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Evolution of Remuneration and Company Performance

The table below shows the annual change of remuneration of each Board member, the CEO and the other Executive Committee members (in aggregate), of the performance of the Company and of average remuneration on a full-time equivalent basis of Galapagos’ employees, other than members of the Board of Directors and the Executive Committee, over the five most recent financial years.

Evolution of remuneration and company performance

Comparative table of remuneration and Company performance

 

2025

% change

2024

% change

2023

% change

2022

% change

2021

Director’s remuneration(1)

Executive Committee(2) (3)

Henry Gosebruch(4)

€906,620

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

€1,036,682

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Stoffels IMC BV, permanently represented by Dr. Stoffels(5)

€448,883

-63%

€1,222,950

-3%

€1,256,250

40%

€900,000

N/A

N/A

€2,567,960

-6%

€2,718,034

38%

€1,971,286

34%

€1,470,000

N/A

N/A

Other Executive Committee members(6)

€2,284,378

28%

€1,788,000

15%

€1,557,439

N/A

N/A

N/A

N/A

€4,614,956

63%%

€2,829,736

56%

€1,810,198

N/A

N/A

N/A

N/A

Board of Directors(7) (8)

Jérôme Contamine(9)

€143,588

23%

€116,690

17%

€100,000

47%

€68,131

N/A

N/A

€240,988

31%

€183,440

22%

€150,000

47%

€102,131

N/A

N/A

Jane Griffiths(10)

€45,557

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

€69,207

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Peter Guenter(11)

€41,038

-40%

€68,338

5%

€65,000

0%

€65,000

0%

€65,000

€72,388

-41%

€121,688

6%

€115,000

0%

€115,000

0%

€115,000

Neil Johnston(12)

€12,432

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

€22,530

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Dr. Susanne Schaffert(13)

€62,568

-10%

€69,221

117%

€31,849

N/A

N/A

N/A

N/A

€108,218

-12%

€122,571

105%

€59,849

N/A

N/A

N/A

N/A

Mr. Simon Sturge(14)

€50,539

-36%

€79,052

330%

€18,369

N/A

N/A

N/A

N/A

€81,889

-38%

€132,402

309%

€32,369

N/A

N/A

N/A

N/A

Dr. Elisabeth Svanberg(15)

€90,906

-16%

€108,338

22%

€88,753

37%

€65,000

0%

€65,000

€138,975

-14%

€161,688

17%

€138,753

21%

€115,000

0%

€115,000

Dawn Svoronos(16)

€33,627

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

€57,278

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Company performance

Financial KPIs (thousand of €, except for the stock price and number of employees)

Operational Cash burn (-)/operational cash flow

-189,141

-49%

-373,961

-10%

-414,824

-19%

-513,774

-9%

-564,840

R&D expenditure(17)

-471,129

37%

-343,611

-180%

431,471

-16%

515,083

5%

491,707

Cash position on 31 Dec(18)

2,998,048

-10%

3,317,755

-10%

3,684,508

-10%

4,094,062

-13%

4,703,177

# of employees on 31 Dec(19)

452

-36%

704

-37%

1,123

-16%

1,338

2%

1,309

Stock price performance (Last trading day FY)

28.00

6%

26.52

-28%

36.99

-11%

41.35

-16%

49.22

Average remuneration of employees on FTE basis

Employees of the Group(20)

€137,422

10%

€124,558

-1%

€125,920

2%

€123,958

21%

€102,471

(1)

The Directors’ remuneration overview contains for the CEO, other Executive Committee members and Directors two separate rows, whereby the first row sets out their cash remuneration, being the annual base salary, cash bonus and (if any) exceptional bonus, to enable the comparison with the average remuneration of employees on FTE basis, and the second row sets out their total remuneration, including equity-related remuneration such as granted SRs and vested RSUs.

(2)

The first row shows the cash remuneration of the CEO and the other Executive Committee members, being the annual base salary, cash bonus and (if any) exceptional bonus. All USD-denominated amounts of remuneration paid have been converted using the January 31, 2026 exchange rate (1 USD = 0.839 EUR).

(3)

The second row shows the total remuneration of the CEO and the other Executive Committee members, including equity-based remuneration such as RSUs vested and subscription rights granted during the year. The value of the subscription rights is calculated by comparing the exercise price of the subscription right plan with the average share price as quoted on Euronext Brussels and Amsterdam during the respective financial year. For example, for financial year 2025 the exercise price of the Subscription Right Plan 2025 (A) is compared with the average share price as quoted on Euronext Brussels and Amsterdam during the financial year 2025.

(4)

CEO as of May 12, 2025.

(5)

CEO until May 12, 2025.

(6)

The other Executive Committee members during financial year 2025 are Aaron Cox (as of July 7, 2025), Fred Blakeslee (as of October 16, 2025), Annelies Missotten (until December 31, 2025), Thad Huston (until July 31, 2025) and Valeria Cnossen (until November 14, 2025). Their remuneration over the five-year period is included under the "Other Executive Committee members". Since the mandates of Thad Huston, Valeria Cnossen and Annelies Missotten started as of financial year 2023, we only mention data in the table as of financial year 2023.

(7)

The first row shows the total cash remuneration of each member of the Board of Directors, being the Board fees. This table excludes the previous Chair, Stoffels IMC BV, who was not remunerated for its Board or Committee mandates, Devang Bhuva, Andrew Dickinson, and Linda Higgins, the Gilead Board representatives, and Oleg Nodelman, the Ecor1 representative, who are not remunerated for their Board and Committee mandates.

(8)

The second row shows the total remuneration of each member of the Board of Directors, including equity-based remuneration such as subscription rights granted during the year. As from 1 January 2020, Galapagos no longer grants any subscription rights to members of the Board of Directors.

(9)

Lead Non-Executive Director until May 12, 2025, and as of May 12, 2025 Chair of the Board of Directors.

(10)

Director as of July 28, 2025.

(11)

Director until July 28, 2025.

(12)

Director as of November 1, 2025.

(13)

Director until October 31, 2025.

(14)

Director until July 28, 2025.

(15)

Director until October 31, 2025.

(16)

Director as of July 28, 2025.

(17)

R&D expenditure presented on this line reflects the total Galapagos group related expenditure including the Jyseleca business transferred to Alfasigma on January 31, 2024 presented as discontinued operations in our 2023, 2024 and 2025 consolidated financial statements.

(18)

Cash position on December 31, 2023 included €7,000 cash held in subsidiaries transferred to Alfasigma on January 31, 2024 and classified as assets held for sale in our 2023 consolidated financial statements.

(19)

The number of employees per December 31, 2024 and December 31, 2023 includes employees and insourced personnel (external contractors). At December 31, 2023, the number of employees included 390 employees transferred to Alfasigma on January 31, 2024.

(20)

The average remuneration of employees is calculated on FTE basis, excluding trainees and internships, for employees employed for the full applicable financial year. It takes into account the employees’ base salary, annual cash bonus and (if any) exceptional cash bonus during the respective financial year. Annual cash bonuses are included in the year upon which performance is based and not in the year in which they are paid. Due to the timing of the 2025 year-end process, the actual annual figures for employees only become available close to the date of this report. Therefore, 2025 annual bonus figures represent target figures multiplied by the applicable approved organizational bonus funding scores, being the Company’s best estimate of actual bonus outcomes.