2025 Achievements and Post-Period Events

2025 Achievements

STRATEGIC REDIRECTION

• In January 2025, Galapagos announced its intention to separate into two publicly listed entities, with Galapagos focusing on cell therapy innovation and a newly established entity focused on building a pipeline of novel therapeutics through transformational business development. This reorganization resulted in a workforce reduction of approximately 40%, impacting around 300 positions across Europe.

• However, in May 2025, in response to regulatory and market developments, the Board of Directors re-evaluated the proposed separation and determined to initiate a comprehensive review of strategic alternatives for the Company’s cell therapy business, including a potential divestiture. A dedicated internal team, supported by external advisors, conducted a structured process over the following months to aggressively explore divestiture opportunities.

• In October 2025, after more than five months of intensive efforts and in the absence of viable proposals offering sufficient financing, the Board decided to pursue an intention to wind down the Company’s cell therapy activities. Following a comprehensive review of strategic alternatives and consideration of investment requirements, market dynamics, the competitive landscape, and stakeholder value creation, the Board concluded that reallocating resources toward new business development opportunities represented the best path forward for Galapagos. This intention was subject to completion of works council consultation processes in Belgium and the Netherlands.

LEADERSHIP STRENGTHENED FOR THE NEXT PHASE

• Reinforced executive leadership with the appointments of Henry Gosebruch as Chief Executive Officer, succeeding Dr. Paul Stoffels¹; Aaron Cox as Chief Financial Officer, succeeding Thad Huston; and Fred Blakeslee as Executive Vice President and General Counsel, succeeding Valeria Cnossen. Additionally, the mandate of Annelies Missotten as our Chief Human Resource Officer and member of the Executive Committee ended December 31, 2025.

• Strengthened the senior leadership team with the appointments of Sooin Kwon as Chief Business Officer and Dan Grossman as Chief Strategy Officer.

• The Board of Directors appointed Jérôme Contamine as Chair of the Board of Directors, replacing Dr. Paul Stoffels. In addition, Dawn Svoronos, Jane Griffiths, and Dr. Neil Johnston were appointed as Non-Executive Independent Directors by way of co-optation, and Devang Bhuva was appointed as Non-Executive Non-Independent Director by way of co-optation. In connection with these co-optations, Non-Executive Independent Directors Peter Guenter, Simon Sturge, Dr. Elisabeth Svanberg, Dr. Susanne Schaffert, and Non-Executive Non-Independent Director Andrew Dickinson stepped down.

PIPELINE ACHIEVEMENTS

Immunology

• In December 2025, Galapagos announced topline Phase 2 results for TYK2 inhibitor, GLPG3667, in patients with dermatomyositis (DM) and systemic lupus erythematosus (SLE), which are summarized as follows:

  • The GALARISSO DM study met its primary endpoint, showing that GLPG3667, administered once daily at 150 mg (N=21) in addition to standard-of-care therapy, achieved a statistically significant clinical benefit in the Total Improvement Score (TIS)² at Week 24 (p=0.0848; Δ: 14.26), compared to placebo (N=19). The pre-specified threshold of statistical significance was set at 10% (α=0.1). GLPG3667 also showed meaningful clinical improvements compared to placebo on several secondary endpoints of disease activity, including TIS20, TIS40, TIS60 and m-CDASI-A³. GLPG3667 demonstrated a favorable safety and tolerability profile throughout the 24-week treatment period.

  • In the GALACELA SLE study, GLPG3667, administered once daily at 75 mg (N=59) and 150 mg (N= 64) in addition to standard-of-care therapy, the primary endpoint analysis of dose-response on SLE responder index (SRI)-4 at Week 32 did not meet statistical significance. However, GLPG3667 showed numerical improvements over placebo (N=63) on several secondary endpoints, particularly on skin-related outcomes. The safety profile was consistent with previous studies with GLPG3667. The GALACELA study is currently ongoing, and the final Week 48 data, expected in the second quarter of 2026, will be essential to assess the totality of the evidence and determine potential next steps for the SLE program.

• As part of Galapagos’ ongoing efforts to maximize the value of this program for both patients and Galapagos, the Company is evaluating all strategic options. These include potential partnership and business development opportunities to accelerate development of GLPG3667 in DM. Additionally, Galapagos continues to explore opportunities to expand into other severe autoimmune diseases with significant unmet medical need.

Oncology

• The Company announced in January 2026 the start of the wind-down of its cell therapy activities to pursue new transformational business development transactions using its available cash resources. In connection with the wind-down, we notified study investigators of the early termination of the Phase 1/2 ATALANTA-1 (CD19 CAR-T candidate GLPG5101) and Phase 1/2 PAPILIO-1 (BCMA CAR-T candidate GLPG5301) studies. Patients from both studies will roll over into the long-term HESPERIA study (NCT06652633) to monitor long-term safety and efficacy. Residual spending associated with these long-term follow-up studies is expected to be minimal.

POST-PERIOD EVENTS

• On 23 March 2026, following Gilead’s entering into a definitive agreement to acquire Ouro Medicines, Galapagos announced that Galapagos and Gilead were in advanced discussions to collaborate on advancing the Ouro Medicines T-cell engager program for autoimmune diseases, although no final terms had been agreed to as of the announcement.

• The Company announced the appointment of Tania Philipp as Chief Human Resource Officer, effective March 4, 2026. She will join the Management Committee and succeed Annelies Missotten, who will remain with the Company through June 30, 2026, to ensure a smooth transition.

• The Board of Directors appointed Paulo Fontoura as Non-Executive Independent Director by way of co-optation, effective as of February 9, 2026, replacing Dr. Susanne Schaffert, who stepped down effective November 1, 2025.

• On January 5, 2026, Galapagos announced that the works council consultation process regarding the wind-down of cell therapy activities had been completed and that its Board of Directors decided to initiate the wind-down of the Company’s cell therapy activities. The wind-down remains on schedule and is expected to be substantially completed by the end of the third quarter of 2026.

• The wind-down will impact approximately 365 employees across Europe, the U.S. and China, and will result in the closure of the sites in Leiden (the Netherlands), Basel (Switzerland), Princeton and Pittsburgh (U.S.), and Shanghai (China).

• Subject to any business activities we undertake, the remaining Galapagos organization expects to be a lean organization of approximately 35–40 employees by the end of 2026, repositioned for long-term growth through transformational business development, while maintaining a dedicated presence at its headquarters in Mechelen, Belgium and its U.S. hubs in Chicago, IL and San Francisco, CA.

• With the wind-down progressing on schedule, Galapagos is now fully focused on pursuing transformative business development opportunities aligned with areas of high unmet medical need.