current agreements with customers we are mainly transferring licenses on our IP and in some cases this is combined with access rights and/or providing research and development services and/or cost sharing mechanisms. In some cases our collaborations also include an equity subscription component. If this is the case, we analyze if the criteria to combine contracts, as set out by IFRS 15, are met. (ii) identify the performance obligations in the contract Depending on the type of the agreement, there can be one or more distinct performance obligations under IFRS 15. This is based on an assessment of whether the promises in an agreement are capable of being distinct and are distinct from the other promises to transfer goods and/or services in the context of the contract. For some of our agreements we combine the transfer of the license with the performance of research and development activities because we consider that the license is not capable of being distinct and is not distinct in the context of the contract. (iii) determine the transaction price Collaboration and license agreements with our commercial partners for research and development activities generally include non- upfront fees; milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones; license fees, royalties on sales and sometimes reimbursement income or profits sharing arrangements. a/ License fees or upfront payments If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable upfront fees allocated to the license at the point in time the license is transferred to the customer and the customer has the right to use the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is satisfied over time, revenue is then recognized based on a pattern that best reflects the transfer of control of the service to the customer. b/ Milestone Payments other than sales based milestones A milestone payment is only included in the transaction price to the extent that it is highly probable . W we estimate the amount to be included in the transaction price using the most likely amount method. The transaction price is allocated to each performance obligation on a stand-alone selling price basis. We recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achievement of such milestones and any related constraint. If necessary we adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. c/ Reimbursement Income for R&D Services Collaboration and license agreements may include reimbursement or cost sharing for research and development services: such as outsourcing costs and payment for FTEs at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by us. Such costs reimbursements received are recognized in revenues when costs are incurred and agreed by the parties when we are acting as a principal in the scope of our stake of the R&D activities. If the later condition is not fulfilled, costs reimbursements are d/ Sales based milestone payment and Royalties License and collaboration agreements include sales-based royalties, including commercial milestone payments based on the level of sales, and the license has been deemed to be the predominant item to which the royalties relate. Related revenue is recognized as the subsequent underlying sales occur. (iv) allocate the transaction price to the performance obligations in the contract We allocate the transaction price to each performance obligation identified in the contract based upon the stand-alone selling price. The stand-alone selling price of each performance obligation is estimated by using one of the following methods: adjusted (v) recognize revenue when (or as) the entity satisfies a performance obligation Revenue is recognized when our customer obtains control of the goods and/or services foreseen in the contracts. The control can be transferred In case of revenue recognition over time, we use either an input model that considers estimates of the percentage of total research and development costs that are completed each period compared to the total estimated costs (percentage of completion method PRODUCT NET SALES Revenue on the sale of Jyseleca is recorded as “Product net sales” in our consolidated income statement. Product net sales is the net amount of revenue recognized resulting from transferring control over our products to our customer (for example wholesalers and hospitals). Product sales revenue is recognized at a point in time when control of the goods has transferred The amount of revenue recognized is the amount allocated to the satisfied performance obligation taking into account variable consideration. The estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration that is included in the transaction price is primarily composed of rebates, discounts, cash discounts and chargebacks granted to various customers that are part of commercial and governmental contractual arrangements or other reimbursement The amount of variable consideration is estimated using several elements such third-party market data, product pricing, the specific terms in the individual agreements, estimated inventory levels and the shelf life of our product. If actual results differ, these Net sales are presented We refer to note 6 for detailed information per agreement and to our Critical judgments in applying accounting policies for more information. COST OF SALES Cost of sales includes primarily the purchase OTHER OPERATING INCOME Grants and R&D incentives As we carry out extensive research and development activities, we benefit from various grants and R&D incentives from certain governmental agencies. These grants and R&D incentives generally aim to partly reimburse (approved) expenditures incurred in our research and development efforts and are credited to the statement of operations, under other income, when the relevant expenditure has been incurred and there is reasonable assurance that the grants or R&D incentives are receivable. EQUITY INSTRUMENTS Equity instruments issued by us are measured by the fair value of the proceeds received, net of direct issue costs. EMPLOYEE BENEFITS a/ Defined contribution plans Contributions to defined contribution pension plans are recognized as an expense in the statement of operations as incurred. b/ Defined benefit plans For defined retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Re-measurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized as follows: ● Service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements) ● Net interest expenses or income ● Re-measurement The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or a reduction in future contributions to the plans. A liability for a termination benefit is recognized at the earlier o |
Critical accounting judgments a
Critical accounting judgments and key sources of estimation uncertainty | 12 Months Ended |
Dec. 31, 2021 | |
Critical accounting judgments and key sources of estimation uncertainty | |
Critical accounting judgments and key sources of estimation uncertainty | 4. Critical accounting judgments and key sources of estimation uncertainty In the application of the accounting policies, we are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Our estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revisions and future periods if the revision affects both current and future periods. The following are the critical judgments that we have made in the process of applying the accounting policies and the key sources of estimation that have the most significant effect on the amounts recognized in the consolidated financial statements presented elsewhere in this annual report. Critical judgments in applying accounting policies IFRS 15 – Revenue recognition Gilead Our critical judgments were as follows: Identification of the contract ● Despite our obligation to pay future sales-based royalties to Gilead and a change in the governance structure for the development activities, management judged that all activities are still beneficial for the further development of filgotinib, for which Gilead still owns the ex-Europe rights. All contract modifications have thus been analyzed following the requirements of IFRS 15 as we concluded that Gilead is still to be considered as a customer. This is also supported by the fact that we concluded that there continues to be only one performance obligation with respect to filgotinib. Identification of the performance obligation ● The modifications of 2020 and 2021 did not give rise to new performance obligations. There was only a change in scope and price of the existing filgotinib performance obligation, which was only partly satisfied at the time of the modification. It’s management’s judgement that the Group A and Group B development activities (see note 2 for more details) still to be performed are interrelated and thus cannot be seen as separate performance obligations. Based on this, the contract modification has been treated on a cumulative catch-up basis under IFRS 15. Allocation of the total transaction price ● The increased fixed consideration as result of the modification has been allocated in its entirety to the filgotinib performance obligation. We assessed that the contract modification only changes the scope of the filgotinib performance obligation and the change in both fixed and variable consideration is reflective of the updated stand-alone selling price for the remaining activities of this performance obligation. If we would have concluded that the increased consideration was not, or only partially, related to the filgotinib performance obligation, the consideration would have been potentially allocated to other performance obligations in the contract, which would alter the timing of revenue recognition. ● The denominator used in the calculation of the percentage of completion reflects our best estimate of the total costs to complete the filgotinib performance obligation. These costs were assessed considering management’s best estimate of the design and duration of ongoing and planned clinical trials. Key sources of estimation uncertainty The following are the key sources of estimation uncertainty that have the most significant effect on the amounts recognized in our consolidated financial statements for the year ended December 31, 2021. Costs to complete the filgotinib performance obligation ● |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
Segment information | |
Segment information | 5. Segment information We operate in one segment, which is developing and commercializing medicines with novel modes of action. Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The chief operating decision maker made such decisions and assessed performance at the company level, as one segment. GEOGRAPHICAL INFORMATION In 2019, 2020 and 2021, our continuing operations were mainly located in Belgium, France, the Netherlands, Germany, Italy, Spain, Switzerland and United Kingdom. Following table summarizes the collaboration revenues by destination of customer: Year ended December 31, 2021 2020 2019 (Euro, in thousands) United States of America € 467,978 € 472,445 € 793,873 Europe 2,114 5,605 41,028 Total collaboration revenues € 470,093 € 478,051 € 834,901 Following table summarizes the collaboration revenues by major customers: Year ended December 31, 2021 2020 2019 (Euro, in thousands) % (Euro, in thousands) % (Euro, in thousands) % Gilead: United States of America (1) € 467,978 100% € 472,445 99% € 793,873 95% Europe (1) 2,071 0% 1,460 0% (4,570) (1)% AbbVie: Europe — 0% (52) 0% 26,356 3% Novartis: Europe — 0% 4,125 1% 19,177 2% Total revenues from major customers € 470,049 100% € 477,978 100% € € 834,836 100% (1) Following the contract amendment, the revenue recognized for filgotinib for the year ended December 31, 2019, included a negative catch-up effect on closing date of €245.9 million resulting from the decrease in the percentage of completion applied to previously received upfront and milestones for that program. As of December 31, 2021, we held €197.6 million of non-current assets (€170.9 million in 2020; €91.0 million in 2019) distributed as follows: December 31, 2021 2020 2019(*) (Euro, in thousands) Belgium € 98,295 € 113,524 € 57,007 France 21,051 18,398 18,102 The Netherlands 66,621 28,210 7,951 Croatia — — 6,182 Switzerland 7,181 7,668 1,057 Spain 3,029 2,755 — Other 1,438 388 681 Total non-current assets € 197,615 € 170,943 € 90,979 (*) In accordance with IFRS 8 we only present the total of the property, plant and equipment and intangible assets in this disclosure note. This is a change in presentation compared to the amounts that were published in the disclosure note for the year ended December 31, 2019. We elected to adjust the historical consolidated financial information presented in this disclosure note to reflect this change in presentation. As the net assets associated with Fidelta d.o.o. (Croatia) will be recovered principally through a sale transaction rather than through continuing use, we have classified these assets and the associated liabilities as held for sale in our financial statements for the year ended December 31, 2020. |
Total revenues
Total revenues | 12 Months Ended |
Dec. 31, 2021 | |
Total revenues | |
Total revenues | 6. Total revenues PRODUCT NET SALES We reported net sales of Jyseleca for the year ended December 31, 2021 amounting to €14.8 million, which reflects the net sales booked by Galapagos after the transition from Gilead. COLLABORATION REVENUES The following table summarizes details of collaboration revenues for the years ended December 31, 2021, 2020 and 2019 by collaboration and by category of revenue: upfront payments and license fees, milestone payments, reimbursement income, and royalties. Over time Point in time 2021 2020 2019 (Euro, in (Euro, in (Euro, in thousands) thousands) thousands) Recognition of non-refundable upfront payments and license fees € 433,884 € 411,417 € 812,058 Gilead collaboration agreement for ziritaxestat Ö - - 666,968 Gilead collaboration agreement for filgotinib (1) Ö 203,301 181,816 62,602 Gilead collaboration agreement for drug discovery platform Ö 230,582 229,601 80,918 AbbVie collaboration agreement for CF Ö - - 1,569 Milestone payments 32,408 46,261 2,878 Gilead collaboration agreement for filgotinib (1) Ö 32,408 46,261 (21,187) AbbVie collaboration agreement for CF Ö - - 24,065 Reimbursement income - 4,073 19,900 Novartis collaboration agreement for MOR106 Ö - 4,125 19,177 AbbVie collaboration agreement for CF Ö - (52) 723 Royalties 3,801 16,300 66 Gilead royalties on Jyseleca Ö 3,757 16,227 - Other royalties Ö 43 72 66 Total collaboration revenues € 470,093 € 478,051 € 834,901 (1) Following the contract amendment, the revenue recognized for filgotinib for the year ended December 31, 2019 included a negative catch-up effect on closing date of €245.9 million resulting from the decrease in the percentage of completion applied to previously received upfront and milestones for that program. The below table summarizes the transaction price of our collaboration with Gilead. December 31, 2019 Other movements in 2020 Filgotinib amendment (December 15, 2020) December 31, 2020 Other movements in 2021 Filgotinib amendment (September 6, 2021) December 31, 2021 Allocation of transaction price Upfront consideration € 3,845,373 € 160,000 € 4,005,373 € 12,643 € 4,018,016 Milestones achieved 104,171 € 90,192 194,363 194,363 Royalties — 16,227 16,227 € 3,757 19,984 Impact initial valuation of share subscription 124,604 124,604 124,604 4,074,148 106,419 160,000 4,340,567 3,757 12,643 4,356,967 Less : Warrants issuance liabilities Warrant A (43,311) (43,311) (43,311) Initial warrant B (2,545) (2,545) (2,545) Subsequent warrant B (16,184) 8,325 (7,859) 5,417 (2,442) 4,012,108 114,744 160,000 4,286,852 9,174 12,643 4,308,669 Allocation to performance obligations Ziritaxestat 666,967 666,967 666,967 Filgotinib (1) 1,060,395 106,419 € 160,000 1,326,814 3,757 € 12,643 1,343,214 Drug discovery platform (10 years) € 2,284,747 € 8,325 € 2,293,072 € 5,417 € 2,298,489 (1)With regard to the additional consideration received as a result of the Option, License and Collaboration agreement (July 14, 2019) allocated to the filgotinib performance obligation, we assumed the existence of a significant financing component estimated to €44.5 million as of December 31, 2019 reflecting the time value of money on the estimated recognition period. This financing component was reassessed to €55.3 million as of December 31,2020, and to €57.3 million at December 31, 2021. A summary of our main contracts with customers is given below: Collaboration with Gilead We refer to note 2 of this financial report for a general description of our collaboration with Gilead. We retain the following three performance obligations, of which the first one was satisfied completely in 2019; (i) the transfer of an extended license on GLPG1690, (ii) the granting of exclusive access to our drug discovery platform (i.e. the IP, technology, expertise and capabilities) during the collaboration period and exclusive option rights on our current and future clinical programs after Phase 2 (or, in certain circumstances, the first Phase 3 study) outside Europe and (iii) an increased cost share from 20 We concluded as follows: Determination of the total transaction price ● In connection with this agreement with Gilead, we recognized a deferred income and an offsetting current financial asset (derivative) of €85.6 million upon signing of the share subscription agreement with Gilead as required under IFRS 9. The deferred income has been added to the transaction price at inception of the agreement because it is considered to be part of the overall consideration received for the three performance obligations. ● We considered that the transaction price included a premium paid by Gilead (through the upfront payment) to acquire warrants (warrant A and warrant B) in the future, upon approval by the shareholders. We measured both warrants at fair value and recognized a warrant issuance liability at closing of the transaction for the same amount (as part of the current deferred income line). This liability is re-measured at each reporting period with a corresponding impact on the allocation of the transaction price to the performance obligation relating to the drug discovery platform as long as the warrants are not approved by the shareholders. Due to the fact that warrant A and initial warrant B were already approved in 2019, only the remeasurement of subsequent warrant B still has an impact on the transaction price considered for the revenue recognition of the performance obligation relating to the drug discovery platform. ● We assessed that the contract modifications of December 15, 2020 and of September 6, 2021 only change the scope of the filgotinib performance obligation and the changes in both fixed and variable consideration are reflective of the updated stand-alone selling price for the remaining activities of this performance obligation. As a result of these modifications, there were increases in the transaction prices of €160.0 million and $15 million, respectively, which have been allocated in their entirety to the filgotinib performance obligation. Financing component ● Management has considered it is appropriate to adjust the part of the transaction price that was allocated to the filgotinib performance obligation, for the time value of money. The additional consideration as a result of the contract modification of December 15, 2020 has also been adjusted for the time value of money. License on GLPG1690 ● This performance obligation is completely satisfied at December 31, 2019. Following the discontinuation of the ziritaxestat trials, we do not expect future milestone payments or royalties. ● After granting the license for GLPG1690, we will share Phase 3 costs equally with Gilead. Any cost reimbursement from Gilead was not recognized as revenue but accounted as a decrease of the related expenses. Filgotinib amendment ● There is one single performance obligation under IFRS 15: the transfer of a license combined with performance of R&D activities. This is because we considered that the license is not distinct in the context of the contract. ● The transaction price is currently composed of a fixed part, being non-refundable upfront and license fees and a variable part, being milestone payments, sales based milestones and sales based royalties, and cost reimbursements for R&D activities delivered. Milestone payments are included in the transaction price of the arrangement to the extent that it is highly probable that a significant reversal of revenue will not occur. Milestone payments received from Gilead are recognized in revenue over time till the end of the development plan. Sales based milestones and sales based royalties are also part of the arrangement and are recognized as revenues at a point in time at the moment they occur. During 2020 and 2021 we reported respectively €16.2 million and €3.8 million of revenues from royalties from Gilead. ● Revenues, excluding sales based milestones and sales based royalties, are recognized over time through satisfaction of the performance obligation. The "cost-to-cost" input model is applied to measure the progress of the satisfaction of this performance obligation. The estimated costs to complete the performance obligation have been reassessed as a result of the contract modifications from 2020 and 2021. Access rights to the drug discovery platform, option rights and R&D activities ● The revenue allocated to the drug discovery platform will be recognized over time as Gilead receives exclusive access to our drug discovery platform and option rights on our current and future pipeline as well as R&D activities during the collaboration term. Management concluded that an equal spread over the collaboration period is the most reliable and appropriate recognition method. ● At inception of the collaboration (July 2019) we assessed the appropriate period over which to recognize the drug discovery platform revenue to be 10 years . This is because we granted exclusive rights over a 10 -year period. However, if at the end of the 10 -year period, some programs in existence as of this time would have reached the clinic (i.e. IND filed with regulatory authorities), the rights for those specific programs may be extended, for a maximum of three years . This critical estimate is reassessed at each year-end based on the evolution of our pipeline and is still valid per December 31, 2021. Collaboration with Novartis ● Together with our collaboration partner MorphoSys, we closed a license agreement with Novartis for MOR106 in July 2018. MorphoSys and we received an equal share of an upfront payment of €95 million and were entitled to potential future milestone payments and royalties. Novartis would bear all future research, development, manufacturing and commercialization costs related to MOR106. Costs reimbursements received from Novartis were recognized in revenues when costs were incurred and agreed by the parties as we were acting as a principal in the scope of the performance of the R&D activities. On October 28, 2019, we announced the end of the clinical development program of MOR106 in AtD. On December 17, 2019, Novartis sent us a termination notice, informing us of its decision to terminate the agreement in its entirety. The termination became effective in 2020. Collaboration with AbbVie We concluded as follows for the related revenue recognition: ● There was one single performance obligation under IFRS 15: the transfer of a license combined with performance of R&D activities. This was because we considered that the license was not capable of being distinct and was not distinct in the context of the contract. ● The transaction price of our agreement with AbbVie was composed of a fixed part, being upfront license fees, and a variable part, being milestone payments and cost reimbursements for R&D activities delivered. Milestone payments were only included in the transaction price to the extent that it was highly probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is subsequently resolved. Given the nature of our industry, we only consider this once the milestone event is achieved. Sales based milestones and sales based royalties are a part of our arrangement but are not yet included in our revenues. ● The transaction price was allocated to the single performance obligation and revenues were recognized over the estimated service period based on a pattern that reflects the transfer of the license and progress to complete satisfaction of the R&D activities. This is because we considered that there is a transformational relationship between the license and the R&D activities to be delivered. ● We chose an input model to measure the satisfaction of the single performance obligation that considers a percentage of costs incurred for this program that are completed each period (percentage of completion method). ● Costs reimbursements received from AbbVie were recognized in revenues when costs were incurred and agreed by the parties as we were acting as a principal in the scope of our stake of the R&D activities of this license and collaboration agreements. ● The second amended and restated collaboration agreement signed on October 24, 2018 was assessed to be a contract modification including a change in scope and in pricing as the remaining goods or services were not distinct and form part of the single performance obligation that was partially satisfied at the date of the contract modification. We concluded that we must account for this second amended and restated collaboration agreement as if it was part of the existing contract and recognized an adjustment to revenue to reflect the contract modification on the transaction price and on the measure of progress towards satisfaction of the performance obligation. The performance obligation related to this agreement is considered being fully satisfied at December 31, 2019. |
Operating costs and other opera
Operating costs and other operating income | 12 Months Ended |
Dec. 31, 2021 | |
Income and expenses | |
Operating costs and other operating income | 7. Operating costs and other operating income RESEARCH AND DEVELOPMENT EXPENDITURE The following table summarizes research and development expenditure for the years ended December 31, 2021, 2020 and 2019. Year ended December 31, 2021 2020 2019 (Euro, in thousands) Personnel costs € (165,239) € (161,509) € (118,875) Subcontracting (251,085) (301,841) (255,725) Disposables and lab fees and premises costs (24,025) (22,349) (19,573) Depreciation (17,518) (11,707) (9,330) Professional fees (15,862) (12,692) (1,834) Other operating expenses (17,978) (13,570) (14,754) Total R&D expenses € (491,707) € (523,667) € (420,090) The table below summarizes our research and development expenditure for the years ended December 31, 2021, 2020 and 2019, broken down by program. Year ended December 31, 2021 2020 2019 (Euro, in thousands) Filgotinib program € (171,204) € (126,879) € (100,032) Ziritaxestat program (26,725) (55,902) (75,951) OA program on GLPG1972 (2,285) (22,966) (19,958) Toledo program (91,957) (87,107) (47,204) TYK2 program on GLPG3667 (27,141) (20,199) (10,728) AtD program on MOR106 (112) (7,618) (24,051) Other programs (172,284) (202,996) (142,166) Total R&D expenses € (491,707) € (523,667) € (420,090) SALES AND MARKETING EXPENSES The following table summarizes the sales and marketing expenses for the years ended December 31, 2021, 2020 and 2019. Year ended December 31, 2021 2020 2019 (Euro, in thousands) Personnel costs € (59,102) € (31,727) € (7,558) Depreciation (504) (140) (61) External outsourcing costs (62,321) (31,885) (7,558) Sales and marketing expenses recharged to/from (-) Gilead 59,699 4,711 (8,164) Professional fees (532) (3,420) (459) Other operating expenses (7,196) (4,007) (777) Total sales and marketing expenses € (69,956) € (66,468) € (24,577) GENERAL AND ADMINISTRATIVE EXPENSES The following table summarizes the general and administrative expenses for the years ended December 31, 2021, 2020 and 2019. Year ended December 31, 2021 2020 2019 (Euro, in thousands) Personnel costs € (71,190) € (70,110) € (51,204) Depreciation and impairment (16,621) (5,147) (1,421) Legal and professional fees (26,072) (25,592) (11,568) Other operating expenses (27,016) (17,908) (8,190) Total general and administrative expenses € (140,899) € (118,757) € (72,382) OTHER OPERATING INCOME The following table summarizes other operating income for the years ended December 31, 2021, 2020 and 2019. Year ended December 31, 2021 2020 2019 (Euro, in thousands) Grant income € 7,334 € 5,452 € 6,549 R&D incentives 44,888 45,951 43,923 Other income 1,526 804 425 Total other operating income € 53,749 € 52,207 € 50,896 |
Staff costs
Staff costs | 12 Months Ended |
Dec. 31, 2021 | |
Staff costs | |
Staff costs | 8. Staff costs The following table illustrates the personnel costs for the years 2021, 2020 and 2019. Year ended December 31, 2021 2020 2019 (Euro, in thousands) Wages and salaries € (175,167) € (139,681) € (113,660) Social security costs (29,934) (26,471) (14,566) Pension costs (8,467) (7,337) (4,715) Costs related to subscription right plans (70,726) (79,959) (38,297) Other personnel costs (11,237) (9,897) (6,399) Total personnel costs € (295,531) € (263,345) € (177,637) |
Fair value re-measurement of sh
Fair value re-measurement of share subscription agreement and warrants granted to Gilead | 12 Months Ended |
Dec. 31, 2021 | |
Fair value re-measurement of share subscription agreement and warrants granted to Gilead | |
Fair value re-measurement of share subscription agreement and warrants granted to Gilead | 9. Fair value re-measurement of share subscription agreement and warrants granted to Gilead Total fair value re-measurement for the years ended December 31, 2021, 2020 and 2019, can be split up as follows: Year ended December 31, 2021 2020 2019 (Euro, in thousands) Fair value re-measurement of the share subscription agreement € — € — € (142,350) Fair value re-measurement of warrant A — — (35,642) Fair value re-measurement of initial warrant B 2,960 3,034 (3,653) Total fair value re-measurement of share subscription agreement and warrants € 2,960 € 3,034 € (181,644) Fair value re-measurement of the Gilead share subscription agreement (Euro, in thousands) Fair value of financial asset at signing date € 85,601 Change in fair value recorded in profit or loss (142,350) Fair value of financial liability at closing date (56,749) Derecognition at closing date 56,749 Fair value on December 31, 2019 € — Fair value re-measurement of the financial instrument related to the issuance of warrant A (Euro, in thousands) Fair value of financial liability at warrant approval date € (43,311) Change in fair value recorded in profit or loss (35,642) Derecognition at warrant A exercise date 78,953 Fair value on December 31, 2019 € — Fair value re-measurement of the financial instrument related to the issuance of initial warrant B 2021 2020 2019 (Euro, in thousands) Fair value of financial liability at January 1, € (3,164) € (6,198) Fair value of financial liability at warrant approval date € (2,545) Change in fair value recorded in profit or loss 2,960 3,034 (3,653) Fair value on December 31, € (204) € (3,164) € (6,198) |
Other financial income _ expens
Other financial income / expenses | 12 Months Ended |
Dec. 31, 2021 | |
Income and expenses | |
Other financial income / expenses | 10. Other financial income / expenses The following table summarizes other financial income and expense for the years ended December 31, 2021, 2020 and 2019. Year ended December 31, 2021 2020 2019 (Euro, in thousands) Other financial income: Interest on bank deposit € 2,865 € 10,030 € 14,305 Effect of discounting long term R&D incentives receivables 93 93 93 Currency exchange gain 60,727 4,697 775 Fair value gain on financial assets held at fair value through profit or loss — 2,397 5,355 Fair value gain on current financial investments 6,763 — 611 Gain upon sale of financial assets held at fair value through profit or loss — — 2 Other finance income 100 1,450 248 Total other financial income 70,548 18,667 21,389 Other financial expenses: Interest expenses (11,656) (9,389) (1,268) Effect of discounting long term deferred income (9,289) (16,278) (6,900) Currency exchange loss (4,235) (110,416) (47,720) Fair value loss on financial assets held at fair value through profit or loss (4,919) — — Loss upon sale of financial assets held at fair value through profit or loss — (88) — Fair value loss on current financial investments — (15,901) (3,700) Other finance charges (812) (773) (380) Total other financial expense (30,911) (152,844) (59,968) Total net other financial expense (-)/ income € 39,637 € (134,177) € (38,579) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Income Taxes | 11. Income taxes INCOME TAXES The following table summarizes the income tax recognized in profit or loss for the years ended December 31, 2021, 2020 and 2019. Year ended December 31, 2021 2020 2019 (Euro, in thousands) Continuing operations Current tax € (2,020) € (1,069) € (1,372) Deferred tax (404) (157) 1,537 Income taxes € (2,423) € (1,226) € 165 TAX LIABILITIES The below table illustrates the tax liabilities related captions in the consolidated statement of financial positionas at December 31, 2021, 2020 and 2019. December 31, 2021 2020 2019 (Euro, in thousands) Current tax payable € 1,782 € 1,248 € 2,037 Total tax liabilities € 1,782 € 1,248 € 2,037 On December 31, 2021, the tax liabilities were primarily related to our subsidiaries operating on a cost plus basis. TAXES RECOGNIZED IN STATEMENT OF OPERATIONS For the purpose of the disclosure below corporation tax was calculated at 25% (2020: 25%, 2019: 29.58%)—which is the tax rate applied in Belgium—on the estimated assessable profit for the year. The applied tax rate for other territorial jurisdictions was the tax rate that is applicable in these respective territorial jurisdictions on the estimated taxable result of the accounting year. Year ended December 31, 2021 2020 2019 (Euro, in thousands) Income/loss (-) before tax € (122,999) € (309,775) € 148,525 Income tax debit/credit (-), calculated using the Belgian statutory tax rate on the accounting income/loss (-) before tax (theoretical) (30,750) (77,444) 43,934 Tax expenses/income (-) in statement of operations (effective) 2,423 1,226 (165) Difference in tax expense/income to explain € 33,173 € 78,670 € (44,097) Effect of tax rates in other jurisdictions € (582) € 184 € 960 Effect of non-taxable revenues (9,413) (10,196) (13,079) Effect of share based payment expenses without tax impact 17,682 19,990 10,318 Effect of expenses/income (-) not subject to tax (907) (639) 53,394 Effect of non tax-deductible expenses 3,812 1,053 724 Effect of recognition of previously non-recognized deferred tax assets (1,411) (475) (2,286) Effect of tax losses (utilized) reversed (404) (150) (136) Effect of under or over provision in prior periods (840) (25) 30 Effect of non-recognition of deferred tax assets 25,613 69,141 47,413 Effect of derecognition of previously recognized deferred tax assets 135 157 — Effect of use of investment deduction (512) (370) — Effect of use of IID — — (141,435) Total explanations € 33,173 € 78,670 € (44,097) Non-taxable revenues for the years ended December 31, 2021, 2020 and 2019 related to non-taxable subsidies and tax credits. Expenses/income (-) not subject to tax for the years ended December 31, 2021, December 31, 2020 and December 31, 2019, mainly consisted of the fair value re-measurement of the derivative financial liabilities related to the share subscription agreement and the warrants granted to Gilead (see note 9). The use of the IID for the year ended December 31, 2019 referred to the “innovation income deduction” regime in Belgium. This regime allows net profits attributable to revenue from among others patented products (or products for which the patent application is pending) to be taxed at a lower effective tax rate than other revenues. The effective tax rate can thus be reduced up to 3.75%. |
Income_loss (-) per share
Income/loss (-) per share | 12 Months Ended |
Dec. 31, 2021 | |
Income/loss (-) per share | |
Income/loss (-) per share | 12. Income/loss (-) per share Basic income/loss (-) per share is calculated by dividing the net income/loss (-) attributable to shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted income/loss (-) per share is calculated based on the weighted average number of shares (diluted) also considering outstanding warrants, for which our average share price of the year was higher than the exercise price. The possible increase in the number of shares resulting from the outstanding initial warrant B has not been included in the calculation of the diluted income per share as at December 31, 2019 because they were antidilutive. Income/loss (-) per share Year ended December 31, 2021 2020 2019 Income/loss (-) per share: Net income/loss (-) attributable to owners of the parent (Euro, in thousands) € (103,231) € (305,436) € 149,845 Number of shares (thousands) Weighted average number of shares for the purpose of basic income/loss (-) per share 65,500 65,075 57,614 Basic income/loss (-) per share (Euros) € (1.58) € (4.69) € 2.60 Net income/loss (-) attributable to owners of the parent (Euro, in thousands) € (103,231) € (305,436) € 149,845 Number of shares (thousands) Weighted average number of shares for the purpose of diluted income/loss (-) per share 65,500 65,075 57,614 Number of dilutive potential ordinary shares — — 2,498 Diluted income/loss (-) per share (Euros) € (1.58) € (4.69) € 2.49 As our operations reported a net loss in 2021 and 2020, the outstanding warrants (specified in note |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets | |
Intangible assets | 13. Intangible assets Software & databases Brands, licenses, patents & know-how Contract costs Total (Euro, in thousands) Acquisition value On January 1, 2019 € 9,111 € 2,719 € — € 11,832 Additions 5,463 2,453 15,384 23,300 Sales and disposals (64) (64) Translation differences 31 31 On December 31, 2019 14,541 5,172 15,384 35,099 Additions 9,494 39,299 48,793 Sales and disposals (17) (17) Reclassifications to assets held for sale (159) (38) (197) Translation differences (143) (1) (144) On December 31, 2020 23,717 44,432 15,384 83,534 Additions 2,423 1,250 3,673 Sales and disposals (1,643) (5,753) (7,396) Translation differences 57 57 On December 31, 2021 € 24,554 € 39,929 € 15,384 € 79,868 Amortization and impairment On January 1, 2019 € 7,250 € 949 € — € 8,200 Amortization 816 678 512 2,006 Sales and disposals (63) (63) Translation differences 31 31 On December 31, 2019 8,034 1,626 512 10,173 Amortization 2,303 2,289 1,538 6,130 Sales and disposals (17) (17) Reclassifications to assets held for sale (143) (33) (176) Translation differences (142) (142) On December 31, 2020 10,034 3,883 2,050 15,968 Amortization 3,529 2,053 1,538 7,120 Impairment 4,016 4,016 Sales and disposals (1,643) (5,753) (7,396) Translation differences 57 57 On December 31, 2021 € 11,977 € 4,199 € 3,588 € 19,765 Carrying amount On December 31, 2019 € 6,507 € 3,546 € 14,872 € 24,927 On December 31, 2020 € 13,683 € 40,549 € 13,334 € 67,565 On December 31, 2021 € 12,577 € 35,730 € 11,796 € 60,103 On December 31, 2021, our balance sheet did not hold any internally generated assets capitalized as intangible asset. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment | |
