# EDGAR Filing Document

**Accession Number:** 0001421876
**File Stem:** 0001193125-23-080585
**Filing Date:** 2023-3
**Character Count:** 842469
**Document Hash:** 2825c5315519c79f34889b7dae7a651c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-080585.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001193125-23-080585

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 293

**CONFORMED PERIOD OF REPORT**: 20230327

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GALAPAGOS NV
- **CENTRAL INDEX KEY:** 0001421876
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37384
- **FILM NUMBER:** 23765264

**BUSINESS ADDRESS:**
- **STREET 1:** GEN DE WITTELAAN L11 A3
- **CITY:** 2800 MECHELEN
- **STATE:** C9
- **ZIP:** 00000
- **BUSINESS PHONE:** 3215342900

**MAIL ADDRESS:**
- **STREET 1:** GEN DE WITTELAAN L11 A3
- **CITY:** 2800 MECHELEN
- **STATE:** C9
- **ZIP:** 00000

------

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM 6-K**

------

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of March 2023.** 

**Commission File Number: 001-37384**

------

## GALAPAGOS NV
**(Translation of registrant's name into English)** 

------

**Generaal De Wittelaan L11 A3** 

**2800 Mechelen, Belgium** 

**(Address of principal executive office)** 

------

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**Note**: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

------

**<u>EXPLANATORY NOTE</u>**

Enclosed hereto are copies of the following items in connection with Galapagos NV's (the "Company") annual report for the financial year 2022 and its Annual Shareholders' Meeting that will be held on Tuesday, April 25, 2023 at 2:00 p.m. (CET), at the registered office of Galapagos NV.

*The information contained in this Form 6-K, including, Exhibits 99.2, 99.3, 99.4, 99.5, 99.6, 99.7, 99.8, 99.9, 99.10, 99.11 and 99.12 is hereby incorporated by reference into the Company's Registration Statements on Form S-8 (File Nos. 333-204567, 333-208697, 333-211834, 333-215783, 333-218160, 333-225263, 333-231765, 333-249416, 333-260500 and 333-268756). The information contained in Exhibit 99.1 to this Form 6-K is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.* 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [Press Release issued on March 23, 2023](d828657dex991.htm) |
| 99.2 | [2022 Annual Report of Galapagos NV (free English translation for information purposes)](d828657dex992.htm) |
| 99.3 | [A Message From the Board of Directors of Galapagos NV](d828657dex993.htm) |
| 99.4 | [Convening Notice for the Annual Shareholders' Meeting of Galapagos NV to be held on April 25, 2023 (free English translation for information purposes)](d828657dex994.htm) |
| 99.5 | [Proxy Form for holders of Ordinary Shares for the Annual Shareholders' Meeting to be held on April 25, 2023](d828657dex995.htm) |
| 99.6 | [2022 Non-Consolidated Annual Accounts of Galapagos NV (free English translation for information purposes)](d828657dex996.htm) |
| 99.7 | [Report of the Statutory Auditor of Galapagos NV for the Year Ended December 31, 2022 (free English translation for information purposes)](d828657dex997.htm) |
| 99.8 | [Depositary's Notice of the Annual Shareholders' Meeting to be held on April 25, 2023](d828657dex998.htm) |
| 99.9 | [Voting Instructions for holders of American Depositary Shares for the Annual Shareholders' Meeting to be held on April 25, 2023](d828657dex999.htm) |
| 99.10 | [Notification of Participation Form for holders of Ordinary Shares for the Annual Shareholders' Meeting to be held on April 25, 2023](d828657dex9910.htm) |
| 99.11 | [Overview of Outstanding Shares and Voting Rights for the Annual Shareholders' Meeting to be held on April 25, 2023](d828657dex9911.htm) |
| 99.12 | [Instructions for voting by letter for holders of Ordinary Shares for the Annual Shareholders' Meeting to be held on April 25, 2023](d828657dex9912.htm) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | **GALAPAGOS NV** |
|  | (Registrant) |
| Date: March 27, 2023 | /s/ Annelies Denecker |
|  | Annelies Denecker<br> *Company Secretary* |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g828657snap301-302jpg.jpg)

**Galapagos publishes 2022 annual report and announces Annual Shareholders' Meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Publication of annual report for financial year 2022** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Annual Shareholders' Meeting proposed resolutions include re-appointment of Board members and appointment of new statutory auditor** 

**Mechelen, Belgium; 23 March 2023, 21.01 CET; regulated information – Galapagos NV (Euronext & NASDAQ: GLPG) today publishes its annual report for the financial year 2022 and announces its Annual Shareholders' Meeting, to be held on Tuesday 25 April 2023, at 2:00 p.m. (CET), at the registered office of the company.** 

The annual report for the financial year 2022, including a review of figures and performance, is available online at <u>https://www.glpg.com/financial-reports</u> and can also be downloaded as a PDF. Our annual 2022 Form 20-F filing with the Securities and Exchange Commission (SEC) is available at <u>www.sec.gov/edgar</u>.

Furthermore, Galapagos has the honor to invite its shareholders, holders of subscription rights, Board members and statutory auditor to its Annual Shareholders' Meeting ("AGM") that will be held on Tuesday 25 April 2023, at 2:00 p.m. (CET), at the company's registered office.

The items on the agenda of the AGM include, amongst other items: (i) the re-appointment of Mr. Peter Guenter as non-executive independent director for a period of 4 years, and the re-appointments of Mr. Daniel O'Day and Dr. Linda Higgins as non-executive non-independent directors for a period of 4 years, and (ii) the appointment of BDO, permanently represented by Ellen Lombaerts, as the company's new statutory auditor for a period of 3 years.

In order to be admitted to the AGM to be held on 25 April 2023, the holders of securities issued by the company must comply with article 7:134 of the Belgian Code of Companies and Associations and article 23 of the company's Articles of Association, as well as fulfill the formalities as described in the convening notice. The convening notice and any other documents pertaining to the AGM can be consulted on our website: <u>www.glpg.com/shareholders-meetings</u>.

**About Galapagos** 

Galapagos is a fully integrated biotechnology company focused on discovering, developing, and commercializing innovative medicines. We are committed to improving patients' lives worldwide by targeting diseases with high unmet needs. Our R&D capabilities cover multiple drug modalities, including small molecules and cell therapies. Our portfolio comprises discovery through to commercialized programs in immunology, oncology, and other indications. Our first medicine for rheumatoid arthritis and ulcerative colitis is available in Europe and Japan. For additional information, please visit <u>www.glpg.com</u> or follow us on <u>LinkedIn</u> or <u>Twitter</u>.

