Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 183

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 5
Chunk 183
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 statement of financial position and is measured at fair value through other comprehensive income. Per December 31, 2024 no fair value change was recognized except for the currency exchange rate impact. 

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Drug discovery collaboration transaction with NovAliX
Effective July 1, 2023, we entered into an integrated drug discovery collaboration with NovAliX, a drug-discovery focused Contract Research Organization based in Strasbourg, France. Under the terms of the agreement, our drug discovery and research activities conducted in Romainville, France, and our employees in Romainville, which were exclusively dedicated to the operation of these activities, were transferred to NovAliX who will assume all ongoing research and discovery activities in Romainville, and this for no consideration. In return, we are committed to utilizing the research capabilities and expertise of NovAliX through a five year-collaboration and within the context of the company’s R&D portfolio, during which we are committed to purchase for a total of €73.8 million services from NovAliX.
Financial operations overview
Assets held for sale and discontinued operations
Where applicable and in accordance with IFRS 5, we presented discontinued operations in the consolidated income statement and in the notes to consider the impact of classifying the Jyseleca® business as discontinued operations. 
Supply revenues
After completion of the sale of the Jyseleca® business we started to recognize sales of Jyseleca® inventories to Alfasigma as supply revenues, as part of our continuing operations. These supply revenues are recognized at a point in time when the control of inventory items transfers to Alfasigma.
Product net sales
Revenue on the sale of Jyseleca® is recorded as “Product net sales” in our consolidated income statement (presented as discontinued operations in this annual report).
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 been transferred to the customer. This is generally when the goods are delivered to the customer depending on the specific incoterms in the contract with a customer.
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