Property, plant and equipment | 14. Property, plant and equipment FULLY OWNED Land & leasehold improvements Installation & machinery Furniture, fixtures & vehicles Other tangible assets Total (Euro, in thousands) Acquisition value On January 1 , 2019 € 5,011 € 38,031 € 3,452 € 4,827 € 51,321 Additions 273 6,382 649 15,076 22,380 Sales and disposals (1,521) (97) (1,618) Reclassifications 1,792 3 (1,795) — Reclassifications to right of use (251) (251) Translation differences (30) 22 (8) On December 31, 2019 5,284 44,655 4,028 17,856 71,823 Additions 885 3,737 1,824 32,218 38,664 Sales and disposals (51) (1,096) (81) (1,228) Reclassifications 10,625 (623) 2,084 (12,086) — Reclassifications to assets held for sale (2) (8,938) (484) (686) (10,110) Translation differences (2) (127) (19) (30) (178) On December 31, 2020 16,739 37,607 7,352 37,273 98,972 Additions 1,924 4,453 434 46,028 52,839 Sales and disposals (1,001) (1,177) (9,316) (11,494) Reclassifications 7,273 5,210 1,175 (13,658) — Translation differences 195 1 45 (3) 238 On December 31, 2021 € 26,131 € 46,270 € 7,829 € 60,324 € 140,555 Depreciations and impairment On January 1 , 2019 € 2,686 € 23,403 € 1,819 € 275 € 28,184 Depreciation 394 4,018 399 7 4,818 Sales and disposals (1,521) (99) (1,620) Reclassifications to right of use (251) (251) Translation differences (15) (15) On December 31, 2019 3,080 25,885 2,119 31 31,117 Depreciation 654 3,587 1,418 7 5,666 Sales and disposals (51) (1,058) (77) (1,186) Reclassifications 46 (1,675) 1,629 — Reclassifications to assets held for sale (4,327) (448) (39) (4,814) Translation differences (1) (61) (13) (75) On December 31, 2020 3,728 22,350 4,628 — 30,708 Depreciation 1,749 3,398 1,113 6,260 Impairment 9,316 9,316 Sales and disposals (1,000) (1,178) (9,316) (11,494) Translation differences 28 1 18 47 On December 31, 2021 € 5,505 € 24,749 € 4,582 € — € 34,837 Carrying amount On December 31, 2019 € 2,204 € 18,770 € 1,909 € 17,825 € 40,707 On December 31, 2020 € 13,011 € 15,257 € 2,724 € 37,273 € 68,264 On December 31, 2021 € 20,626 € 21,521 € 3,247 € 60,324 € 105,718 The other tangible assets primarily consist of assets under construction, mainly related to our new building in Leiden (the Netherlands), which are not yet available for use and therefore not yet depreciated as per December 31, 2021 In 2021 we recorded an exceptional impairment of €9.3 million on the other tangible fixed assets following our decision to reassess the construction project of our new future headquarter location in Mechelen (Belgium). RIGHT-OF-USE Land & building Installation & machinery Furniture, fixtures & vehicles Total (Euro, in thousands) Acquisition value On January 1, 2019 € 24,056 € 219 € 2,130 € 26,406 Additions 3,270 84 1,176 4,530 Reclassifications to right of use 251 251 Translation differences 38 38 On December 31, 2019 27,364 554 3,307 31,225 Additions 18,341 186 2,932 21,459 Sales and disposals (6) (161) (167) Reclassifications to assets held for sale (5,940) (263) (6,202) Translation differences (88) (3) (90) On December 31, 2020 39,678 734 5,812 46,225 Additions 1,722 110 5,092 6,924 Sales and disposals (4,160) (251) (722) (5,133) Translation differences 221 2 223 On December 31, 2021 € 37,461 € 593 € 10,184 € 48,239 Depreciations and impairment On January 1, 2019 € — € — € — € — Depreciation 4,666 91 867 5,624 Reclassifications to right of use 251 251 Translation differences 4 4 On December 31, 2019 4,670 342 867 5,879 Depreciation 5,350 128 1,405 6,883 Sales and disposals (6) (161) (167) Reclassifications to assets held for sale (1,334) (115) (1,448) Translation differences (36) (1) (36) On December 31, 2020 8,651 464 1,995 11,111 Depreciation 5,466 161 2,296 7,923 Sales and disposals (1,696) (251) (722) (2,669) Translation differences 79 79 On December 31, 2021 € 12,500 € 374 € 3,569 € 16,444 Carrying amount On December 31, 2019 € 22,694 € 212 € 2,440 € 25,345 On December 31, 2020 € 31,027 € 270 € 3,817 € 35,113 On December 31, 2021 € 24,961 € 219 € 6,615 € 31,794 December 31, 2021 2020 2019 (Euro, in thousands) Carrying amount Property, plant and equipment fully owned € 105,718 € 68,264 € 40,707 Right-of-use 31,794 35,113 25,345 Total property, plant and equipment € 137,512 € 103,378 € 66,052 There are no pledged items of property, plant and equipment. There are also no restrictions in use on any items of property, plant and equipment. |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2021 | |
Other non-current assets | |
Other non-current assets | 15. Other non-current assets Other non-current assets consisted of non-current restricted cash, financial assets held at fair value through profit or loss and other non-current assets. December 31, 2021 2020 2019 (Euro, in thousands) Non-current restricted cash € 1,425 € 1,482 € 1,418 Financial assets held at fair value through profit or loss — 8,951 11,275 Other non-current assets 1,048 910 1,399 Total other non-current assets € 2,473 € 11,343 € 14,091 Restricted cash on December 31, 2021 was composed of bank guarantees on real estate lease obligations in Belgium and in the Netherlands for €1.0 million and €0.4 million respectively. Restricted cash on December 31, 2020 was composed of bank guarantees on real estate lease obligations in Belgium and in the Netherlands for €1.0 million and €0.5 million respectively. Financial assets held at fair value through profit or loss on December 31, 2020 consisted of equity instruments of both listed and non-listed companies. During 2021 all equity instruments of the listed companies were sold. We have no restrictions on the sale of these equity instruments and the assets are not pledged under any of our liabilities. These instruments are designated as financial assets held at fair value through profit or loss. Fair value changes on financial assets with fair value through profit or loss are recognized directly in profit or loss, in other financial income/other financial expenses. The table below illustrates these financial assets held at fair value through profit or loss as at December 31, 2021, 2020 and 2019. December 31, 2021 2020 2019 (Euro, in thousands) Costs at January 1, € 3,910 € 4,736 € 4,818 Acquisitions of the year 12 1,994 — Disposals of the year (1,928) (2,820) (82) Costs at December 31, 1,994 3,910 4,736 Fair value adjustment at January 1, 5,042 6,539 1,182 Cancellation of fair value adjustment following disposal (2,116) (3,894) 2 Fair value adjustment of the year (4,920) 2,397 5,355 Fair value adjustment at December 31, (1,994) 5,042 6,539 Net book value at December 31, € — € 8,951 € 11,275 |
Research and Development incent
Research and Development incentives receivables | 12 Months Ended |
Dec. 31, 2021 | |
Research and Development incentives receivables | |
Research and Development incentives receivables | 16. Research and Development incentives receivables The table below illustrates the R&D incentives receivables related captions in the balance sheet at December 31, 2021, 2020 and 2019: December 31, 2021 2020 2019 (Euro, in thousands) Non-current R&D incentives receivables € 127,186 € 111,624 € 93,407 Current R&D incentives receivables 16,827 24,104 21,949 Total R&D incentives receivables € 144,013 € 135,728 € 115,356 The R&D incentives receivables are future expected refunds or tax deductions resulting from R&D incentives on research and development expenses in France and Belgium. Non-current R&D incentives receivables are reported at their net present value and are therefore discounted over the period until maturity date. The table below provides detailed information on the maturity of the non-current R&D incentives receivables reported in our balance sheet at December 31, 2021. Non-current R&D incentives receivables December 31, 2021 Maturity date 2023 2024 2025 2026 2027-2031 Total (Euro, in thousands) French non-current R&D incentives receivables - discounted value € 11,911 11,713 11,489 — — € 35,113 Belgian non-current R&D incentives receivables - discounted value 9,621 12,258 14,895 16,705 38,594 92,073 Total non-current R&D incentives receivables - discounted value € 21,532 € 23,971 26,384 16,705 38,594 € 127,186 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventories | |
Inventories | 17. Inventories December 31, 2021 2020 2019 (Euro, in thousands) Raw materials € 14,351 Semi-finished products 1,376 Finished products purchased for resale 4,842 € 36 Total inventories € 20,569 € 36 € — |
Trade and other receivables and
Trade and other receivables and other current assets | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables and other current assets | |
Trade and other receivables and other current assets | 18. Trade and other receivables and other current assets December 31, 2021 2020 2019 (Euro, in thousands) Non-current trade receivables — € 50,000 — Trade receivables € 91,786 134,632 € 39,603 Prepayments 202 219 292 Other receivables 19,349 13,568 14,114 Trade and other receivables 111,337 148,418 54,009 Consumables inventory — 319 255 Accrued income 639 1,096 4,443 Deferred charges 9,306 10,502 4,439 Other current assets 9,945 11,917 9,138 Total trade and other receivables & other current assets € 121,282 € 210,335 € 63,147 The carrying amount of trade and other receivables approximates their fair value. Other current assets mainly included accrued income from subsidy projects and deferred charges. On December 31, 2021, we did not have any provision for expected credit losses. |
Current financial investments
Current financial investments | 12 Months Ended |
Dec. 31, 2021 | |
Current financial investments | |
Current financial investments | 19. Current financial investments On December 31, 2021, our current financial investments amounted to €2,469.8 million compared to €3,026.3 million on December 31, 2020 and €3,919.2 million at December 31, 2019. On December 31, 2019 these current financial investments included a short-term bond fund and money market funds. On December 31, 2021 these current financial investments included treasury bills amounting to €877.3 million (€1,454.4 million on December 31, 2020), money market funds amounting to On December 31, 2021, our current financial investments included $134.6 million held in USD, which could generate a foreign currency exchange gain or loss in our financial results in accordance with the fluctuation of the EUR/USD exchange rate as our functional currency is EUR. This effect is embedded in the fair value result of current financial investments recognized in our consolidated income statement. We refer to note 10 for more details about the exchange gains/losses recognized in our consolidated statement of operations. We refer to note 33 for more information on these current financial investments. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 20. Cash and cash equivalents December 31, 2021 2020 2019 (Euro, in thousands) Cash at banks € 1,225,860 € 1,239,993 € 907,939 Term deposits 1,007,508 895,194 953,677 Cash and cash equivalents from continuing operations 2,233,368 2,135,187 1,861,616 Cash and cash equivalents included in assets classified as held for sale — 7,884 — Total cash and cash equivalents € 2,233,368 € 2,143,071 € 1,861,616 Cash and cash equivalents may comprise cash at banks, bank deposits and money market funds that are readily convertible to cash and are subject to an insignificant risk of changes in value. Cash and cash equivalents at December 31, 2021 comprised €1,007.5 million of term deposits which all had an original maturity longer than three months, but are readily convertible to cash without a significant penalty. All cash and cash equivalents are available upon maximum three month notice period and without significant penalty. Cash at banks were mainly composed of notice accounts and current accounts. Our credit risk is mitigated by selecting a panel of highly rated financial institutions for our deposits. On December 31, 2021 our cash and cash equivalents included $807.9 million held in U.S.dollars, which could generate a foreign currency exchange gain or loss in our financial results in accordance with the fluctuation of the EUR/U.S.dollar exchange rate as our functional currency is EUR. We refer to note 10 for more details about the exchange gains/losses recognized in our consolidated statement of operations. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2021 | |
Share capital | |
Share capital | 21. Share capital 2021 2020 2019 (Euro, in thousands) On January 1 € 291,312 € 287,282 € 236,540 Share capital increase 763 4,031 55,189 Costs of capital increase — — (4,447) Share capital on December 31, € 292,075 € 291,312 € 287,282 Aggregate share capital € 354,582 € 353,819 € 349,789 Costs of capital increase (accumulated) (62,507) (62,507) (62,507) Share capital on December 31, € 292,075 € 291,312 € 287,282 Costs of capital increases are netted against the proceeds of capital increases, in accordance with IAS 32—Financial instruments: disclosure and presentation. HISTORY OF SHARE CAPITAL The history of the share capital of Galapagos NV between January 1, 2019 and December 31, 2021 is as follows: Date Share capital increase new shares (in thousands €) Share capital increase due to exercise subscription rights (in thousands €) Number of shares issued (in thousands of shares) Aggregate number of shares after transaction (in thousands of shares) Aggregate share capital after transaction (in thousands €) January 1, 2019 54,466 € 294,600 March 20, 2019 808 149 June 20, 2019 1,127 208 August 23, 2019 36,945 6,829 September 19, 2019 1,632 302 November 6, 2019 14,162 2,618 November 25, 2019 515 95 December 31, 2019 64,667 349,789 March 17, 2020 824 152 May 28, 2020 2,356 436 September 19, 2020 467 86 December 4, 2020 384 71 December 31, 2020 65,412 353,819 March 19, 2021 540 100 June 7, 2021 59 11 September 20, 2021 41 8 December 3, 2021 123 23 December 31, 2021 65,553 € 354,582 On December 31, 2021, Galapagos NV’s share capital amounted to €354,582 thousand, represented by 65,552,721 shares. All shares were issued, fully paid up and of the same class. All of the share issuances listed above were for cash consideration. The below table summarizes the capital increases for the years 2019, 2020 and 2021. (Euro, in thousands, except share data) Number of shares Share capital Share premium Share capital and share premium Average exercise price subscription right Closing share price on date of capital increase ( in Euro/ subscription right) ( in Euro/ share) On January 1, 2019 54,465,421 € 236,540 € 1,277,780 € 1,514,320 March 20, 2019 : exercise of subscription rights 149,370 808 2,673 3,481 23.30 90.32 June 20, 2019 : exercise of subscription rights 208,310 1,127 3,198 4,325 20.76 113.55 August 23, 2019 : share subscription by Gilead Ordinary shares (fully paid) 6,828,985 36,945 923,142 960,087 148.90 Derecognition of financial liability from share subscription agreement 56,749 56,749 Underwriter discounts and offering expenses (paid) (4,447) (4,447) Total share subscription by Gilead 6,828,985 32,498 979,891 1,012,389 September 19, 2019 : exercise of subscription rights 301,745 1,632 5,043 6,675 22.12 145.25 November 6, 2019 : exercise of warrant A by Gilead Exercise of warrant A 2,617,791 14,162 353,873 368,035 Derecognition of financial liability related to warrant A 78,953 78,953 Total exercise of warrant A by Gilead 2,617,791 14,162 432,826 446,988 140.59 170.75 November 25, 2019 : exercise of subscription rights 95,180 515 2,172 2,687 28.23 172.95 On December 31, 2019 64,666,802 287,282 2,703,583 2,990,865 March 17, 2020 : exercise of subscription rights 152,220 824 4,531 5,355 35.18 141.40 May 28, 2020 : exercise of subscription rights 435,540 2,356 15,558 17,914 41.13 186.60 September 18, 2020 : exercise of subscription rights 86,280 467 1,936 2,403 27.85 117.70 December 4, 2020 : exercise of subscription rights 70,925 384 2,232 2,616 36.88 100.30 On December 31, 2020 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 September 20, 2021 : exercise of subscription rights 7,600 41 111 152 19.97 46.93 December 3, 2021 : exercise of subscription rights 22,600 123 456 579 25.61 41.72 On December 31, 2021 65,552,721 € 292,075 € 2,730,391 € 3,022,467 Other information Ordinary shares Total Par value of shares (€) 5.41 5.41 The supervisory board is authorized for a period of five years starting from the date of publication in the Annexes to the Belgian State Gazette of the shareholders’ resolution that granted the renewed authorization, to increase the share capital of Galapagos NV within the framework of the authorized capital through contributions in kind or in cash, with limitation or cancellation of the shareholders’ preferential subscription rights. Said authorization can be renewed. The authorized capital of Galapagos NV consists of two parts. A general authorization for capital increases up to 20% of the share capital at the time of convening the shareholders’ meeting of October 22, 2019 (i.e. €67,022,402.04) was renewed and is valid for a period of five years from the date of publication of this renewal in the Annexes to the Belgian State Gazette, i.e. November 13, 2019. A specific authorization for capital increases of more than 20% and up to 33% of the share capital at the time of the convening the shareholders' meeting of April 25, 2017 (i.e. €82,561,764.93), was renewed and is valid for a period of five years from the date of publication of this renewal in the Annexes to the Belgian State Gazette, i.e. May 31, 2017. This specific part of the authorized capital can, however, only be used in a number of specific circumstances and upon a resolution of the supervisory board that all independent supervisory board members (within the meaning of article 526 ter As of December 31, 2021, an amount of €41,775,187.16 still remained available under the general part of the authorized capital and an amount of €13,717,929.80 remained available under the specific part of the authorized capital. |
Deferred tax
Deferred tax | 12 Months Ended |
Dec. 31, 2021 | |
Deferred tax | |
Deferred tax | 22. Deferred tax December 31, 2021 2020 2019 (Euro, in thousands) Recognized deferred tax assets and liabilities Assets € 4,032 € 4,475 € 4,205 Liabilities € — € — € — Deferred tax assets unrecognized € 408,892 € 365,639 € 289,833 Deferred taxes in the consolidated statement of operations € (404) € (157) € 1,537 Tax benefit arising from previously unrecognized tax assets used to reduce deferred tax expense (+) 1,411 581 1,537 Deferred tax expenses relating to temporary differences (629) (44) — Deferred tax expenses relating to use of previously recognized deferred tax assets (1,185) (695) — The total amount of tax attributes and deductible temporary differences at December 31, 2021 amounted to €1,653.7 million (2020: €1,485.8 million, 2019: €1,179.0 million). This is composed of i) consolidated tax losses carried forward and deductible temporary differences at December 31, 2021 amounting to €1,343.2 million (2020: €1,229.3 million; 2019: €953.3 million), and (ii) innovation income deduction and investment deduction carried forward at December 31, 2021 amounting to €310.5 million (2020: €256.5 million; 2019: €225.7 million). The available tax losses carried forward that can be offset against future taxable profits amounted to €635.6 million on December 31, 2021. These tax losses can be compensated with future profits for an indefinite period except for an amount of €2.8 million in the United States with expiry date between 2028 and 2034. On December 31, 2021, the available tax losses carried forward in Galapagos NV (Belgium) amounted to €556.9 million. In addition to the latter, Galapagos NV (Belgium) also benefits from the Belgian innovation income deduction regime which led to report, on December 31, 2021, a carried forward tax deduction of €301.3 million (2020: €247.2 million; 2019: €224.7 million) that can also be offset against future taxable results. In addition, Galapagos NV (Belgium) also has available investment deduction carried forward of €1 million (2020 and 2019: €1 million) and a dividend received deduction carryforward of €8.2 million (2020: €8.4 million, 2019: nil) that can be offset against future taxable profits. There is no limit in time for the innovation income deduction, the dividend received deduction carryforward and investment deduction carried forward. With the exception of 2019, we have a history of losses. We forecast to continue incurring taxable losses in the foreseeable future as we continue to invest in clinical and preclinical development programs and discovery platforms. Consequently, no deferred tax asset was recognized as at December 31, 2021, except for subsidiaries operating on a cost plus basis for which deferred tax assets were recognized for €4.0 million (2020: €4.5 million and 2019: €4.2 million). |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities. | |
Lease liabilities | 23. Lease liabilities December 31, December 31, 2021 2020 2019 2021 2020 2019 (Euro, in thousands) (Euro, in thousands) Lease payments Present value of lease payments Lease liabilities Within one year € 7,557 € 6,772 € 6,189 € 7,204 € 6,401 € 5,826 In the second to fifth years inclusive 18,873 20,399 16,320 18,381 19,833 15,783 After five years 1,291 3,214 3,844 1,274 3,201 3,775 € 27,720 € 30,385 € 26,353 € 26,859 € 29,436 € 25,384 Less future finance charges 861 949 969 Present value of lease liabilities € 26,859 € 29,436 € 25,384 Less amount due for settlement within 12 months 7,204 6,401 5,826 Amount due for settlement after 12 months € 19,655 € 23,035 € 19,558 |
Trade and other liabilities
Trade and other liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other liabilities | |
Trade and other liabilities | 24. Trade and other liabilities December 31, 2021 2020 2019 (Euro, in thousands) Trade and other liabilities € 134,304 € 171,316 € 142,510 Other non-current liabilities 7,135 8,096 6,989 Accrued charges 3,114 1,070 923 Total trade and other liabilities € 144,553 € 180,482 € 150,422 |
Deferred income
Deferred income | 12 Months Ended |
Dec. 31, 2021 | |
Deferred income | |
Deferred income | 25. Deferred income The movement in the non-current and current deferred income is detailed in the table below. Total Gilead collaboration agreement for filgotinib Gilead collaboration agreement for ziritaxestat Gilead collaboration agreement for drug discovery platform (2) AbbVie collaboration agreement for CF Deferred income related to contracts in our fee-for-service segment Other deferred income (grants) (Euro, in thousands) On December 31, 2018 € 149,801 € 145,798 € — € — € 3,224 € 471 € 308 Upfront received and impact of initial valuation of share subscription 3,655,416 641,663 666,967 2,346,787 Milestones received 49,727 27,317 22,410 Significant financing component (3) 6,900 6,900 Revenue recognition of upfront (1,009,663) (260,207) (666,967) (80,918) (1,570) Revenue recognition of milestones (51,156) (27,092) (24,064) Catch-up effect on closing date (1) 245,883 245,883 Other movements (46,262) (45,856) (109) (297) On December 31, 2019 3,000,646 780,261 — 2,220,013 — 362 10 Upfront received 160,000 160,000 Milestones received 90,192 90,192 Significant financing component (3) 16,278 16,278 Revenue recognition of upfront (411,417) (181,816) (229,601) Revenue recognition of milestones (46,261) (46,261) Other movements (305) (362) 57 On December 31, 2020 2,809,133 818,654 — 1,990,412 — — 67 Upfront received 12,643 12,643 Significant financing component (3) 9,289 9,289 Revenue recognition of upfront (433,884) (203,301) (230,582) Revenue recognition of milestones (32,408) (32,408) Other movements (67) (67) On December 31, 2021 € 2,364,701 € 604,875 € — € 1,759,828 € — € — € — (1) Following the contract amendment, the revenue recognized for filgotinib for the year ended December 31, 2019 included a negative catch-up effect resulting from the decrease in the percentage of completion applied to previously received upfront and milestones for that program. (2) The upfront received and the outstanding balance on December 31, 2021 and December 31, 2020 comprise the issuance liabilities for the warrants and the upfront payment allocated to the drug discovery platform. Other movements in 2019 include the derecognition of warrant issuance liabilities through the share premium account. (3) With regard to the additional consideration received for the extended cost sharing for filgotinib, we assume the existence of a sigificant financing component reflecting the time value of money on the estimated recognition period The outstanding deferred income balance at December 31, 2021 included €604.9 million related to the collaboration agreement with Gilead for filgotinib ( €414.8 million classified as long term deferred income), and €1,759.8 million, including €2.4 million warrant issuance liability related to subsequent warrant B, related to the collaboration agreement with Gilead for the drug discovery platform ( €1,530.0 million classified as long term deferred income). The outstanding deferred income balance at December 31, 2020 included €818.7 million deferred income related to the collaboration agreement with Gilead for filgotinib ( €604.9 million classified as long term deferred income) €1,990.4 million, including €7.9 million warrant issuance liability related to subsequent warrant B, related to the collaboration agreement with Gilead for the drug discovery platform ( €1,761.1 million classified as long term deferred income) We refer to note 6 for a detail of the allocation of the transaction price received from Gilead. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued operations | |
Discontinued operations | 26. Discontinued operations On November 23, 2020 we signed a share purchase agreement with Selvita S.A. in relation to the disposal of Fidelta d.o.o. (our previous fee-for-service segment). We have classified the assets and the associated liabilities of Fidelta as held for sale in our financial statements for the year ended December 31, 2020. The transaction was completed on January 4, 2021 for a total consideration of €37.1 million. Fidelta will continue performing drug discovery services for us for the next four years for which we have purchase commitments for an aggregate amount of €19.3 million on December 31, 2021. DISPOSAL OF FIDELTA Consideration received (Euro, in thousands) Cash received € 37,080 Total cash received € 37,080 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 Gain on disposal of Fidelta (Euro, in thousands) Cash received € 37,080 Net assets disposed of (13,658) Effect of cumulative translation adjustment reclassified from equity on loss of control (731) Costs associated to the sale (500) Gain on disposal € 22,191 Net cash proceeds from the disposal of Fidelta (Euro, in thousands) Cash received € 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 Fidelta, net of cash disposed of € 28,696 RESULT FROM DISCONTINUED OPERATIONS Year ended December 31, 2021 2020 2019 (Euro, in thousands, except share and per share data) Fee-for-service revenues € — € 16,140 € 10,084 Total revenues — 16,140 10,084 Gain on disposal of subsidiaries 22,191 — — Research and development expenses — (7,685) (7,229) General and administrative expenses — (2,000) (1,319) Other income — — 8 Operating income 22,191 6,455 1,544 Other financial income — 179 93 Other financial expenses — (176) (102) Income before tax 22,191 6,458 1,535 Income taxes — (893) (379) Net income € 22,191 € 5,565 € 1,156 Basic income per share from discontinued operations € 0.34 € 0.09 € 0.02 Diluted income per share from discontinued operations € 0.34 € 0.08 € 0.02 Weighted average number of shares (in thousands of shares) 65,500 65,075 57,614 Weighted average number of shares - Diluted (in thousands of shares) 65,831 67,572 60,112 CASH FLOW FROM DISCONTINUED OPERATIONS 2021 2020 2019 (Euro, in thousands) Net cash flows generated from operating activities € — € 7,173 € 2,911 Net cash flows generated from/used in (-) investing activities 28,696 (2,284) (1,350) Net cash flows used in financing activities — (664) (709) Net cash flow from discontinued operations € 28,696 € 4,225 € 852 |
Operating Cash Flow
Operating Cash Flow | 12 Months Ended |
Dec. 31, 2021 | |
Consolidated Statement of Cash Flows | |
Operating Cash Flow | 27 Operating Cash Flow The following table details the adjustments related to the operating cash flow: December 31, 2021 2020 2019 (Euro, in thousands) Adjustment for non-cash transactions Depreciation, amortization and impairment € 34,636 € 18,682 € 12,448 Share-based compensation expenses 70,726 79,959 38,297 Decrease in retirement benefit obligations and provisions (2,347) (260) (156) Unrealized exchange losses/gains (-) and non-cash other financial result (57,073) 105,055 11,169 Discounting effect of deferred income 9,289 16,278 6,900 Fair value re-measurement of share subscription agreement and warrants (2,960) (3,034) 181,644 Net change in (fair) value of current financial investments (119) 15,900 3,081 Fair value adjustment financial assets held at fair value through profit or loss 4,919 (2,396) (5,355) Other non-cash expenses 648 539 Total adjustment for non-cash transactions € 57,718 € 230,723 € 248,027 Adjustment for items to disclose separately under operating cash flow Interest expense € 11,656 € 9,424 € 1,302 Interest income (2,853) (7,476) (9,247) Tax expense 2,423 2,119 214 Total adjustment for items to disclose separately under operating cash flow € 11,227 € 4,067 € (7,731) Adjustment for items to disclose under investing and financing cash flows Gain on disposal of subsidiaries € (22,191) Gain (-)/loss on sale of fixed assets € 82 € (2) Realized exchange gain on sale of current financial investments (6,645) Interest income on current financial investments (12) (2,554) (5,059) Total adjustment for items to disclose separately under investing and financing cash flow € (28,847) € (2,472) € (5,061) Change in working capital other than deferred income Increase (-)/decrease in inventories € (21,168) € (100) € 20 Increase (-)/ decrease in receivables 79,859 (177,155) (67,263) Increase/decrease (-) in liabilities (35,353) 31,163 79,940 Total change in working capital other than deferred income € 23,337 € (146,092) € 12,698 |
Off-balance sheet arrangements
Off-balance sheet arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Off-balance sheet arrangements | |
Off-balance sheet arrangements | 28. Off-balance sheet arrangements CONTRACTUAL OBLIGATIONS AND COMMITMENTS On December 31, 2021, we had outstanding obligations for future purchase commitments, which become due as Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years (Euro, in thousands) Purchase commitments € 369,937 € 212,065 € 105,947 € 46,426 € 5,499 In addition to the tables above, we have a contractual cost sharing obligation related to our collaboration agreement with Gilead for filgotinib. The contractual cost sharing commitment amounted to €369.9 million at December 31, 2021 ( €493.4 million at December 31, 2020 and €614.1 million at December 31, 2019), for which we have purchase commitments of €169.6 million at December 31, 2021 reflected in the above table ( €18.1 million at December 31, 2020, €27.5 million at December 31, 2019). |
Contingent assets and liabiliti
Contingent assets and liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Contingent assets and liabilities | |
Contingent assets and liabilities | 29. Contingent assets and liabilities On January 4, 2021, we closed the sale of our Croatian subsidiary Fidelta. Selvita acquired 100% of the outstanding shares in Fidelta for a total consideration of €37.1 million. In accordance with common practice, we gave representations and warranties which are capped and limited in time. As explained in the summary of the significant transaction in note 2 to our consolidated financial statements, Gilead and we entered into a license and Furthermore Gilead received exclusive option rights to acquire a license on compounds. Exercising such an option would trigger an opt-in payment, a 50-50 cost share mechanism for the future development activities, potential future development and sales based milestones and royalties. |
Share based payments
Share based payments | 12 Months Ended |
Dec. 31, 2021 | |
Share based payments | |
Share based payments | 30 SUBSCRIPTION RIGHT PLANS Presented below is a summary of subscription right activities for the reported periods. Various subscription right plans were approved for the benefit of our employees, and for members of the supervisory board and independent consultants of Galapagos NV. The subscription rights offered to members of the supervisory board vest over a period of 36 months at a rate of 1/36 th Subscription rights approved before 2021 cannot be exercised before the end of the third calendar year following the year of the grant. In the event of a change of control over Galapagos NV, all outstanding subscription rights vest immediately and will be immediately exercisable. On April 30, 2021 the supervisory board approved “Subscription Right Plan 2021 BE”, “Subscription Right Plan 2021 RMV” and “Subscription Right Plan 2021 ROW”, within the framework of the authorized capital. Subscription rights granted under Subscription Right Plan 2021 BE will in principle not vest prior to January 1, 2025 and 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. The table below sets forth a summary of subscription rights outstanding and exercisable at December 31, 2021, per subscription right plan: Outstanding Outstanding Exercisable per Granted Exercised Forfeited Expired per per Allocation Expiry Exercise January 1, during during during during December 31, December 31, Subscription right plan date date price (€) 2021 year year year year 2021 2021 2008 06/26/2008 06/25/2021 5.6 1,365 (1,365) — — 2013 05/16/2013 05/15/2021 19.38 55,664 (55,664) — — 2014 07/25/2014 07/24/2022 14.54 169,340 (41,800) 127,540 127,540 2015 04/30/2015 04/29/2023 28.75 219,473 (20,250) 199,223 199,223 2015 (B) 12/22/2015 12/21/2023 49.00 261,500 (5,000) 256,500 256,500 2015 RMV 12/22/2015 12/21/2023 49.00 40,000 (5,000) 35,000 35,000 2016 06/01/2016 05/31/2024 46.10 342,625 (11,875) 330,750 330,750 2016 RMV 06/01/2016 05/31/2024 46.10 69,000 — 69,000 69,000 2016 (B) 01/20/2017 01/19/2025 62.50 10,000 — 10,000 10,000 2017 05/17/2017 05/16/2025 80.57 595,500 — 595,500 595,500 2017 RMV 05/17/2017 05/16/2025 80.57 127,500 — 127,500 127,500 2018 04/19/2018 04/18/2026 79.88 1,083,245 (77,250) 1,005,995 2018 RMV 04/19/2018 04/18/2026 79.88 137,500 — 137,500 2019 04/10/2019 04/09/2027 95.11 1,477,840 (177,000) 1,300,840 2019 RMV 04/10/2019 04/09/2027 95.11 193,000 (2,500) 190,500 2020 04/17/2020 04/16/2028 168.42 1,906,034 (288,106) 1,617,928 2020RMV 04/17/2020 04/16/2028 168.42 239,525 (12,050) 227,475 2021BE 04/30/2021 04/29/2029 64.76 1,117,603 (33,567) 1,084,036 2021RMV 04/30/2021 04/29/2029 64.76 291,725 (9,175) 282,550 2021ROW 04/30/2021 04/29/2029 64.76 1,084,105 (102,105) 982,000 Total 6,929,111 2,493,433 (140,954) (701,753) — 8,579,837 1,751,013 Weighted average exercise Subscription rights price (Euro) Outstanding on January 1, 2019 4,626,782 € 53.3 Exercisable on December 31, 2018 882,734 14.0 Granted during the period 1,699,690 95.1 Forfeited during the year (30,750) 88.9 Exercised during the period (754,605) 22.8 Expired during the year — — Outstanding on December 31, 2019 5,541,117 € 70.1 Exercisable on December 31, 2019 1,139,682 30.2 Granted during the period 2,173,335 168.4 Forfeited during the year (40,376) 144.8 Exercised during the period (744,965) 38.0 Expired during the year — — Outstanding on December 31, 2020 6,929,111 € 104.0 Exercisable on December 31, 2020 1,168,967 37.8 Granted during the period 2,493,433 64.8 Forfeited during the year (701,753) 118.5 Exercised during the period (140,954) 23.5 Expired during the year — — Outstanding on December 31, 2021 8,579,837 € 92.7 Exercisable on December 31, 2021 1,751,013 56.6 The table below sets forth the inputs into the valuation of the subscription rights. 2021BE 2021 RMV/ROW 2020 2020 RMV 2019 2019 RMV April 30 April 30 April 17 April 17 April 19 April 19 Exercise Price (€) € 64.76 € 64.76 € 168.42 € 168.42 € 95.11 € 95.11 Weighted average share price at acceptance date (€) € 61.10 € 61.10 € 178.95 € 178.95 € 107.05 € 107.45 Weighted average fair value at the acceptance date (€) € 22.72 € 20.68 € 86.45 € 85.79 € 40.04 € 40.05 Weighted average estimated volatility (%) 40.73 40.61 51.30 51.32 35.86 35.63 Weighted average expected life of the subscription rights (years) 6.43 5.36 6.00 6.00 6.02 6.00 Weighted average risk free rate (%) (0.21) (0.29) (0.44) (0.44) (0.27) (0.28) Expected dividends None None None None None None Subscription right Plans The exercise price of the subscription rights is determined pursuant to the applicable provisions of the Belgian Law of March 26, 1999. The weighted average estimated volatility is calculated on the basis of the implied volatility of the share price over the weighted average expected life of the subscription rights. The weighted average expected life of the subscription right is calculated as the estimated duration until exercise, taking into account the specific features of the plans. Our share based compensation expense in 2021 in relation to subscription right plans amounted to €70,726 thousand (2020: €79,959 thousand; 2019: €38,297 thousand). The following table provides an overview of the outstanding subscription rights per category of subscription right holders at December 31, 2021, 2020 and 2019. Category December 31, 2021 2020 2019 (in number of subscription rights) Supervisory board members 157,560 157,560 222,600 Management board members (1) 1,965,000 2,101,874 2,171,874 Personnel 6,457,277 4,669,677 3,146,643 Total subscription rights outstanding 8,579,837 6,929,111 5,541,117 (1) Piet Wigerinck was a member of the management board until November 30, 2021. Note that his outstanding subscription rights at December 31, 2020, were reported on the line ‘Management board members’ while at December 31, 2021 his outstanding subscription rights are presented on the line ‘Personnel’. The outstanding subscription rights at the end of the accounting period have an average exercise price of €92.69 (2020: €103.95; 2019: €70.09) and a weighted average remaining expected life of 1,955 days (2020: 2,050 days ; 2019: 2,023 days ). RESTRICTED STOCK UNITS RSUs Each RSU represents the right to receive 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, in accordance with the terms and conditions of the relevant RSU program. We currently have the following restricted stock unit (RSU) programs: ● Plan 2020.I and Plan 2021.I , under which the grants are intended to be made every year, subject to a decision of the supervisory board. This plan is intended to provide a long-term incentive to certain of our employees and management board members and replaces the deferred portion of the bonus under the former Senior Management Bonus Scheme; ● Plan 2019.II, Plan 2020.II, Plan 2021.II and Plan 2021.IV These plans are aimed at retaining a specific set of our employees and management board members whose retention is deemed so important for the future performance of Galapagos that an additional incentive is desired. The beneficiaries are nominated by the nomination and remuneration committee and the supervisory board approves the list of beneficiaries; ● Plan 2019.I This plan was granted at the discretion of the supervisory board; ● Plan 2019.III This exceptional RSU grant took place in 2019 under an RSU Transaction Bonus Plan for the successful closing of the Gilead transaction; ● Plan 2021.III This plan is intended to compensate employees who transferred from Gilead to us in the framework of the transfer of European commercialization rights for the long-term incentive plans within Gilead under which unvested RSU awards lapse upon transfer out of the Gilead group. These employees received a one-time Restricted Stock Units grant from us. The main characteristics of all these plans are as follows: ● the RSUs are offered for no consideration; ● generally four-year vesting period, with 25% vesting each year, except for some plans or some beneficiaries for which the RSUs will all vest at the same time three years after the offer date; vest 50% after two years and 50% after three years or vest over three years with 34% vesting the first year and 33% in each of the remaining two years ; ● payout will be in cash or shares, at Galapagos’ discretion, it being understood that in respect of 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 as an incentive; ● any unvested RSUs are forfeited upon termination of service before the vesting date . The table below sets forth a summary of RSUs outstanding at December 31, 2021, per RSU plan: Outstanding Outstanding per Granted Forfeited Paid in cash per Offer January 1, during during during December 31, RSU plan date 2021 year year year 2021 Plan 2019.I. 10/16/2019 33,000 (5,000) — 28,000 Plan 2019.II. 10/16/2019 81,807 (12,034) (27,269) 42,504 Plan 2019.III. 10/16/2019 71,072 (5,077) (35,535) 30,460 Plan 2020.I. 06/05/2020 54,876 (10,925) (11,424) 32,527 Plan 2020.II. 07/05/2020 72,841 (12,663) (18,210) 41,968 Plan 2021.I. 05/05/2021 180,844 (26,228) — 154,616 Plan 2021.II. 05/06/2021 43,328 (2,708) — 40,620 Plan 2021.III. 06/03/2021 38,413 (238) — 38,175 Plan 2021.IV. 09/24/2021 248,933 — — 248,933 Total 313,596 511,518 (74,873) (92,438) 657,803 The RSUs are measured based on the volume-weighted average price of the Galapagos share on Euronext Brussels over the 30-calendar day period preceding the reporting period and they are re-measured at each reporting date. We recognize the corresponding expense and liability over the vesting period. The following table provides an overview of the outstanding RSUs per category of RSU holders on December 31, 2021, 2020 and 2019. December 31, 2021 2020 2019 (in number of RSUs) Management board members 384,340 229,276 188,571 Personnel 273,463 84,320 24,576 Total outstanding RSUs 657,803 313,596 213,147 |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions | |
Related party transactions | 31. Related parties Relationship and transactions with entities with control of, or significant influence over, Galapagos Gilead Gilead is exercising significant influence over Galapagos as from the equity subscription on August 23, 2019. As a result of the equity subscription we received a transparency notification from Gilead on August 28, 2019 confirming they held 22.04% of the then issued and outstanding shares of Galapagos. By exercising warrant A on November 6, 2019 Gilead increased its ownership in Galapagos to 25.10% of the then outstanding shares. Gilead further increased its ownership to 25.84% at December 31, 2019. Gilead’s ownership then diluted to 25.54% at December 31, 2020 and to 25.49% at December 31, 2021, due to four capital increases resulting from the exercise of subscription rights under employee subscription right plans in the course of respectively 2020 and 2021. The presumption of significant influence is also confirmed by the fact that Gilead has the right, for as long as it holds more than 20% of Galapagos’ share capital, to appoint two Investor Board Designees to Galapagos’ supervisory board, out of a total of eight. The following balances are outstanding at the end of the reporting period in relation to Gilead: Year ended December 31, 2021 2020 2019 (Euro, in thousands) Non-current trade receivables € 50,000 Trade and other receivables € 88,246 132,825 € 31,645 Trade and other payables € 11,580 € 27,074 € 39,100 The trade and other receivables on December 31, 2021 contain €50.0 million of receivables relating to the in 2020 modified collaboration for filgotinib, for which we already received €110 million in the course of 2021. They also contain €12.6 million related to the transfer of the sponsorship and operational and financial responsibility of the ongoing DIVERSITY clinical trial from Gilead to us, €23.8 million of profit and cost sharing receivables relating to our collaboration for filgotinib and €1.9 million receivables relating to royalties. The outstanding liabilities mainly relate to the cross charges from Gilead relating for the development costs sharing of filgotinib in the fourth quarter of 2021 (€5.7 million) and €1.6 million related to purchases of finished goods. During 2019 we already recognized in revenue the entire transaction price allocated to the license on GLPG1690 (€667 million). During 2021 we recognized in revenue €230.6 million (€229.6 million for the year ended December 31, 2020; € Additionally, we recognized in 2021 royalty income for an amount of €3.8 million in relation to the commercialization of Jyseleca (€16.2 million for the year ended December 31, 2020). Furthermore, we recognized in 2021 €18.1 million (€34.1 million for the year ended December 31, 2020; €17.7 million for the year ended December 31, 2019) of cost reimbursements from Gilead with respect to the development of GLPG1690 as a decrease of the related expenses (on the line research and development expenditure). An amount of €81.3 million (€101.0 million for the year ended December 31, 2020; €72.0 million for the year ended December 31, 2019) relating to cross charges from Gilead relating to filgotinib was recognized as expense on the line research and development expenditure. Finally, we recognized in 2021 €59.7 million as a deduction of sales & marketing expenses (a deduction of €4.7 million for the year ended December 31, 2020; additional sales & marketing expenses of €8.2 million for the year ended December 31, 2019) mainly relating to our 50/50 cost share mechanism with Gilead for expenses incurred in preparation for the co-promotion activities for filgotinib. We recognized €7.0 million as a deduction of research and development expenditure (a deduction of €3.1 million for the year ended December 31, 2020) mainly relating to our 50/50 profit/(cost) share mechanism with Gilead for direct sales of Jyseleca in the shared territory. We purchased raw materials, semi-finished products and finished products of Jyseleca from Gilead for an amount of €24.9 million for the year ended December 31, 2021 (€0.2 million for the year ended December 31, 2020 and nil for the year ended December 31, 2019). As at December 31, 2021 we have two outstanding performance obligations under IFRS 15 towards Gilead, being the performance obligation related to our drug discovery platform and the performance obligation relating to filgotinib. This results in an outstanding deferred income balance of €1.8 billion for the drug discovery platform (including the warrant issuance liability relating to subsequent warrant B) and €605 million for the performance obligation relating to filgotinib. A detailed explanation of our transactions with Gilead in 2019, 2020 and 2021 can be found in the section titled Agreements with major Galapagos NV shareholders. There are no other shareholders or other entities who, solely or jointly, control Galapagos or exercise significant influence over Galapagos. Relationship and transactions with subsidiaries Please see Note 32 for an overview of the consolidated companies of the group, which are all wholly-owned subsidiaries of Galapagos NV. Relationship and transactions with key management personnel Our key management personnel consists of the members of the management board and members of the supervisory board. All amounts mentioned in this section are based on expenses recognized in the financial statements for the relevant financial year. Remuneration of key management personnel On December 31, 2021, our management board had five members: Mr. Onno van de Stolpe, Mr. Bart Filius, Dr. Andre Hoekema, Dr. Walid Abi-Saab and Mr. Michele Manto. They provide their services to us on a full-time basis. On December 31, 2021, our supervisory board consisted of eight members: Dr. Raj Parekh, Mr. Howard Rowe, Ms. Katrine Bosley, Dr. Mary Kerr, Mr. Peter Guenter, Mr. Daniel O’Day, Dr. Linda Higgins and Dr. Elisabeth Svanberg. Effective from January 1, 2020, Galapagos no longer grants any subscription rights to supervisory board members, taking into account the stricter rules of the Belgian Companies Code. Prior to 2020, supervisory board members were granted subscription rights and hence the table below for 2019 contains disclosures for supervisory board members. Dr. Wigerinck left Galapagos and was a management board member until November 30, 2021 and hence the table below for 2021 contains disclosures on his remuneration until the aforementioned date and his severance package. The remuneration package of the members of key management personnel comprises: Year ended December 31, 2021 2020 2019 Remuneration of key management personnel: Euro, in thousands (except for the number of subscription rights and RSUs) Short-term benefits € 4,264 € 3,102 € 14,129 Management board members as a group (1) Gross salary 2,621 2,531 2,121 Employer social security on gross salary — — 61 Cash bonus (2) 1,172 433 1,230 Exceptional bonus — — 10,500 Employer social security on exceptional bonus — — 108 Other short-term benefits 471 138 109 Long-term benefits for management board members as a group (3) — — 1,874 Board fees and other short-term benefits for supervisory board members Raj Parekh 220 220 90 Howard Rowe 120 125 55 Werner Cautreels (4) — — 15 Katrine Bosley (5) 65 115 45 Christine Mummery (4) — — 13 Mary Kerr 115 115 45 Peter Guenter (6) 115 115 30 Daniel O'Day (7) — — — Linda Higgins (7) — — — Elisabeth Svanberg (8) 115 78 — Post-employment benefits (9) 399 392 323 Total benefits excluding subscription rights and RSUs € 5,413 € 4,262 € 16,618 Severance package (10) 802 — — Number of subscription rights granted in the year Management board members as a group (1) (12) 275,000 275,000 315,000 Onno van de Stolpe 85,000 85,000 100,000 Bart Filius 50,000 50,000 65,000 Andre Hoekema 30,000 30,000 50,000 Piet Wigerinck (11) 40,000 40,000 50,000 Walid Abi-Saab 40,000 40,000 50,000 Michele Manto (12) 30,000 30,000 40,000 Supervisory board members as a group — — 45,000 Raj Parekh — — 15,000 Howard Rowe — — 7,500 Katrine Bosley — — 7,500 Mary Kerr — — 7,500 Peter Guenter (6) — — 7,500 Daniel O'Day (7) — — — Linda Higgins (7) — — — Elisabeth Svanberg (8) — — — Total number of subscription rights granted in the year (12) 275,000 275,000 360,000 Total cost of subscription rights granted in the year under IFRS 2 € 5,629 € 22,921 € 14,236 Number of RSUs granted in the year (13) Onno van de Stolpe 63,830 18,317 57,528 Bart Filius 62,730 12,600 39,846 Andre Hoekema 51,433 832 19,922 Piet Wigerinck (11) 835 12,080 33,077 Walid Abi-Saab 44,038 12,080 33,077 Michele Manto (12) 31,694 5,920 5,121 Total number of RSUs granted in the year 254,560 61,829 188,571 (1) Mr. Manto was appointed as Chief Commercial Officer and member of the management board, effective as of January 1, 2020. As a result the management board consisted of six persons in 2020. Dr. Wigerinck was a member of the management board until November 30, 2021. His remuneration and benefits are included in the overview for the financial year 2021. (2) This aggregate number also includes the 2021 cash bonus of Dr. Wigerinck, who was a member of the management board until November 30, 2021. (3) Only management board members are granted long-term benefits. Pursuant to the Senior Management Bonus Scheme, these consist of the deferred part of the bonus from 3 years ago. For the financial year 2020 and 2021 the deferred part of the bonus was not paid out. (4) Supervisory board member's mandate expired on April 30, 2019. (5) Ms. Bosley waived her equity related remuneration for the financial year 2021. (6) Mr. Guenter's supervisory board member's mandate began on April 30, 2019. (7) Supervisory board member's mandate began on October 22, 2019. (8) Supervisory board member's mandate began on April 28, 2020. (9) Only management board members are granted post-employment benefits. (10) Dr. Wigerinck's severance package excludes his 2021 bonus paid per December 2021 and includes a payment of €35,416.66 for December 2021 pursuant to a non-competition obligation. During the financial year 2022 these monthly payments pursuant to a non-competition obligation will continue until 30 November 2022, except if Galapagos waives this non-competition obligation. (11) Management board member until November 30, 2021. (12) Mr. Manto was appointed as Chief Commercial Officer and member of the management board, effective as of January 1, 2020. Hence Mr. Manto’s subscription rights grant for 2019 ( 40,000 subscription rights) is not included in the total number of subscription rights granted in the financial year 2019. (13) This is the sum of the RSUs awarded during the respective financial year, excluding the RSUs representing the deferred portion of the bonus for 2019 in financial year 2019, for 2020 in financial year 2020 and for 2021 in financial year 2021 (each time to be granted in the following financial year). Only management board members were awarded RSUs. OTHER No loans, quasi-loans or other guarantees were given by Galapagos NV or any of its subsidiaries to members of the supervisory board and of the management board. We have not entered into transactions with our key management personnel, other than as described above with respect to remuneration arrangements relating to the exercise or termination of their mandates as members of the management board and the supervisory board. |
Consolidated companies as of De
Consolidated companies as of December 31, 2021 | 12 Months Ended |
Dec. 31, 2021 | |
Consolidated companies as of December 31, 2021 | |
Consolidated companies as of December 31, 2021 | 32. Consolidated companies as of December 31, 2021 Year ended December 31, 2021 2020 2019 Name of the subsidiary Country % voting right Galapagos NV (directly or indirectly through subsidiaries) Change in % voting right previous period (2021 vs 2020) % voting right Galapagos NV (directly or indirectly through subsidiaries) % voting right Galapagos NV (directly or indirectly through subsidiaries) BioFocus DPI AG (liquidated) Switzerland 0% 0% 100% Galapagos Biopharma Belgium BV Belgium 100% 100% 100% Galapagos Biopharma Netherlands B.V. The Netherlands 100% 100% 100% Galapagos Biopharma Spain S.L.U. Spain 100% 100% 100% Galapagos Biopharma Italy S.r.l. Italy 100% 100% 100% Galapagos Biopharma Germany GmbH Germany 100% 100% 100% Galapagos Biopharma Sweden AB Sweden 100% 100% 0% 0% Galapagos Biopharma Norway AS Norway 100% 100% 0% 0% Galapagos Biopharma Finland Oy Finland 100% 100% 0% 0% Galapagos Biopharma Denmark ApS Denmark 100% 100% 0% 0% Galapagos Biopharma Austria GmbH Austria 100% 100% 0% 0% Galapagos Biopharma Ireland Ltd Ireland 100% 100% 0% 0% Galapagos B.V. The Netherlands 100% 100% 100% Galapagos Biotech Ltd (formerly Inpharmatica Ltd.) United Kingdom 100% 100% 100% Galapagos GmbH Switzerland 100% 100% 100% Galapagos, Inc. (formerly Biofocus, Inc.) United States 100% 100% 100% Galapagos NV Belgium Parent company Parent company Parent company Galapagos Real Estate Belgium BV (former Galapagos Real Estate 1 BV) Belgium 100% 100% 100% Galapagos Real Estate 2 BV Belgium 0% 0% 100% Galapagos Real Estate Netherlands B.V. The Netherlands 100% 100% 100% Galapagos SASU France 100% 100% 100% Fidelta d.o.o. Croatia 0% (100%) 100% 100% Xenometrix, Inc. in liquidation United States 100% 100% 100% On January 4, 2021 we closed the sale of our fee-for-service business Fidelta. Selvita S.A. acquired 100% of the outstanding shares in Fidelta. In 2021 the following new entities were incorporated: Galapagos Biopharma Sweden AB (Stockholm, Sweden), Galapagos Biopharma Norway AS (Oslo, Norway), Galapagos Biopharma Finland Oy (Helsinki, Finland), Galapagos Biopharma Denmark ApS (Kopenhagen, Denmark), Galapagos Biopharma Austria GmbH (Vienna, Austria) and Galapagos Biopharma Ireland Ltd (Dublin, Ireland). There are no significant restrictions on the group’s ability to access or use assets and settle liabilities of one of the group’s subsidiaries. |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2021 | |
Financial risk management | |
Financial risk management | 33. Financial risk management Financial risk factors Our financial risks are managed centrally. Our finance department coordinates the access to national and international financial markets and considers and manages continuously the financial risks concerning our activities. These relate to the following financial markets risks: credit risk, liquidity risk, currency risk and interest rate risk. Our interest rate risk is limited because we have nearly no financial debt. In case of decreasing interest rates we will face a reinvestment risk on our strong cash and cash equivalents and current financial investments balance. We do not buy or trade financial instruments for speculative purposes. Categories of financial assets and liabilities: December 31, 2021 2020 2019(*) (Euro, in thousands) Financial assets held at fair value through profit or loss Equity instruments € — € 8,951 € 11,275 Current financial investments 1,317,460 1,571,858 3,919,216 Financial assets at amortized cost Current financial investments 1,152,349 1,454,420 — Cash and cash equivalents 2,233,368 2,135,187 1,861,616 Restricted cash (current and non-current) 1,425 1,482 1,418 Other non-current assets 1,048 907 1,399 Trade receivables 91,786 184,632 39,603 Total financial assets € 4,797,436 € 5,357,438 € 5,834,526 Financial liabilities held at fair value through profit or loss Current financial instruments € 204 € 3,164 € 6,198 Financial liabilities at amortized cost Trade liabilities 84,519 134,905 116,749 Lease liabilities 26,859 29,436 25,384 Total financial liabilities € 111,582 € 167,505 € 148,331 (*) The historical consolidated financial information for 2019 presented in this disclosure note has been adjusted mainly to correct for the amounts of other receivables and other payables that are outside the scope of IFRS 9. The carrying amounts of trade and other payables and trade and other receivables are considered to be the same as their fair values, due to their short-term nature. Financial assets held at fair value through profit or loss Financial assets held at fair value through profit or loss consisted of equity instruments of listed/non-listed companies and current financial investments . We have no restrictions on the sale of these equity instruments and the assets are not pledged under any of our liabilities. These instruments are classified as financial assets held at fair value adjustment through profit or loss. The equity investments in listed companies qualified for level 1 fair value measurement based upon the closing price of such securities on Euronext at each reporting date. The market price of those shares might face fluctuations and might be affected by a variety of factors, such as the global economic situation, the business development of competitors, sector mergers and acquisitions; it is difficult to mitigate this risk. The fair value of the equity instrument in the non-listed company has been determined mainly by reference to the initial transaction price (classified as level 3 in the fair value hierarchy). Current financial investments include money market funds in EUR and USD, which all classify for level 1 fair value measurement. Liquidity risk Current financial investments and cash and cash equivalents amounted to €4,703.2 million on December 31, 2021. Management forecasts our liquidity requirements to ensure that we have sufficient cash to meet operational needs. We have no credit lines. Such forecasting is based on realistic assumptions with regards to milestone and upfront payments to be received, taking into account our past track record, including the assumption that not all new projects that are being planned will be realized. All our and cash and cash equivalents have only an insignificant liquidity risk as they are all convertible upon a maximum three month notice period and without incurring a significant penalty in normal market circumstances. Credit risk The term “credit risk” refers to the risk that counterparty will default on its contractual obligations resulting in financial loss for us. The trade receivables consist of a receivables on our collaboration partner Gilead, creditworthy pharmaceutical wholesalers and hospitals in Europe. To limit the risk of financial losses, we have developed a policy of only dealing with creditworthy counterparties. We grant credit to our clients in the framework of our normal business activities. Usually, we require no pledge or other collateral to cover the amounts due. Management continuously evaluates the client portfolio for creditworthiness. All our receivables are considered collectable. We applied the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. The provision for expected credit losses was not significant given that there have been no credit losses over the last three years and the high quality nature of our customers. Aging balance of receivables that are due, but that are still considered collectable: December 31, 2021 2020 2019 (Euro, in thousands) 60 - 90 days € 141 € — € 87 90 - 120 days 92 — — more than 120 days € 113 € — € — Our cash and cash equivalents are invested primarily in current, notice and term accounts. For banks and financial institutions, only independently rated parties with a minimum rating of ‘A’ are accepted at the beginning of the term. Our current financial investments are also kept within different financial institutions and include term deposits, money market funds and treasury bills with an AAA rating. Interest rate risk The only variable interest-bearing financial instruments are cash and cash equivalents and current financial investments. Our interest rate income is impacted by the negative interest rate environment in EUR, and the low interest rate environment in USD. Changes in interest rates may cause variations in interest income and expenses resulting from short term interest-bearing assets. Management does not expect the short term interest rates to decrease significantly in the immediate foreseeable future, which limits the interest exposure on our cash and cash equivalents and current financial investments. Effect of interest rate fluctuation A 100 basis point increase in interest rates at balance sheet date would have increased profit or loss, and equity, by approximately €47.0 million (2020: €51.7 million; 2019: €57.8 million); a 100 basis point decrease in interest rates would have decreased profit or loss, and equity, by approximately €47.0 million (2020: €51.7 million; 2019: €57.8 million). Foreign exchange risk We are exposed to foreign exchange risk arising from various currency exposures. Our principal functional currency is euro, but we receive payments from our main collaboration partner Gilead in U.S. dollars and acquire some consumables and materials in U.S. dollars, Swiss Francs and GB Pounds. To limit this risk, we attempt to align incoming and outgoing cash flows in currencies other than EUR. In addition, contracts closed by our different entities are mainly in the functional currencies of that entity, except for the alliance agreement signed with Gilead for which payments are denominated in U.S. dollars. The exchange rate risk in case of a 10% change in the exchange rate amounts to: December 31, 2021 2020 2019 Net book value (Euro, in thousands) Increase in Euros - U.S. Dollars € (83,996) € (116,690) € (133,373) Increase in Euros - GB Pounds 1,093 303 113 Increase in Euros - CH Francs 233 2,013 538 Increase in Euros - HR Kunas — — 650 Increase in U.S. Dollars - GB Pounds € — € — € (894) The exchange rate risk on the U.S. dollar is primarily related to our cash and cash equivalents and current financial investments held in U.S dollars. Capital risk factors We manage our capital to safeguard that we will be able to continue as a going concern. At the same time, we want to ensure the return to our shareholders through the results from our research and development activities. Our capital structure consists of current financial investments, cash and cash equivalents, financial debt (we only have leasing debts as of December 31, 2021), and equity attributed to the holders of our equity instruments, such as capital, reserves and results carried forward, as mentioned in the consolidated statement of changes in equity. We manage our capital structure and make the necessary adjustments in the light of changes of economic circumstances, the risk characteristics of underlying assets and the projected cash needs of the current research and development activities. The adequacy of the capital structure will depend on many factors, including scientific progress in the research and development programs, the magnitude of those programs, the commitments to existing and new clinical CROs, the ability to establish new alliance or collaboration agreements, the capital expenditures, the new commercial activities, market developments and any future acquisition. Neither Galapagos NV nor any of its subsidiaries are subject to any externally imposed capital requirements, other than those imposed by generally applicable company law requirements. |
Auditor's remuneration
Auditor's remuneration | 12 Months Ended |
Dec. 31, 2021 | |
Auditor's remuneration | |
Auditor's remuneration | 34. Auditor’s remuneration The statutory auditor’s fees for carrying out its mandate at group level amounted to €860.3 thousand in 2021 (2020: €1,202.8 thousand). Audit-related fees, which generally the auditor provides, amounted to €101.1 thousand in 2021 (2020: €214.4 thousand). Other fees related to non-audit services executed by the statutory auditor amounted to €0 in 2021 (2020: €47.7 thousand). Other fees related to non-audit services executed by persons related to the statutory auditor amounted to €587.7 thousand in 2021 and related to advisory services in relation to IT and quality management (2020: €890.7 thousand). The audit committee and the supervisory board are of the opinion that these non-audit services do not affect the independence of the statutory auditor in the performance of his audit. The abovementioned additional fees were fully approved by the audit committee in accordance with article 3:64 of the Belgian Companies Code. |
Events after balance sheet date
Events after balance sheet date | 12 Months Ended |
Dec. 31, 2021 | |
Events after balance sheet date | |
Events after balance sheet date | 35. Events after balance sheet date On January 13, 2022, the supervisory board approved Subscription Right Plan 2022 (A) within the framework of the authorized capital. Under this subscription right plan 30,000 subscription rights were offerend and accepted by the beneficiary of the plan. The subscription rights have an exercise term of eight years as of the date of the offer and have an exercise price of €46.18 (the closing price of the share on Euronext Amsterdam and Brussels on the day preceding the date of the offer). The subscription rights are not transferable. Subscription rights under this plan 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 January 26, 2022, the supervisory board approved Subscription Right Plan 2022 (B) for the benefit of a new member of the personnel of Galapagos within the framework of the authorized capital. Under this subscription right plan 1,000,000 subscription rights were created, subject to acceptance, and offered to the beneficiary of the plan. The subscription rights have an exercise term of eight years as of the date of the offer and have an exercise price of €50. The subscription rights can in principle not be exercised prior to January 1, 2026. On March 18, 2022, 95,500 subscription rights were exercised (with an average exercise price of €22.61 per subscription right), of which 50,000 subscription rights were exercised by our CEO and 10,000 subscription rights by one other member of our management board. This resulted in a share capital increase (including issuance premium) of €2,159,600.00 and the issuance of 95,500 new ordinary shares. The closing price of our share on March 18, 2022, was €57.38. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting policies | |
Basis Of Presentation And Going Concern Assumption | BASIS OF PREPARATION AND GOING CONCERN ASSUMPTION The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and the interpretations issued by the IASB’s International Financial Reporting Interpretation Committee. The consolidated financial statements provide a general overview of our activities and the results achieved. They give a true and fair view of our financial position, our financial performance and cash flows, on a going concern basis. |
New Standards and Interpretations Applicable for the Annual Period | NEW STANDARDS AND INTERPRETATIONS APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2020 New standards and interpretations applicable for the annual period beginning on January 1, 2020 did not have a material impact on our consolidated financial statements. NEW STANDARDS AND INTERPRETATIONS APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2021 New standards and interpretations applicable for the annual period beginning on January 1, 2021 did not have a material impact on our consolidated financial statements. |
Standards And Interpretations Published But Not Yet Applicable For The Annual Period | STANDARDS AND INTERPRETATIONS PUBLISHED, BUT NOT YET APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2021 A number of new standards are effective for annual periods beginning on or after January 1, 2022 with earlier adoption permitted. However we have not early adopted new or amended standards in preparing our consolidated financial statements. We are currently still assessing the impact of these new accounting standards and amendments that are not yet effective but we expect no standard to have a material impact on our financial statements in the period of initial application. The following amendments are effective for the period beginning 1 January 2022: ● Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37); ● Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16); ● Annual Improvements to IFRS Standards 2018-2020 (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41); and ● References to Conceptual Framework (Amendments to IFRS 3). The following amendments are effective for the period beginning 1 January 2023: ● Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); ● Definition of Accounting Estimates (Amendments to IAS 8); ● Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12); and ● IFRS 17 Insurance Contracts and Amendments to IFRS 17. |
Consolidated Reporting | CONSOLIDATED REPORTING The consolidated financial statements comprise the financial statements of Galapagos NV and entities controlled by Galapagos NV. Control is achieved where Galapagos NV has the power to direct the relevant activities of another entity so as to obtain benefits from its activities. The results of subsidiaries are included in the statement of operations and statement of comprehensive income from the effective date of acquisition up to the date when control ceases to exist. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency with our accounting policies. All intra-group transactions, balances, income and expenses are eliminated when preparing the consolidated financial statements. |
Intangible Assets | INTANGIBLE ASSETS Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from our development activities is recognized only if all of the following conditions are met: ● Technically feasible to complete the intangible asset so that it will be available for use or sale ● We have the intention to complete the intangible assets and use or sell it ● We have the ability to use or sell the intangible assets ● The intangible asset will generate probable future economic benefits, or indicate the existence of a market ● Adequate technical, financial and other resources to complete the development are available ● We are able to measure reliably the expenditure attributable to the intangible asset during its development (i) Internally generated intangible assets The amount capitalized as internally generated intangible assets is the sum of the development costs incurred as of the date that the asset meets the conditions described above. Because of risks and uncertainties inherent to the regulatory authorizations and to the development process itself, management estimates that the conditions for capitalization are not met until we obtain regulatory approval from the competent authorities. Currently we recognize all development costs as an expense in the period in which they are incurred, even for approved products because they do not generate separately identifiable incremental future economic benefits that can be reliably measured. (ii) Licences, patents & know-how Acquired in-process research and development obtained through in-licensing agreements, business combinations, collaboration agreements or separate acquisitions are capitalized as an intangible asset provided that they are separately identifiable, controlled by us and expected to provide economic benefits. As the probability criterion in IAS 38 is always considered to be satisfied for separately acquired research and development assets, upfront and milestone payments to third parties for products or compounds for which regulatory approval has not yet been obtained are recognized as intangible assets. We consider such intangible assets as not yet available for use until the moment that the underlying asset is approved and commercially launched. Amortization will commence when the underlying asset is approved for commercialization and the asset will be amortized over its useful life. Licenses, patents and know-how will be amortized over their useful life (generally between 5 and 20 years), using the straight-line method. Intangible assets may also consist of upfront fees paid to third party institutions in exchange for an option to negotiate a license to any of the third party’s rights in technology resulting from the collaboration. The upfront fee paid in exchange for this option is capitalized as intangible asset and amortized over the expected duration of the option. In the event an asset has an indefinite life, this fact is disclosed along with the reasons for being deemed to have an indefinite life. Intangible assets with an indefinite useful life and intangible assets which are not yet available for use are tested for impairment annually, and whenever there is an indication that the asset might be impaired. (iii) Software Acquired software is recognized at cost less accumulated amortization and any impairment loss. Amortization is recognized so as to write off the cost of assets over their useful lives (generally between 3 and 5 years), using the straight-line method. (iv) Contract costs Contract costs are those costs we incur to obtain a contract with a customer that we would not have incurred if the contract has not been obtained and are capitalized as intangible assets only if they are expected to be recoverable. Capitalized contract costs are amortized on a systematic basis that reflects the pattern of transfer of the related promised goods or services to the customer. Costs that we would have incurred regardless of whether the contract is obtained or those costs that are not directly related to obtaining a contract would not be capitalized. |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recognized at cost less accumulated depreciation and any impairment loss. Depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is recognized so as to write off the cost of assets over their useful lives, using the straight-line method, on the following bases: ● Installation & machinery: 3 – 15 years ● Furniture, fixtures & vehicles: 4 – 10 years Leasehold improvements are depreciated 3 -10 years, being the term of the lease, unless a shorter useful life is expected. The other tangible assets category mainly consists of assets under construction. Assets under construction are not depreciated. Any gain or loss incurred at the disposal of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognized in profit or loss. |
Inventories | INVENTORIES Inventories consist of raw materials, semi-finished products and finished products purchased for resale. These inventories are initially recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, including transportation costs, and is determined using the FIFO-method. |
Leases | LEASES All leases are accounted for by recognizing a right-of-use asset and a corresponding lease liability except for: ● Leases of low value assets; and ● Leases with a duration of 12 months or less Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. If this rate cannot be readily determined, we will apply the incremental borrowing rate. The lease payments can include fixed payments, variable payments that depend on an index or rate known at the commencement date, expected residual value guarantees, termination penalties and extension option payments or purchase options if we are reasonably certain to exercise this option. After initial recognition, the lease liability will be measured at amortized cost using the discount rate determined at commencement and will be re-measured (with a corresponding adjustment to the related right-of-use asset) when there is a change in future lease payments in case of renegotiation, changes of an index or rate or in case of reassessment of options. At the commencement date, the right-of-use assets are measured at cost, comprising the amount of the initial lease liability, initial direct costs and the expected dismantling and removing costs (when we incur an obligation for these costs), less any lease incentives received from the lessors. After initial recognition, the right-of-use assets are measured at cost and depreciated over the shorter of the underlying asset's useful life and the lease term on a straight-line basis. The right-of-use assets will be adjusted for any re-measurements of the lease liability as a result of lease modifications. The right-of-use assets are subject to impairment testing if there is an indicator for impairment, as for property, plant and equipment. The right-of-use assets are presented in the statement of financial position under the caption “Property, plant and equipment” and the lease liabilities are presented as current and non-current lease liabilities. In determining the lease term, we consider all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. We only include extension options (or periods after termination options) in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within our control. Each lease payment is allocated between the liability and financial expenses. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. |