**Contacts** 

---

| | |
|:---|:---|
| **Media relations** | **Investor relations** |
| Marieke Vermeersch | Sofie Van Gijsel |
| +32 479 490 603 | +1 781 296 1143 |
| Elisa Chenailler | Sandra Cauwenberghs |
| +41 79 853 33 54 | +32 495 58 46 63 |
|  | <u>ir@glpg.com</u> |
| Hélène de Kruijs |  |
| +31 6 22463921<br> <u>media@glpg.com</u> |  |

---

**Forward-looking statements** 

*This release may contain forward-looking statements. Such forward-looking statements are not guarantees of future results. These statements speak only as of the date of publication of this release. We expressly disclaim any obligation to update any forward-looking statements in this release, unless specifically required by law or regulation.* 

***Disclaimer***

*The contents of our website, including the annual report for the financial year 2022, and any other website that may be accessed from our website, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933.*

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g828657dsp003.jpg)

Forward with Purpose Annual Report 2022

------

![LOGO](g828657dsp004.jpg)

**TABLE OF CONTENTS** **Table of Contents** The Galapagos group Corporate governance Letter from the CEO and Chairman 4 Galapagos' corporate governance policies 90 Our Company 7 Board of Directors of Galapagos NV 93 Key achievements in 2022 9 Committees 106 Potential external impacts 17 Executive Committee of Galapagos NV 109 Going concern statement 19 Galapagos NV's share capital and shares 116 Risk management and internal control 20 Shareholders 120 Disclaimer and other information 22 Our remuneration policy 125 Portfolio Remuneration report 125 Conflict of interests and related parties 145 Portfolio and outlook 2023 27 Code of Business Conduct and Ethics 147 Immunology 29 Statement by the Board of Directors 148 Oncology 44 Financial statements Risk factors Consolidated financial statements 150 Risks related to commercialization 53 Notes to the consolidated financial Risks related to product development and statements 156 regulatory approval 54 Overview statutory results of Galapagos NV 234 Risks related to our financial position and Report of the statutory auditor need for additional capital 57 Risks related to our reliance on third Report of the statutory auditor 238 parties 58 Risks related to our competitive position 61 Other information Risks related to our intellectual property 62 Glossary 246 Risks related to our organization, structure Financial calendar 264 and operation 63 Market risks relating to the Galapagos Appendix tables – EU taxonomy 265 shares 67 Colophon 273 General statement about Galapagos' risks 68 Contact 274 Sustainability report Letter from the CEO – Our Sustainability Commitment – Forward, Sustainably 70 Our Materiality Assessment 71 Our Ambition 73 Our Sustainability Governance 73 Our Pillars 76 Reporting on EU Taxonomy 87 2 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp005.jpg)

The Galapagos group Foreword from our CEO and Chairman Overview of our company, our strategy and 2022 achievements Forward with Purpose

------

![LOGO](g828657dsp006.jpg)

THE GALAPAGOS GROUP Letter from the CEO and Chairman As I reflect on my first year as the CEO and Chairman of the Board of Directors of Galapagos, we can be proud of what we have achieved in a very short time to embrace and execute on a new R&D strategy for accelerated growth and a sustainablefutureforourpatients, our people, and our shareholders. 2022 was characterized by major transformation and change but our purpose remains unchanged: transforming patient outcomes through life-changingscienceandinnovationformoreyearsof life and quality of life. By year-end, we implemented a therapeutic area focused R&D model in immunology and oncology, Dr.Paul Stoffels1 andweaddednewdrugmodalitiestoincludeCAR- T cell therapy and biological capabilities. We aim to rebuild our portfolio with transformational medicines, by accelerated innovation and shorter drug development timelines. Through the acquisitions of Cell Point and AboundBio, we gained access to a breakthrough, point-of-care CAR-T manufacturing platform, a clinical-stage CAR-T oncology pipeline and research capabilities for novel, differentiated CAR-T constructs, that together have the potential to deliver life-saving medicines to more patients, faster andmoreefficiently.Throughthetwoacquisitions,wealsoonboardedanexcellentteam of cell therapy scientists and oncology experts. We brought forward our CD19 CAR-T candidates manufactured at point-of-care in two Phase 1/2 studies in patients with relapsed/refractory non-Hodgkin lymphoma and chroniclymphocyticleukemia.WereportedencouraginginitialsafetyandefficacyPhase 1/2 results for both CAR-T candidates, which we believe demonstrate that through the decentralized delivery model, a 7-day vein-to-vein, leukapheresis to infusion time, is feasible.Inaddition,usingnon-frozencellswithashortculturetimeseemstoresultina promising safety and efficacy profile of the CAR-T therapy. Over the next years, we aim to further broaden our CAR-T oncology portfolio and bring additional differentiated CAR-T candidates into the clinic and to market, while further advancingtheongoingPhase1/2studiesinhemato-oncology,forwhichPhase1topline results are expected around mid-2023. 1 Throughout this report, 'Dr. Paul Stoffels' should be read as 'Dr. Paul Stoffels, acting via Stoffels IMC BV' 4 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp007.jpg)

THE GALAPAGOS GROUP In addition, we remain fully committed to immunology, an area where there is still significant unmet patient need and for which we have built deep scientific know-how andexpertisesinceourfounding.Withourprogramstargetingmultiplemodes-of-action and drug modalities, we have a differentiated portfolio of preclinical to commercial assets. We are very proud that our first marketed medicine, Jyseleca®, an orally administered JAK1 preferential inhibitor, continued to deliver solid in-market performance with a growingEuropeanbaseand€87.6 millioninnetsalesfortheyear2022,reaching18,000 patients with rheumatoid arthritis and ulcerative colitis across Europe. Although the topline results from the Phase 3 DIVERSITY trial of filgotinib in Crohn's disease were not supportive to submit a Marketing Authorization Application in Europe astheinductioncohortsdidnotmeettheco-primaryendpoints,wewereencouragedby the confirmed safety profile and the efficacy results observed in the maintenance study andwillthoroughlyreviewthefulldatatofurtherhelpourunderstandingofthisdisease and to support future research efforts. We plan to further invest in our Jyseleca® franchise and later this year, we aim to start a Phase 3 study in axial spondyloarthritis, a type of arthritis that typically begins between the age of 20 and 40, and that causes pain and swelling in the spine and the joints that connect the bottom of the spine to the pelvis. Over the past year, we also made progress with GLPG3667, our selective TYK2 kinase inhibitor,andweaimtostartaPhase2studyindermatomyositisinthefirsthalfof2023 and in systemic lupus erythematosus in the second half of 2023. Finally,toacceleratetime-to-patients,wehaveexpandedourdrugmodalitycapabilities inimmunology,andrecentlyannouncedthatweaimtostartclinicaldevelopmentwith a CD19 CAR-T candidate in refractory systemic lupus erythematosus in 2023. 2022wascharacterizedbymajortransformationand change but our purpose remains unchanged: transforming patient outcomes through life-changing science and innovation for more years of life and quality of life. Beyond our renewed portfolio focus, our strategic transformation also includes formalizingourEnvironmental,SocialandGovernance(ESG)ambitions.Overthecourse of 2022, we completed a new materiality analysis, which allows us to further focus our Sustainabilityambitionsinthoseareasthatwebelievearemostmaterialandwherewe can make the greatest impact. 5 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp008.jpg)

THE GALAPAGOS GROUP With the new strategic direction, a new Executive Committee composition was implemented with the retirement of Dr. Walid Abi-Saab and André Hoekema, and the appointments of Valeria Cnossen, General Counsel, also responsible for Compliance & Ethics,theCorporateSecretaryOfficeandIntellectualProperty,andAnneliesMissotten, ChiefHumanResourcesOfficer.Inaddition,ourBoardofDirectorsapprovedanupdated Corporate Governance Charter, which refers, amongst other updates, to the establishment of the Management Committee supporting the Executive Committee. As a result, our senior leadership team has been further strengthened with key hires and internal promotions in Research, Development, Business Development and Commercial. We continue to endeavor to attract experienced top talent across the organization to execute on our strategy and accelerate innovation and time-to-patients in our strategic focus areas of immunology and oncology. During 2022, we focused on optimizing our organizational set-up and cost base. Financially,weended2022withastrongbalancesheetof€4.1 billionincashandcurrent financialinvestments,whichprovidesuswiththenecessarymeanstolookforadditional external innovation to accelerate our R&D portfolio while progressing our internal programs. We are confident that with our renewed focus to bring transformational medicines to more patients, faster, we are well-positioned to deliver significant long-term value for our shareholders. Taking Galapagos on course for the future and embracing a new strategic direction was challenging and hard work for all the teams. I would like to thank all our employees for their commitment during the past year and for their relentless efforts to pioneer for patients. I want to sincerely thank our shareholders for their trust and continued commitment to stay with us on our journey. Welookforwardwithgreatoptimismtoasustainablefutureaswecontinuetoinnovate forpatientstogivethemwhatmattersthemost:moretimewithfamilyandfriends.More joy. Longer, healthier, better-quality lives. Respectfully, Dr.Paul Stoffels1 CEO and Chairman of the Board of Directors 1 Throughout this report, 'Dr. Paul Stoffels' should be read as 'Dr. Paul Stoffels, acting via Stoffels IMC BV' 6 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp009.jpg)