Financial Instruments | FINANCIAL INSTRUMENTS Financial assets and financial liabilities are recognized on our balance sheet when we become a party to the contractual provisions of the instrument. We do not actively use currency derivatives to hedge planned future cash flows, nor do we make use of forward foreign exchange contracts, outside of the Gilead transaction, fully settled at December 31, 2019. Additionally, we do not have financial debts at December 31, 2021. (i) Financial assets Financial assets are initially recognized either at fair value or at their transaction price. All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 on the basis of both our business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. ● a financial asset that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option; ● a financial asset that (i) is held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets and (ii) has contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, is measured at fair value through other comprehensive income (FVTOCI), unless the asset is designated at FVTPL under the fair value option; ● all other financial assets are measured at FVTPL. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year. We derecognize a financial asset when the contractual rights to the cash flows from the asset expire, or we transfer the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. We classify non-derivative financial assets into the following categories: ● financial assets at fair value through profit or loss (equity instruments, current financial investments and cash equivalents) ● financial assets at amortized cost (receivables, current financial investments and cash and cash equivalents). Financial assets at fair value through profit or loss Financial assets are designated at fair value through profit or loss if we manage such investments and make purchase and sale decisions based on their fair value in accordance with the investment strategy. Attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein, which take into account any dividend income, are recognized in profit or loss. Equity instruments We hold investments in equity instruments, which based on IFRS 9, are designated as financial assets at fair value through profit or loss. The fair value of listed investments is based upon the closing price of such securities on Euronext at each reporting date. If there is no active market for an equity instrument, we establish the fair value by using valuation techniques. Current financial investments measured at fair value through profit or loss Current financial investments include financial assets measured at fair value through profit or loss and may comprise short term bond funds that have a maturity equal or less than 12 months, and money market funds. Cash equivalents measured at fair value through profit or loss Cash equivalents measured at fair value through profit or loss may comprise bonds and money market funds that are readily convertible to cash and are subject to an insignificant risk of changes in value. Financial assets at amortized cost Receivables Receivables are designated as financial assets measured at amortized cost. They are initially measured either at fair value or at transaction price, in the absence of a significant financing component. All receivables are subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Receivables mainly comprise trade and other receivables and current/non-current R&D incentives receivables. The R&D incentives receivables relate to refunds resulting from R&D incentives on research and development expenses in France and Belgium. Research and development incentives receivables are discounted over the period until maturity date according to the appropriate discount rates. Current financial investments measured at amortized cost Current financial investments measured at amortized cost include treasury bills that have a maturity equal or less than 12 months. We apply settlement date accounting for the recognition and de-recognition of current financial investments measured at amortized cost. Current financial investments measured at amortized cost also include short-term deposits with maturities exceeding three months from the acquisition date. Cash and cash equivalents measured at amortized cost Cash and cash equivalents measured at amortized cost mainly comprise of notice accounts and short-term deposits that are readily convertible to cash within three months or less and that are subject to an insignificant risk of changes in value. Cash and cash equivalents exclude restricted cash, which is presented in the line other non-current assets in the statement of financial position. (ii) Financial liabilities Financial liabilities are initially measured either at fair value or at their transaction price. Subsequent to initial recognition, financial liabilities are measured at amortized cost. Financial liabilities mainly comprise trade and other liabilities. Trade and other liabilities are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year. They also include accrued expense related to our research and development project costs. We derecognize a financial liability when its contractual obligations are discharged, cancelled or expire. (iii) Financial instruments: derivative assets/liabilities Financial assets and financial liabilities are recognized on our balance sheet when we become a party to the contractual provisions of the instrument. Derivative assets and liabilities are initially measured at fair value. After initial measurement we will measure the derivatives at fair value through profit or loss. |
Taxation | TAXATION Income tax in the profit or loss accounts represents the sum of the current tax and deferred tax. Current tax is the expected tax payable on the taxable profit of the year. The taxable profit of the year differs from the profit as reported in the financial statements as it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Our liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred income tax is provided in full, using the liability-method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. As such, a deferred tax asset for the carry forward of unused tax losses will be recognized to the extent that is probable that future taxable profits will be available. |
Foreign Currencies | FOREIGN CURRENCIES ● Functional and presentation currency Items included in the financial statements of each of our entities are valued using the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Euros, which is our presentation currency. ● Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of transaction. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at closing rates of monetary assets and liabilities denominated in foreign currencies are recognized in the financial result in the statement of operations. Non-monetary assets and liabilities measured at historical cost that are denominated in foreign currencies are translated using the exchange rate at the date of the transaction. ● Financial statements of foreign group companies The results and financial position of all our entities that have a functional currency different from Euro are translated as follows: ● Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; ● Income and expenses for each statement of operations are translated at average exchange rates; ● All resulting cumulative exchange differences are recognized as a separate component of equity; ● Such cumulative exchange differences are recognized in profit or loss in the period in which the foreign operation is disposed of. |
Recognition Of Expenses Linked To Clinical Trial Milestones | RECOGNITION OF EXPENSES LINKED TO CLINICAL TRIAL MILESTONES We recognize expenses specifically linked to clinical trial milestones with regard to patient recruitment and patient treatment (i.e. completion), incurred in carrying out clinical trials, in line with actual patient recruitment or treatment at each period end, in reference to the milestone targets for patient recruitment or treatment. This involves the calculation of clinical trial accruals at each period end, for which an estimation of the expected full clinical trial milestone cost is required, as well as the current stage of patient recruitment or treatment. Clinical trials usually take place over extended time periods and typically involve a set-up phase, a recruitment phase and a completion phase which ends upon the receipt of a final report containing full statistical analysis of trial results. Accruals for patient recruitment and patient completion are prepared separately for each clinical trial in progress and take into consideration the stage of completion of each trial including the number of patients that have entered the trial and the number of patients that have been treated in the trial. In all cases, the full cost of each trial is expensed by the time the final report is received. |
Revenue Recognition | REVENUE RECOGNITION Revenues to date have consisted principally of collaboration revenues, which consist of milestones, license fees, non-refundable upfront fees and royalties received in connection with collaboration and license agreements. We also generated revenue from our fee-for-service activities, which is reported as discontinued operations per December 31, 2020.The revenue recognition policies can be summarized as follows: We recognize revenue when our customer obtains control of promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. To determine revenue recognition for agreements that we determine are within the scope of IFRS 15, we perform the following five steps: COLLABORATION REVENUES (i) identify the contract In our current agreements with customers we are mainly transferring licenses on our IP and in some cases this is combined with access rights and/or providing research and development services and/or cost sharing mechanisms. In some cases our collaborations also include an equity subscription component. If this is the case, we analyze if the criteria to combine contracts, as set out by IFRS 15, are met. (ii) identify the performance obligations in the contract Depending on the type of the agreement, there can be one or more distinct performance obligations under IFRS 15. This is based on an assessment of whether the promises in an agreement are capable of being distinct and are distinct from the other promises to transfer goods and/or services in the context of the contract. For some of our agreements we combine the transfer of the license with the performance of research and development activities because we consider that the license is not capable of being distinct and is not distinct in the context of the contract. (iii) determine the transaction price Collaboration and license agreements with our commercial partners for research and development activities generally include non- upfront fees; milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones; license fees, royalties on sales and sometimes reimbursement income or profits sharing arrangements. a/ License fees or upfront payments If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable upfront fees allocated to the license at the point in time the license is transferred to the customer and the customer has the right to use the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is satisfied over time, revenue is then recognized based on a pattern that best reflects the transfer of control of the service to the customer. b/ Milestone Payments other than sales based milestones A milestone payment is only included in the transaction price to the extent that it is highly probable . W we estimate the amount to be included in the transaction price using the most likely amount method. The transaction price is allocated to each performance obligation on a stand-alone selling price basis. We recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achievement of such milestones and any related constraint. If necessary we adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. c/ Reimbursement Income for R&D Services Collaboration and license agreements may include reimbursement or cost sharing for research and development services: such as outsourcing costs and payment for FTEs at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by us. Such costs reimbursements received are recognized in revenues when costs are incurred and agreed by the parties when we are acting as a principal in the scope of our stake of the R&D activities. If the later condition is not fulfilled, costs reimbursements are d/ Sales based milestone payment and Royalties License and collaboration agreements include sales-based royalties, including commercial milestone payments based on the level of sales, and the license has been deemed to be the predominant item to which the royalties relate. Related revenue is recognized as the subsequent underlying sales occur. (iv) allocate the transaction price to the performance obligations in the contract We allocate the transaction price to each performance obligation identified in the contract based upon the stand-alone selling price. The stand-alone selling price of each performance obligation is estimated by using one of the following methods: adjusted (v) recognize revenue when (or as) the entity satisfies a performance obligation Revenue is recognized when our customer obtains control of the goods and/or services foreseen in the contracts. The control can be transferred In case of revenue recognition over time, we use either an input model that considers estimates of the percentage of total research and development costs that are completed each period compared to the total estimated costs (percentage of completion method PRODUCT NET SALES Revenue on the sale of Jyseleca is recorded as “Product net sales” in our consolidated income statement. Product net sales is the net amount of revenue recognized resulting from transferring control over our products to our customer (for example wholesalers and hospitals). Product sales revenue is recognized at a point in time when control of the goods has transferred The amount of revenue recognized is the amount allocated to the satisfied performance obligation taking into account variable consideration. The estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration that is included in the transaction price is primarily composed of rebates, discounts, cash discounts and chargebacks granted to various customers that are part of commercial and governmental contractual arrangements or other reimbursement The amount of variable consideration is estimated using several elements such third-party market data, product pricing, the specific terms in the individual agreements, estimated inventory levels and the shelf life of our product. If actual results differ, these Net sales are presented We refer to note 6 for detailed information per agreement and to our Critical judgments in applying accounting policies for more information. COST OF SALES Cost of sales includes primarily the purchase OTHER OPERATING INCOME Grants and R&D incentives As we carry out extensive research and development activities, we benefit from various grants and R&D incentives from certain governmental agencies. These grants and R&D incentives generally aim to partly reimburse (approved) expenditures incurred in our research and development efforts and are credited to the statement of operations, under other income, when the relevant expenditure has been incurred and there is reasonable assurance that the grants or R&D incentives are receivable. |
Equity Instruments | EQUITY INSTRUMENTS Equity instruments issued by us are measured by the fair value of the proceeds received, net of direct issue costs. |
Employee Benefits | EMPLOYEE BENEFITS a/ Defined contribution plans Contributions to defined contribution pension plans are recognized as an expense in the statement of operations as incurred. b/ Defined benefit plans For defined retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Re-measurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized as follows: ● Service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements) ● Net interest expenses or income ● Re-measurement The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or a reduction in future contributions to the plans. A liability for a termination benefit is recognized at the earlier of when we can no longer withdraw the offer of the termination benefit and when we recognize any related restructuring costs. c/ Staff bonus plan We recognize an expense in the statement of operations for staff bonus plans. d/ Management bonus plan (I) Bonuses which were granted for performance years until 2018 The management board members, together with other senior managers, are eligible to receive bonuses under the Senior Management Bonus Scheme established in 2006. Pursuant to the rules of the Senior Management Bonus Scheme, 50% of the bonus is paid immediately around year-end and the payment of the remaining 50% is deferred for three years. The deferred 50% component is dependent on the Galapagos share price change relative to the Next Biotech Index (which tracks Euronext-listed biotech companies). The Galapagos share price and the Next Biotech Index at the start and end of the 3-year period is calculated by the average price over the preceding and last month of the 3-year period, respectively. ● If the Galapagos share price change is better than or equal to the change in the Next Biotech Index, the deferred bonus will be adjusted by the share price increase/decrease percentage and paid out ● If the Galapagos share price change is up to 10% worse than the change in the Next Biotech Index, 50% of the deferred bonus will be adjusted by the share price increase/decrease percentage and paid out, and the remainder will be forfeited ● If the Galapagos share price change is more than 10% worse than the change in the Next Biotech Index the deferred bonus will be forfeited We recognize the possible payment of the deferred component of the Senior Management Bonus Schemes within three years at the moment that the bonus amount is determined, based on the fair value of the liability at each reporting period. The fair value of the liability is measured by use of the Monte Carlo valuation model taking into consideration (a) the average reference price of the Galapagos share and Next Biotech Index, (b) the average price of the reporting period of the Galapagos share and the Next Biotech Index, (c) the simulation of the evolution of the Galapagos share price and the Next Biotech Index based on their volatility and correlation until maturity of the bonus, (d) the applicable discount rates at the end of the reporting period and (e) the probability of the number of beneficiaries assumed to stay with us until maturity of the bonus. The changes in fair value are recognized in profit or loss for the period. (II) Bonuses which were granted for performance year 2019 and beyond The management board members, together with other senior managers are eligible to receive a bonus based on achievement of personal and corporate objectives. This bonus is paid in cash. |
Share-Based Payments | SHARE-BASED PAYMENTS a/ Equity-settled share based payments We grant equity-settled incentives to certain employees, members of the supervisory board and consultants in the form of subscription rights. Equity-settled subscription rights are measured at fair value at the date of acceptance. The fair value determined at the acceptance date of the subscription rights is expensed over time until the end of the vesting period, based on our estimate of subscription right warrants that are expected to be exercised. Fair value is measured by use of the Black & Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioral considerations. b/ Long-term incentive plans in RSU’s (Restricted Stock Units) Management board members and other employees are granted RSU’s. An RSU is a grant that takes the form of a promise that employees will receive Galapagos stock in the future and it will be payable, at the company’s discretion in cash or in shares, upon completion of a certain vesting period. Each RSU reflects the value of one Galapagos share. The RSU’s are measured based on the average share price over the 30-calendar day period preceding the measurement date. We recognize the corresponding expense and liability over the vesting period. The fair value of the liability is re-measured at each reporting date because currently it is management’s intention to settle the RSU’s in cash. |
Provisions | PROVISIONS Provisions are recognized in the statement of financial position when we have a present obligation as a result of a past event; when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and a reliable estimate can be made of the amount of the obligations. The amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at the balance sheet date. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of the money and, when appropriate, the risk specific to the liability. |
Impairment | IMPAIRMENT (i) Financial assets The impairment loss of a financial asset measured at amortized cost is calculated based on the expected loss model. For trade receivables, in the absence of a significant financing component, the loss allowance is measured at an amount equal to lifetime expected credit losses. Those are the expected credit losses that result from all possible default events over the expected life of those trade receivables. Impairment losses are recognized in the consolidated statement of operations. (ii) Property, plant and equipment and intangible assets For intangible assets with an indefinite life or intangible assets not available for use yet, we perform an impairment test at least on an annual basis. Furthermore we review at each balance sheet date the carrying amount of our tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, we estimate the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash generating unit is estimated to be less than the carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognized as an expense immediately. When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined, had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss resulting from a sale of a subsidiary is recognized as income. In other cases impairment losses of goodwill are never reversed. |
Net Income / Loss Per Share | NET INCOME / LOSS PER SHARE Basic net income/loss per share is computed based on the weighted average number of shares outstanding during the period. Diluted net income per share is computed based on the weighted average number of shares outstanding including the dilutive effect of warrants, if any. |
Segment Reporting | SEGMENT REPORTING We currently have one operating and reportable segment. Prior to the disposal of our fee-for-service business Fidelta our reportable segments were R&D and fee-for-service business. Fidelta is reported as discontinued operations at December 31, 2020 and at December 31, 2021. |
Assets held for sale and discontinued operations | ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS A discontinued operation is a component of an entity that either has been disposed of, or that is classified as held for sale. It must either: represent a major separate line of business or geographical area of operations; be part of a single coordinated disposal plan; or be a subsidiary acquired exclusively with a view to resale. Intercompany transactions between continuing and discontinued operations are eliminated against discontinuing operations. Non-current assets and disposal groups are classified as assets held for sale if their carrying amount is to be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. They are stated at the lower of carrying amount and fair value less costs to sell with any resulting impairment recognized. Assets related to discontinued operations and assets of disposal group held for sale are not depreciated. On January 4, 2021, we sold of our fee-for-service business Fidelta. We classified the assets and the associated liabilities of Fidelta as held for sale in our financial statements for the year ended December 31, 2020. |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment information | |
Summary of collaboration revenues by destination | Year ended December 31, 2021 2020 2019 (Euro, in thousands) United States of America € 467,978 € 472,445 € 793,873 Europe 2,114 5,605 41,028 Total collaboration revenues € 470,093 € 478,051 € 834,901 |
Summary of revenues by major customers | Year ended December 31, 2021 2020 2019 (Euro, in thousands) % (Euro, in thousands) % (Euro, in thousands) % Gilead: United States of America (1) € 467,978 100% € 472,445 99% € 793,873 95% Europe (1) 2,071 0% 1,460 0% (4,570) (1)% AbbVie: Europe — 0% (52) 0% 26,356 3% Novartis: Europe — 0% 4,125 1% 19,177 2% Total revenues from major customers € 470,049 100% € 477,978 100% € € 834,836 100% (1) Following the contract amendment, the revenue recognized for filgotinib for the year ended December 31, 2019, included a negative catch-up effect on closing date of €245.9 million resulting from the decrease in the percentage of completion applied to previously received upfront and milestones for that program. |
Schedule of non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts by location | December 31, 2021 2020 2019(*) (Euro, in thousands) Belgium € 98,295 € 113,524 € 57,007 France 21,051 18,398 18,102 The Netherlands 66,621 28,210 7,951 Croatia — — 6,182 Switzerland 7,181 7,668 1,057 Spain 3,029 2,755 — Other 1,438 388 681 Total non-current assets € 197,615 € 170,943 € 90,979 |
Total revenues (Tables)
Total revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Total revenues | |
Revenue by collaboration and by category of revenue | Over time Point in time 2021 2020 2019 (Euro, in (Euro, in (Euro, in thousands) thousands) thousands) Recognition of non-refundable upfront payments and license fees € 433,884 € 411,417 € 812,058 Gilead collaboration agreement for ziritaxestat Ö - - 666,968 Gilead collaboration agreement for filgotinib (1) Ö 203,301 181,816 62,602 Gilead collaboration agreement for drug discovery platform Ö 230,582 229,601 80,918 AbbVie collaboration agreement for CF Ö - - 1,569 Milestone payments 32,408 46,261 2,878 Gilead collaboration agreement for filgotinib (1) Ö 32,408 46,261 (21,187) AbbVie collaboration agreement for CF Ö - - 24,065 Reimbursement income - 4,073 19,900 Novartis collaboration agreement for MOR106 Ö - 4,125 19,177 AbbVie collaboration agreement for CF Ö - (52) 723 Royalties 3,801 16,300 66 Gilead royalties on Jyseleca Ö 3,757 16,227 - Other royalties Ö 43 72 66 Total collaboration revenues € 470,093 € 478,051 € 834,901 (1) Following the contract amendment, the revenue recognized for filgotinib for the year ended December 31, 2019 included a negative catch-up effect on closing date of €245.9 million resulting from the decrease in the percentage of completion applied to previously received upfront and milestones for that program. |
Summary of allocation of transaction price | December 31, 2019 Other movements in 2020 Filgotinib amendment (December 15, 2020) December 31, 2020 Other movements in 2021 Filgotinib amendment (September 6, 2021) December 31, 2021 Allocation of transaction price Upfront consideration € 3,845,373 € 160,000 € 4,005,373 € 12,643 € 4,018,016 Milestones achieved 104,171 € 90,192 194,363 194,363 Royalties — 16,227 16,227 € 3,757 19,984 Impact initial valuation of share subscription 124,604 124,604 124,604 4,074,148 106,419 160,000 4,340,567 3,757 12,643 4,356,967 Less : Warrants issuance liabilities Warrant A (43,311) (43,311) (43,311) Initial warrant B (2,545) (2,545) (2,545) Subsequent warrant B (16,184) 8,325 (7,859) 5,417 (2,442) 4,012,108 114,744 160,000 4,286,852 9,174 12,643 4,308,669 Allocation to performance obligations Ziritaxestat 666,967 666,967 666,967 Filgotinib (1) 1,060,395 106,419 € 160,000 1,326,814 3,757 € 12,643 1,343,214 Drug discovery platform (10 years) € 2,284,747 € 8,325 € 2,293,072 € 5,417 € 2,298,489 (1)With regard to the additional consideration received as a result of the Option, License and Collaboration agreement (July 14, 2019) allocated to the filgotinib performance obligation, we assumed the existence of a significant financing component estimated to €44.5 million as of December 31, 2019 reflecting the time value of money on the estimated recognition period. This financing component was reassessed to €55.3 million as of December 31,2020, and to €57.3 million at December 31, 2021. |
Operating costs and other ope_2
Operating costs and other operating income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income and expenses | |
Summary of research and development expenditure | Year ended December 31, 2021 2020 2019 (Euro, in thousands) Personnel costs € (165,239) € (161,509) € (118,875) Subcontracting (251,085) (301,841) (255,725) Disposables and lab fees and premises costs (24,025) (22,349) (19,573) Depreciation (17,518) (11,707) (9,330) Professional fees (15,862) (12,692) (1,834) Other operating expenses (17,978) (13,570) (14,754) Total R&D expenses € (491,707) € (523,667) € (420,090) |
Summary of R&D expenditure by program | Year ended December 31, 2021 2020 2019 (Euro, in thousands) Filgotinib program € (171,204) € (126,879) € (100,032) Ziritaxestat program (26,725) (55,902) (75,951) OA program on GLPG1972 (2,285) (22,966) (19,958) Toledo program (91,957) (87,107) (47,204) TYK2 program on GLPG3667 (27,141) (20,199) (10,728) AtD program on MOR106 (112) (7,618) (24,051) Other programs (172,284) (202,996) (142,166) Total R&D expenses € (491,707) € (523,667) € (420,090) |
Summary of general and administrative expenses | Year ended December 31, 2021 2020 2019 (Euro, in thousands) Personnel costs € (71,190) € (70,110) € (51,204) Depreciation and impairment (16,621) (5,147) (1,421) Legal and professional fees (26,072) (25,592) (11,568) Other operating expenses (27,016) (17,908) (8,190) Total general and administrative expenses € (140,899) € (118,757) € (72,382) |
Summary of sales and marketing expenses | Year ended December 31, 2021 2020 2019 (Euro, in thousands) Personnel costs € (59,102) € (31,727) € (7,558) Depreciation (504) (140) (61) External outsourcing costs (62,321) (31,885) (7,558) Sales and marketing expenses recharged to/from (-) Gilead 59,699 4,711 (8,164) Professional fees (532) (3,420) (459) Other operating expenses (7,196) (4,007) (777) Total sales and marketing expenses € (69,956) € (66,468) € (24,577) |
Schedule of other income | Year ended December 31, 2021 2020 2019 (Euro, in thousands) Grant income € 7,334 € 5,452 € 6,549 R&D incentives 44,888 45,951 43,923 Other income 1,526 804 425 Total other operating income € 53,749 € 52,207 € 50,896 |
Staff costs (Tables)
Staff costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Staff costs | |
Staff costs | Year ended December 31, 2021 2020 2019 (Euro, in thousands) Wages and salaries € (175,167) € (139,681) € (113,660) Social security costs (29,934) (26,471) (14,566) Pension costs (8,467) (7,337) (4,715) Costs related to subscription right plans (70,726) (79,959) (38,297) Other personnel costs (11,237) (9,897) (6,399) Total personnel costs € (295,531) € (263,345) € (177,637) |
Fair value re-measurement of _2
Fair value re-measurement of share subscription agreement and warrants granted to Gilead (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair value re-measurement of share subscription agreement and warrants granted to Gilead | |
Schedule of fair value re-measurement of the financial instrument related to the share subscription agreement, issuance of warrant A and B | Year ended December 31, 2021 2020 2019 (Euro, in thousands) Fair value re-measurement of the share subscription agreement € — € — € (142,350) Fair value re-measurement of warrant A — — (35,642) Fair value re-measurement of initial warrant B 2,960 3,034 (3,653) Total fair value re-measurement of share subscription agreement and warrants € 2,960 € 3,034 € (181,644) Fair value re-measurement of the Gilead share subscription agreement (Euro, in thousands) Fair value of financial asset at signing date € 85,601 Change in fair value recorded in profit or loss (142,350) Fair value of financial liability at closing date (56,749) Derecognition at closing date 56,749 Fair value on December 31, 2019 € — Fair value re-measurement of the financial instrument related to the issuance of warrant A (Euro, in thousands) Fair value of financial liability at warrant approval date € (43,311) Change in fair value recorded in profit or loss (35,642) Derecognition at warrant A exercise date 78,953 Fair value on December 31, 2019 € — Fair value re-measurement of the financial instrument related to the issuance of initial warrant B 2021 2020 2019 (Euro, in thousands) Fair value of financial liability at January 1, € (3,164) € (6,198) Fair value of financial liability at warrant approval date € (2,545) Change in fair value recorded in profit or loss 2,960 3,034 (3,653) Fair value on December 31, € (204) € (3,164) € (6,198) |
Other financial income _ expe_2
Other financial income / expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income and expenses | |
Schedule of other financial income and expense | Year ended December 31, 2021 2020 2019 (Euro, in thousands) Other financial income: Interest on bank deposit € 2,865 € 10,030 € 14,305 Effect of discounting long term R&D incentives receivables 93 93 93 Currency exchange gain 60,727 4,697 775 Fair value gain on financial assets held at fair value through profit or loss — 2,397 5,355 Fair value gain on current financial investments 6,763 — 611 Gain upon sale of financial assets held at fair value through profit or loss — — 2 Other finance income 100 1,450 248 Total other financial income 70,548 18,667 21,389 Other financial expenses: Interest expenses (11,656) (9,389) (1,268) Effect of discounting long term deferred income (9,289) (16,278) (6,900) Currency exchange loss (4,235) (110,416) (47,720) Fair value loss on financial assets held at fair value through profit or loss (4,919) — — Loss upon sale of financial assets held at fair value through profit or loss — (88) — Fair value loss on current financial investments — (15,901) (3,700) Other finance charges (812) (773) (380) Total other financial expense (30,911) (152,844) (59,968) Total net other financial expense (-)/ income € 39,637 € (134,177) € (38,579) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Income tax recognized in profit or loss | Year ended December 31, 2021 2020 2019 (Euro, in thousands) Continuing operations Current tax € (2,020) € (1,069) € (1,372) Deferred tax (404) (157) 1,537 Income taxes € (2,423) € (1,226) € 165 |
Tax Liabilities | December 31, 2021 2020 2019 (Euro, in thousands) Current tax payable € 1,782 € 1,248 € 2,037 Total tax liabilities € 1,782 € 1,248 € 2,037 |
Tax reconciled to the accounting result | Year ended December 31, 2021 2020 2019 (Euro, in thousands) Income/loss (-) before tax € (122,999) € (309,775) € 148,525 Income tax debit/credit (-), calculated using the Belgian statutory tax rate on the accounting income/loss (-) before tax (theoretical) (30,750) (77,444) 43,934 Tax expenses/income (-) in statement of operations (effective) 2,423 1,226 (165) Difference in tax expense/income to explain € 33,173 € 78,670 € (44,097) Effect of tax rates in other jurisdictions € (582) € 184 € 960 Effect of non-taxable revenues (9,413) (10,196) (13,079) Effect of share based payment expenses without tax impact 17,682 19,990 10,318 Effect of expenses/income (-) not subject to tax (907) (639) 53,394 Effect of non tax-deductible expenses 3,812 1,053 724 Effect of recognition of previously non-recognized deferred tax assets (1,411) (475) (2,286) Effect of tax losses (utilized) reversed (404) (150) (136) Effect of under or over provision in prior periods (840) (25) 30 Effect of non-recognition of deferred tax assets 25,613 69,141 47,413 Effect of derecognition of previously recognized deferred tax assets 135 157 — Effect of use of investment deduction (512) (370) — Effect of use of IID — — (141,435) Total explanations € 33,173 € 78,670 € (44,097) |
Income_loss (-) per share (Tabl
Income/loss (-) per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income/loss (-) per share | |
Schedule of income/loss per share | Year ended December 31, 2021 2020 2019 Income/loss (-) per share: Net income/loss (-) attributable to owners of the parent (Euro, in thousands) € (103,231) € (305,436) € 149,845 Number of shares (thousands) Weighted average number of shares for the purpose of basic income/loss (-) per share 65,500 65,075 57,614 Basic income/loss (-) per share (Euros) € (1.58) € (4.69) € 2.60 Net income/loss (-) attributable to owners of the parent (Euro, in thousands) € (103,231) € (305,436) € 149,845 Number of shares (thousands) Weighted average number of shares for the purpose of diluted income/loss (-) per share 65,500 65,075 57,614 Number of dilutive potential ordinary shares — — 2,498 Diluted income/loss (-) per share (Euros) € (1.58) € (4.69) € 2.49 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets | |
Schedule of intangible assets | Software & databases Brands, licenses, patents & know-how Contract costs Total (Euro, in thousands) Acquisition value On January 1, 2019 € 9,111 € 2,719 € — € 11,832 Additions 5,463 2,453 15,384 23,300 Sales and disposals (64) (64) Translation differences 31 31 On December 31, 2019 14,541 5,172 15,384 35,099 Additions 9,494 39,299 48,793 Sales and disposals (17) (17) Reclassifications to assets held for sale (159) (38) (197) Translation differences (143) (1) (144) On December 31, 2020 23,717 44,432 15,384 83,534 Additions 2,423 1,250 3,673 Sales and disposals (1,643) (5,753) (7,396) Translation differences 57 57 On December 31, 2021 € 24,554 € 39,929 € 15,384 € 79,868 Amortization and impairment On January 1, 2019 € 7,250 € 949 € — € 8,200 Amortization 816 678 512 2,006 Sales and disposals (63) (63) Translation differences 31 31 On December 31, 2019 8,034 1,626 512 10,173 Amortization 2,303 2,289 1,538 6,130 Sales and disposals (17) (17) Reclassifications to assets held for sale (143) (33) (176) Translation differences (142) (142) On December 31, 2020 10,034 3,883 2,050 15,968 Amortization 3,529 2,053 1,538 7,120 Impairment 4,016 4,016 Sales and disposals (1,643) (5,753) (7,396) Translation differences 57 57 On December 31, 2021 € 11,977 € 4,199 € 3,588 € 19,765 Carrying amount On December 31, 2019 € 6,507 € 3,546 € 14,872 € 24,927 On December 31, 2020 € 13,683 € 40,549 € 13,334 € 67,565 On December 31, 2021 € 12,577 € 35,730 € 11,796 € 60,103 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment | |
Schedule of property, plant and equipment - Fully owned | FULLY OWNED Land & leasehold improvements Installation & machinery Furniture, fixtures & vehicles Other tangible assets Total (Euro, in thousands) Acquisition value On January 1 , 2019 € 5,011 € 38,031 € 3,452 € 4,827 € 51,321 Additions 273 6,382 649 15,076 22,380 Sales and disposals (1,521) (97) (1,618) Reclassifications 1,792 3 (1,795) — Reclassifications to right of use (251) (251) Translation differences (30) 22 (8) On December 31, 2019 5,284 44,655 4,028 17,856 71,823 Additions 885 3,737 1,824 32,218 38,664 Sales and disposals (51) (1,096) (81) (1,228) Reclassifications 10,625 (623) 2,084 (12,086) — Reclassifications to assets held for sale (2) (8,938) (484) (686) (10,110) Translation differences (2) (127) (19) (30) (178) On December 31, 2020 16,739 37,607 7,352 37,273 98,972 Additions 1,924 4,453 434 46,028 52,839 Sales and disposals (1,001) (1,177) (9,316) (11,494) Reclassifications 7,273 5,210 1,175 (13,658) — Translation differences 195 1 45 (3) 238 On December 31, 2021 € 26,131 € 46,270 € 7,829 € 60,324 € 140,555 Depreciations and impairment On January 1 , 2019 € 2,686 € 23,403 € 1,819 € 275 € 28,184 Depreciation 394 4,018 399 7 4,818 Sales and disposals (1,521) (99) (1,620) Reclassifications to right of use (251) (251) Translation differences (15) (15) On December 31, 2019 3,080 25,885 2,119 31 31,117 Depreciation 654 3,587 1,418 7 5,666 Sales and disposals (51) (1,058) (77) (1,186) Reclassifications 46 (1,675) 1,629 — Reclassifications to assets held for sale (4,327) (448) (39) (4,814) Translation differences (1) (61) (13) (75) On December 31, 2020 3,728 22,350 4,628 — 30,708 Depreciation 1,749 3,398 1,113 6,260 Impairment 9,316 9,316 Sales and disposals (1,000) (1,178) (9,316) (11,494) Translation differences 28 1 18 47 On December 31, 2021 € 5,505 € 24,749 € 4,582 € — € 34,837 Carrying amount On December 31, 2019 € 2,204 € 18,770 € 1,909 € 17,825 € 40,707 On December 31, 2020 € 13,011 € 15,257 € 2,724 € 37,273 € 68,264 On December 31, 2021 € 20,626 € 21,521 € 3,247 € 60,324 € 105,718 |