THE GALAPAGOS GROUP Our Company Our Journey 2020 First medicine 2021 approved in First medicine Europe and Japan for approved in Europe rheumatoid arthritis for ulcerative colitis Own commercial Marketing organization established Authorization Founded with in Europe Holder in headquarters in Belgium 27 European and operations in countries the Netherlands Transformative deal with Gilead IPO on Euronext First medicine approved in Great Britain and Japan for ulcerative IPO on NASDAQ colitis Initial Acquisitions of partnership CellPoint (NL) and Expansion into with Gilead AboundBio (USA) to France for filgotinib expand into oncology, CAR-T and biologicals \| \|3 Our Vision Galapagos' vision is to transform patient outcomes through life-changing science and innovation for more years of life and quality of life. Our Mission We accelerate transformational innovation through the relentless pursuit of groundbreaking science, our entrepreneurial spirit and a collaborative mindset. 7 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp010.jpg)

THE GALAPAGOS GROUP Our Strategy We are a fully integrated biotechnology company united around a single purpose: to transform patient outcomes worldwide through the relentless pursuit of life changing science and innovation for more years of life and quality of life. More than two decades ago, Galapagos was founded to discover new medicines with novel modes of action. Since then, we identified numerous novel targets, generated an R&Dpipelineacrossmultipleindications,enteredintoasignificantstrategicpartnership withGilead,andsuccessfullybroughttomarketamedicineintwoindications.Wehave built a solid foundation based on strong financials, deep scientific and therapeutic expertise in key areas, and a significant commercial footprint. In2022,weunveiledanewstrategytoaccelerategrowthandvaluecreationbyreshaping the way we innovate and operate. This strategy provides a clear path forward based on three key pillars: 1. We shift from novel target-based discovery to patient-focused medical need researchanddevelopmentwithafocusonourkeytherapeuticareasofimmunology and oncology; 2. We build on our current capabilities and de-risk R&D through multiple drug modalities, including CAR-T, small molecules and biologicals, and by focusing on best-in-diseasevalidatedtargetsinourstrategictherapeuticareaswithshortertime-to-patient potential; 3. Weincreaseourbusinessdevelopmenteffortstocomplementourinternalpipeline andcontinuetoworkwithourcollaborationpartnerGileadtobringmoremedicines to patients worldwide. Our differentiation is our entrepreneurship and integrated approach – patient-focused, risk managed, collaborative and driven by medical need – combined with the scale of our resources and our deep scientific expertise in key therapeutic areas. Together, these enable us to significantly reduce time-to-results and accelerate delivery of transformational innovations and medicines to patients. 8 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp011.jpg)

THE GALAPAGOS GROUP Key achievements in 2022 Corporate and Operational Performance Jyseleca® commercial & regulatory progress Adoption across Europe with reimbursement for reumathoid arthritis (RA) in 15 countries and for ulcerative colitis (UC) in 11 Sobi,ourdistributionandcommercializationpartnerinEasternandCentralEurope, Portugal, Greece, and the Baltic countries, launched Jyseleca® in RA in the Czech Republic and Portugal, resulting in€2.0 millionmilestone payments to Galapagos The Medicines and Healthcare products Regulatory Agency (MHRA) in Great Britain andtheMinistryofHealth,LabourandWelfare(MHLW)inJapanapprovedfilgotinib 200mg for the treatment of moderate to severe UC The European Medicines Agency's (EMA) scientific committee, CHMP, adopted the recommendation of the PRAC to add measures to minimize risks of serious side effects with JAK inhibitors used for chronic inflammatory disorders PositiveopinionissuedbytheCHMPforJyseleca®'sEuropeanlabelupdatebasedon testicular function safety data from MANTA/RAy semen parameter studies Portfolio update Initiated preparations to start a Phase 2 program with TYK2 inhibitor GLPG3667 in dermatomyositis (DM) and systemic lupus erythematosus (SLE) Discontinued our activities in fibrosis and kidney disease as a result of the new strategic therapy area focus Halted development of SIK3 inhibitor GLPG4399; medicinal chemistry activities to identify SIK inhibitors with improved pharmacology continues ReportedinitialencouragingsafetyandefficacydataatASH2 2022fromtheongoing ATALANTA-1Phase1/2studyinrelapsed/refractorynon-Hodgkinlymphoma(rrNHL) with CD19 CAR-T candidate, GLPG5101, manufactured at point-of-care Corporate update AppointedDr.PaulStoffelsasChiefExecutiveOfficer,succeedingOnnovandeStolpe, as of 1 April 2022. Following approval by Galapagos' shareholders on 26 April 2022, adopted a one-tier governance model. Subsequently, the (new) Board of Directors appointed Dr. Paul Stoffels as Chairman of the Board of Directors Implemented new strategic direction to accelerate innovation and time-to-patients, focusingonkeytherapeuticareasofimmunologyandoncology,diversifyingbeyond small molecules to include CAR-T and biologicals, and set up a fit-for-purpose R&D organization 2 Annual Society of Hematology 9 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp012.jpg)

THE GALAPAGOS GROUP Entered into the field of oncology through the combined acquisitions of CellPoint B.V. (CellPoint) and AboundBio, Inc. (AboundBio), in all-cash transactions against payment of an upfront amount of €125 million for CellPoint, with an additional €100 million to be paid upon achievement of certain milestones, and against payment of an amount of $14 millionfor AboundBio Received various transparency notifications from EcoR1 Capital LLC and FMR LLC, indicatingthattheirshareholdingsinGalapagoschanged,crossingthe5%threshold, to 5.2% and 5.9%, respectively, of the current outstanding Galapagos shares Raised€6.7 millionthrough the exercise of subscription rights Announced changes to the Executive Committee: Dr. Walid Abi-Saab (Chief Medical Officer) and Dr. André Hoekema (Chief Business Officer) retired from the company, and Valeria Cnossen (General Counsel) and Annelies Missotten (Chief Human Resources Officer) appointed as new members of the Executive Committee as of 1 January 2023. We anticipate announcing a Head of R&D and Executive Committee member in the first half of 2023. Until such appointment, Dr. Paul Stoffels will act as Head of R&D ad interim Post-period events The European Commission approved the recommendation of the PRAC to add measures to minimize risks of serious side effects with all JAK inhibitors used for chronic inflammatory disorders Obtained reimbursement for Jyseleca® in UC in Italy and Denmark Completed MANGROVE Phase 2 study with GLPG2737 in polycystic kidney disease and decided not to-out-license the program due to lack of effect of GLPG2737 on kidney volume and renal progression compared to placebo. The open-label extension study was subsequently stopped Data from SELECTION long-term extension (LTE) study of filgotinib in patients with UC presented at annual ECCO congress showed that filgotinib 200mg maintained a consistent safety profile observed in previous SELECTION studies. In addition, symptomatic remission rates and health-related quality of life (HRQoL) improved in patientswithmoderatetosevereactiveUCwhoreceivedfilgotinib200mgfornearly four years PosterpresentationatannualEBMT-EHAcongressdemonstratinginitialencouraging safety and efficacy results from ongoing EUPLAGIA-1 Phase 1/2 study with a fresh point-of-care manufactured CD19 CAR-T candidate, GLPG5201, in patients with relapsed/refractory chronic lymphocytic leukemia (rrCLL) and small lymphocytic lymphoma(rrSLL),withorwithoutRichter'stransformation(RT).All7outof7eligible rrCLL patients, including 4 patients with RT, responded to treatment (Objective Response Rate of 100%), and GLPG5201 showed an acceptable safety profile with no cytokine release syndrome (CRS) higher than grade 2, or immune effector cell-associated neurotoxicity syndrome (ICAN) observed 10 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp013.jpg)

THE GALAPAGOS GROUP Announced topline results from the DIVERSITY study, a combined induction and maintenance Phase 3 study of filgotinib in Crohn's disease. While the co-primary endpointsforfilgotinib200mginthemaintenancepartofthestudyweremetandthe observed safety profile is consistent with its known safety profile, the two induction cohorts missed the co-primary endpoints of clinical remission and endoscopic response at Week 10. Galapagos decided not to submit a Marketing Authorization Application in Europe based on these topline data Financial performance Consolidated Key Figures Year ended Year ended Year ended (thousands of €, if not stated otherwise) 31 December 2022 31 December 2021 31 December 2020 Income statement Product net sales 87,599 14,753 2 Collaboration revenues 417,681 470,093 478,051 Total net revenues 505,280 484,846 478,053 Cost of sales (12,079) (1,629) -R&D expenditure (515,083) (491,707) (523,667) G&A expenses (292,486) (210,855) (185,225) Other operating income 46,848 53,749 52,207 Operating loss (267,520) (165,596) (178,632) Net financial results 52,373 42,598 (131,143) Taxes (2,844) (2,423) (1,226) Net loss from continuing operations (217,991) (125,422) (311,001) Net profit from discontinued operations,net of tax—22,191 5,565 Net loss (217,991) (103,231) (305,436) Balance sheet Cash and cash equivalents 508,117 2,233,368 2,135,187 Current financial investments 3,585,945 2,469,809 3,026,278 R&D incentives receivables 146,067 144,013 135,728 Assets 4,734,351 5,193,160 5,717,731 Shareholders' equity 2,526,026 2,643,362 2,670,355 Deferred income 1,989,230 2,364,701 2,809,133 Other liabilities 219,094 185,097 238,242 11 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp014.jpg)

THE GALAPAGOS GROUP Year ended Year ended Year ended (thousands of €, if not stated otherwise) 31 December 2022 31 December 2021 31 December 2020 Cash flow Operational cash burn (513,774) (564,840) (517,404) Cash flow used in operating activities (500,544) (503,827) (427,336) Cash flow generated from/used in (-) investing activities (1,245,514) 541,238 757,288 Cash flow generated from/used in (-) financing activities (1,487) (3,876) 22,040 Increase/decrease (-) in cash and cash equivalents (1,747,545) 33,535 351,994 Effect of currency exchange rate fluctuation on cash and cash equivalents 22,293 56,763 (70,539) Cash and cash equivalents on 31 December 508,117 2,233,368 2,143,071 Cash and cash equivalents from continuing operations 508,117 2,233,368 2,135,187 Cash and cash equivalents classified as assets held for sale — 7,884 Current financial investments on 31 December 3,585,945 2,469,809 3,026,278 Total current financial investments and cash and cash equivalents on 31 December 4,094,062 4,703,177 5,169,349 Financial ratios Number of shares issued on 31 December 65,835,511 65,552,721 65,411,767 Basic and diluted loss per share (in €) (3.32) (1.58) (4.69) Share price on 31 December (in €) 41.35 49.22 80.48 Total group employees on 31 December (number)(\*) 1,338 1,309 1,489 (\*) The number of employees on 31 December 2020 included 185 employees of Fidelta, which has been sold to Selvita on 4 January 2021. Our net revenues in 2022 amounted to€505.3 million, compared to€484.8 millionin 2021. WereportedproductnetsalesofJyseleca®inEuropein2022amountingto€87.6 million, compared to€14.8 millionlast year. CostofsalesrelatedtoJyseleca®netsalesin2022amountedto€12.1 million,compared to€1.6 millionin 2021. Collaboration revenues amounted to €417.7 millionin 2022, compared to €470.1 million last year. Therevenuerecognitionlinkedtotheupfrontconsiderationandmilestonepaymentsin the scope of the collaboration with Gilead for filgotinib, amounted to €174.4 million in 2022(comparedto€235.7 millionin2021).Thisdecreasewasduetoalowerincreasein thepercentageofcompletion,slightlyoffsetbyhigherrevenuerecognitionofmilestone payments, strongly influenced by the milestone achieved in 2022 related to the regulatory approval in Japan for UC. 12 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp015.jpg)

THE GALAPAGOS GROUP The revenue recognition related to the exclusive access rights granted to Gilead for our drugdiscoveryplatformamountedto€230.4 millionin2022(comparedto€230.6 million in 2021). We also recognized royalty income from Gilead for Jyseleca® for €10.7 million in 2022 (compared to €3.8 million in 2021). Additionally, we recorded in 2022 milestone paymentsof€2.0 milliontriggeredbytheinitialsalesofJyseleca®intheCzechRepublic and Portugal by our distribution and commercialization partner Sobi. Ourdeferredincomebalanceat31December2022includes€1.5 billionallocatedtoour drug discovery platform that is recognized linearly over the remaining period of our 10-year collaboration, and €0.5 billion allocated to the development of filgotinib which is recognized over time until the end of filgotinib's development period. Our R&D expenditure in 2022 amounted to €515.1 million, compared to €491.7 million in 2021. Depreciation and impairment costs in 2022 amounted to €54.5 million (compared to €17.5 millionin2021).Thisincreasewasprimarilyduetoanimpairmentof€26.7 millionof previously capitalized upfront fees related to our collaboration with Molecure on the dual chitinaseinhibitorOATD-01(GLPG4716)andimpairmentsofintangibleassetsrelatedtoother discontinued projects recorded in 2022. Personnel costs increased from €165.2 million in 2021to€190.1 millionin2022relatedtoincreasesinrestructuringcostsandacceleratednon-cash cost recognition for subscription right plans related to good leavers. This was partly offsetbyadecreaseinsubcontractingcostsfrom€251.1 millionin2021to€214.9 millionin 2022 following the evolution of our programs. Our S&M and G&A expenses amounted to €292.5 million in 2022, compared to €210.9 million in 2021. This increase was primarily due to the termination of our 50/ 50 filgotinib co-commercialization cost sharing agreement with Gilead for filgotinib in 2022 which explains €59.7 million of the variance. The cost increase was also explained by an increase in personnel costs of €26.6 million in 2022 compared to 2021, which are relatedtoanincreaseinourcommercialworkforcedrivenbythecommerciallaunchof filgotinib in Europe, accelerated non-cash cost recognition for subscription right plans related to good leavers and restructuring costs. Other operating income (€46.8 million in 2022 compared to €53.7 million in 2021) decreased, mainly driven by lower grant and R&D incentives income. We reported an operating loss amounting to €267.5 million in 2022, compared to an operating loss of€165.6 millionin 2021. Netfinancialincomein2022amountedto€52.4 million,comparedtonetfinancialincomeof €42.6 million in 2021. Net financial income in 2022 was primarily attributable to €41.3 million ofunrealizedcurrencyexchangegainsonourcashandcashequivalentsandcurrentfinancial investmentsatamortizedcostinU.S.dollars,andto€6.9 millionofpositivechangesinthe(fair) valueofourcurrentfinancialinvestments.Theotherfinancialexpensesalsohadtheeffectof discountingournon-currentdeferredincomeof€7.7 million.Netinterestincomeamountedto €11.1 millionin 2022 as compared to€8.8 millionof net interest expense in 2021. We reported a group net loss in 2022 of €218.0 million, compared to a group net loss of €103.2 millionin 2021. 13 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp016.jpg)