Schedule of property, plant and equipment - Right of use | RIGHT-OF-USE Land & building Installation & machinery Furniture, fixtures & vehicles Total (Euro, in thousands) Acquisition value On January 1, 2019 € 24,056 € 219 € 2,130 € 26,406 Additions 3,270 84 1,176 4,530 Reclassifications to right of use 251 251 Translation differences 38 38 On December 31, 2019 27,364 554 3,307 31,225 Additions 18,341 186 2,932 21,459 Sales and disposals (6) (161) (167) Reclassifications to assets held for sale (5,940) (263) (6,202) Translation differences (88) (3) (90) On December 31, 2020 39,678 734 5,812 46,225 Additions 1,722 110 5,092 6,924 Sales and disposals (4,160) (251) (722) (5,133) Translation differences 221 2 223 On December 31, 2021 € 37,461 € 593 € 10,184 € 48,239 Depreciations and impairment On January 1, 2019 € — € — € — € — Depreciation 4,666 91 867 5,624 Reclassifications to right of use 251 251 Translation differences 4 4 On December 31, 2019 4,670 342 867 5,879 Depreciation 5,350 128 1,405 6,883 Sales and disposals (6) (161) (167) Reclassifications to assets held for sale (1,334) (115) (1,448) Translation differences (36) (1) (36) On December 31, 2020 8,651 464 1,995 11,111 Depreciation 5,466 161 2,296 7,923 Sales and disposals (1,696) (251) (722) (2,669) Translation differences 79 79 On December 31, 2021 € 12,500 € 374 € 3,569 € 16,444 Carrying amount On December 31, 2019 € 22,694 € 212 € 2,440 € 25,345 On December 31, 2020 € 31,027 € 270 € 3,817 € 35,113 On December 31, 2021 € 24,961 € 219 € 6,615 € 31,794 December 31, 2021 2020 2019 (Euro, in thousands) Carrying amount Property, plant and equipment fully owned € 105,718 € 68,264 € 40,707 Right-of-use 31,794 35,113 25,345 Total property, plant and equipment € 137,512 € 103,378 € 66,052 |
Other non-current assets (Table
Other non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other non-current assets | |
Schedule of other non-current assets | December 31, 2021 2020 2019 (Euro, in thousands) Non-current restricted cash € 1,425 € 1,482 € 1,418 Financial assets held at fair value through profit or loss — 8,951 11,275 Other non-current assets 1,048 910 1,399 Total other non-current assets € 2,473 € 11,343 € 14,091 |
Schedule of financial assets held at fair value through profit or loss | December 31, 2021 2020 2019 (Euro, in thousands) Costs at January 1, € 3,910 € 4,736 € 4,818 Acquisitions of the year 12 1,994 — Disposals of the year (1,928) (2,820) (82) Costs at December 31, 1,994 3,910 4,736 Fair value adjustment at January 1, 5,042 6,539 1,182 Cancellation of fair value adjustment following disposal (2,116) (3,894) 2 Fair value adjustment of the year (4,920) 2,397 5,355 Fair value adjustment at December 31, (1,994) 5,042 6,539 Net book value at December 31, € — € 8,951 € 11,275 |
Research and Development ince_2
Research and Development incentives receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Research and Development incentives receivables | |
Schedule of the classifications of R&D incentives receivables | December 31, 2021 2020 2019 (Euro, in thousands) Non-current R&D incentives receivables € 127,186 € 111,624 € 93,407 Current R&D incentives receivables 16,827 24,104 21,949 Total R&D incentives receivables € 144,013 € 135,728 € 115,356 |
Schedule of maturities of non-current R&D incentives receivables | December 31, 2021 Maturity date 2023 2024 2025 2026 2027-2031 Total (Euro, in thousands) French non-current R&D incentives receivables - discounted value € 11,911 11,713 11,489 — — € 35,113 Belgian non-current R&D incentives receivables - discounted value 9,621 12,258 14,895 16,705 38,594 92,073 Total non-current R&D incentives receivables - discounted value € 21,532 € 23,971 26,384 16,705 38,594 € 127,186 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories | |
Schedule of inventories | December 31, 2021 2020 2019 (Euro, in thousands) Raw materials € 14,351 Semi-finished products 1,376 Finished products purchased for resale 4,842 € 36 Total inventories € 20,569 € 36 € — |
Trade and other receivables a_2
Trade and other receivables and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables and other current assets | |
Schedule of trade and other receivables and other current assets | December 31, 2021 2020 2019 (Euro, in thousands) Non-current trade receivables — € 50,000 — Trade receivables € 91,786 134,632 € 39,603 Prepayments 202 219 292 Other receivables 19,349 13,568 14,114 Trade and other receivables 111,337 148,418 54,009 Consumables inventory — 319 255 Accrued income 639 1,096 4,443 Deferred charges 9,306 10,502 4,439 Other current assets 9,945 11,917 9,138 Total trade and other receivables & other current assets € 121,282 € 210,335 € 63,147 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | December 31, 2021 2020 2019 (Euro, in thousands) Cash at banks € 1,225,860 € 1,239,993 € 907,939 Term deposits 1,007,508 895,194 953,677 Cash and cash equivalents from continuing operations 2,233,368 2,135,187 1,861,616 Cash and cash equivalents included in assets classified as held for sale — 7,884 — Total cash and cash equivalents € 2,233,368 € 2,143,071 € 1,861,616 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share capital | |
Schedule of reconciliation of share capital | 2021 2020 2019 (Euro, in thousands) On January 1 € 291,312 € 287,282 € 236,540 Share capital increase 763 4,031 55,189 Costs of capital increase — — (4,447) Share capital on December 31, € 292,075 € 291,312 € 287,282 Aggregate share capital € 354,582 € 353,819 € 349,789 Costs of capital increase (accumulated) (62,507) (62,507) (62,507) Share capital on December 31, € 292,075 € 291,312 € 287,282 |
Schedule of history of the share capital | Date Share capital increase new shares (in thousands €) Share capital increase due to exercise subscription rights (in thousands €) Number of shares issued (in thousands of shares) Aggregate number of shares after transaction (in thousands of shares) Aggregate share capital after transaction (in thousands €) January 1, 2019 54,466 € 294,600 March 20, 2019 808 149 June 20, 2019 1,127 208 August 23, 2019 36,945 6,829 September 19, 2019 1,632 302 November 6, 2019 14,162 2,618 November 25, 2019 515 95 December 31, 2019 64,667 349,789 March 17, 2020 824 152 May 28, 2020 2,356 436 September 19, 2020 467 86 December 4, 2020 384 71 December 31, 2020 65,412 353,819 March 19, 2021 540 100 June 7, 2021 59 11 September 20, 2021 41 8 December 3, 2021 123 23 December 31, 2021 65,553 € 354,582 |
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 right Closing share price on date of capital increase ( in Euro/ subscription right) ( in Euro/ share) On January 1, 2019 54,465,421 € 236,540 € 1,277,780 € 1,514,320 March 20, 2019 : exercise of subscription rights 149,370 808 2,673 3,481 23.30 90.32 June 20, 2019 : exercise of subscription rights 208,310 1,127 3,198 4,325 20.76 113.55 August 23, 2019 : share subscription by Gilead Ordinary shares (fully paid) 6,828,985 36,945 923,142 960,087 148.90 Derecognition of financial liability from share subscription agreement 56,749 56,749 Underwriter discounts and offering expenses (paid) (4,447) (4,447) Total share subscription by Gilead 6,828,985 32,498 979,891 1,012,389 September 19, 2019 : exercise of subscription rights 301,745 1,632 5,043 6,675 22.12 145.25 November 6, 2019 : exercise of warrant A by Gilead Exercise of warrant A 2,617,791 14,162 353,873 368,035 Derecognition of financial liability related to warrant A 78,953 78,953 Total exercise of warrant A by Gilead 2,617,791 14,162 432,826 446,988 140.59 170.75 November 25, 2019 : exercise of subscription rights 95,180 515 2,172 2,687 28.23 172.95 On December 31, 2019 64,666,802 287,282 2,703,583 2,990,865 March 17, 2020 : exercise of subscription rights 152,220 824 4,531 5,355 35.18 141.40 May 28, 2020 : exercise of subscription rights 435,540 2,356 15,558 17,914 41.13 186.60 September 18, 2020 : exercise of subscription rights 86,280 467 1,936 2,403 27.85 117.70 December 4, 2020 : exercise of subscription rights 70,925 384 2,232 2,616 36.88 100.30 On December 31, 2020 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 September 20, 2021 : exercise of subscription rights 7,600 41 111 152 19.97 46.93 December 3, 2021 : exercise of subscription rights 22,600 123 456 579 25.61 41.72 On December 31, 2021 65,552,721 € 292,075 € 2,730,391 € 3,022,467 |
Summary of other information | Ordinary shares Total Par value of shares (€) 5.41 5.41 |
Deferred tax (Tables)
Deferred tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred tax | |
Schedule of deferred tax | December 31, 2021 2020 2019 (Euro, in thousands) Recognized deferred tax assets and liabilities Assets € 4,032 € 4,475 € 4,205 Liabilities € — € — € — Deferred tax assets unrecognized € 408,892 € 365,639 € 289,833 Deferred taxes in the consolidated statement of operations € (404) € (157) € 1,537 Tax benefit arising from previously unrecognized tax assets used to reduce deferred tax expense (+) 1,411 581 1,537 Deferred tax expenses relating to temporary differences (629) (44) — Deferred tax expenses relating to use of previously recognized deferred tax assets (1,185) (695) — |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities. | |
Schedule of lease liabilities | December 31, December 31, 2021 2020 2019 2021 2020 2019 (Euro, in thousands) (Euro, in thousands) Lease payments Present value of lease payments Lease liabilities Within one year € 7,557 € 6,772 € 6,189 € 7,204 € 6,401 € 5,826 In the second to fifth years inclusive 18,873 20,399 16,320 18,381 19,833 15,783 After five years 1,291 3,214 3,844 1,274 3,201 3,775 € 27,720 € 30,385 € 26,353 € 26,859 € 29,436 € 25,384 Less future finance charges 861 949 969 Present value of lease liabilities € 26,859 € 29,436 € 25,384 Less amount due for settlement within 12 months 7,204 6,401 5,826 Amount due for settlement after 12 months € 19,655 € 23,035 € 19,558 |
Trade and other liabilities (Ta
Trade and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other liabilities | |
Schedule of trade and other liabilities | December 31, 2021 2020 2019 (Euro, in thousands) Trade and other liabilities € 134,304 € 171,316 € 142,510 Other non-current liabilities 7,135 8,096 6,989 Accrued charges 3,114 1,070 923 Total trade and other liabilities € 144,553 € 180,482 € 150,422 |
Deferred income (Tables)
Deferred income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred income | |
Schedule of movement in the non-current and current deferred income | Total Gilead collaboration agreement for filgotinib Gilead collaboration agreement for ziritaxestat Gilead collaboration agreement for drug discovery platform (2) AbbVie collaboration agreement for CF Deferred income related to contracts in our fee-for-service segment Other deferred income (grants) (Euro, in thousands) On December 31, 2018 € 149,801 € 145,798 € — € — € 3,224 € 471 € 308 Upfront received and impact of initial valuation of share subscription 3,655,416 641,663 666,967 2,346,787 Milestones received 49,727 27,317 22,410 Significant financing component (3) 6,900 6,900 Revenue recognition of upfront (1,009,663) (260,207) (666,967) (80,918) (1,570) Revenue recognition of milestones (51,156) (27,092) (24,064) Catch-up effect on closing date (1) 245,883 245,883 Other movements (46,262) (45,856) (109) (297) On December 31, 2019 3,000,646 780,261 — 2,220,013 — 362 10 Upfront received 160,000 160,000 Milestones received 90,192 90,192 Significant financing component (3) 16,278 16,278 Revenue recognition of upfront (411,417) (181,816) (229,601) Revenue recognition of milestones (46,261) (46,261) Other movements (305) (362) 57 On December 31, 2020 2,809,133 818,654 — 1,990,412 — — 67 Upfront received 12,643 12,643 Significant financing component (3) 9,289 9,289 Revenue recognition of upfront (433,884) (203,301) (230,582) Revenue recognition of milestones (32,408) (32,408) Other movements (67) (67) On December 31, 2021 € 2,364,701 € 604,875 € — € 1,759,828 € — € — € — (1) Following the contract amendment, the revenue recognized for filgotinib for the year ended December 31, 2019 included a negative catch-up effect resulting from the decrease in the percentage of completion applied to previously received upfront and milestones for that program. (2) The upfront received and the outstanding balance on December 31, 2021 and December 31, 2020 comprise the issuance liabilities for the warrants and the upfront payment allocated to the drug discovery platform. Other movements in 2019 include the derecognition of warrant issuance liabilities through the share premium account. (3) With regard to the additional consideration received for the extended cost sharing for filgotinib, we assume the existence of a sigificant financing component reflecting the time value of money on the estimated recognition period |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued operations | |
Schedule of financial statements in relation to the discontinued operations | Consideration received (Euro, in thousands) Cash received € 37,080 Total cash received € 37,080 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 Gain on disposal of Fidelta (Euro, in thousands) Cash received € 37,080 Net assets disposed of (13,658) Effect of cumulative translation adjustment reclassified from equity on loss of control (731) Costs associated to the sale (500) Gain on disposal € 22,191 Net cash proceeds from the disposal of Fidelta (Euro, in thousands) Cash received € 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 Fidelta, net of cash disposed of € 28,696 RESULT FROM DISCONTINUED OPERATIONS Year ended December 31, 2021 2020 2019 (Euro, in thousands, except share and per share data) Fee-for-service revenues € — € 16,140 € 10,084 Total revenues — 16,140 10,084 Gain on disposal of subsidiaries 22,191 — — Research and development expenses — (7,685) (7,229) General and administrative expenses — (2,000) (1,319) Other income — — 8 Operating income 22,191 6,455 1,544 Other financial income — 179 93 Other financial expenses — (176) (102) Income before tax 22,191 6,458 1,535 Income taxes — (893) (379) Net income € 22,191 € 5,565 € 1,156 Basic income per share from discontinued operations € 0.34 € 0.09 € 0.02 Diluted income per share from discontinued operations € 0.34 € 0.08 € 0.02 Weighted average number of shares (in thousands of shares) 65,500 65,075 57,614 Weighted average number of shares - Diluted (in thousands of shares) 65,831 67,572 60,112 CASH FLOW FROM DISCONTINUED OPERATIONS 2021 2020 2019 (Euro, in thousands) Net cash flows generated from operating activities € — € 7,173 € 2,911 Net cash flows generated from/used in (-) investing activities 28,696 (2,284) (1,350) Net cash flows used in financing activities — (664) (709) Net cash flow from discontinued operations € 28,696 € 4,225 € 852 |
Operating Cash Flow (Tables)
Operating Cash Flow (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Consolidated Statement of Cash Flows | |
Adjustments related to operating cash flow | December 31, 2021 2020 2019 (Euro, in thousands) Adjustment for non-cash transactions Depreciation, amortization and impairment € 34,636 € 18,682 € 12,448 Share-based compensation expenses 70,726 79,959 38,297 Decrease in retirement benefit obligations and provisions (2,347) (260) (156) Unrealized exchange losses/gains (-) and non-cash other financial result (57,073) 105,055 11,169 Discounting effect of deferred income 9,289 16,278 6,900 Fair value re-measurement of share subscription agreement and warrants (2,960) (3,034) 181,644 Net change in (fair) value of current financial investments (119) 15,900 3,081 Fair value adjustment financial assets held at fair value through profit or loss 4,919 (2,396) (5,355) Other non-cash expenses 648 539 Total adjustment for non-cash transactions € 57,718 € 230,723 € 248,027 Adjustment for items to disclose separately under operating cash flow Interest expense € 11,656 € 9,424 € 1,302 Interest income (2,853) (7,476) (9,247) Tax expense 2,423 2,119 214 Total adjustment for items to disclose separately under operating cash flow € 11,227 € 4,067 € (7,731) Adjustment for items to disclose under investing and financing cash flows Gain on disposal of subsidiaries € (22,191) Gain (-)/loss on sale of fixed assets € 82 € (2) Realized exchange gain on sale of current financial investments (6,645) Interest income on current financial investments (12) (2,554) (5,059) Total adjustment for items to disclose separately under investing and financing cash flow € (28,847) € (2,472) € (5,061) Change in working capital other than deferred income Increase (-)/decrease in inventories € (21,168) € (100) € 20 Increase (-)/ decrease in receivables 79,859 (177,155) (67,263) Increase/decrease (-) in liabilities (35,353) 31,163 79,940 Total change in working capital other than deferred income € 23,337 € (146,092) € 12,698 |
Off-balance sheet arrangements
Off-balance sheet arrangements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Off-balance sheet arrangements | |
Schedule of outstanding obligation for future lease and purchase commitments | On December 31, 2021, we had outstanding obligations for future purchase commitments, which become due as Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years (Euro, in thousands) Purchase commitments € 369,937 € 212,065 € 105,947 € 46,426 € 5,499 |
Share based payments (Tables)
Share based payments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subscription rights | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of summary of other equity instruments outstanding and exercisable per plan | Outstanding Outstanding Exercisable per Granted Exercised Forfeited Expired per per Allocation Expiry Exercise January 1, during during during during December 31, December 31, Subscription right plan date date price (€) 2021 year year year year 2021 2021 2008 06/26/2008 06/25/2021 5.6 1,365 (1,365) — — 2013 05/16/2013 05/15/2021 19.38 55,664 (55,664) — — 2014 07/25/2014 07/24/2022 14.54 169,340 (41,800) 127,540 127,540 2015 04/30/2015 04/29/2023 28.75 219,473 (20,250) 199,223 199,223 2015 (B) 12/22/2015 12/21/2023 49.00 261,500 (5,000) 256,500 256,500 2015 RMV 12/22/2015 12/21/2023 49.00 40,000 (5,000) 35,000 35,000 2016 06/01/2016 05/31/2024 46.10 342,625 (11,875) 330,750 330,750 2016 RMV 06/01/2016 05/31/2024 46.10 69,000 — 69,000 69,000 2016 (B) 01/20/2017 01/19/2025 62.50 10,000 — 10,000 10,000 2017 05/17/2017 05/16/2025 80.57 595,500 — 595,500 595,500 2017 RMV 05/17/2017 05/16/2025 80.57 127,500 — 127,500 127,500 2018 04/19/2018 04/18/2026 79.88 1,083,245 (77,250) 1,005,995 2018 RMV 04/19/2018 04/18/2026 79.88 137,500 — 137,500 2019 04/10/2019 04/09/2027 95.11 1,477,840 (177,000) 1,300,840 2019 RMV 04/10/2019 04/09/2027 95.11 193,000 (2,500) 190,500 2020 04/17/2020 04/16/2028 168.42 1,906,034 (288,106) 1,617,928 2020RMV 04/17/2020 04/16/2028 168.42 239,525 (12,050) 227,475 2021BE 04/30/2021 04/29/2029 64.76 1,117,603 (33,567) 1,084,036 2021RMV 04/30/2021 04/29/2029 64.76 291,725 (9,175) 282,550 2021ROW 04/30/2021 04/29/2029 64.76 1,084,105 (102,105) 982,000 Total 6,929,111 2,493,433 (140,954) (701,753) — 8,579,837 1,751,013 |
Schedule of summary of other equity instruments outstanding and exercisable | Weighted average exercise Subscription rights price (Euro) Outstanding on January 1, 2019 4,626,782 € 53.3 Exercisable on December 31, 2018 882,734 14.0 Granted during the period 1,699,690 95.1 Forfeited during the year (30,750) 88.9 Exercised during the period (754,605) 22.8 Expired during the year — — Outstanding on December 31, 2019 5,541,117 € 70.1 Exercisable on December 31, 2019 1,139,682 30.2 Granted during the period 2,173,335 168.4 Forfeited during the year (40,376) 144.8 Exercised during the period (744,965) 38.0 Expired during the year — — Outstanding on December 31, 2020 6,929,111 € 104.0 Exercisable on December 31, 2020 1,168,967 37.8 Granted during the period 2,493,433 64.8 Forfeited during the year (701,753) 118.5 Exercised during the period (140,954) 23.5 Expired during the year — — Outstanding on December 31, 2021 8,579,837 € 92.7 Exercisable on December 31, 2021 1,751,013 56.6 |
Schedule of inputs into the valuation of the other equity instruments | 2021BE 2021 RMV/ROW 2020 2020 RMV 2019 2019 RMV April 30 April 30 April 17 April 17 April 19 April 19 Exercise Price (€) € 64.76 € 64.76 € 168.42 € 168.42 € 95.11 € 95.11 Weighted average share price at acceptance date (€) € 61.10 € 61.10 € 178.95 € 178.95 € 107.05 € 107.45 Weighted average fair value at the acceptance date (€) € 22.72 € 20.68 € 86.45 € 85.79 € 40.04 € 40.05 Weighted average estimated volatility (%) 40.73 40.61 51.30 51.32 35.86 35.63 Weighted average expected life of the subscription rights (years) 6.43 5.36 6.00 6.00 6.02 6.00 Weighted average risk free rate (%) (0.21) (0.29) (0.44) (0.44) (0.27) (0.28) Expected dividends None None None None None None |
Schedule of summary of other equity instruments outstanding by category | December 31, 2021 2020 2019 (in number of subscription rights) Supervisory board members 157,560 157,560 222,600 Management board members (1) 1,965,000 2,101,874 2,171,874 Personnel 6,457,277 4,669,677 3,146,643 Total subscription rights outstanding 8,579,837 6,929,111 5,541,117 |
Restricted Stock Units (RSUs) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of summary of other equity instruments outstanding and exercisable per plan | Outstanding Outstanding per Granted Forfeited Paid in cash per Offer January 1, during during during December 31, RSU plan date 2021 year year year 2021 Plan 2019.I. 10/16/2019 33,000 (5,000) — 28,000 Plan 2019.II. 10/16/2019 81,807 (12,034) (27,269) 42,504 Plan 2019.III. 10/16/2019 71,072 (5,077) (35,535) 30,460 Plan 2020.I. 06/05/2020 54,876 (10,925) (11,424) 32,527 Plan 2020.II. 07/05/2020 72,841 (12,663) (18,210) 41,968 Plan 2021.I. 05/05/2021 180,844 (26,228) — 154,616 Plan 2021.II. 05/06/2021 43,328 (2,708) — 40,620 Plan 2021.III. 06/03/2021 38,413 (238) — 38,175 Plan 2021.IV. 09/24/2021 248,933 — — 248,933 Total 313,596 511,518 (74,873) (92,438) 657,803 |
Schedule of summary of other equity instruments outstanding by category | December 31, 2021 2020 2019 (in number of RSUs) Management board members 384,340 229,276 188,571 Personnel 273,463 84,320 24,576 Total outstanding RSUs 657,803 313,596 213,147 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions | |
Summary of outstanding balances | Year ended December 31, 2021 2020 2019 (Euro, in thousands) Non-current trade receivables € 50,000 Trade and other receivables € 88,246 132,825 € 31,645 Trade and other payables € 11,580 € 27,074 € 39,100 |
Summary of remuneration package of the members of key management personnel | Year ended December 31, 2021 2020 2019 Remuneration of key management personnel: Euro, in thousands (except for the number of subscription rights and RSUs) Short-term benefits € 4,264 € 3,102 € 14,129 Management board members as a group (1) Gross salary 2,621 2,531 2,121 Employer social security on gross salary — — 61 Cash bonus (2) 1,172 433 1,230 Exceptional bonus — — 10,500 Employer social security on exceptional bonus — — 108 Other short-term benefits 471 138 109 Long-term benefits for management board members as a group (3) — — 1,874 Board fees and other short-term benefits for supervisory board members Raj Parekh 220 220 90 Howard Rowe 120 125 55 Werner Cautreels (4) — — 15 Katrine Bosley (5) 65 115 45 Christine Mummery (4) — — 13 Mary Kerr 115 115 45 Peter Guenter (6) 115 115 30 Daniel O'Day (7) — — — Linda Higgins (7) — — — Elisabeth Svanberg (8) 115 78 — Post-employment benefits (9) 399 392 323 Total benefits excluding subscription rights and RSUs € 5,413 € 4,262 € 16,618 Severance package (10) 802 — — Number of subscription rights granted in the year Management board members as a group (1) (12) 275,000 275,000 315,000 Onno van de Stolpe 85,000 85,000 100,000 Bart Filius 50,000 50,000 65,000 Andre Hoekema 30,000 30,000 50,000 Piet Wigerinck (11) 40,000 40,000 50,000 Walid Abi-Saab 40,000 40,000 50,000 Michele Manto (12) 30,000 30,000 40,000 Supervisory board members as a group — — 45,000 Raj Parekh — — 15,000 Howard Rowe — — 7,500 Katrine Bosley — — 7,500 Mary Kerr — — 7,500 Peter Guenter (6) — — 7,500 Daniel O'Day (7) — — — Linda Higgins (7) — — — Elisabeth Svanberg (8) — — — Total number of subscription rights granted in the year (12) 275,000 275,000 360,000 Total cost of subscription rights granted in the year under IFRS 2 € 5,629 € 22,921 € 14,236 Number of RSUs granted in the year (13) Onno van de Stolpe 63,830 18,317 57,528 Bart Filius 62,730 12,600 39,846 Andre Hoekema 51,433 832 19,922 Piet Wigerinck (11) 835 12,080 33,077 Walid Abi-Saab 44,038 12,080 33,077 Michele Manto (12) 31,694 5,920 5,121 Total number of RSUs granted in the year 254,560 61,829 188,571 (1) Mr. Manto was appointed as Chief Commercial Officer and member of the management board, effective as of January 1, 2020. As a result the management board consisted of six persons in 2020. Dr. Wigerinck was a member of the management board until November 30, 2021. His remuneration and benefits are included in the overview for the financial year 2021. (2) This aggregate number also includes the 2021 cash bonus of Dr. Wigerinck, who was a member of the management board until November 30, 2021. (3) Only management board members are granted long-term benefits. Pursuant to the Senior Management Bonus Scheme, these consist of the deferred part of the bonus from 3 years ago. For the financial year 2020 and 2021 the deferred part of the bonus was not paid out. (4) Supervisory board member's mandate expired on April 30, 2019. (5) Ms. Bosley waived her equity related remuneration for the financial year 2021. (6) Mr. Guenter's supervisory board member's mandate began on April 30, 2019. (7) Supervisory board member's mandate began on October 22, 2019. (8) Supervisory board member's mandate began on April 28, 2020. (9) Only management board members are granted post-employment benefits. (10) Dr. Wigerinck's severance package excludes his 2021 bonus paid per December 2021 and includes a payment of €35,416.66 for December 2021 pursuant to a non-competition obligation. During the financial year 2022 these monthly payments pursuant to a non-competition obligation will continue until 30 November 2022, except if Galapagos waives this non-competition obligation. (11) Management board member until November 30, 2021. (12) Mr. Manto was appointed as Chief Commercial Officer and member of the management board, effective as of January 1, 2020. Hence Mr. Manto’s subscription rights grant for 2019 ( 40,000 subscription rights) is not included in the total number of subscription rights granted in the financial year 2019. (13) This is the sum of the RSUs awarded during the respective financial year, excluding the RSUs representing the deferred portion of the bonus for 2019 in financial year 2019, for 2020 in financial year 2020 and for 2021 in financial year 2021 (each time to be granted in the following financial year). Only management board members were awarded RSUs. |
Consolidated companies as of _2
Consolidated companies as of December 31, 2021 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Consolidated companies as of December 31, 2021 | |
Disclosure of voting rights in consolidated companies | Year ended December 31, 2021 2020 2019 Name of the subsidiary Country % voting right Galapagos NV (directly or indirectly through subsidiaries) Change in % voting right previous period (2021 vs 2020) % voting right Galapagos NV (directly or indirectly through subsidiaries) % voting right Galapagos NV (directly or indirectly through subsidiaries) BioFocus DPI AG (liquidated) Switzerland 0% 0% 100% Galapagos Biopharma Belgium BV Belgium 100% 100% 100% Galapagos Biopharma Netherlands B.V. The Netherlands 100% 100% 100% Galapagos Biopharma Spain S.L.U. Spain 100% 100% 100% Galapagos Biopharma Italy S.r.l. Italy 100% 100% 100% Galapagos Biopharma Germany GmbH Germany 100% 100% 100% Galapagos Biopharma Sweden AB Sweden 100% 100% 0% 0% Galapagos Biopharma Norway AS Norway 100% 100% 0% 0% Galapagos Biopharma Finland Oy Finland 100% 100% 0% 0% Galapagos Biopharma Denmark ApS Denmark 100% 100% 0% 0% Galapagos Biopharma Austria GmbH Austria 100% 100% 0% 0% Galapagos Biopharma Ireland Ltd Ireland 100% 100% 0% 0% Galapagos B.V. The Netherlands 100% 100% 100% Galapagos Biotech Ltd (formerly Inpharmatica Ltd.) United Kingdom 100% 100% 100% Galapagos GmbH Switzerland 100% 100% 100% Galapagos, Inc. (formerly Biofocus, Inc.) United States 100% 100% 100% Galapagos NV Belgium Parent company Parent company Parent company Galapagos Real Estate Belgium BV (former Galapagos Real Estate 1 BV) Belgium 100% 100% 100% Galapagos Real Estate 2 BV Belgium 0% 0% 100% Galapagos Real Estate Netherlands B.V. The Netherlands 100% 100% 100% Galapagos SASU France 100% 100% 100% Fidelta d.o.o. Croatia 0% (100%) 100% 100% Xenometrix, Inc. in liquidation United States 100% 100% 100% |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial risk management | |
Disclosure of categories of material financial assets and liabilities | December 31, 2021 2020 2019(*) (Euro, in thousands) Financial assets held at fair value through profit or loss Equity instruments € — € 8,951 € 11,275 Current financial investments 1,317,460 1,571,858 3,919,216 Financial assets at amortized cost Current financial investments 1,152,349 1,454,420 — Cash and cash equivalents 2,233,368 2,135,187 1,861,616 Restricted cash (current and non-current) 1,425 1,482 1,418 Other non-current assets 1,048 907 1,399 Trade receivables 91,786 184,632 39,603 Total financial assets € 4,797,436 € 5,357,438 € 5,834,526 Financial liabilities held at fair value through profit or loss Current financial instruments € 204 € 3,164 € 6,198 Financial liabilities at amortized cost Trade liabilities 84,519 134,905 116,749 Lease liabilities 26,859 29,436 25,384 Total financial liabilities € 111,582 € 167,505 € 148,331 |
Disclosure of aging balance of receivables | December 31, 2021 2020 2019 (Euro, in thousands) 60 - 90 days € 141 € — € 87 90 - 120 days 92 — — more than 120 days € 113 € — € — |
Foreign exchange risk | |
Financial risk management | |
Disclosure of sensitivity of exchange rate risk | December 31, 2021 2020 2019 Net book value (Euro, in thousands) Increase in Euros - U.S. Dollars € (83,996) € (116,690) € (133,373) Increase in Euros - GB Pounds 1,093 303 113 Increase in Euros - CH Francs 233 2,013 538 Increase in Euros - HR Kunas — — 650 Increase in U.S. Dollars - GB Pounds € — € — € (894) |
General information (Details)
General information (Details) € in Thousands | Jan. 04, 2021EUR (€) | Dec. 31, 2021employee | Dec. 31, 2020employee | Dec. 31, 2019employee |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Number of employees related to continuing operations | 1,309 | 1,304 | 1,003 | |
Fidelta d.o.o. (fee-for-service segment) | ||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Total consideration | € | € (37,080) | |||
Fidelta d.o.o. (fee-for-service segment) | Fee-for-service business (held for sale) | ||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Number of employees | 185 |
Summary of significant transa_2
Summary of significant transaction (Details) € / shares in Units, € in Thousands, $ in Millions | Nov. 06, 2019EUR (€) | Oct. 22, 2019item€ / shares | Aug. 23, 2019EUR (€) | Aug. 23, 2019USD ($) | Jul. 17, 2019 | Jul. 14, 2019USD ($) | Jul. 14, 2019€ / shares | Jul. 13, 2019 | Dec. 31, 2021EUR (€)€ / shares | Dec. 31, 2020EUR (€)item€ / shares | Dec. 31, 2020USD ($)item | Dec. 31, 2019EUR (€)€ / shares | Dec. 31, 2021USD ($) | Aug. 23, 2019USD ($) |
Summary of significant transaction | ||||||||||||||
Global research and development collaboration term | 10 years | |||||||||||||
Upfront payment received | € 3,569,800 | $ 3,950 | ||||||||||||
Equity investment received | € 960,100 | $ 1,100 | ||||||||||||
Additional equity investment from warrant exercise | € | € 3,314 | € 28,287 | € 17,167 | |||||||||||
Cost Share For Global Development Activities | 50.00% | 50.00% | ||||||||||||
Option rights period | 10 years | |||||||||||||
Extension option rights period | 3 years | |||||||||||||
Opt-in payments to be received for each program | $ | $ 150 | |||||||||||||
Average exercise price warrants | € / shares | € 23.5 | € 38 | € 22.8 | |||||||||||
Filgotinib drug license | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Development and regulatory milestones | $ | 295 | |||||||||||||
Sales based milestone payment | $ | 600 | |||||||||||||
Number of milestone payments achieved | item | 2 | 2 | ||||||||||||
Proceeds from milestone payments | $ | $ 105 | |||||||||||||
United States | GLPG 1972 License | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Milestone fee on election of option to license | $ | $ 250 | |||||||||||||
Gilead | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Number of directors represented as board members | item | 2 | |||||||||||||
Share price | € / shares | € 140.59 | |||||||||||||
Premium | 20.00% | |||||||||||||
Volume of days | 30 days | |||||||||||||
Percentage of stake | 25.10% | 22.04% | 12.30% | 25.49% | ||||||||||
Restricting Gilead's ability to seek to acquire | 10 years | |||||||||||||
Maximum share holding percentage | 29.90% | |||||||||||||
Gilead | Filgotinib drug license | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Upfront payments received related party transaction | € | € 110,000 | |||||||||||||
Cost Share For Global Development Activities | 50.00% | 50.00% | ||||||||||||
Amount receivable in relation to the collaboration | € | € 160,000 | |||||||||||||
Amounts Receivable Related Party Transactions Year Two | € | € 50,000 | |||||||||||||
Gilead | Filgotinib drug license | Original Agreement | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Cost Share For Global Development Activities | 25.00% | 25.00% | ||||||||||||
Future global development cost sharing ratio before predetermined level | 25.00% | |||||||||||||
Gilead | Filgotinib drug license | Group B activities [Member] | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Cost Share For Global Development Activities | 50.00% | 50.00% | ||||||||||||
Minimum | Outside Europe | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Tiered royalty Percentage deduction | 20.00% | |||||||||||||
Minimum | Outside Europe | Filgotinib drug license | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Tiered royalty Percentage deduction | 20.00% | |||||||||||||
Minimum | Gilead | ||||||||||||||
Summary of significant transaction | ||||||||||||||
EGM Conducted period | 57 months | |||||||||||||
Minimum | Gilead | Filgotinib drug license | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Future global development cost sharing ratio before predetermined level | 5000.00% | |||||||||||||
Minimum | Gilead | Europe | Filgotinib drug license | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Percentage of future net sales from 2024, royalties as percentage of sales | 8 | 8 | ||||||||||||
Maximum | Outside Europe | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Tiered royalty Percentage deduction | 24.00% | |||||||||||||
Maximum | Outside Europe | Filgotinib drug license | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Tiered royalty Percentage deduction | 30.00% | |||||||||||||
Maximum | Gilead | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Percentage of stake | 29.90% | |||||||||||||
EGM Conducted period | 59 months | |||||||||||||
Maximum | Gilead | Filgotinib drug license | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Future global development cost sharing ratio before predetermined level | 100.00% | |||||||||||||
Maximum | Gilead | Europe | Filgotinib drug license | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Percentage of future net sales from 2024, royalties as percentage of sales | 15 | 15 | ||||||||||||
Warrant A [member] | Gilead | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Additional equity investment from warrant exercise | € | € 368,000 | |||||||||||||
Warrant B | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Decrease in value of warrant driven by decrease of share price and implied volatility | € | € 2,400 | |||||||||||||
Multiplier used to calculate exercise price per share | 120.00% | |||||||||||||
Initial term of the warrant | 5 years | |||||||||||||
Average exercise price warrants | € / shares | € 140.59 | |||||||||||||
Volume of days | 30 days | |||||||||||||
DIVERSITY clinical study | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Amount receivable in relation to the collaboration | $ | $ 15 | |||||||||||||
DIVERSITY clinical study | Gilead | Filgotinib drug license | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Tiered royalty Percentage deduction | (30.00%) | |||||||||||||
DIVERSITY clinical study | Minimum | Gilead | Europe | Scenario | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Royalties payable, percentage | 5.6 | 5.6 | ||||||||||||
DIVERSITY clinical study | Maximum | Gilead | Europe | Scenario | ||||||||||||||
Summary of significant transaction | ||||||||||||||
Royalties payable, percentage | 10.5 | 10.5 |
Significant accounting polici_3
Significant accounting policies - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Software and databases | Minimum | |
Disclosure of detailed information about intangible assets | |
Useful lives | 3 years |
Software and databases | Maximum | |
Disclosure of detailed information about intangible assets | |
Useful lives | 5 years |
Brands, licenses, patents and know-how | Minimum | |
Disclosure of detailed information about intangible assets | |
Useful lives | 5 years |
Brands, licenses, patents and know-how | Maximum | |
Disclosure of detailed information about intangible assets | |
Useful lives | 20 years |
Significant accounting polici_4
Significant accounting policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | Installation and machinery | |
Disclosure of detailed information about property, plant and equipment | |
Useful lives | 3 years |
Minimum | Furniture, fixtures & vehicles | |
Disclosure of detailed information about property, plant and equipment | |
Useful lives | 4 years |
Minimum | Leasehold | |
Disclosure of detailed information about property, plant and equipment | |
Useful lives | 3 years |
Maximum | Installation and machinery | |
Disclosure of detailed information about property, plant and equipment | |
Useful lives | 15 years |
Maximum | Furniture, fixtures & vehicles | |
Disclosure of detailed information about property, plant and equipment | |
Useful lives | 10 years |
Maximum | Leasehold | |
Disclosure of detailed information about property, plant and equipment | |
Useful lives | 10 years |
Significant accounting polici_5
Significant accounting policies - Employee Benefits (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting policies | |