THE GALAPAGOS GROUP Cash, cash equivalents and current financial investments Currentfinancialinvestmentsandcashandcashequivalentstotaled€4,094.1 millionon 31December 2022 as compared to€4,703.2 millionon 31December2021. Total net decrease in cash and cash equivalents and current financial investments amounted to €609.1 million in 2022, compared to a net decrease of €466.1 million in 2021.Thisnetdecreasewascomposedof(i)€513.8 millionofoperationalcashburn,(ii) €153.4 million cash out from the acquisitions of CellPoint and AboundBio, net of cash acquired, offset by (iii) €6.9 million positive changes in (fair) value of current financial investments and €44.5 million of mainly positive exchange rate differences, and (iv) €6.7 millionofcashproceedsfromcapitalandsharepremiumincreasefromexerciseof subscription rights in 2022. Operational cash burn (or operational cash flow if this liquidity measure is positive) is a financial measure that is not calculated in accordance with IFRS. Operational cash burn/cash flow is defined as the decrease or increase in our cash and cash equivalents (excluding the effect of exchange rate differences on cash and cash equivalents), minus: 1. the net proceeds, if any, from share capital and share premium increases included in the net cash flow generated from/used in (–) financing activities 2. thenetproceedsorcashused,ifany,inacquisitionsordisposalsofbusinesses;the movementinrestrictedcashandmovementincurrentfinancialinvestments,ifany, the loans and advances given to third parties, if any, included in the net cash flow generated from/used in (–) investing activities 3. the cash used for other liabilities related to the acquisition of businesses, if any, included in the net cash flow generated from/used in (–) operating activities. This alternative liquidity measure is in our view an important metric for a biotech company in the development stage. The following table presents a reconciliation of operational cash burn, to the closest IFRSmeasures, for each of the periods indicated: (thousandsof€) 2022 2021 Increase/decrease (-) in cash and cash equivalents (excluding effect of exchange differences) (1,747,545) 33,535 Less: Net proceeds from capital and share premium increases (6,695) (3,314) Net purchase/sale (-) of current financial investments 1,087,032 (566,365) Cash out from acquisition of subsidiaries, net of cash acquired 115,270 -Cash advances and loans to third parties 10,000 -Cash used for other liabilities related to the acquisition of subsidiaries 28,164 -Cash in from disposals of subsidiaries, net of cash disposed of—(28,696) Total operational cash burn (513,774) (564,840) 14 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp017.jpg)

THE GALAPAGOS GROUP The Galapagos share GalapagosNV(ticker:GLPG)hasbeenlistedonEuronextAmsterdamandBrusselssince 6May2005 and on the Nasdaq Global Select Market since 14May2015. Galapagos NV forms part of the Bel20 index (top 20 listed companies) on Euronext Brussels, the AMX Index (Amsterdam Midcap-index) on Euronext Amsterdam, and the NBI (Nasdaq Biotechnology Index) on Nasdaq in New York. The Galapagos share in 2022 80 60 40 20 0 01.01.2022 01.04.2022 01.07.2022 01.10.2022 31.12.2022 GLPG.AM (in EUR) GLPG.US (in USD) In 2022, the average daily trading volume on Euronext was 247,661shares and €12.7 million turnover. The daily trading volume on Nasdaq in 2022 was 259,904 American Depository Shares (ADSs) and $14.5 million turnover. 15 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp018.jpg)

THE GALAPAGOS GROUP Galapagos vs Next Biotech Index in 2022 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 01.01.2022 01.04.2022 01.07.2022 01.10.2022 31.12.2022 GLPG (Euronext) Next Biotech Index Galapagos vs Nasdaq Biotechnology Index in 2022 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0 01.01.2022 01.04.2022 01.07.2022 01.10.2022 31.12.2022 GLPG (Nasdaq) Nasdaq Biotechnology Index Investor relations activities 16 analysts cover the Galapagos stock. Our IR team participated in 20 investor conferences in 2022 in Europe and the U.S Severalbroker-organizedandself-organizedroadshowsand(virtual)meetingswereheld throughout the U.S. and Europe, during which we held approximately 600 investor meetings. 16 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp019.jpg)

THE GALAPAGOS GROUP Weorganizedwebcaststopresentour2021FullYear,andour2022Q1,HalfYear,andQ3 results. The main topics of discussion with investors in 2022 included management changes, including the appointment of our new CEO, the strategic review, including refocusing of our pipeline and rightsizing of our operations, cash burn and capital allocation, the acquisitions of AboundBio and CellPoint, our BD plans, the collaboration with partner Gilead, commercial sales of Jyseleca® (filgotinib) in RA and first launch metrics for the treatment of UC in Europe, the clinical development plans with our selective TYK2 inhibitor, GLPG3667 in DM and SLE, and the initial results with GLPG5101 in rrNHL presented at ASH. Our major shareholders at 31December2022 are provided in the chart below: 25.38% Gilead 7.04% 56.45% Van Herk Investments Other shareholders 5.18% EcoR1 Capital 0.05% 5.90% Insiders FMR LLC Potential external impacts COVID-19 Whilst the beginning of 2022 was globally marked by steeply increasing infection rates mainly due to the spread of the highly infectious Omicron-variant, the situation improved significantly as of the second quarter and the strict measures taken by local governments to help prevent the spread of the COVID-19 virus and protect the physical andmentalhealthofourstaffcouldgraduallybeloosened.Weneverthelesscontinueto monitor COVID-19 infection rates at global and local levels, and have systems in place toreactquickywhereneededtoguaranteebusinesscontinuity.Wereportthefollowing impacts: 17 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp020.jpg)

THE GALAPAGOS GROUP Staff At Galapagos, we maintained the measures put in place by local governments to help prevent the spread of the COVID-19 virus and protect the physical and mental health of our staff, albeit that these measures were gradually loosened during 2022. The majority of our research staff continued to work from the office/labs. For teleworkable functions we continued the implementation of our hybrid working model launched in 2021, in locations where the ongoing COVID-19 situation and corresponding local governmental measures permitted us to do so. For those employees coming to the office, we maintained stringent cleaning and sanitation protocols.Wefurtherkeptourglobalandsite-specificbusinesscontinuityplansup-to-date and continued to take appropriate recommended precautions. Development portfolio We have a business continuity plan for our clinical development programs. We closelymonitoreachprograminthecontextofthecurrentglobalandlocalsituation of the COVID-19 pandemic and the associated specific regulatory, institutional, government guidance and policies related to COVID-19. Within the boundaries of these guidelines and policies, and in consultation with our contract research organizations(CROs)andclinicaltrialsites,weappliedvariousmeasurestominimize the impact of the COVID-19 pandemic on our clinical development programs, with the primary aim to ensure the safety of our trial participants and to preserve the data integrity and scientific validity of the trials. These measures were implemented on a case-by-case basis, tailored to the specific study and country needs at any given time, with specific attention paid to vulnerable populations and the use of investigational medicines with immunosuppressive properties. The measures include, amongst others, increased, transparent communication to all stakeholders and the direct supply of investigational medicines to patients. For each clinical trial, we actively monitor and document the impact of COVID-19 to mitigate its effect on thestudywherenecessaryandtofacilitatetheinterpretationandreportingofresults. Commercial organization The form of outreach of our commercial teams to physicians and hospitals was impacted by the COVID-19 pandemic and consequent travel restrictions, and thus becamepartiallyvirtual.Theteamsinvestedindigitalchannelsaspartoftheoverall commercialbuildstrategy,andthesechannelsarebeingutilizedduringourongoing commercial launch. Thus far we note no material impact on the relative competitiveness of our commercial operations due to travel restrictions, nor have theeffectsofCOVID-19impactedourabilitytoengageinmarketaccessdiscussions. Nevertheless, healthcare systems are under pressure across Europe, increasing the volatility in reimbursement procedures and cost containment measures, and potentially reducing the number of new therapy options initiated by healthcare providers. 18 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp021.jpg)

THE GALAPAGOS GROUP Conflict in Ukraine We currently have no clinical studies that are enrolling patients in Ukraine and Russia. If our CROs experience significant or extended disruptions to their business due to the military conflict in Ukraine and the sanctions against Russia, it could result in delays in our clinical development activities, including delay of our clinical development plans and timelines, or could cause interruptions in operations of regulatory authorities. The impact on pivotal studies such as DIVERSITY has remained limited. We continue to monitor the situation and are taking measures to mitigate the impact on our ability to conduct clinical development activities. Interruptions or delays in our CROs' and our ability to meet expected clinical developmentdeadlinesortocomplywithcontractualcommitmentswithrespectto the same, could lead to delays in our overall developmental and commercialization timelines. This would adversely impact our ability to conduct clinical development activities and complete them on a timely basis. Since 24 February 2022, we have extendedthefocusofthebusinesscontinuityplantocloselymonitoreachprogram in context of the currently ongoing Ukraine-Russia conflict and the associated specific regulatory, institutional, and government guidance and policies. Going concern statement To date, we have incurred significant operating losses, which are reflected in the consolidated balance sheet showing €496.7 million accumulated losses as at 31December 2022. We realized a consolidated net loss of €218.0 million for the year ended31December2022.Ourexistingcurrentfinancialinvestmentsandcashandcash equivalentsof€4,094.1 millionat31December2022willenableustofundouroperating expenses and capital expenditure requirements at least for the next 12months. The Board of Directors is also of the opinion that additional financing could be obtained, if required. Taking this into account, as well as the potential developments of our drug discoveryanddevelopmentactivities,theBoardofDirectorsisoftheopinionthatitcan submit the financial statements on a going concern basis. Whilst our current financial investmentsandcashandcashequivalentsaresufficientatleastforthenext12months, the Board of Directors points out that if the R&D activities go well, we may seek additionalfundingtosupportthecontinuingdevelopmentofourproductsortobeable to execute other business opportunities. 19 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp022.jpg)

THE GALAPAGOS GROUP Risk management and internal control Riskmanagementisembeddedinourstrategyandisconsideredimportantforachieving our operational targets. To safeguard the proper implementation and execution of the group's strategy, our Executive Committee has set up internal risk management and control systems within Galapagos. The Board of Directors has delegated an active role to the audit committee memberstomonitorthedesign,implementationandeffectivenessoftheseinternalrisk management and control systems. The purpose of these systems is to manage in an effective and efficient manner the significant risks to which Galapagos is exposed. The internal risk management and control system is designed to ensure: the careful monitoring of the effectiveness of our strategy Galapagos' continuity and sustainability, through consistent accounting, reliable financial reporting and compliance with laws and regulations our focus on the most efficient and effective way to conduct our business We have defined our risk tolerance on a number of internal and external factors including: financialstrengthinthelongrun,representedbyrevenuegrowthandasolidbalance sheet liquidity in the short run; cash business performance measures; operational and net profitability scientific risks and opportunities dependence on our alliance partners compliance with relevant rules and regulations reputation The identification and analysis of risks is an ongoing process that is naturally a critical component of internal control. On the basis of these factors and Galapagos' risk tolerance, the key controls within Galapagos will be registered and the effectiveness will be monitored. If the assessment shows the necessity to modify the controls we will do so. This could be the situation if the external environment changes, or the laws or regulations or the strategy of Galapagos change. The financial risks of Galapagos are managed centrally. The finance department of Galapagos coordinates the access to national and international financial markets and considers and manages continuously the financial risks concerning the activities of the group. These relate to the following financial markets risks: credit risk, liquidity risk, currency and interest rate risk. Our interest rate risk is limited because we have nearly 20 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp023.jpg)

THE GALAPAGOS GROUP no financial debt. In case of decreasing interest rates we will face a reinvestment risk on our strong cash position. The group does not buy or trade financial instruments for speculative purposes. For further reference on financial risk management, see note 34 of the notes to the consolidated financial statements. We also refer to the Risk factors section of the annual report for additional details on general risk factors. Thecompany'sinternalcontrolsoverfinancialreportingareasubsetofinternalcontrols and include those policies and procedures that: pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairly reflect the transactions and dispositions of the assets of the company providereasonableassurancethattransactionsarerecordedasnecessarytopermit preparation of financial statements in accordance with IFRSas adopted by the EU, and that our receipts and expenditures are being made only by authorized persons provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition,useordispositionofourassetsthatcouldhaveamaterial effect on the financial statements Our internal control over financial reporting includes controls over relevant IT systems that have an impact on financial reporting including accuracy and completeness of our account balances. Since the company has securities registered with the U.S. Securities and Exchange Commission (SEC) and is a large accelerated filer within the meaning of Rule 12b-2 of the U.S Securities Exchange Act of 1934, the company needs to assess the effectiveness of internal control over financial reporting and provide a report on the results of this assessment. In 2022 management has reviewed its internal controls over financial reporting based on criteria established in the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and engaged an external advisor to help assess the effectiveness of those controls. As described in Section 404 of the U.S. Sarbanes-Oxley Act of 2002 and the rules implementing such act, we will include the management and the statutory auditor's assessmentoftheeffectivenessofinternalcontroloverfinancialreportinginourannual report on Form 20-F, which is expected to be filed with the SEC on or around the publication date of the present annual report. 21 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp024.jpg)

THE GALAPAGOS GROUP Disclaimer and other information This report contains the information required under Belgian law. GalapagosNVisalimitedliabilitycompanyorganizedunderthelawsofBelgium,withits registeredofficeatGeneraalDeWittelaanL11A3,2800Mechelen,Belgiumandregistered with the Crossroads Enterprise Database (RPR Antwerp – division Mechelen) under number 0466.460.429. Throughout this report, the term "Galapagos NV" refers solely to the non-consolidated Belgian company, and references to "we," "our," "the group" or "Galapagos" include Galapagos NV together with its subsidiaries. This report is published in Dutch and English. Galapagos will use reasonable efforts to ensure the translation and conformity between the Dutch and English versions. In case ofinconsistencybetweentheDutchandEnglishversions,theDutchversionshallprevail. ThisdocumentisthePDFversionofthereport,andisafreetranslation(forinformation purposes only) of the official Dutch language version in the European single electronic format(ESEF)oftheAnnualReport2022.TheofficialDutchlanguageESEFversionofthe report is available on our website (www.glpg.com). Please note that the official ESEF version takes precedence over this PDF version. This report, as well as the statutory financial statements of Galapagos NV, are available free of charge and upon request to be addressed to: Galapagos NV Investor Relations Generaal De Wittelaan L11 A3 2800 Mechelen, Belgium Tel:+32 15 34 29 00 E-mail: ir@glpg.com Adigitalversionofthisreport,aswellasthestatutoryfinancialstatementsofGalapagos NV, are available on our website (www.glpg.com). We will use our reasonable efforts to ensure the accuracy of the digital version, but do not assume responsibility if inaccuracies or inconsistencies with the printed document arise as a result of any electronic transmission. Therefore, we consider only the printed version of this report to be legally valid. Other information on our website, or on other websites, does not form a part of this report. As a U.S. listed company, we are also subject to the reporting requirements of the U.S. Securities and Exchange Commission, or SEC. An annual report will be filed with the SEC on Form 20-F. The Form 20-F is available in the SEC's EDGAR database (https://www.sec.gov/edgar.shtml), and a link thereto is posted on our website. 22 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp025.jpg)