Percentage of bonus paid immediately around year-end, Senior Management Bonus Scheme | 50.00% |
Percentage of deferred bonus paid for three years, Senior Management Bonus Scheme | 50.00% |
Duration of deferred payment for remaining 50% of Senior Management Bonus | 3 years |
Share price below threshold in which the deferred bonus will be adjusted and the remainder will be forfeited | 10.00% |
Share price above threshold in which the deferred bonus will be forfeited | 10.00% |
Significant accounting polici_6
Significant accounting policies - Segment Reporting (Details) - segment | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Significant accounting policies | ||
Operating and reportable segment | 1 | 1 |
Critical accounting judgments_2
Critical accounting judgments and key sources of estimation uncertainty - IFRS 15 - Revenue recognition Gilead (Details) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021EUR (€)item | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Jul. 14, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Critical accounting estimates and judgments | |||||
Deferred income | € 2,364,701 | € 2,809,133 | € 3,000,646 | € 149,801 | |
Collaboration agreement for filgotinib | |||||
Critical accounting estimates and judgments | |||||
Deferred income | 604,900 | ||||
Gilead [member] | |||||
Critical accounting estimates and judgments | |||||
Deferred income | 4,308,669 | 4,286,852 | 4,012,108 | ||
Gilead [member] | Collaboration agreement for filgotinib | |||||
Critical accounting estimates and judgments | |||||
Deferred income | € 604,875 | € 818,654 | € 780,261 | € 145,798 | |
Gilead [member] | Derivative financial instrument | |||||
Critical accounting estimates and judgments | |||||
Offsetting short term financial asset (derivative) | € 85,600 | ||||
Number of performance obligations exceeding one year | item | 3 | ||||
Upfront payments and milestone payments [Member] | Collaboration agreement for filgotinib | |||||
Critical accounting estimates and judgments | |||||
Revenue recognized | € 235,700 | ||||
Scenario | Collaboration agreement for filgotinib | |||||
Critical accounting estimates and judgments | |||||
Increase (decrease) in remaining cost to complete filgotinib performance obligation | 5.00% | ||||
(Decrease) increase in revenue recognition and corresponding increase (decrease) in current and non-current deferred income | € (16,700) | ||||
Scenario 2 | Collaboration agreement for filgotinib | |||||
Critical accounting estimates and judgments | |||||
Increase (decrease) in remaining cost to complete filgotinib performance obligation | (5.00%) | ||||
(Decrease) increase in revenue recognition and corresponding increase (decrease) in current and non-current deferred income | € 17,500 |
Segment information - Major cus
Segment information - Major customers (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure of major customers [line items] | |||
Product net sales | € 14,753 | € 2 | |
Collaboration revenues | 470,093 | 478,051 | € 834,901 |
Revenue | 484,846 | 478,053 | 834,901 |
Revenues by major customers | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € 470,049 | € 477,978 | € 834,836 |
Percentage of entity's collaboration revenue | 100 | 100 | 100 |
United States | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € 467,978 | € 472,445 | € 793,873 |
United States | Gilead | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € 467,978 | € 472,445 | € 793,873 |
Percentage of entity's collaboration revenue | 100 | 99 | 95 |
North America and Europe | Gilead | |||
Disclosure of major customers [line items] | |||
Negative catch-up effect on closing date resulting from the decrease in the percentage of completion applied to previously received upfront and milestones | € 245,900 | ||
Europe | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | 2,114 | € 5,605 | € 41,028 |
Europe | Gilead | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € 2,071 | € 1,460 | € (4,570) |
Percentage of entity's collaboration revenue | 0 | 0 | (1) |
Europe | AbbVie [member] | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € (52) | € 26,356 | |
Percentage of entity's collaboration revenue | 0 | 0 | 3 |
Europe | Novartis | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € 4,125 | € 19,177 | |
Percentage of entity's collaboration revenue | 0 | 1 | 2 |
Segment information - Non-curre
Segment information - Non-current assets by location (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of geographical areas [line items] | |||
Non-current assets | € 331,306 | € 348,384 | € 202,682 |
Property, Plant and Equipment and Intangible Assets | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 197,615 | 170,943 | 90,979 |
Property, Plant and Equipment and Intangible Assets | Belgium | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 98,295 | 113,524 | 57,007 |
Property, Plant and Equipment and Intangible Assets | France | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 21,051 | 18,398 | 18,102 |
Property, Plant and Equipment and Intangible Assets | The Netherlands | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 66,621 | 28,210 | 7,951 |
Property, Plant and Equipment and Intangible Assets | Croatia | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 6,182 | ||
Property, Plant and Equipment and Intangible Assets | Switzerland | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 7,181 | 7,668 | 1,057 |
Property, Plant and Equipment and Intangible Assets | Spain | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 3,029 | 2,755 | |
Property, Plant and Equipment and Intangible Assets | Other Countries | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | € 1,438 | € 388 | € 681 |
Total revenues - Disaggregation
Total revenues - Disaggregation of revenues (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total collaboration revenues | € 470,093 | € 478,051 | € 834,901 |
Revenue recognized | 484,846 | 478,053 | € 834,901 |
Revenue from sale of goods | 14,753 | € 2 | |
Jyseleca [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from sale of goods | € 14,800 |
Total revenues - Revenue by col
Total revenues - Revenue by collaboration and by category of revenue (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total net revenues | € 484,846 | € 478,053 | € 834,901 |
Negative catch-up effect on closing date resulting from the decrease in the percentage of completion applied to previously received upfront and milestones | (245,883) | ||
Product net sales | 14,753 | 2 | |
Gilead [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Milestone payments | 194,363 | 194,363 | 104,171 |
Royalties | 19,984 | 16,227 | |
Collaboration revenues | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Recognition of non-refundable upfront payments and license fees | 433,884 | 411,417 | 812,058 |
Milestone payments | 32,408 | 46,261 | 2,878 |
Reimbursement income | 4,073 | 19,900 | |
Total net revenues | 470,093 | 478,051 | 834,901 |
Royalties | 3,801 | 16,300 | 66 |
Collaboration revenues | Other segments | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Royalties | 43 | 72 | 66 |
Collaboration revenues | Gilead [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Royalties | 3,757 | 16,227 | |
Gilead collaboration agreement for ziritaxestat | Gilead [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Recognition of non-refundable upfront payments and license fees | 666,968 | ||
Collaboration agreement for filgotinib | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Negative catch-up effect on closing date resulting from the decrease in the percentage of completion applied to previously received upfront and milestones | 245,900 | ||
Collaboration agreement for filgotinib | Gilead [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Recognition of non-refundable upfront payments and license fees | 203,301 | 181,816 | 62,602 |
Milestone payments | 32,408 | 46,261 | (21,187) |
Negative catch-up effect on closing date resulting from the decrease in the percentage of completion applied to previously received upfront and milestones | (245,883) | ||
Collaboration agreement for CF | AbbVie | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Recognition of non-refundable upfront payments and license fees | 1,569 | ||
Milestone payments | 24,065 | ||
Reimbursement income | (52) | 723 | |
Gilead collaboration agreement for drug discovery platform | Gilead [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Recognition of non-refundable upfront payments and license fees | € 230,582 | 229,601 | 80,918 |
Collaboration agreement for MOR106 | Novartis | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Reimbursement income | € 4,125 | € 19,177 |
Total revenues - Allocation of
Total revenues - Allocation of transaction price (Details) € in Thousands, $ in Millions | Jul. 14, 2019EUR (€) | Jul. 31, 2018EUR (€) | Dec. 31, 2021EUR (€)item | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Sep. 06, 2021USD ($) | Dec. 15, 2020EUR (€) | Dec. 31, 2018EUR (€) |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Cost share mechanism | 50.00% | |||||||
Deferred income | € 2,364,701 | € 2,809,133 | € 3,000,646 | € 149,801 | ||||
Global research and development collaboration term | 10 years | |||||||
Period over which to recognize the drug discovery platform revenue | 10 years | |||||||
Maximum extension period for specific program | 3 years | |||||||
Subsequent warrant B | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Deferred income | € 2,400 | |||||||
Collaboration agreement for filgotinib | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Deferred income | € 604,900 | |||||||
Filgotinib additional consideration | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Number of performance obligations exceeding one year | item | 1 | |||||||
Subsequent warrant B [member] | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Deferred income | 7,900 | |||||||
Novartis | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Upfront received | € 95,000 | |||||||
Filgotinib Amendment December152020 Member | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Upfront consideration | 160,000 | |||||||
Total transaction price | 160,000 | |||||||
Deferred income | 160,000 | |||||||
Other Movements In 2020 Member | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Milestones achieved | 90,192 | |||||||
Royalties | 16,227 | |||||||
Total transaction price | 106,419 | |||||||
Deferred income | 114,744 | |||||||
Milestone payments | 90,192 | |||||||
Other Movements In 2020 Member | Subsequent warrant B | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Less : Warrants issuance liabilities | 8,325 | |||||||
Other Movements In 2020 Member | Collaboration agreement for drug discovery platform | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Allocation to performance obligations | 8,325 | |||||||
Other Movements In 2021 [Member] | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Royalties | € 3,757 | |||||||
Total transaction price | 3,757 | |||||||
Deferred income | 9,174 | |||||||
Other Movements In 2021 [Member] | Subsequent warrant B | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Less : Warrants issuance liabilities | 5,417 | |||||||
Other Movements In 2021 [Member] | Collaboration agreement for drug discovery platform | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Allocation to performance obligations | 5,417 | |||||||
Filgotinib Amendment December2021 Member | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Upfront consideration | 12,643 | |||||||
Total transaction price | 12,643 | |||||||
Deferred income | 12,643 | |||||||
Filgotinib Performance Obligation Member | Filgotinib Amendment December152020 Member | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Allocation to performance obligations | 160,000 | |||||||
Filgotinib Performance Obligation Member | Other Movements In 2020 Member | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Allocation to performance obligations | 106,419 | |||||||
Filgotinib Performance Obligation Member | Other Movements In 2021 [Member] | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Allocation to performance obligations | 3,757 | |||||||
Filgotinib Performance Obligation Member | Filgotinib Amendment December2021 Member | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Allocation to performance obligations | 12,643 | |||||||
Gilead [member] | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Upfront consideration | 4,018,016 | 4,005,373 | 3,845,373 | |||||
Milestones achieved | 194,363 | 194,363 | 104,171 | |||||
Royalties | 19,984 | 16,227 | ||||||
Impact initial valuation of share subscription | 124,604 | 124,604 | 124,604 | |||||
Total transaction price | 4,356,967 | 4,340,567 | 4,074,148 | |||||
Deferred income | 4,308,669 | 4,286,852 | 4,012,108 | |||||
Milestone payments | 194,363 | 194,363 | 104,171 | |||||
Gilead [member] | Warrant A | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Less : Warrants issuance liabilities | (43,311) | (43,311) | (43,311) | |||||
Gilead [member] | Initial Warrant B | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Less : Warrants issuance liabilities | (2,545) | (2,545) | (2,545) | |||||
Gilead [member] | Subsequent warrant B | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Less : Warrants issuance liabilities | (2,442) | (7,859) | (16,184) | |||||
Gilead [member] | Collaboration agreement for filgotinib | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Milestones achieved | 32,408 | 46,261 | (21,187) | |||||
Deferred income | 604,875 | 818,654 | 780,261 | € 145,798 | ||||
Milestone payments | 32,408 | 46,261 | (21,187) | |||||
Gilead [member] | Collaboration agreement for drug discovery platform | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Allocation to performance obligations | € 2,298,489 | 2,293,072 | 2,284,747 | |||||
Gilead [member] | Derivative financial instrument | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Number of performance obligations exceeding one year | item | 3 | |||||||
Offsetting short term financial asset (derivative) | € 85,600 | |||||||
Gilead [member] | Filgotinib Amendment December152020 Member | Filgotinib additional consideration | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Royalties | 16,200 | |||||||
Gilead [member] | Filgotinib Amendment December2021 Member | Filgotinib additional consideration | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Royalties | € 3,800 | |||||||
Gilead [member] | Filgotinib Performance Obligation Member | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Allocation to performance obligations | 1,343,214 | 1,326,814 | 1,060,395 | |||||
Estimated significant financing component | 57,300 | 55,300 | 44,500 | |||||
Gilead [member] | Filgotinib Performance Obligation Member | Filgotinib additional consideration | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Allocation to performance obligations | $ 15 | € 160,000 | ||||||
Gilead [member] | Gilead collaboration agreement for ziritaxestat | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Allocation to performance obligations | € 666,967 | € 666,967 | € 666,967 | |||||
Original Agreement | Gilead [member] | Filgotinib Performance Obligation Member | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Cost share mechanism | 25.00% | |||||||
Minimum | Gilead [member] | Filgotinib Performance Obligation Member | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Cost share mechanism | 5000.00% | |||||||
Maximum | Gilead [member] | Filgotinib Performance Obligation Member | ||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||
Cost share mechanism | 100.00% |
Total revenues - Schedule of th
Total revenues - Schedule of the revenue recognition of upfront payments, license fees and milestone payments and the impact of the adoption of IFRS 15 (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total collaboration revenues | € 470,093 | € 478,051 | € 834,901 |
Other Movements In 2020 Member | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Milestone payments | 90,192 | ||
Royalties | 16,227 | ||
Gilead [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Milestone payments | 194,363 | 194,363 | 104,171 |
Royalties | 19,984 | 16,227 | |
Gilead [member] | Collaboration agreement for filgotinib | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Milestone payments | 32,408 | 46,261 | (21,187) |
Gilead [member] | Filgotinib Amendment December152020 Member | Filgotinib additional consideration | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Royalties | 16,200 | ||
Gilead [member] | Filgotinib Amendment December2021 Member | Filgotinib additional consideration | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Royalties | € 3,800 | ||
Novartis | Collaboration agreement for MOR106 | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Reimbursement income | € 4,125 | € 19,177 |
Operating costs and other ope_3
Operating costs and other operating income - Summary of research and development expenditure (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income and expenses | |||
Personnel costs | € (165,239) | € (161,509) | € (118,875) |
Subcontracting | (251,085) | (301,841) | (255,725) |
Disposables and lab fees and premise costs | (24,025) | (22,349) | (19,573) |
Depreciation | (17,518) | (11,707) | (9,330) |
Professional fees | (15,862) | (12,692) | (1,834) |
Other operating expenses | (17,978) | (13,570) | (14,754) |
Total R&D expenses | € (491,707) | € (523,667) | € (420,090) |
Operating costs and other ope_4
Operating costs and other operating income - Summary of R&D expenditure by program (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating costs | |||
Total R&D expenditure | € (491,707) | € (523,667) | € (420,090) |
Filgotinib program | |||
Operating costs | |||
Total R&D expenditure | (171,204) | (126,879) | (100,032) |
Ziritaxestat program | |||
Operating costs | |||
Total R&D expenditure | (26,725) | (55,902) | (75,951) |
OA program with GLPG1972 | |||
Operating costs | |||
Total R&D expenditure | (2,285) | (22,966) | (19,958) |
Toledo Program | |||
Operating costs | |||
Total R&D expenditure | (91,957) | (87,107) | (47,204) |
TYK2 program on GLPG3667 | |||
Operating costs | |||
Total R&D expenditure | (27,141) | (20,199) | (10,728) |
AtD program with MOR106 | |||
Operating costs | |||
Total R&D expenditure | (112) | (7,618) | (24,051) |
Other programs | |||
Operating costs | |||
Total R&D expenditure | € (172,284) | € (202,996) | € (142,166) |
Operating costs and other ope_5
Operating costs and other operating income - Summary of general and administrative expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income and expenses | |||
Personnel costs and directors fees | € (71,190) | € (70,110) | € (51,204) |
Depreciation | (16,621) | (5,147) | (1,421) |
Legal and professional fees | (26,072) | (25,592) | (11,568) |
Other operating expenses | (27,016) | (17,908) | (8,190) |
Total general and administrative expenses | € (140,899) | € (118,757) | € (72,382) |
Operating costs and other ope_6
Operating costs and other operating income - Summary of sales and marketing expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income and expenses | |||
Personnel costs | € (59,102) | € (31,727) | € (7,558) |
Depreciation | (504) | (140) | (61) |
External outsourcing costs | (62,321) | (31,885) | (7,558) |
Sales and marketing expenses recharged to/from (-) Gilead | 59,699 | 4,711 | (8,164) |
Professional fees | (532) | (3,420) | (459) |
Other operating expenses | (7,196) | (4,007) | (777) |
Total sales and marketing expenses | € (69,956) | € (66,468) | € (24,577) |
Operating costs and other ope_7
Operating costs and other operating income - Other Income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income and expenses | |||
Grant income | € 7,334 | € 5,452 | € 6,549 |
Other income from mainly R&D incentives | 44,888 | 45,951 | 43,923 |
Other income | 1,526 | 804 | 425 |
Total other income | € 53,749 | € 52,207 | € 50,896 |
Staff costs (Details)
Staff costs (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Staff costs | |||
Wages and salaries | € (175,167) | € (139,681) | € (113,660) |
Social security costs | (29,934) | (26,471) | (14,566) |
Pension costs | (8,467) | (7,337) | (4,715) |
Costs related to subscription right plans | (70,726) | (79,959) | (38,297) |
Other personnel costs | (11,237) | (9,897) | (6,399) |
Total personnel costs | (295,531) | (263,345) | (177,637) |
Costs for warrants granted | € 70,726 | € 79,959 | € 38,297 |
Fair value re-measurement of _3
Fair value re-measurement of share subscription agreement and warrants granted to Gilead - Financial assets (Details) - EUR (€) € in Thousands | Nov. 06, 2019 | Nov. 06, 2019 | Aug. 23, 2019 | Dec. 31, 2019 | Aug. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2021 | Jan. 01, 2020 | Oct. 22, 2019 | Jul. 14, 2019 |
Disclosure of fair value measurement of assets [line items] | ||||||||||||||
Upfront payments | € 12,643 | € 160,000 | ||||||||||||
Share subscription increase | € 960,087 | |||||||||||||
Total financial assets | € 5,834,526 | € 4,797,436 | 4,797,436 | € 5,357,438 | 5,357,438 | 5,834,526 | ||||||||
Financial liabilities | 148,331 | 111,582 | 111,582 | 167,505 | 167,505 | 148,331 | ||||||||
Change in fair value related to the share subscription agreement and warrants with/granted to Gilead | 2,960 | 3,034 | (181,644) | |||||||||||
Derivative financial instrument | Gilead [member] | Level 3 | ||||||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||||||
Total financial assets | 0 | 0 | € 85,601 | |||||||||||
Financial liabilities | € 56,749 | |||||||||||||
Change in fair value related to the share subscription agreement and warrants with/granted to Gilead | € (142,350) | |||||||||||||
Derecognition of the financial asset through the share premium account related to the share subscription agreement with Gilead | € 56,749 | |||||||||||||
Fair value re-measurement of the share subscription agreement | ||||||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||||||
Change in fair value related to the share subscription agreement and warrants with/granted to Gilead | (142,350) | |||||||||||||
Fair value re-measurement of the financial instrument related to the issuance of warrant A | ||||||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||||||
Change in fair value related to the share subscription agreement and warrants with/granted to Gilead | (35,642) | |||||||||||||
Fair value re-measurement of the financial instrument related to the issuance of warrant A | Gilead [member] | Warrant A [member] | ||||||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||||||
Financial liabilities | 0 | 0 | € 43,311 | |||||||||||
Change in fair value related to the share subscription agreement and warrants with/granted to Gilead | € (35,642) | |||||||||||||
Derecognition of the financial asset through the share premium account related to the share subscription agreement with Gilead | € 78,953 | |||||||||||||
Fair value re-measurement of the financial instrument related to the issuance of initial warrant B | ||||||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||||||
Change in fair value related to the share subscription agreement and warrants with/granted to Gilead | 2,960 | 3,034 | (3,653) | |||||||||||
Fair value re-measurement of the financial instrument related to the issuance of initial warrant B | Gilead [member] | Warrant B | ||||||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||||||
Financial liabilities | 6,198 | 204 | € 204 | 3,164 | € 3,164 | € 6,198 | € 3,164 | € 6,198 | € (2,545) | |||||
Change in fair value related to the share subscription agreement and warrants with/granted to Gilead | € (3,653) | € 2,960 | € 3,034 |
Other financial income _ expe_3
Other financial income / expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other financial income: | |||
Interest on bank deposit | € 2,865 | € 10,030 | € 14,305 |
Effect of discounting long term R&D incentives receivables | 93 | 93 | 93 |
Currency exchange gain | 60,727 | 4,697 | 775 |
Fair value gain on financial assets held at fair value through profit or loss | 2,397 | 5,355 | |
Fair value gain on current financial investments | 6,763 | 611 | |
Gain upon sale of financial assets held at fair value through profit or loss | 2 | ||
Other finance income | 100 | 1,450 | 248 |
Total other financial income | 70,548 | 18,667 | 21,389 |
Other financial expenses: | |||
Interest expenses | (11,656) | (9,389) | (1,268) |
Effect of discounting long term deferred income | (9,289) | (16,278) | (6,900) |
Currency exchange loss | (4,235) | (110,416) | (47,720) |
Loss upon sale of financial assets held at fair value through profit or loss | (88) | ||
Fair value loss on current financial investments | (15,901) | (3,700) | |
Fair value loss on financial assets held at fair value through profit or loss | (4,919) | ||
Other finance charges | (812) | (773) | (380) |
Total other financial expense | (30,911) | (152,844) | (59,968) |
Total other net financial expense (-)/ income | € 39,637 | € (134,177) | € (38,579) |
Income Taxes - Summary of incom
Income Taxes - Summary of income tax recognized (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Current tax | € (2,020) | € (1,069) | € (1,372) |
Deferred tax | (404) | (157) | 1,537 |
Total taxes | € (2,423) | € (1,226) | € 165 |
Income Taxes - Schedule of tax
Income Taxes - Schedule of tax liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes | |||
Current tax payable | € 1,782 | € 1,248 | € 2,037 |
Total tax liabilities | € 1,782 | € 1,248 | € 2,037 |
Income Taxes - Summary of inc_2
Income Taxes - Summary of income tax reconciliation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Income/ loss (-) before tax | € (122,999) | € (309,775) | € 148,525 |
Income tax debit / credit (-), calculated using the Belgian statutory tax rate on the accounting income / loss (-) before tax (theoretical) | (30,750) | (77,444) | 43,934 |
Tax expenses / income (-) in statement of operations (effective) | 2,423 | 1,226 | (165) |
Difference in tax expense / income to explain | 33,173 | 78,670 | (44,097) |
Effect of tax rates in other jurisdictions | (582) | 184 | 960 |
Effect of non taxable revenues | (9,413) | (10,196) | (13,079) |
Effect of share based payment expenses without tax impact | 17,682 | 19,990 | 10,318 |
Effect of expenses/income (-) not subject to tax | (907) | (639) | 53,394 |
Effect of non tax deductible expenses | 3,812 | 1,053 | 724 |
Effect of recognition of previously non recognized deferred tax assets | (1,411) | (475) | (2,286) |
Effect of tax losses (utilized) reversed | (404) | (150) | (136) |
Effect of under or over provisions in prior periods | (840) | (25) | 30 |
Effect of non recognition of deferred tax assets | 25,613 | 69,141 | 47,413 |
Effect of derecognition of previously recognized deferred tax assets | 135 | 157 | |
Effect of use of investment deduction | (512) | (370) | |
Effect of use of IID | (141,435) | ||
Total explanations | € 33,173 | € 78,670 | € (44,097) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Effect of change in effective tax rate due to use of IID | 3.75% | |||
Belgium | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Applicable tax rate | 25.00% | 25.00% | 29.58% |
Income_loss (-) per share (Deta
Income/loss (-) per share (Details) - EUR (€) € / shares in Units, € in Thousands, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income/loss (-) per share: Basic | |||
Net income/loss (-) attributable to owners of the parent (Euro, in thousands) | € (103,231) | € (305,436) | € 149,845 |
Weighted average number of shares for the purpose of income/loss (-) per share | 65,500 | 65,075 | 57,614 |
Basic income/loss (-) per share | € (1.58) | € (4.69) | € 2.60 |
Income/loss per share: Diluted | |||
Net income/loss (-) attributable to owners of the parent (Euro, in thousands) | € (103,231) | € (305,436) | € 149,845 |
Weighted average number of shares for the purpose of income/loss (-) per share | 65,500 | 65,075 | 57,614 |
Number of dilutive potential ordinary shares | 2,498 | ||
Diluted income/loss (-) per share | € (1.58) | € (4.69) | € 2.49 |
Intangible assets (Details)
Intangible assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | € 67,565 | € 24,927 | |
Ending balance | 60,103 | 67,565 | € 24,927 |
Acquisition value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 83,534 | 35,099 | 11,832 |
Additions | 3,673 | 48,793 | 23,300 |
Sales and disposals | (7,396) | (17) | (64) |
Reclassifications to assets held for sale | (197) | ||
Translation differences | 57 | (144) | 31 |
Ending balance | 79,868 | 83,534 | 35,099 |
Amortization and impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 15,968 | 10,173 | 8,200 |
Amortization | 7,120 | 6,130 | 2,006 |
Impairment | 4,016 | ||
Sales and disposals | (7,396) | (17) | (63) |
Reclassifications to assets held for sale | (176) | ||
Translation differences | 57 | (142) | 31 |
Ending balance | 19,765 | 15,968 | 10,173 |
Software and databases | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 13,683 | 6,507 | |
Ending balance | 12,577 | 13,683 | 6,507 |
Software and databases | Acquisition value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 23,717 | 14,541 | 9,111 |
Additions | 2,423 | 9,494 | 5,463 |
Sales and disposals | (1,643) | (17) | (64) |
Reclassifications to assets held for sale | (159) | ||
Translation differences | 57 | (143) | 31 |
Ending balance | 24,554 | 23,717 | 14,541 |
Software and databases | Amortization and impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 10,034 | 8,034 | 7,250 |
Amortization | 3,529 | 2,303 | 816 |
Sales and disposals | (1,643) | (17) | (63) |
Reclassifications to assets held for sale | (143) | ||
Translation differences | 57 | (142) | 31 |
Ending balance | 11,977 | 10,034 | 8,034 |
Brands, licenses, patents and know-how | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 40,549 | 3,546 | |
Ending balance | 35,730 | 40,549 | 3,546 |
Brands, licenses, patents and know-how | Acquisition value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 44,432 | 5,172 | 2,719 |
Additions | 1,250 | 39,299 | 2,453 |
Sales and disposals | (5,753) | ||
Reclassifications to assets held for sale | (38) | ||
Translation differences | (1) | ||
Ending balance | 39,929 | 44,432 | 5,172 |
Brands, licenses, patents and know-how | Amortization and impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 3,883 | 1,626 | 949 |
Amortization | 2,053 | 2,289 | 678 |
Impairment | 4,016 | ||
Sales and disposals | (5,753) | ||
Reclassifications to assets held for sale | (33) | ||
Ending balance | 4,199 | 3,883 | 1,626 |
Contract costs | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 13,334 | 14,872 | |
Ending balance | 11,796 | 13,334 | 14,872 |
Contract costs | Acquisition value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 15,384 | 15,384 | |
Additions | 15,384 | ||
Ending balance | 15,384 | 15,384 | 15,384 |
Contract costs | Amortization and impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 2,050 | 512 | |
Amortization | 1,538 | 1,538 | 512 |
Ending balance | € 3,588 | € 2,050 | € 512 |
Property, plant and equipment -
Property, plant and equipment - Fully Owned (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | € 68,264 | € 40,707 | |
Ending balance | 105,718 | 68,264 | € 40,707 |
Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 98,972 | 71,823 | 51,321 |
Additions | 52,839 | 38,664 | 22,380 |
Sales and disposals | (11,494) | (1,228) | (1,618) |
Reclassifications to assets held for sale | (10,110) | ||
Translation differences | 238 | (178) | (8) |
Reclassifications to right of use | (251) | ||
Ending balance | 140,555 | 98,972 | 71,823 |
Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 30,708 | 31,117 | 28,184 |
Sales and disposals | (11,494) | (1,186) | (1,620) |
Reclassifications to assets held for sale | (4,814) | ||
Translation differences | 47 | (75) | (15) |
Depreciation | 6,260 | 5,666 | 4,818 |
Impairment | 9,316 | ||
Reclassifications to right of use | (251) | ||
Ending balance | 34,837 | 30,708 | 31,117 |
Land and leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 13,011 | 2,204 | |
Ending balance | 20,626 | 13,011 | 2,204 |
Land and leasehold improvements | Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 16,739 | 5,284 | 5,011 |
Additions | 1,924 | 885 | 273 |
Sales and disposals | (51) | ||
Reclassifications | 7,273 | 10,625 | |
Reclassifications to assets held for sale | (2) | ||
Translation differences | 195 | (2) | |
Ending balance | 26,131 | 16,739 | 5,284 |
Land and leasehold improvements | Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,728 | 3,080 | 2,686 |
Sales and disposals | (51) | ||
Reclassifications | 46 | ||
Translation differences | 28 | (1) | |
Depreciation | 1,749 | 654 | 394 |
Ending balance | 5,505 | 3,728 | 3,080 |
Installation and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 15,257 | 18,770 | |
Ending balance | 21,521 | 15,257 | 18,770 |
Installation and machinery | Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 37,607 | 44,655 | 38,031 |
Additions | 4,453 | 3,737 | 6,382 |
Sales and disposals | (1,001) | (1,096) | (1,521) |
Reclassifications | 5,210 | (623) | 1,792 |
Reclassifications to assets held for sale | (8,938) | ||
Translation differences | 1 | (127) | (30) |
Ending balance | 46,270 | 37,607 | 44,655 |
Installation and machinery | Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 22,350 | 25,885 | 23,403 |
Sales and disposals | (1,000) | (1,058) | (1,521) |
Reclassifications | (1,675) | ||
Reclassifications to assets held for sale | (4,327) | ||
Translation differences | 1 | (61) | (15) |
Depreciation | 3,398 | 3,587 | 4,018 |
Ending balance | 24,749 | 22,350 | 25,885 |
Furniture, fixtures & vehicles | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,724 | 1,909 | |
Ending balance | 3,247 | 2,724 | 1,909 |
Furniture, fixtures & vehicles | Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 7,352 | 4,028 | 3,452 |
Additions | 434 | 1,824 | 649 |
Sales and disposals | (1,177) | (81) | (97) |
Reclassifications | 1,175 | 2,084 | 3 |
Reclassifications to assets held for sale | (484) | ||
Translation differences | 45 | (19) | 22 |
Ending balance | 7,829 | 7,352 | 4,028 |
Furniture, fixtures & vehicles | Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4,628 | 2,119 | 1,819 |
Sales and disposals | (1,178) | (77) | (99) |
Reclassifications | 1,629 | ||
Reclassifications to assets held for sale | (448) | ||
Translation differences | 18 | (13) | |
Depreciation | 1,113 | 1,418 | 399 |
Ending balance | 4,582 | 4,628 | 2,119 |
Other tangible assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 37,273 | 17,825 | |
Impairment | 9,300 | ||
Ending balance | 60,324 | 37,273 | 17,825 |
Other tangible assets | Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 37,273 | 17,856 | 4,827 |
Additions | 46,028 | 32,218 | 15,076 |
Sales and disposals | (9,316) | ||
Reclassifications | (13,658) | (12,086) | (1,795) |
Reclassifications to assets held for sale | (686) | ||
Translation differences | (3) | (30) | |
Reclassifications to right of use | (251) | ||
Ending balance | 60,324 | 37,273 | 17,856 |
Other tangible assets | Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 31 | 275 | |
Sales and disposals | (9,316) | ||
Reclassifications to assets held for sale | (39) | ||
Depreciation | € 7 | 7 | |
Impairment | € 9,316 | ||
Reclassifications to right of use | (251) | ||
Ending balance | € 31 |
Property, plant and equipment_2
Property, plant and equipment - Right of Use (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | € 68,264 | € 40,707 | |
Ending balance | 105,718 | 68,264 | € 40,707 |
RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 35,113 | 25,345 | |
Ending balance | 31,794 | 35,113 | 25,345 |
Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 98,972 | 71,823 | 51,321 |
Additions | 52,839 | 38,664 | 22,380 |
Sales and disposals | (11,494) | (1,228) | (1,618) |
Reclassifications to right of use | 251 | ||
Reclassifications to assets held for sale | (10,110) | ||
Translation differences | 238 | (178) | (8) |
Ending balance | 140,555 | 98,972 | 71,823 |
Acquisition value | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 46,225 | 31,225 | 26,406 |
Additions | 6,924 | 21,459 | 4,530 |
Sales and disposals | (5,133) | (167) | |
Reclassifications to right of use | 251 | ||
Reclassifications to assets held for sale | (6,202) | ||
Translation differences | 223 | (90) | 38 |
Ending balance | 48,239 | 46,225 | 31,225 |
Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 30,708 | 31,117 | 28,184 |
Sales and disposals | (11,494) | (1,186) | (1,620) |
Reclassifications to right of use | 251 | ||
Reclassifications to assets held for sale | (4,814) | ||
Translation differences | 47 | (75) | (15) |
Depreciation | 6,260 | 5,666 | 4,818 |
Ending balance | 34,837 | 30,708 | 31,117 |
Depreciations and impairment | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 11,111 | 5,879 | |
Sales and disposals | (2,669) | (167) | |
Reclassifications to right of use | 251 | ||
Reclassifications to assets held for sale | 1,448 | ||
Translation differences | (79) | 36 | (4) |
Depreciation | (7,923) | (6,883) | (5,624) |
Ending balance | 16,444 | 11,111 | 5,879 |
Land and building | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 31,027 | 22,694 | |
Ending balance | 24,961 | 31,027 | 22,694 |
Land and building | Acquisition value | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 39,678 | 27,364 | 24,056 |
Additions | 1,722 | 18,341 | 3,270 |
Sales and disposals | (4,160) | ||
Reclassifications to assets held for sale | (5,940) | ||
Translation differences | 221 | (88) | 38 |
Ending balance | 37,461 | 39,678 | 27,364 |
Land and building | Depreciations and impairment | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 8,651 | 4,670 | |
Sales and disposals | (1,696) | ||
Reclassifications to assets held for sale | 1,334 | ||
Translation differences | (79) | 36 | (4) |
Depreciation | (5,466) | (5,350) | (4,666) |
Ending balance | 12,500 | 8,651 | 4,670 |
Installation and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 15,257 | 18,770 | |
Ending balance | 21,521 | 15,257 | 18,770 |
Installation and machinery | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 270 | 212 | |
Ending balance | 219 | 270 | 212 |
Installation and machinery | Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 37,607 | 44,655 | 38,031 |
Additions | 4,453 | 3,737 | 6,382 |
Sales and disposals | (1,001) | (1,096) | (1,521) |
Reclassifications | 5,210 | (623) | 1,792 |
Reclassifications to assets held for sale | (8,938) | ||
Translation differences | 1 | (127) | (30) |
Ending balance | 46,270 | 37,607 | 44,655 |
Installation and machinery | Acquisition value | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 734 | 554 | 219 |
Additions | 110 | 186 | 84 |
Sales and disposals | (251) | (6) | |
Reclassifications to right of use | 251 | ||
Ending balance | 593 | 734 | 554 |
Installation and machinery | Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 22,350 | 25,885 | 23,403 |
Sales and disposals | (1,000) | (1,058) | (1,521) |
Reclassifications | (1,675) | ||
Reclassifications to assets held for sale | (4,327) | ||
Translation differences | 1 | (61) | (15) |
Depreciation | 3,398 | 3,587 | 4,018 |
Ending balance | 24,749 | 22,350 | 25,885 |
Installation and machinery | Depreciations and impairment | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 464 | 342 | |
Sales and disposals | (251) | (6) | |
Reclassifications to right of use | 251 | ||
Depreciation | (161) | (128) | (91) |