THE GALAPAGOS GROUP With the exception of filgotinib's approval as Jyseleca® for the treatment of moderate tosevererheumatoidarthritisandulcerativecolitisbytheEuropeanCommission,Great Britain's Medicines and Healthcare products Regulatory Agency, and the Japanese MinistryofHealth,LabourandWelfare,ourdrugcandidatesmentionedinthisreportare investigational;theirefficacyandsafetyhavenotbeenfullyevaluatedbyanyregulatory authority. Jyseleca® is a trademark of Galapagos NV and Gilead Sciences, Inc. or its related companies. Forward-looking statements This report contains forward-looking statements, all of which involve certain risks and uncertainties. These statements are often, but are not always, made through the use of words or phrases such as "believe," "anticipate," "expect," "intend," "plan," "seek," "upcoming," "future," "estimate," "may," "will," "could," "would," "potential," "forward," "goal," "next," "continue," "should," "encouraging," "aim," "progress," "remain," "explore," "initial," "promising," "deliver," "target," "further," as well as any similar expressions. Forward-looking statements contained in this report include, but are not limited to, statements made in the sections captioned "Letter from our CEO and Chairman", "CorporateandOperationalPerformance",and"Portfolio"ofthisreport,theguidance from management regarding our financial results and expected operational use of cash and estimated peak sales for Jyseleca® during the financial year 2023, statements regarding our strategic and capital allocation priorities, statements regarding the acquisitions of CellPoint and AboundBio, including statements regarding anticipated benefits of the acquisitions and the integration of CellPoint and AboundBio into our portfolio and strategic plans, statements regarding our regulatory outlook, statements regarding preliminary, interim and topline data from the ATALANTA-1, EUPLAGIA-1, MANGROVE, FILOSOPHY, CALOSOMA, SEA TURTLE, GALARISSO, and LADYBUG-studies and any other data or analyses related to CD19 CAR-T, and our plans and strategy with respect to such studies, statements regarding the timing and likelihood of business development projects and external innovation, statements regarding the amount and timing of potential future milestones, opt-in, royalty or other payments, statements regarding our R&D-plans, strategy, and outlook, including progress on our immunology or oncology-portfolio, our CAR-T-portfolio, or our SIKi-portfolio, and any potential changes in such strategy, statements regarding our pipeline and complementary technology platforms faciliting future growth, statements regarding our strategic re-evaluation,includingourambitionby2028,statementsregardingourcommercialization efforts for filgotinib, our product candidates, and any of our future approved products, statements regarding our expectations on commercial sales of filgotinib and any of our product candidates (if approved), statements regarding our collaboration with Lonza, statements regarding the global R&D-collaboration with Gilead, and the amendment of our arrangement with Gilead for commercialization and development of filgotinib, statementsregardingtheexpectedtiming,designandreadoutsofongoingandplanned preclinicalstudiesandclinicaltrials,including,butnotlimitedto,with(i)filgotinibinRA, UCandAxSpA,(ii)withGLPG3667inSLEandDM,(iii)compoundsfromourSIKi-portfolio, (iv) GLPG2737 in ADPKD, (v) GLPG5101 in rrNHL and rSLE, (vi) GLPG5201 in rrCLL and rrSLL, (vii) GLPG5301 in rrMM, and (viii) with the next-generation CAR-Ts and bispecific 23 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp026.jpg)

THE GALAPAGOS GROUP antibodies, including recruitment for trials and topline results for trials and studies in our portolio, statements related to the EMA's safety review of JAK inhibitors used to treat certain inflammatory disorders, including filgotinib, initiated at the request of the European Commission (EC) under article 20 of Regulation No 726/2004, and regarding therelatedCHMPopinionandtherelatedEC'sdecision,statementsabouttheEuropean label update based on testicular function safety data from the MANTA/MANTA RAy-studies and regarding the related CHMP opinion, statements relating to interactions with regulatory authorities, statements relating to the timing or likelihood of additional regulatory authorities' approval of marketing authorization for filgotinib for RA, UC or other indications, such additional regulatory authorities requiring additional studies, and the timing or likelihood of pricing and reimbursement interactions for filgotinib, statements relating to the development of our commercial organization, commercial sales,androlloutofourproductsorproductcandidates(ifapproved),statementsrelated to the expected reimbursement for Jyseleca®, statements regarding the preparations for the Phase 2 programs with our TYK2 inhibitor product candidate, GLPG3667, and the timing for the start of a study in SLE, statements regarding the timing of clinical development with our CD19 CAR-T candidate, GLPG5101, in rSLE, statements regarding the progress of patient recruitment efforts in the European sites of the Phase 1/2 ATALANTA-1-study with our CD19 CAR-T candidate, GLPG5101, in rrNHL, as well as in the EUPLAGIA-1-study with our CD19 CAR-T candidate, GLPG5201, in rrCLL/SLL, and the timing for topline results from such studies, statements regarding the timing for expansionof,andpatientenrolmentin,theCAR-T-portfoliowithaBCMACAR-Tproduct candidate,GLPG5301,inrrMM,statementsregardingour"Forward,Sustainably"strategy and the related materiality assessment, statements regarding the changes in our leadership and expected resulting benefits, and statements regarding our strategy, portfolio goals, business plans, and sustainability plans. We caution the reader that forward-looking statements are based on our management's current expectations and beliefs and are not guarantees of any future performance. Forward-looking statements may involve known and unknown risks, uncertainties and other factors which might causeouractualresults,financialconditionandliquidity,performanceorachievements, ortheindustryinwhichweoperate,tobemateriallydifferentfromanyhistoricorfuture results,financialconditions,performanceorachievementsexpressedorimpliedbysuch statements.Suchrisksinclude,butarenotlimitedto,theriskthatourbeliefs,guidance, and expectations regarding our 2023 revenues, cash burn, operation expenses, or other financial may be incorrect (including because one or more of our assumptions underlying our revenue or expense expectations may not be realized), the risk that ongoing and future clinical trials may not be completed in the currently envisaged timelines or at all, the inherent risks and uncertainties associated with competitive developments, clinical trials, recruitment of patients, product development activities, and regulatory approval requirements (including, but not limited to, the risk that data from our ongoing and planned clinical research programs in RA, UC, AxSpA, SLE, DM, ADPKD, rSLE, NHL, CLL, rrMM, or any other indications or diseases, may not support registration or further development of our product candidates due to safety, or efficacy concerns, or any other reasons), risks related to the acquisitions of CellPoint and AboundBio, including the risk that we may not achieve the anticipated benefits of the acquisitionsofCellPointandAboundBio,theinherentrisksanduncertaintiesassociated with target discovery and validation, and drug discovery and development activities, the risk that the preliminary and topline data from the ATALANTA-1, EUPLAGIA-1, 24 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp027.jpg)