Ending balance | 374 | 464 | 342 |
Furniture, fixtures & vehicles | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,724 | 1,909 | |
Ending balance | 3,247 | 2,724 | 1,909 |
Furniture, fixtures & vehicles | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,817 | 2,440 | |
Ending balance | 6,615 | 3,817 | 2,440 |
Furniture, fixtures & vehicles | Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 7,352 | 4,028 | 3,452 |
Additions | 434 | 1,824 | 649 |
Sales and disposals | (1,177) | (81) | (97) |
Reclassifications | 1,175 | 2,084 | 3 |
Reclassifications to assets held for sale | (484) | ||
Translation differences | 45 | (19) | 22 |
Ending balance | 7,829 | 7,352 | 4,028 |
Furniture, fixtures & vehicles | Acquisition value | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 5,812 | 3,307 | 2,130 |
Additions | 5,092 | 2,932 | 1,176 |
Sales and disposals | (722) | (161) | |
Reclassifications to assets held for sale | (263) | ||
Translation differences | 2 | (3) | |
Ending balance | 10,184 | 5,812 | 3,307 |
Furniture, fixtures & vehicles | Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4,628 | 2,119 | 1,819 |
Sales and disposals | (1,178) | (77) | (99) |
Reclassifications | 1,629 | ||
Reclassifications to assets held for sale | (448) | ||
Translation differences | 18 | (13) | |
Depreciation | 1,113 | 1,418 | 399 |
Ending balance | 4,582 | 4,628 | 2,119 |
Furniture, fixtures & vehicles | Depreciations and impairment | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,995 | 867 | |
Sales and disposals | (722) | (161) | |
Reclassifications to assets held for sale | 115 | ||
Translation differences | 1 | ||
Depreciation | (2,296) | (1,405) | (867) |
Ending balance | € 3,569 | € 1,995 | € 867 |
Property, plant and equipment_3
Property, plant and equipment - Carrying Amount (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment fully owned | € 40,707 | ||
Right-of-use assets | 25,345 | ||
Total property, plant and equipment | € 137,512 | € 103,378 | € 66,052 |
Installation and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment fully owned | 105,718 | ||
Right-of-use assets | 31,794 | ||
Total property, plant and equipment | € 137,512 | ||
Furniture, fixtures & vehicles | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment fully owned | 68,264 | ||
Right-of-use assets | 35,113 | ||
Total property, plant and equipment | € 103,378 |
Other non-current assets - Summ
Other non-current assets - Summary (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other non-current assets | |||
Non-current restricted cash | € 1,425 | € 1,482 | € 1,418 |
Financial assets held at fair value through profit or loss | 0 | 8,951 | 11,275 |
Other non-current assets | 1,048 | 910 | 1,399 |
Total other non-current assets | 2,473 | 11,343 | € 14,091 |
Belgium | |||
Other non-current assets | |||
Non-current restricted cash | 1,000 | 1,000 | |
The Netherlands | |||
Other non-current assets | |||
Non-current restricted cash | € 400 | € 500 |
Other non-current assets - Fina
Other non-current assets - Financial assets held at fair value through profit or loss (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of fair value remeasurement | |||
Net book value at December 31, | € 0 | € 8,951 | € 11,275 |
Financial assets. | |||
Reconciliation of fair value remeasurement | |||
Costs at January 1 | 3,910 | 4,736 | 4,818 |
Acquisitions of the year | 12 | 1,994 | |
Disposals of the year | (1,928) | (2,820) | (82) |
Costs at December 31, | 1,994 | 3,910 | 4,736 |
Net book value at December 31, | 8,951 | 11,275 | |
Financial assets. | Level 1 | |||
Reconciliation of fair value remeasurement | |||
Fair value adjustment at January 1 | 5,042 | 6,539 | 1,182 |
Change in fair value of current financial liability | (2,116) | (3,894) | 2 |
Fair value adjustment of the year | (4,920) | 2,397 | 5,355 |
Fair value adjustment at December 31, | € (1,994) | € 5,042 | € 6,539 |
Research and Development ince_3
Research and Development incentives receivables - Current and non-current (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | € 127,186 | € 111,624 | € 93,407 |
Current R&D incentives receivables | 16,827 | 24,104 | 21,949 |
Total R&D incentives receivables | 144,013 | € 135,728 | € 115,356 |
France | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 35,113 | ||
Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | € 92,073 |
Research and Development ince_4
Research and Development incentives receivables - Maturities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | € 127,186 | € 111,624 | € 93,407 |
France | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 35,113 | ||
Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 92,073 | ||
Later than one year and not later than two years [member] | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 21,532 | ||
Later than one year and not later than two years [member] | France | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 11,911 | ||
Later than one year and not later than two years [member] | Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 9,621 | ||
Later than two years and not later than three years [member] | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 23,971 | ||
Later than two years and not later than three years [member] | France | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 11,713 | ||
Later than two years and not later than three years [member] | Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 12,258 | ||
Later than three years and not later than four years [member] | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 26,384 | ||
Later than three years and not later than four years [member] | France | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 11,489 | ||
Later than three years and not later than four years [member] | Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 14,895 | ||
Later than four years and not later than five years [member] | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 16,705 | ||
Later than four years and not later than five years [member] | Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 16,705 | ||
Later than five years and not later than ten years [member] | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 38,594 | ||
Later than five years and not later than ten years [member] | Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | € 38,594 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventories | ||
Raw materials | € 14,351 | |
Semi-finished products | 1,376 | |
Finished goods | 4,842 | € 36 |
Total inventories | € 20,569 | € 36 |
Trade and other receivables a_3
Trade and other receivables and other current assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other receivables and other current assets | |||
Non-current trade receivables | € 50,000 | ||
Trade receivables | € 91,786 | 134,632 | € 39,603 |
Prepayments | 202 | 219 | 292 |
Other receivables | 19,349 | 13,568 | 14,114 |
Trade and other receivables | 111,337 | 148,418 | 54,009 |
Consumables inventory | 319 | 255 | |
Accrued income | 639 | 1,096 | 4,443 |
Deferred charges | 9,306 | 10,502 | 4,439 |
Other current assets | 9,945 | 11,917 | 9,138 |
Total trade and other receivables & other current assets | € 121,282 | € 210,335 | € 63,147 |
Current financial investments (
Current financial investments (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2019EUR (€) | |
Current financial investments | ||||
Current financial investments | € 2,469,809,000 | € 3,026,278,000 | € 3,919,216,000 | |
Treasury bills | 877,300,000 | 1,454,400,000 | ||
Money market funds | 1,317,500,000 | 1,571,900,000 | ||
Non-cancellable term deposits | € 275,000,000 | € 0 | ||
Current financial investments held in USD | $ | $ 134.6 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) € in Thousands, $ in Millions | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) |
Cash and cash equivalents | |||||
Cash at banks | € 1,225,860 | € 1,239,993 | € 907,939 | ||
Term deposits | 1,007,508 | 895,194 | 953,677 | ||
Total cash and cash equivalents from continuing operations | 2,233,368 | $ 807.9 | 2,135,187 | 1,861,616 | |
Cash and cash equivalents included in assets classified as held for sale | 7,884 | ||||
Total cash and cash equivalents | € 2,233,368 | € 2,143,071 | € 1,861,616 | € 1,290,796 |
Cash and cash equivalents - Nar
Cash and cash equivalents - Narrative (Details) € in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Cash and cash equivalents [abstract] | ||||
Term deposits | € 1,007,508 | € 895,194 | € 953,677 | |
Cash and cash equivalents | € 2,233,368 | $ 807.9 | € 2,135,187 | € 1,861,616 |
Maturity Period | 3 months |
Share capital - Reconciliation
Share capital - Reconciliation (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Costs of capital increase | € (4,447) | |||
Aggregate share capital | € 354,582 | € 294,600 | ||
Share capital. | ||||
Balance at beginning of year, amount | 291,312 | € 287,282 | 236,540 | |
Share capital increase | 763 | 4,031 | 55,189 | |
Costs of capital increase | (4,447) | |||
Aggregate share capital | 354,582 | 353,819 | 349,789 | |
Costs of capital increase (accumulated) | (62,507) | (62,507) | (62,507) | |
Balance at end of year, amount | € 292,075 | € 291,312 | € 287,282 | € 236,540 |
Share capital - History (Detail
Share capital - History (Details) - EUR (€) € in Thousands, shares in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
History of the share capital | ||||
Aggregate number of shares after transaction | 54,466 | |||
Aggregate share capital after transaction | € 354,582 | € 294,600 | ||
March 20, 2019 | ||||
History of the share capital | ||||
Share capital increase warrants | € 808 | |||
Number of shares issued | 149 | |||
June 20, 2019 | ||||
History of the share capital | ||||
Share capital increase warrants | € 1,127 | |||
Number of shares issued | 208 | |||
August 23, 2019 | ||||
History of the share capital | ||||
Share capital increase new shares | € 36,945 | |||
Number of shares issued | 6,829 | |||
September 19, 2019 | ||||
History of the share capital | ||||
Share capital increase warrants | € 1,632 | |||
Number of shares issued | 302 | |||
November 6 2019 | ||||
History of the share capital | ||||
Share capital increase warrants | € 14,162 | |||
Number of shares issued | 2,618 | |||
November 25, 2019 | ||||
History of the share capital | ||||
Share capital increase warrants | € 515 | |||
Number of shares issued | 95 | |||
December 31, 2019 | ||||
History of the share capital | ||||
Aggregate number of shares after transaction | 64,667 | |||
Aggregate share capital after transaction | € 349,789 | |||
March 17, 2020 | ||||
History of the share capital | ||||
Share capital increase warrants | € 824 | |||
Number of shares issued | 152 | |||
May 28, 2020 | ||||
History of the share capital | ||||
Share capital increase warrants | € 2,356 | |||
Number of shares issued | 436 | |||
September 19, 2020 | ||||
History of the share capital | ||||
Share capital increase warrants | € 467 | |||
Number of shares issued | 86 | |||
December 4, 2020 | ||||
History of the share capital | ||||
Share capital increase warrants | € 384 | |||
Number of shares issued | 71 | |||
December 31, 2020 | ||||
History of the share capital | ||||
Aggregate number of shares after transaction | 65,412 | |||
Aggregate share capital after transaction | € 353,819 | |||
March 19, 2021 | ||||
History of the share capital | ||||
Share capital increase warrants | € 540 | |||
Number of shares issued | 100 | |||
June 7, 2021 | ||||
History of the share capital | ||||
Share capital increase warrants | € 59 | |||
Number of shares issued | 11 | |||
September 20, 2021 | ||||
History of the share capital | ||||
Share capital increase warrants | € 41 | |||
Number of shares issued | 8 | |||
December 3, 2021 | ||||
History of the share capital | ||||
Share capital increase warrants | € 123 | |||
Number of shares issued | 23 | |||
December 31, 2021 | ||||
History of the share capital | ||||
Aggregate number of shares after transaction | 65,553 | |||
Aggregate share capital after transaction | € 354,582 |
Share capital - History - Narra
Share capital - History - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share capital | ||||
Aggregate share capital | € 354,582 | € 294,600 | ||
Aggregate number of shares after transaction | 54,466,000 | |||
Number of shares | 65,552,721 | 54,465,421 | 65,411,767 | 64,666,802 |
Share capital - Capital increas
Share capital - Capital increases (Details) - EUR (€) | Jul. 14, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of classes of share capital [line items] | |||||
Balance at beginning of year, shares | 65,411,767 | 64,666,802 | 54,465,421 | ||
Share capital | € 292,075,000 | € 291,312,000 | € 287,282,000 | ||
Net issue of equity | 960,087,000 | ||||
Share premium | 2,730,391,000 | 2,727,840,000 | 2,703,583,000 | ||
Exercise of warrant/ subscription rights | € 3,314,000 | € 28,288,000 | € 17,167,000 | ||
Average exercise price warrants | € 23.5 | € 38 | € 22.8 | ||
Balance at end of year, shares | 65,552,721 | 65,411,767 | 64,666,802 | ||
Par value of shares | € 5.41 | ||||
Ordinary Shares | |||||
Disclosure of classes of share capital [line items] | |||||
Par value of shares | € 5.41 | ||||
Gilead | |||||
Disclosure of classes of share capital [line items] | |||||
Weighted average share price | € 140.59 | ||||
Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Balance at beginning of year, amount | € 291,312,000 | € 287,282,000 | € 236,540,000 | ||
Share capital | 292,075,000 | 291,312,000 | 287,282,000 | € 236,540,000 | |
Net issue of equity | 36,945,000 | ||||
Exercise of warrant/ subscription rights | 763,000 | 4,031,000 | 4,082,000 | ||
Balance at end of year, amount | 292,075,000 | 291,312,000 | 287,282,000 | ||
Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Net issue of equity | 923,142,000 | ||||
Share premium | 2,730,391,000 | 2,727,840,000 | 2,703,583,000 | € 1,277,780,000 | |
Exercise of warrant/ subscription rights | 2,551,000 | 24,257,000 | 13,085,000 | ||
Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Balance at beginning of year, amount | 3,019,153,000 | 2,990,865,000 | 1,514,320,000 | ||
Balance at end of year, amount | € 3,022,467,000 | € 3,019,153,000 | € 2,990,865,000 | ||
March 20, 2019 : exercise of warrants | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 149,370 | ||||
Average exercise price warrants | € 23.30 | ||||
Closing share price on date of capital increase | € 90.32 | ||||
March 20, 2019 : exercise of warrants | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 808,000 | ||||
March 20, 2019 : exercise of warrants | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 2,673,000 | ||||
March 20, 2019 : exercise of warrants | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 3,481,000 | ||||
June 20, 2019 : exercise of warrants | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 208,310 | ||||
Average exercise price warrants | € 20.76 | ||||
Closing share price on date of capital increase | € 113.55 | ||||
June 20, 2019 : exercise of warrants | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 1,127,000 | ||||
June 20, 2019 : exercise of warrants | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 3,198,000 | ||||
June 20, 2019 : exercise of warrants | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 4,325,000 | ||||
August 23, 2019 : share subscription by Gilead | Gilead | |||||
Disclosure of classes of share capital [line items] | |||||
Closing share price on date of capital increase | € 148.90 | ||||
August 23, 2019 : share subscription by Gilead | Gilead | American Depositary Receipts | |||||
Disclosure of classes of share capital [line items] | |||||
Issue of shares | 6,828,985 | ||||
August 23, 2019 : share subscription by Gilead | Gilead | U.S. public offering | |||||
Disclosure of classes of share capital [line items] | |||||
Issue of shares | 6,828,985 | ||||
August 23, 2019 : share subscription by Gilead | Share capital. | Gilead | |||||
Disclosure of classes of share capital [line items] | |||||
Net issue of equity | € 36,945,000 | ||||
Underwriter discounts and offering expenses (paid) | (4,447,000) | ||||
August 23, 2019 : share subscription by Gilead | Share capital. | Gilead | U.S. public offering | |||||
Disclosure of classes of share capital [line items] | |||||
Net issue of equity | 32,498,000 | ||||
August 23, 2019 : share subscription by Gilead | Share premium account | Gilead | |||||
Disclosure of classes of share capital [line items] | |||||
Net issue of equity | 923,142,000 | ||||
Derecognition of Financial Liability | 56,749,000 | ||||
August 23, 2019 : share subscription by Gilead | Share premium account | Gilead | U.S. public offering | |||||
Disclosure of classes of share capital [line items] | |||||
Net issue of equity | 979,891,000 | ||||
August 23, 2019 : share subscription by Gilead | Share capital and share premium | Gilead | |||||
Disclosure of classes of share capital [line items] | |||||
Underwriter discounts and offering expenses (paid) | (4,447,000) | ||||
Derecognition of Financial Liability | 56,749,000 | ||||
August 23, 2019 : share subscription by Gilead | Share capital and share premium | Gilead | Ordinary Shares | |||||
Disclosure of classes of share capital [line items] | |||||
Net issue of equity | 960,087,000 | ||||
August 23, 2019 : share subscription by Gilead | Share capital and share premium | Gilead | U.S. public offering | |||||
Disclosure of classes of share capital [line items] | |||||
Net issue of equity | € 1,012,389,000 | ||||
September 19, 2019 : exercise of warrants | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 301,745 | ||||
Average exercise price warrants | € 22.12 | ||||
Closing share price on date of capital increase | € 145.25 | ||||
September 19, 2019 : exercise of warrants | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 1,632,000 | ||||
September 19, 2019 : exercise of warrants | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 5,043,000 | ||||
September 19, 2019 : exercise of warrants | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 6,675,000 | ||||
November 6, 2019 : exercise of warrant A by Gilead | Gilead | Warrant A [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 2,617,791 | ||||
Average exercise price warrants | € 140.59 | ||||
Closing share price on date of capital increase | € 170.75 | ||||
November 6, 2019 : exercise of warrant A by Gilead | Share capital. | Gilead | Warrant A [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 14,162,000 | ||||
Total exercise of warrant A by Gilead | 14,162,000 | ||||
November 6, 2019 : exercise of warrant A by Gilead | Share premium account | Gilead | Warrant A [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 353,873,000 | ||||
Total exercise of warrant A by Gilead | 432,826,000 | ||||
Derecognition of Financial Liability | 78,953,000 | ||||
November 6, 2019 : exercise of warrant A by Gilead | Share capital and share premium | Gilead | Warrant A [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 368,035,000 | ||||
Total exercise of warrant A by Gilead | 446,988,000 | ||||
Derecognition of Financial Liability | € 78,953,000 | ||||
November 25, 2019 : exercise of warrants | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 95,180 | ||||
Average exercise price warrants | € 28.23 | ||||
Closing share price on date of capital increase | € 172.95 | ||||
November 25, 2019 : exercise of warrants | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 515,000 | ||||
November 25, 2019 : exercise of warrants | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 2,172,000 | ||||
November 25, 2019 : exercise of warrants | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 2,687,000 | ||||
March 17, 2020 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 152,220 | ||||
Average exercise price warrants | € 35.18 | ||||
Closing share price on date of capital increase | € 141.40 | ||||
March 17, 2020 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 824,000 | ||||
March 17, 2020 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 4,531,000 | ||||
March 17, 2020 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 5,355,000 | ||||
May 28, 2020 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 435,540 | ||||
Average exercise price warrants | € 41.13 | ||||
Closing share price on date of capital increase | € 186.60 | ||||
May 28, 2020 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 2,356,000 | ||||
May 28, 2020 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 15,558,000 | ||||
May 28, 2020 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 17,914,000 | ||||
September 18, 2020 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 86,280 | ||||
Average exercise price warrants | € 27.85 | ||||
Closing share price on date of capital increase | € 117.70 | ||||
September 18, 2020 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 467,000 | ||||
September 18, 2020 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 1,936,000 | ||||
September 18, 2020 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 2,403,000 | ||||
December 4, 2020 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 70,925 | ||||
Average exercise price warrants | € 36.88 | ||||
Closing share price on date of capital increase | € 100.30 | ||||
December 4, 2020 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 384,000 | ||||
December 4, 2020 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 2,232,000 | ||||
December 4, 2020 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 2,616,000 | ||||
December 3, 2021 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 22,600 | ||||
Exercise of warrant/ subscription rights | € 41.72 | ||||
Average exercise price warrants | € 25.61 | ||||
December 3, 2021 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 123,000 | ||||
December 3, 2021 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 456,000 | ||||
December 3, 2021 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 579,000 | ||||
March 19, 2021 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 99,814 | ||||
Average exercise price warrants | € 22.62 | ||||
Closing share price on date of capital increase | € 68.48 | ||||
March 19, 2021 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 540,000 | ||||
March 19, 2021 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 1,718,000 | ||||
March 19, 2021 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 2,258,000 | ||||
June 7, 2021 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 10,940 | ||||
Average exercise price warrants | € 29.73 | ||||
Closing share price on date of capital increase | € 61.78 | ||||
June 7, 2021 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 59,000 | ||||
June 7, 2021 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 266,000 | ||||
June 7, 2021 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 325,000 | ||||
September 20, 2021 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 7,600 | ||||
Average exercise price warrants | € 19.97 | ||||
Closing share price on date of capital increase | € 46.93 | ||||
September 20, 2021 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 41,000 | ||||
September 20, 2021 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 111,000 | ||||
September 20, 2021 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 152,000 |
Share capital - Other informati
Share capital - Other information (Details) - EUR (€) | Oct. 22, 2019 | Apr. 25, 2017 | Dec. 31, 2021 |
Disclosure of classes of share capital [line items] | |||
Authorization period | 5 years | ||
Ordinary Shares | |||
Disclosure of classes of share capital [line items] | |||
Authorized capital, remained available under the general part | € 41,775,187.16 | ||
Authorized capital, remained available under the specific part | € 13,717,929.80 | ||
General authorization of share capital | |||
Disclosure of classes of share capital [line items] | |||
Authorization period | 5 years | ||
Authorized capital, approved | € 67,022,402.04 | ||
Percentage of share capital | 20.00% | ||
Specific authorization of share capital | |||
Disclosure of classes of share capital [line items] | |||
Authorization period | 5 years | ||
Authorized capital, approved | € 82,561,764.93 | ||
Specific authorization of share capital | Minimum | |||
Disclosure of classes of share capital [line items] | |||
Percentage of share capital | 20.00% | ||
Specific authorization of share capital | Maximum | |||
Disclosure of classes of share capital [line items] | |||
Percentage of share capital | 33.00% |
Deferred tax - Summary of defer
Deferred tax - Summary of deferred tax assets and liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred tax | |||
Deferred tax assets | € 4,032 | € 4,475 | € 4,205 |
Deferred tax assets unrecognized | 408,892 | 365,639 | 289,833 |
Deferred taxes in the consolidated statement of operations | (404) | (157) | 1,537 |
Tax benefit arising from previously unrecognized tax assets used to reduce deferred tax expense (+) | 1,411 | 581 | € 1,537 |
Deferred tax expenses relating to change in tax rates | (629) | (44) | |
Deferred tax expenses relating to use of previously recognized deferred tax assets | € (1,185) | € (695) |
Deferred tax - Narrative (Detai
Deferred tax - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total amount of tax attributes and deductible temporary differences | € 1,653,700 | € 1,485,800 | € 1,179,000 |
Tax losses carried forward and deductible temporary differences | 1,343,200 | 1,229,300 | 953,300 |
Amount of statutory tax losses carried forward for offset against future profits | 635,600 | ||
Deferred tax assets | 4,032 | 4,475 | 4,205 |
Expiry between 2020 and 2028 | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Amount of statutory tax losses carried forward for offset against future profits | 2,800 | ||
Belgium. | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Amount of statutory tax losses carried forward for offset against future profits | 556,900 | ||
Investment Deduction | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deduction carryforward applied | 1,000 | 1,000 | 1,000 |
Innovation Income Deduction And Investment Deduction | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deduction carryforward applied | 310,500 | 256,500 | 225,700 |
Due to innovation income deduction | Galapagos NV | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Carried forward innovation income to be offset against future income | 301,300 | 247,200 | 224,700 |
Dividend received deduction carried forward to be offset against future income Screen reader support enabled. | Galapagos NV | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deduction carryforward applied | € 8,200 | € 8,400 | € 0 |
Lease liabilities (Details)
Lease liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Lease liabilities | |||
Current lease liabilities | € 7,204 | € 6,401 | € 5,826 |
Non-current lease liabilities | 19,655 | 23,035 | 19,558 |
IFRS 16 | |||
Lease liabilities | |||
Lease payments | 27,720 | 30,385 | 26,353 |
Present value of lease payments | 26,859 | 29,436 | 25,384 |
Less future finance charges | 861 | 949 | 969 |
Lease liability | 26,859 | 29,436 | 25,384 |
Current lease liabilities | 7,204 | 6,401 | 5,826 |
Non-current lease liabilities | 19,655 | 23,035 | 19,558 |
IFRS 16 | Less than 1 year | |||
Lease liabilities | |||
Lease payments | 7,557 | 6,772 | 6,189 |
Present value of lease payments | 7,204 | 6,401 | 5,826 |
IFRS 16 | In the second to fifth years inclusive | |||
Lease liabilities | |||
Lease payments | 18,873 | 20,399 | 16,320 |
Present value of lease payments | 18,381 | 19,833 | 15,783 |
IFRS 16 | More than 5 years | |||
Lease liabilities | |||
Lease payments | 1,291 | 3,214 | 3,844 |
Present value of lease payments | € 1,274 | € 3,201 | € 3,775 |
Trade and other liabilities (De
Trade and other liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other liabilities | |||
Trade and other liabilities. | € 134,304 | € 171,316 | € 142,510 |
Other non-current liabilities | 7,135 | 8,096 | 6,989 |
Accrued charges | 3,114 | 1,070 | 923 |
Total trade and other liabilities | € 144,553 | € 180,482 | € 150,422 |
Deferred income (Details)
Deferred income (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred income related to contracts | ||||
Deferred income | € 2,364,701 | € 2,809,133 | € 3,000,646 | € 149,801 |
Current deferred income | 419,866 | 443,159 | 414,298 | |
Non-current deferred income | 1,944,836 | 2,365,974 | 2,586,348 | |
Subsequent warrant B | ||||
Deferred income related to contracts | ||||
Deferred income | 2,400 | |||
Collaboration agreement for filgotinib | ||||
Deferred income related to contracts | ||||
Deferred income | 604,900 | |||
Gilead collaboration agreement for drug discovery platform | ||||
Deferred income related to contracts | ||||
Deferred income | 1,759,800 | 1,990,400 | ||
Non-current deferred income | 1,530,000 | 1,761,100 | ||
Grants | ||||
Deferred income related to contracts | ||||
Deferred income | 100 | |||
Subsequent warrant B [member] | ||||
Deferred income related to contracts | ||||
Deferred income | 7,900 | |||
Gilead [member] | ||||
Deferred income related to contracts | ||||
Deferred income | 4,308,669 | 4,286,852 | 4,012,108 | |
Total transaction price | 4,356,967 | 4,340,567 | 4,074,148 | |
Gilead [member] | Collaboration agreement for filgotinib | ||||
Deferred income related to contracts | ||||
Deferred income | 604,875 | 818,654 | 780,261 | 145,798 |
Non-current deferred income | 414,800 | 604,900 | ||
Gilead [member] | Gilead collaboration agreement for drug discovery platform | ||||
Deferred income related to contracts | ||||
Deferred income | € 1,759,828 | € 1,990,412 | 2,220,013 | |
Fee for services segment | ||||
Deferred income related to contracts | ||||
Deferred income | € 362 | € 471 |
Deferred income - Movement in t
Deferred income - Movement in the non-current and current deferred income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | € 2,809,133 | € 3,000,646 | € 149,801 |
Upfront/license fees received | 12,643 | 160,000 | |
Upfront received and impact of initial valuation of share subscription | 3,655,416 | ||
Milestones received | 90,192 | 49,727 | |
Significant financing component | 9,289 | 16,278 | 6,900 |
Revenue recognition of upfront | (433,884) | (411,417) | (1,009,663) |
Revenue recognition of milestones | (32,408) | ||
Revenue recognition of milestones | (46,261) | (51,156) | |
Catch-up effect on closing date (1) | 245,883 | ||
Other movements | (67) | (305) | (46,262) |
Gilead [member] | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 4,286,852 | 4,012,108 | |
Other. | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 67 | 10 | 308 |
Other movements | (67) | 57 | (297) |
Fee for services segment | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 362 | 471 | |
Other movements | (362) | (109) | |
Collaboration agreement for filgotinib | |||
Disclosure of Deferred Income [Line Items] | |||
Catch-up effect on closing date (1) | (245,900) | ||
Collaboration agreement for filgotinib | Gilead [member] | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 818,654 | 780,261 | 145,798 |
Upfront/license fees received | 12,643 | 160,000 | |
Upfront received and impact of initial valuation of share subscription | 641,663 | ||
Milestones received | 90,192 | 27,317 | |
Significant financing component | 9,289 | 16,278 | 6,900 |
Revenue recognition of upfront | (203,301) | (181,816) | (260,207) |
Revenue recognition of milestones | (32,408) | ||
Revenue recognition of milestones | (46,261) | (27,092) | |
Catch-up effect on closing date (1) | 245,883 | ||
Gilead collaboration agreement for ziritaxestat | Gilead [member] | |||
Disclosure of Deferred Income [Line Items] | |||
Upfront received and impact of initial valuation of share subscription | 666,967 | ||
Revenue recognition of upfront | (666,967) | ||
Gilead collaboration agreement for drug discovery platform | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 1,990,400 | ||
Gilead collaboration agreement for drug discovery platform | Gilead [member] | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 1,990,412 | 2,220,013 | |
Upfront received and impact of initial valuation of share subscription | 2,346,787 | ||
Revenue recognition of upfront | € (230,582) | € (229,601) | (80,918) |
Other movements | (45,856) | ||
Collaboration agreement for CF | AbbVie | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 3,224 | ||
Milestones received | 22,410 | ||
Revenue recognition of upfront | (1,570) | ||
Revenue recognition of milestones | € (24,064) |
Discontinued operations (Detail
Discontinued operations (Details) - EUR (€) € in Thousands | Jan. 04, 2021 | Dec. 31, 2021 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Purchase commitments | € 369,937 | |
Fee for service business, held for sale | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Total consideration | € 37,100 | |
Purchase commitments | € 19,300 | |
Purchase Commitments Term | 4 years |
Discontinued operations - Consi
Discontinued operations - Consideration received (Details) - Fidelta d.o.o. (fee-for-service segment) - EUR (€) € in Thousands | Jan. 04, 2021 | Dec. 31, 2021 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Consideration received in cash and cash equivalents | € 37,080 | € 37,080 |
Total consideration | € 37,080 |
Discontinued operations - Asset
Discontinued operations - Assets and liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Jan. 04, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Intangible assets | € 60,103 | € 67,565 | € 24,927 | |
Other non-current assets | 2,473 | 11,343 | 14,091 | |
Trade and other receivables | 111,337 | 148,418 | 54,009 | |
Cash and cash equivalents | 7,884 | |||
Other current assets | 9,945 | 11,917 | 9,138 | |
Total assets | 23,406 | |||
Non-current lease liabilities | 19,655 | 23,035 | 19,558 | |
Other non-current liabilities | 7,135 | 8,096 | 6,989 | |
Trade and other liabilities | 137,418 | 172,386 | 143,434 | |
Current lease liabilities | € 7,204 | 6,401 | € 5,826 | |
Total liabilities | € (8,917) | |||
Fidelta d.o.o. (fee-for-service segment) | ||||
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) - EUR (€) € in Thousands | Jan. 04, 2021 | Dec. 31, 2021 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Gain on disposal | € 22,191 | |
Fidelta d.o.o. (fee-for-service segment) | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Consideration received in cash and cash equivalents | € 37,080 | 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 | Jan. 04, 2021 | Dec. 31, 2021 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Cash in from disposal of subsidiaries, net of cash disposed of | € 28,696 | |
Fidelta d.o.o. (fee-for-service segment) | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Consideration received in cash and cash equivalents | € 37,080 | 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenues | € 484,846 | € 478,053 | € 834,901 |
Gain on disposal of subsidiaries | 22,191 | ||
Research and development expenses | (491,707) | (523,667) | (420,090) |
Sales and marketing expenses | (69,956) | (66,468) | (24,577) |
General and administrative expenses | (140,899) | (118,757) | (72,382) |
Other income | 53,749 | 52,207 | 50,896 |
Operating income/loss (-) | (165,596) | (178,632) | 368,748 |
Other financial income | 70,548 | 18,667 | 21,389 |
Other financial expenses | (30,911) | (152,844) | (59,968) |
Net income | € 22,191 | € 5,565 | € 1,156 |
Basic income per share | € (1.58) | € (4.69) | € 2.60 |
Diluted income per share | € (1.58) | € (4.69) | € 2.49 |
Weighted average number of shares - Basic | 65,500 | 65,075 | 57,614 |
Fidelta d.o.o. (fee-for-service segment) | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenues | € 16,140 | € 10,084 | |
Gain on disposal of subsidiaries | € 22,191 | ||
Research and development expenses | (7,685) | (7,229) | |
General and administrative expenses | (2,000) | (1,319) | |
Other income | 8 | ||
Operating income/loss (-) | 22,191 | 6,455 | 1,544 |
Other financial income | 179 | 93 | |
Other financial expenses | (176) | (102) | |
Income before tax | 22,191 | 6,458 | 1,535 |
Income taxes | (893) | (379) | |
Net income | € 22,191 | € 5,565 | € 1,156 |
Basic income per share | € 0.34 | € 0.09 | € 0.02 |
Diluted income per share | € 0.34 | € 0.08 | € 0.02 |
Weighted average number of shares - Basic | 65,500 | 65,075 | 57,614 |
Weighted average number of shares - Diluted | 65,831 | 67,572 | 60,112 |
Discontinued operations - Cash
Discontinued operations - Cash flows (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from discontinued operations | |||
Net cash flows generated from operating activities | € 7,173 | € 2,911 | |
Net cash flows generated from/used in (-) investing activities | € 28,696 | (2,284) | (1,350) |
Net cash flows used in financing activities | (664) | (709) | |
Net cash flows from discontinued operations | € 28,696 | € 4,225 | € 852 |
Operating Cash Flow (Details)
Operating Cash Flow (Details) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€)EquityInstruments€ / shares | Dec. 31, 2020EUR (€)EquityInstruments€ / shares | Dec. 31, 2019EUR (€)EquityInstruments€ / shares | |
Adjustment for non-cash transactions | |||
Depreciations, amortizations and impairment | € 34,636 | € 18,682 | € 12,448 |
Share-based compensation expenses | 70,726 | 79,959 | 38,297 |
Decrease (-)/increase in retirement benefit obligations and provisions | (2,347) | (260) | (156) |
Unrealized exchange losses/gains (-) and non-cash other financial result | (57,073) | 105,055 | 11,169 |
Discounting effect of deferred income | 9,289 | 16,278 | 6,900 |
Fair value re-measurement of share subscription agreement and warrants | (2,960) | (3,034) | 181,644 |
Net change in (fair) value of current financial investments | (119) | 15,900 | 3,081 |
Fair value adjustment financial assets held at fair value through profit or loss | 4,919 | (2,396) | (5,355) |
Other non-cash costs | 648 | 539 | |
Total adjustment for non-cash transactions | 57,718 | 230,723 | 248,027 |
Interest expense | 11,656 | 9,424 | 1,302 |
Interest income | (2,853) | (7,476) | (9,247) |
Tax expense | 2,423 | 2,119 | 214 |
Total adjustment for items to disclose separately under operating cash flow | 11,227 | 4,067 | (7,731) |
Gain on sale of subsidiaries | (22,191) | ||
Gain (-)/loss on sale of fixed assets | 82 | (2) | |
Realized exchange gain on sale of current financial investments | (6,645) | ||
Interest received related to current financial investments | (12) | (2,554) | (5,059) |
Total adjustment for items to disclose separately under investing and financing cash flow | (28,847) | (2,472) | (5,061) |
Decrease / increase (-) in inventories | (21,168) | (100) | 20 |
Decrease / increase (-) in receivables | 79,859 | (177,155) | (67,263) |
Increase in liabilities | (35,353) | 31,163 | 79,940 |
Total change in working capital other than deferred income | € 23,337 | € (146,092) | € 12,698 |
Number of other equity instruments granted in share-based payment arrangement | EquityInstruments | 2,493,433 | 2,173,335 | 1,699,690 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | € / shares | € 64.8 | € 168.4 | € 95.1 |
Subscription rights | |||
Adjustment for non-cash transactions | |||
Number of other equity instruments granted in share-based payment arrangement | EquityInstruments | 2,493,433 |
Off-balance sheet arrangement_2
Off-balance sheet arrangements (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Off-balance sheet arrangements | |||
Purchase commitments | € 369,937 | ||
Less than 1 year | |||
Off-balance sheet arrangements | |||
Purchase commitments | 212,065 | ||
1-3 years | |||
Off-balance sheet arrangements | |||
Purchase commitments | 105,947 | ||
3-5 years | |||
Off-balance sheet arrangements | |||
Purchase commitments | 46,426 | ||
More than 5 years | |||
Off-balance sheet arrangements | |||
Purchase commitments | 5,499 | ||
Collaboration agreement for filgotinib | Gilead [member] | |||
Off-balance sheet arrangements | |||
Purchase commitments | 169,600 | € 18,100 | € 27,500 |
Total contractual obligations and commitments | € 369,900 | € 493,400 | € 614,100 |
Contingent assets and liabili_2
Contingent assets and liabilities (Details) € in Millions, $ in Millions | Jan. 04, 2021EUR (€) | Jul. 14, 2019USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) |
Contingent Assets And Liabilities [Line Items] | ||||||
Cost share mechanism | 50.00% | 50.00% | ||||
DIVERSITY clinical study | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Amount receivable in relation to the collaboration | $ | $ 15 | |||||
Gilead [member] | Filgotinib drug license | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Amount receivable in relation to the collaboration | € | € 160 | |||||
Upfront payments | € | € 110 | |||||
Upfront Payments Receivable Related Party Transactions In Next Fiscal Year | € | € 50 | |||||
Gilead [member] | Minimum | Filgotinib drug license | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Tiered royalty Percentage deduction | 20.00% | 20.00% | ||||
Gilead [member] | Maximum | Filgotinib drug license | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Tiered royalty Percentage deduction | 30.00% | 30.00% | ||||
Potential development and regulatory milestones | $ | $ 295 | |||||
Sales based milestone payment | $ | $ 600 | |||||
Fidelta d.o.o. | Selvita S A | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Proportion of voting rights held in subsidiary | 100.00% | |||||
Consideration received | € | € 37.1 | |||||
Outside Europe | Minimum | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Tiered royalty Percentage deduction | 20.00% | |||||
Outside Europe | Maximum | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Tiered royalty Percentage deduction | 24.00% | |||||
Filgotinib drug license | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Sales based milestone payment | $ | $ 600 | |||||
Filgotinib drug license | Gilead [member] | DIVERSITY clinical study | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Tiered royalty Percentage deduction | (30.00%) | (30.00%) | ||||
Filgotinib drug license | Outside Europe | Minimum | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Tiered royalty Percentage deduction | 20.00% | |||||
Filgotinib drug license | Outside Europe | Maximum | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Tiered royalty Percentage deduction | 30.00% | |||||
Scenario | Europe | Gilead [member] | Minimum | DIVERSITY clinical study | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Royalties payable, percentage | 5.6 | 5.6 | ||||
Scenario | Europe | Gilead [member] | Maximum | DIVERSITY clinical study | ||||||
Contingent Assets And Liabilities [Line Items] | ||||||
Royalties payable, percentage | 10.5 | 10.5 |
Share based payments - Subscrip
Share based payments - Subscription right plans (Textual) (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subscription rights plans | ||||
Average exercise price | € 92.7 | € 104 | € 70.1 | € 53.3 |
Subscription rights | ||||
Subscription rights plans | ||||
Share based compensation expense | € 70,726 | € 79,959 | € 38,297 | |
Average exercise price | € 92.69 | € 103.95 | € 70.09 | |
Weighted average remaining expected life | 1955 days | 2050 days | 2023 days | |
Subscription rights | Supervisory board members | ||||
Subscription rights plans | ||||
Vesting period | 36 months | |||
Percentage vested | 0.027% | |||
2021 Plan ROW and RMV | Vesting tranche one | ||||
Subscription rights plans | ||||
Percentage vested | 25.00% | |||
2021 Plan ROW and RMV | Vesting tranche two | ||||
Subscription rights plans | ||||
Percentage vested | 25.00% | |||
2021 Plan ROW and RMV | Exercisable as of January 1, 2025 | ||||
Subscription rights plans | ||||
Percentage vested | 50.00% |
Share based payments - Summary
Share based payments - Summary of subscription rights outstanding and exercisable (Details) | 12 Months Ended | |||
Dec. 31, 2021EquityInstruments€ / shares | Dec. 31, 2020EquityInstruments€ / shares | Dec. 31, 2019EquityInstruments€ / shares | Dec. 31, 2018EquityInstruments€ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 92.7 | € 104 | € 70.1 | € 53.3 |
Outstanding at the beginning of the year | 6,929,111 | 5,541,117 | 4,626,782 | |
Granted during the year | 2,493,433 | 2,173,335 | 1,699,690 | |
Exercised during the year | (140,954) | (744,965) | (754,605) | |
Forfeited during the year | (701,753) | (40,376) | (30,750) | |
Outstanding at the end of the year | 8,579,837 | 6,929,111 | 5,541,117 | |
Exercisable | 1,751,013 | 1,168,967 | 1,139,682 | 882,734 |
Subscription rights | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 92.69 | € 103.95 | € 70.09 | |
Outstanding at the beginning of the year | 6,929,111 | |||
Granted during the year | 2,493,433 | |||
Exercised during the year | (140,954) | |||
Forfeited during the year | (701,753) | |||
Outstanding at the end of the year | 8,579,837 | 6,929,111 | ||
Exercisable | 1,751,013 | |||
2008 allocated on June 2008 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 5.6 | |||
Outstanding at the beginning of the year | 1,365 | |||
Exercised during the year | (1,365) | |||
Outstanding at the end of the year | 1,365 | |||
2013 allocated on May 2013 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 19.38 | |||
Outstanding at the beginning of the year | 55,664 | |||
Exercised during the year | (55,664) | |||
Outstanding at the end of the year | 55,664 | |||
2014 allocated on July 2014 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 14.54 | |||
Outstanding at the beginning of the year | 169,340 | |||
Exercised during the year | (41,800) | |||
Outstanding at the end of the year | 127,540 | 169,340 | ||
Exercisable | 127,540 | |||
2015 allocated on April 2015 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 28.75 | |||
Outstanding at the beginning of the year | 219,473 | |||
Exercised during the year | (20,250) | |||
Outstanding at the end of the year | 199,223 | 219,473 | ||
Exercisable | 199,223 | |||
2015 (B) allocated on December 2015 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 49 | |||
Outstanding at the beginning of the year | 261,500 | |||
Exercised during the year | (5,000) | |||
Outstanding at the end of the year | 256,500 | 261,500 | ||
Exercisable | 256,500 | |||
2015 RMV allocated on December 2015 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 49 | |||
Outstanding at the beginning of the year | 40,000 | |||
Exercised during the year | (5,000) | |||
Outstanding at the end of the year | 35,000 | 40,000 | ||
Exercisable | 35,000 | |||
2016 allocated on June 2016 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 46.10 | |||
Outstanding at the beginning of the year | 342,625 | |||
Exercised during the year | (11,875) | |||
Outstanding at the end of the year | 330,750 | 342,625 | ||
Exercisable | 330,750 | |||
2016 RMV allocated on June 2016 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 46.10 | |||
Outstanding at the beginning of the year | 69,000 | |||
Outstanding at the end of the year | 69,000 | 69,000 | ||
Exercisable | 69,000 | |||
2016 (B) allocated on January 2017 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 62.50 | |||
Outstanding at the beginning of the year | 10,000 | |||
Outstanding at the end of the year | 10,000 | 10,000 | ||
Exercisable | 10,000 | |||
2017 allocated on May 2017 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 80.57 | |||
Outstanding at the beginning of the year | 595,500 | |||
Outstanding at the end of the year | 595,500 | 595,500 | ||
Exercisable | 595,500 | |||
2017 RMV allocated on May 2017 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 80.57 | |||
Outstanding at the beginning of the year | 127,500 | |||
Outstanding at the end of the year | 127,500 | 127,500 | ||
Exercisable | 127,500 | |||
2018 allocated on April 2018 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 79.88 | |||
Outstanding at the beginning of the year | 1,083,245 | |||
Forfeited during the year | (77,250) | |||
Outstanding at the end of the year | 1,005,995 | 1,083,245 | ||
2018 RMV allocated on April 2018 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 79.88 | |||
Outstanding at the beginning of the year | 137,500 | |||
Outstanding at the end of the year | 137,500 | 137,500 | ||
2019 allocated on April 2019 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 95.11 | |||
Outstanding at the beginning of the year | 1,477,840 | |||
Forfeited during the year | (177,000) | |||
Outstanding at the end of the year | 1,300,840 | 1,477,840 | ||
2019 RMV allocated on April 2019 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 95.11 | |||
Outstanding at the beginning of the year | 193,000 | |||
Forfeited during the year | (2,500) | |||
Outstanding at the end of the year | 190,500 | 193,000 | ||
2020 allocated on April 2020 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 168.42 | |||
Outstanding at the beginning of the year | 1,906,034 | |||
Forfeited during the year | (288,106) | |||
Outstanding at the end of the year | 1,617,928 | 1,906,034 | ||
2020 RMV allocated on April 2020 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 168.42 | |||
Outstanding at the beginning of the year | 239,525 | |||
Forfeited during the year | (12,050) | |||
Outstanding at the end of the year | 227,475 | 239,525 | ||
2021 BE allocated on April 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 64.76 | |||
Granted during the year | 1,117,603 | |||
Forfeited during the year | (33,567) | |||
Outstanding at the end of the year | 1,084,036 | |||
2021 RMV allocated on April 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 64.76 | |||
Granted during the year | 291,725 | |||
Forfeited during the year | (9,175) | |||
Outstanding at the end of the year | 282,550 | |||
2021 ROW allocated on April 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 64.76 | |||
Granted during the year | 1,084,105 | |||
Forfeited during the year | (102,105) | |||
Outstanding at the end of the year | 982,000 |
Share based payments - Rollforw
Share based payments - Rollforward (Details) | 12 Months Ended | |||
Dec. 31, 2021EquityInstruments€ / shares | Dec. 31, 2020EquityInstruments€ / shares | Dec. 31, 2019EquityInstruments€ / shares | Dec. 31, 2018EquityInstruments€ / shares | |
Share based payments | ||||
Outstanding at the beginning of the year | EquityInstruments | 6,929,111 | 5,541,117 | 4,626,782 | |
Granted during the year | EquityInstruments | 2,493,433 | 2,173,335 | 1,699,690 | |
Forfeited during the year | EquityInstruments | (701,753) | (40,376) | (30,750) | |
Exercised during the year | EquityInstruments | (140,954) | (744,965) | (754,605) | |
Outstanding at the end of the year | EquityInstruments | 8,579,837 | 6,929,111 | 5,541,117 | |
Exercisable | EquityInstruments | 1,751,013 | 1,168,967 | 1,139,682 | 882,734 |
Weighted average exercise price at beginning of the year | € / shares | € 104 | € 70.1 | € 53.3 | |
Granted during the period | € / shares | 64.8 | 168.4 | 95.1 | |
Forfeited during the year | € / shares | 118.5 | 144.8 | 88.9 | |
Exercised during the period | € / shares | 23.5 | 38 | 22.8 | |
Weighted average exercise price at end of the year | € / shares | 92.7 | 104 | 70.1 | |
Exercisable | € / shares | € 56.6 | € 37.8 | € 30.2 | € 14 |
Share based payments - Valuatio
Share based payments - Valuation (Details) | 12 Months Ended |
Dec. 31, 2021€ / shares | |
2021 BE allocated on April 2021 | |
Subscription rights plans | |
Exercise Price | € 64.76 |
Weighted average share price at acceptance date | 61.10 |
Weighted average fair value at acceptance date | € 22.72 |
Weighted average estimated volatility | 40.73% |
Weighted average expected life of the subscription rights (years) | 6 years 5 months 4 days |
Weighted average risk free rate (%) | (0.21%) |
2021 RMV/ROW allocated on April 2021 | |
Subscription rights plans | |
Exercise Price | € 64.76 |
Weighted average share price at acceptance date | 61.10 |
Weighted average fair value at acceptance date | € 20.68 |
Weighted average estimated volatility | 40.61% |
Weighted average expected life of the subscription rights (years) | 5 years 4 months 9 days |
Weighted average risk free rate (%) | (0.29%) |
2020 allocated on April 2020, warrants | |
Subscription rights plans | |
Exercise Price | € 168.42 |
Weighted average share price at acceptance date | 178.95 |
Weighted average fair value at acceptance date | € 86.45 |
Weighted average estimated volatility | 51.30% |
Weighted average expected life of the subscription rights (years) | 6 years |
Weighted average risk free rate (%) | (0.44%) |
2020RMV allocated on April 2020 | |
Subscription rights plans | |
Exercise Price | € 168.42 |
Weighted average share price at acceptance date | 178.95 |
Weighted average fair value at acceptance date | € 85.79 |
Weighted average estimated volatility | 51.32% |
Weighted average expected life of the subscription rights (years) | 6 years |
Weighted average risk free rate (%) | (0.44%) |
2019 allocated on April 2019, warrants | |
Subscription rights plans | |
Exercise Price | € 95.11 |
Weighted average share price at acceptance date | 107.05 |
Weighted average fair value at acceptance date | € 40.04 |
Weighted average estimated volatility | 35.86% |
Weighted average expected life of the subscription rights (years) | 6 years 7 days |
Weighted average risk free rate (%) | (0.27%) |
2019 RMV allocated on April 2019, warrants | |
Subscription rights plans | |
Exercise Price | € 95.11 |
Weighted average share price at acceptance date | 107.45 |
Weighted average fair value at acceptance date | € 40.05 |
Weighted average estimated volatility | 35.63% |
Weighted average expected life of the subscription rights (years) | 6 years |
Weighted average risk free rate (%) | (0.28%) |
Share based payments - Category
Share based payments - Category (Details) | Dec. 31, 2021EquityInstruments€ / shares | Dec. 31, 2020EquityInstruments€ / shares | Dec. 31, 2019EquityInstruments€ / shares | Dec. 31, 2018EquityInstruments€ / shares |
Subscription rights plans | ||||
Total rights outstanding | 8,579,837 | 6,929,111 | 5,541,117 | 4,626,782 |
Exercise Price | € / shares | € 92.7 | € 104 | € 70.1 | € 53.3 |
Supervisory board members | ||||
Subscription rights plans | ||||
Total rights outstanding | 157,560 | 157,560 | 222,600 | |
Management board members | ||||
Subscription rights plans | ||||
Total rights outstanding | 1,965,000 | 2,101,874 | 2,171,874 | |
Personnel | ||||
Subscription rights plans | ||||
Total rights outstanding | 6,457,277 | 4,669,677 | 3,146,643 |
Share based payments - Summar_2
Share based payments - Summary of RSU's outstanding (Details) | 12 Months Ended | ||||
Dec. 31, 2021EquityInstruments | Dec. 31, 2021EUR (€) | Dec. 31, 2020EquityInstruments | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€)EquityInstruments | |
Share based payments | |||||
Outstanding at the beginning of the year | 6,929,111 | 5,541,117 | 4,626,782 | ||
Granted during the year | 2,493,433 | 2,173,335 | 1,699,690 | ||
Forfeited during the year | (701,753) | (40,376) | (30,750) | ||
Outstanding at the end of the year | 8,579,837 | 6,929,111 | 5,541,117 | ||
Restricted Stock Units (RSUs) | |||||
Share based payments | |||||
Outstanding at the beginning of the year | 313,596 | 313,596 | 213,147 | ||
Granted during the year | 511,518 | ||||
Forfeited during the year | (74,873) | ||||
Paid in cash during the year | (92,438) | ||||
Outstanding at the end of the year | 657,803 | 657,803 | 313,596 | 313,596 | 213,147 |
Plan 2019.I | |||||
Share based payments | |||||
Outstanding at the beginning of the year | 33,000 | ||||
Forfeited during the year | (5,000) | ||||
Outstanding at the end of the year | 28,000 | 33,000 | |||
Plan 2019.II | |||||
Share based payments | |||||
Outstanding at the beginning of the year | 81,807 | ||||
Forfeited during the year | (12,034) | ||||
Paid in cash during the year | (27,269) | ||||
Outstanding at the end of the year | 42,504 | 81,807 | |||
Plan 2019.III | |||||
Share based payments | |||||
Outstanding at the beginning of the year | 71,072 | ||||
Forfeited during the year | (5,077) | ||||
Paid in cash during the year | (35,535) | ||||
Outstanding at the end of the year | 30,460 | 71,072 | |||
Plan 2020.I | |||||
Share based payments | |||||
Outstanding at the beginning of the year | 54,876 | ||||
Forfeited during the year | (10,925) | ||||
Paid in cash during the year | (11,424) | ||||
Outstanding at the end of the year | 32,527 | 54,876 | |||
Plan 2020.II | |||||
Share based payments | |||||
Outstanding at the beginning of the year | 72,841 | ||||
Forfeited during the year | (12,663) | ||||
Paid in cash during the year | (18,210) | ||||
Outstanding at the end of the year | 41,968 | 72,841 | |||
Plan 2021.I. | |||||
Share based payments | |||||
Granted during the year | 180,844 | ||||
Forfeited during the year | (26,228) | ||||
Outstanding at the end of the year | 154,616 | ||||
Plan 2021.II. | |||||
Share based payments | |||||
Granted during the year | 43,328 | ||||
Forfeited during the year | (2,708) | ||||
Outstanding at the end of the year | 40,620 | ||||
Plan 2021.III | |||||
Share based payments | |||||
Granted during the year | 38,413 | ||||
Forfeited during the year | (238) | ||||
Outstanding at the end of the year | 38,175 | ||||
Plan 2021.IV. | |||||
Share based payments | |||||
Granted during the year | 248,933 | ||||
Outstanding at the end of the year | 248,933 |
Share based payments - Restrict
Share based payments - Restricted stock units - Category (Details) | Dec. 31, 2021EquityInstruments | Dec. 31, 2021EUR (€) | Dec. 31, 2020EquityInstruments | Dec. 31, 2020EUR (€) | Dec. 31, 2019EquityInstrumentsEUR (€) | Dec. 31, 2018EquityInstruments |
Share based payments | ||||||
Total outstanding | 8,579,837 | 6,929,111 | 5,541,117 | 4,626,782 | ||
Management board members | ||||||
Share based payments | ||||||
Total outstanding | 1,965,000 | 2,101,874 | 2,171,874 | |||
Personnel | ||||||
Share based payments | ||||||
Total outstanding | 6,457,277 | 4,669,677 | 3,146,643 | |||
Restricted Stock Units (RSUs) | ||||||
Share based payments | ||||||
Total outstanding | 657,803 | 657,803 | 313,596 | 313,596 | 213,147 | |
Restricted Stock Units (RSUs) | Management board members | ||||||
Share based payments | ||||||
Total outstanding | € | 384,340 | 229,276 | 188,571 | |||
Restricted Stock Units (RSUs) | Personnel | ||||||
Share based payments | ||||||
Total outstanding | € | 273,463 | 84,320 | 24,576 |
Share based payments - Restri_2
Share based payments - Restricted stock units (RSU's) (Textual) (Details) | 12 Months Ended |
Dec. 31, 2021Dshares | |
Restricted Stock Units (RSUs) | |
Share based payments | |
Number of securities called by each restricted stock or right | shares | 1 |
Number of calendar days period preceding vesting date for calculate value of weighted average price of entity share traded on stock-exchange | 30 |
Vesting period | 4 years |
Percentage vested | 25.00% |
Number of calendar days period preceding reporting period for calculate value of weighted average price of entity share traded on stock-exchange | 30 |
RSUs, other general plans | |
Share based payments | |
Vesting period | 3 years |
RSUs, other general plans | Vesting percentage portion one | |
Share based payments | |
Vesting period | 2 years |
Share based payments, Percentage of other equity instruments vested in certain period | 50.00% |
RSUs, other general plans | Vesting percentage portion two | |
Share based payments | |
Vesting period | 3 years |
Share based payments, Percentage of other equity instruments vested in certain period | 50.00% |
RSUs, other general plans | Vesting tranche one | Vesting percentage portion one | |
Share based payments | |
Vesting period | 3 years |
Share based payments, Percentage of other equity instruments vested in certain period | 34.00% |
RSUs, other general plans | Vesting tranche two | |
Share based payments | |
Share based payments, Percentage of other equity instruments vested in certain period | 33.00% |
RSUs, other general plans | Vesting tranche two | Vesting percentage portion two | |
Share based payments | |
Vesting period | 2 years |
Related parties (Details)
Related parties (Details) | Nov. 06, 2019 | Aug. 28, 2019 | Dec. 31, 2021EUR (€) | Dec. 31, 2021EUR (€)individual | Dec. 31, 2021EUR (€)employee | Dec. 31, 2020EUR (€)employee | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Number of executive committee members | employee | 5 | 6 | ||||||
Number of board of directors | 8 | 8 | ||||||
Cost share mechanism | 50.00% | 50.00% | 50.00% | |||||
Deferred income other than contract liabilities | € 2,364,701,000 | € 2,364,701,000 | € 2,364,701,000 | € 2,809,133,000 | € 3,000,646,000 | € 149,801,000 | ||
Gilead [member] | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Cross charges payable relating to development of Filgotinib | 5,700,000 | 5,700,000 | 5,700,000 | |||||
Sales and marketing expenses payable | 1,600,000 | 1,600,000 | 1,600,000 | |||||
Royalty income receivable | 19,984,000 | 16,227,000 | ||||||
Purchased raw materials, semi-finished products and finished products | 24,900,000 | 200,000 | 0 | |||||
Deferred income other than contract liabilities | € 4,308,669,000 | € 4,308,669,000 | € 4,308,669,000 | 4,286,852,000 | 4,012,108,000 | |||
Minimum | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Percentage of ownership interest | 20.00% | 20.00% | 20.00% | |||||
Gilead collaboration agreement for drug discovery platform | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Impact on revenues from performance obligations | € 230,600,000 | 229,600,000 | 80,900,000 | |||||
Deferred income other than contract liabilities | 1,759,800,000 | € 1,759,800,000 | € 1,759,800,000 | 1,990,400,000 | ||||
Gilead collaboration agreement for drug discovery platform | Gilead [member] | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Deferred income other than contract liabilities | 1,759,828,000 | 1,759,828,000 | 1,759,828,000 | 1,990,412,000 | 2,220,013,000 | |||
Collaboration agreement for filgotinib | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Deferred income other than contract liabilities | 604,900,000 | 604,900,000 | 604,900,000 | |||||
Collaboration agreement for filgotinib | Gilead [member] | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Deferred income other than contract liabilities | 604,875,000 | 604,875,000 | 604,875,000 | € 818,654,000 | € 780,261,000 | € 145,798,000 | ||
DIVERSITY clinical trial | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Amount receivable in relation to the collaboration | 12,600,000 | 12,600,000 | 12,600,000 | |||||
GLPG 1690 License | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Total transaction price | € 667,000,000 | € 667,000,000 | € 667,000,000 | |||||
Key management personnel of entity or parent | Gilead [member] | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Number of board of directors | individual | 2 | |||||||
Gilead. | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Percentage of stake | 0.251% | 22.04% | ||||||
Percentage of ownership interest | 0.2549% | 0.2549% | 0.2549% | 0.2554% | 0.2584% | |||
Non-current trade receivables | € 50,000,000 | |||||||
Trade and other receivables | € 88,246,000 | € 88,246,000 | € 88,246,000 | 132,825,000 | € 31,645,000 | |||
Trade and other payables | € 11,580,000 | 11,580,000 | 11,580,000 | 27,074,000 | 39,100,000 | |||
Number of outstanding performance Obligations | 2 | |||||||
Gilead. | Gilead collaboration agreement for drug discovery platform | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Deferred income other than contract liabilities | € 1,800,000,000 | 1,800,000,000 | 1,800,000,000 | |||||
Gilead. | Collaboration agreement for filgotinib | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Trade and other receivables | 50,000,000 | € 50,000,000 | € 50,000,000 | |||||
profit and cost sharing receivables | 23,800,000 | |||||||
amount received second amendment filgotinib | 110,000,000 | |||||||
Royalty income receivable | 1,900,000 | |||||||
Gilead. | GLPG 1690 License | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Cost reimbursements recognized | 18,100,000 | 34,100,000 | 17,700,000 | |||||
Filgotinib drug license | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Total impact on revenue | 235,700,000 | 228,100,000 | 41,400,000 | |||||
Filgotinib drug license | Gilead [member] | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Amount receivable in relation to the collaboration | 160,000,000 | |||||||
Filgotinib drug license | Gilead. | ||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||||||
Royalty income receivable | 3,800,000 | 16,200,000 | ||||||
Cost reimbursements recognized | 81,300,000 | 101,000,000 | 72,000,000 | |||||
Adddition (deduction) of sales & marketing expenses | (59,700,000) | (4,700,000) | € 8,200,000 | |||||
Deduction of research and development expenditure | € 7,000,000 | € 3,100,000 | ||||||
Cost share mechanism | 50.00% | 50.00% | 50.00% | |||||
Deferred income other than contract liabilities | € 605,000,000 | € 605,000,000 | € 605,000,000 |
Related party transactions - Su
Related party transactions - Summary of remuneration package (Details) | 12 Months Ended | ||
Dec. 31, 2021EUR (€)EquityInstruments | Dec. 31, 2020EUR (€)EquityInstruments | Dec. 31, 2019EUR (€)EquityInstruments | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Post-employment benefits | € | € 399,000 | € 392,000 | € 323,000 |
Severance package | € | 802,000 | ||
Total benefits excluding warrants and RSUs | € | € 5,413,000 | € 4,262,000 | € 16,618,000 |
Subscription rights offered | 2,493,433 | 2,173,335 | 1,699,690 |
Duration of deferred payment for remaining 50% of Senior Management Bonus | 3 years | ||
Total cost of warrants granted in the year | € | € 5,629,000 | € 22,921,000 | € 14,236,000 |
Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 275,000 | 275,000 | 360,000 |
Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 511,518 | ||
Key management personnel of entity or parent | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 254,560 | 61,829 | 188,571 |
Executive committee members as a group | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Short-term benefits for executive committee members as a group | € | € 4,264,000 | € 3,102,000 | € 14,129,000 |
Gross salary | € | 2,621,000 | 2,531,000 | 2,121,000 |
Employer social security on gross salary | € | 61,000 | ||
Cash bonus | € | 1,172,000 | 433,000 | 1,230,000 |
Exceptional bonus | € | 10,500,000 | ||
Employer social security on exceptional bonus | € | 108,000 | ||
Other short-term benefits | € | € 471,000 | € 138,000 | 109,000 |
Long-term benefits for executive committee members as a group | € | € 1,874,000 | ||
Executive committee members as a group | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 275,000 | 275,000 | 315,000 |
Raj Parekh | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for directors | € | € 220,000 | € 220,000 | € 90,000 |
Raj Parekh | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 15,000 | ||
Howard Rowe | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for directors | € | 120,000 | 125,000 | € 55,000 |
Howard Rowe | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 7,500 | ||
Werner Cautreels | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for directors | € | € 15,000 | ||
Katrine Bosley | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for directors | € | 65,000 | 115,000 | € 45,000 |
Katrine Bosley | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 7,500 | ||
Christine Mummery | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for directors | € | € 13,000 | ||
Mary Kerr | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for directors | € | 115,000 | 115,000 | € 45,000 |
Mary Kerr | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 7,500 | ||
Peter Guenter | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for directors | € | 115,000 | 115,000 | € 30,000 |
Peter Guenter | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 7,500 | ||
Elisabeth Svanberg | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for directors | € | € 115,000 | € 78,000 | |
Onno van de Stolpe | Warrants | |||
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 | 85,000 | 100,000 |
Onno van de Stolpe | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 63,830 | 18,317 | 57,528 |
Bart Filius | Warrants | |||
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 | 50,000 | 65,000 |
Bart Filius | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 62,730 | 12,600 | 39,846 |
Andre Hoekema | Warrants | |||
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 | 30,000 | 50,000 |
Andre Hoekema | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 51,433 | 832 | 19,922 |
Piet Wigerinck | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Severance package | € | € 35,416.66 | ||
Piet Wigerinck | Warrants | |||
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 | 40,000 | 50,000 |
Piet Wigerinck | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 835 | 12,080 | 33,077 |
Walid Abi-Saab | Warrants | |||
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 | 40,000 | 50,000 |
Walid Abi-Saab | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 44,038 | 12,080 | 33,077 |
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 | 40,000 | ||
Michele Manto | Warrants | |||
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 | 30,000 | 40,000 |
Michele Manto | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 31,694 | 5,920 | 5,121 |
Supervisory board members as a group | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 45,000 |
Consolidated companies as of _3
Consolidated companies as of December 31, 2021 (Details) | Jan. 04, 2021 | Jan. 04, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
BioFocus DPI AG | Switzerland | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 0.00% | 0.00% | 100.00% | ||
Fidelta d.o.o. | Selvita S A | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | ||||
Fidelta d.o.o. | Selvita S A | Fee for service business, held for sale | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | ||||
Fidelta d.o.o. | Croatia | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 0.00% | 100.00% | 100.00% | ||
Changes in voting rights | (100.00%) | ||||
Galapagos Biopharma BV | The Netherlands | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% | ||
Galapagos Biopharma BV | Belgium | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% | ||
Galapagos B.V | The Netherlands | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% | ||
Galapagos Biopharma Spain S.L.U | Spain | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% | ||
Galapagos Biopharma Italy S.r.l. | Italy | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% | ||
Galapagos Biopharma Germany GmbH | Germany | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% | ||
Galapagos Biopharma A.B. | Sweden | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 0.00% | 0.00% | ||
Changes in voting rights | 100.00% | ||||
Galapagos Biopharma A.S. | Norway | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 0.00% | 0.00% | ||
Changes in voting rights | 100.00% | ||||
Galapagos Biopharma Oy | Finland | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 0.00% | 0.00% | ||
Changes in voting rights | 100.00% | ||||
Galapagos Biopharma ApS | Denmark | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 0.00% | 0.00% | ||
Changes in voting rights | 100.00% | ||||
Galapagos GmbH | Switzerland | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% | ||
Galapagos GmbH | Austria | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 0.00% | 0.00% | ||
Changes in voting rights | 100.00% | ||||
Galapagos Biopharma Ireland Ltd | Ireland | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 0.00% | 0.00% | ||
Changes in voting rights | 100.00% | ||||
Galapagos Biotech Ltd. (formerly Inpharmatica Ltd.) | United Kingdom | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% | ||
Galapagos Real Estate 1 BV | Belgium | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% | ||
Galapagos Real Estate 2 BV | Belgium | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 0.00% | 0.00% | 100.00% | ||
Galapagos Real Estate B.V. | The Netherlands | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% | ||
Galapagos SASU (France) | France | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% | ||
Galapagos, Inc. (formerly Biofocus, Inc.) | United States | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% | ||
Xenometrix, Inc. | United States | |||||
Consolidated companies as of December 31, 2021 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100.00% | 100.00% | 100.00% |
Financial risk management - Fin
Financial risk management - Financial risk factors (Details) € in Thousands, $ in Millions | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) |
Financial risk management | ||||
Financial assets held at fair value through profit or loss | € 0 | € 8,951 | € 11,275 | |
Financial assets | 4,797,436 | 5,357,438 | 5,834,526 | |
Financial liabilities | 111,582 | 167,505 | 148,331 | |
Liquidity risk | ||||
Cash and cash equivalents | 2,233,368 | $ 807.9 | 2,135,187 | 1,861,616 |
Current financial investments and cash and cash equivalents | 4,703,177 | 5,169,349 | 5,780,832 | |
Equity instruments | ||||
Financial risk management | ||||
Financial assets held at fair value through profit or loss | 8,951 | 11,275 | ||
Current financial investments [member] | ||||
Financial risk management | ||||
Financial assets held at fair value through profit or loss | 1,317,460 | 1,571,858 | 3,919,216 | |
Financial assets | 1,152,349 | 1,454,420 | ||
Cash and cash equivalents [member] | ||||
Financial risk management | ||||
Financial assets | 2,233,368 | 2,135,187 | 1,861,616 | |
Restricted cash (current and non-current) | ||||
Financial risk management | ||||
Financial assets | 1,425 | 1,482 | 1,418 | |
Other non-current assets. | ||||
Financial risk management | ||||
Financial assets | 1,048 | 907 | 1,399 | |
Trade and other receivables (excl prepayments) | ||||
Financial risk management | ||||
Financial assets | 91,786 | 184,632 | 39,603 | |
Current financial instruments | ||||
Financial risk management | ||||
Financial liabilities | 204 | 3,164 | 6,198 | |
Trade & other liabilities | ||||
Financial risk management | ||||
Financial liabilities | 84,519 | 134,905 | 116,749 | |
Lease liabilities [member] | ||||
Financial risk management | ||||
Financial liabilities | € 26,859 | € 29,436 | € 25,384 |
Financial risk management - Agi
Financial risk management - Aging of Debtors (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial risk management | |||
Financial assets | € 4,797,436 | € 5,357,438 | € 5,834,526 |
60 - 90 days | Trade receivables | Credit risk | |||
Financial risk management | |||
Financial assets | 141 | 0 | 87 |
90 - 120 days | Trade receivables | Credit risk | |||
Financial risk management | |||
Financial assets | 92 | 0 | 0 |
more than 120 days | Trade receivables | Credit risk | |||
Financial risk management | |||
Financial assets | € 113 | € 0 | € 0 |
Financial risk management - Int
Financial risk management - Interest rate risk and foreign exchange risk (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest rate risk | |||
Financial risk management | |||
Increase in interest rates | 1.00% | 1.00% | |
Decrease in interest rates | 1.00% | 1.00% | |
Approximate increase in profit or loss, and equity from increase in interest rates | € 47,000 | € 51,700 | € 57,800 |
Approximate decrease in profit or loss, and equity from decrease in interest rates | € 47,000 | € 51,700 | € 57,800 |
Foreign exchange risk | |||
Financial risk management | |||
Percentage of change in risk assumption | 10.00% | 10.00% | 10.00% |
Euros - U.S. Dollars Exchange rate value | Foreign exchange risk | |||
Financial risk management | |||
Increase (Decrease) in net book value | € (83,996) | € (116,690) | € (133,373) |
Euros - GB Pounds Exchange rate value | Foreign exchange risk | |||
Financial risk management | |||
Increase (Decrease) in net book value | 1,093 | 303 | 113 |
Euros - CH Francs Exchange rate value | Foreign exchange risk | |||
Financial risk management | |||
Increase (Decrease) in net book value | € 233 | € 2,013 | 538 |
Euros - HR Kunas Exchange rate value | Foreign exchange risk | |||
Financial risk management | |||
Increase (Decrease) in net book value | 650 | ||
U.S. Dollars - GB Pounds Exchange rate value | Foreign exchange risk | |||
Financial risk management | |||
Increase (Decrease) in net book value | € (894) |
Auditor's remuneration (Details
Auditor's remuneration (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Auditor's remuneration | ||
Statutory auditor's fees | € 860,300 | € 1,202,800 |
audit related fees | 101,100 | 214,400 |
Other fees related to non-audit services executed by the statutory auditor | 0 | 47,700 |
Other fees related to non-audit services executed by persons related to the statutory auditor | € 587,700 | |
Other fees related to IT services | € 890,700 |
Events after balance sheet da_2
Events after balance sheet date (Details) | Mar. 18, 2022EUR (€)EquityInstruments€ / sharesshares | Jan. 26, 2022EquityInstruments€ / shares | Jan. 13, 2022EquityInstruments€ / shares | Dec. 31, 2021EquityInstruments | Dec. 31, 2020EquityInstruments | Dec. 31, 2019EquityInstruments |
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Subscription rights offered | 140,954 | 744,965 | 754,605 | |||
Subscription rights offered | 2,493,433 | 2,173,335 | 1,699,690 | |||
Subscription Right Plan | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Subscription rights offered | 30,000 | |||||
Vesting period | 8 years | |||||
Exercise price subscription right | € / shares | € 46.18 | |||||
Vesting percentage portion one | Subscription Right Plan | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Percentage vested | 25.00% | |||||
Vesting percentage portion two | Subscription Right Plan | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Percentage vested | 25.00% | |||||
Vesting percentage portion three | Subscription Right Plan | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Percentage vested | 50.00% | |||||
Member of the personnel | Subscription Right Plan | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Subscription rights offered | 1,000,000 | |||||
Vesting period | 8 years | |||||
Subscription rights, exercise price | € / shares | € 50 | |||||
CEO | Subscription Right Plan | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Subscription rights offered | 50,000 | |||||
Members of Executive Committee | Subscription Right Plan | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Subscription rights offered | 95,500 | |||||
Exercise price subscription right | € / shares | € 22.61 | |||||
share capital increase due to subscription rights exercised | € | € 2,159,600 | |||||
Number of shares issued | shares | 95,500 | |||||
Closing share price | € / shares | € 57.38 | |||||
Members of Board of Directors | Subscription Right Plan | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Subscription rights offered | 10,000 |