THE GALAPAGOS GROUP MANGROVE, FILOSOPHY, CALOSOMA, SEA TURTLE, GALARISSO, and LADYBUG-studies maynotbereflectiveofthefinaldata,risksrelatedtoourrelianceoncollaborationswith thirdparties(including,butnotlimitedto,GileadandLonza),theriskthatthetransition of the European commercialization responsibility of filgotinib from Gilead to us, will not have the currently expected results for our business and results of operations, the risk that estimates regarding our filgotinib development program and the commercial potential of our product candidates and our expectations regarding the costs and revenuesassociatedwiththetransferofEuropeancommercializationrightstofilgotinib maybeincorrect,theriskthatwewillnotbeabletocontinuetoexecuteonourcurrently contemplated business plan and/or will revise our business plan, including the risk that our plans with respect to CAR-T may not be achieved on the currently anticipated timeline or at all, the risk that our projections and expectations regarding the commercialpotentialofourproductcandidatesorexpectationsregardingtherevenues and costs associated with the commercialization rights may be inaccurate, the risks related to our strategic transformation exercise, including the risk that we may not achieve the anticipated benefits of such exercise on the currently envisaged timeline or at all, the risk that we will be unable to successfully achieve the anticipated benefits from our leadership transition, the risk that we will encounter challenges retaining or attracting talent, the risks related to disruption in our operations, supply chain, or ongoing studies due to the conflict between Russia and Ukraine, the risks related to continued regulatory review of filgotinib following approval by relevant regulatory authorities, including by the EC and EMA, and the EMA's safety review of JAK inhibitors used to treat certain inflammatory disorders, the risk that the EMA and/or other regulatory authorities determine that additional post-approval trials of filgotinib or any otherproductcandidatethatareapprovedinthefuturewouldberequired,theriskthat the EMA and/or other regulatory authorities may require that the market authorization for filgotinib in the EU be amended, the risk that the EMA and/or other regulatory authorities may impose JAK class-based warnings, the risk that the EMA's and/or other regulatory authorities' safety review may negatively impact acceptance of filgotinib by patients, the medical community, or healthcare payors, and the risks and uncertainties related to the impact of the COVID-19 pandemic. A further list and description of these risks, uncertainties and other risks can be found in our filings and reports with the SEC, including in our most recent annual report on Form 20?F filed with the SEC, and our subsequent filings and reports filed with the SEC. We also refer to the "Risk Factors" section of this report. Given these risks and uncertainties, the reader is advised not to place any undue reliance on any such forward-looking statements. In addition, even if our results, performance, financial condition and liquidity, or the industry in which we operate, are consistent with such forward-looking statements, they may not be predictive of results, performance or achievements in future periods. These forward-looking statements speak only as of the date of publication of this report. We expressly disclaim any obligation to update any such statements in this report to reflect any change in our expectations with regard thereto, or any change in events, conditions or circumstances on which any such statements is based, or that may affect the likelihood that actual results will differ from those set forth in any such statements, unless specifically required by law or regulation. 25 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp028.jpg)

Portfolio Our programs in immunology and oncology Outlook for 2023 Forward with Purpose

------

![LOGO](g828657dsp029.jpg)

PORTFOLIO Portfolio andoutlook 2023 Portfolio The following chart provides an overview of our lead product and product candidates currently in development as of the date of the publication of this report. Program Class Phase 1 Phase 2 Phase 3 Approved ONCOLOGY 5101 CD19 CAR-T NHL 5201 CD19 CAR-T CLL 5301 BCMA CAR-T MM Next-gen CAR-T IMMUNOLOGY Program Class Phase 1 Phase 2 Phase 3 Approved filgotinib JAK1 AxSpA RA & UC 3667 TYK2 SLE DM SIKi 5101 CD19 CAR-T SLE AxSpA, axial spondyloarthritis; RA, rheumatoid arthritis; UC, ulcerative colitis; rSLE, refractory systemic lupus Note: filgotinib is approved for RA and UC in Europe and Japan. multiple myeloma erythematosus; DM, dermatomyositis; NHL, non-Hodgkin lymphoma; CLL, chronic lymphocytic leukemia; MM, 27 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp030.jpg)

PORTFOLIO Outlook 2023 Topline results GLPG5101: GLPG5201: Filgotinib: CD19 CAR-T CD19 CAR-T FILOSOPHY Phase 1 part of Phase 1 part of Phase 4 in RA Phase 1/2 in NHL Phase 1/2 in CLL Regulatory progress CD19 CAR-T IND submission in the US Trial initations GLPG5101/ Filgotinib: CD19 CAR-T GLPG5201: Phase 3 in AxSpA Phase 2 in rSLE CD19 CAR-T NHL/CLL expansion cohorts GLPG5301: GLPG3667: BCMA CAR-T TYK2i Phase 2 in Phase 1/2 in MM DM & SLE 28 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp031.jpg)

PORTFOLIO Immunology Small Molecules pipeline Jyseleca® franchise Jyseleca® in rheumatoid arthritis (RA) RA is a chronic autoimmune disease that affects more than three million patientsintheUnitedStatesandEurope.RAischaracterizedbyinflammation and degeneration of the joints. Patients suffer from pain, stiffness, and restricted mobility due to a persistent inflammation of multiple joints, ultimatelyresultinginirreversibledamageofthejointcartilageandbone.The current market for RA treatments in the five major European markets (EU5) is approximately €3.3 billion. Despite progress in the treatment of RA, there remains a considerable unmet need as sustained remission remains rare.7 In 2003, we discovered JAK1 as a novel, differentiated target in an inflammation target discovery assay and subsequently developed filgotinib as a novel small molecule inhibitor with preferential selectivity for JAK1. Todatethereare4JAKinhibitorsapprovedforthetreatmentofRAintheEU5,including Jyseleca® (filgotinib) an orally administered preferential JAK1 inhibitor. Below we present the RA market in the EU5. 7 Chen Y, et al. Clin Rheumatol. 2019 Mar;38(3):727-738. doi: 10.1007/s10067 -018-4340-7. Epub 2018 Oct 19. 29 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp032.jpg)

PORTFOLIO JAKi RA market share (total) 25% 25% 27% 23% 27% 26% 16% 15% 16% 18% 22% 21% 59% 59% 57% 58% 51% 53% Q1'20 Q3'20 Q1'21 Q3'21 Q1'22 Q3'22 Anti TNF JAKi Other biologics Source: Market research from Therapy Watch, Q3 2022 (6 month average) Regulatory progress of Jyseleca® in RA In2020,Jyseleca®(filgotinib200mgand100mg)obtainedregulatoryapprovalinEurope, Great-Britain, and Japan for the treatment of adult patients with moderate to severe active RA. The European Summary of Product Characteristics for filgotinib, which includes contraindications and special warnings and precautions, is available at www.ema.europa.eu. The Great Britain Summary of Product Characteristics for filgotinib can be found at www.medicines.org.uk/emc and the Northern Ireland Summary of Product Characteristics for filgotinib can be found at www.emcmedicines.com/en-GB/northernireland, respectively. The interview form from the Japanese Ministry of Health, Labour and Welfare is available at www.info.pmda.go.jp. Also in 2020, Gilead Sciences, Inc (Gilead) received a Complete Response Letter (CRL) fromtheUSFoodandDrugAdministration(FDA)fortheNewDrugApplication(NDA)for filgotinib.Consequently,GileaddecidednottoadvancewithresubmissionintheUSfor approval of filgotinib as a treatment for RA in the U.S. In 2022, the Pharmacovigilance Risk Assessment Committee (PRAC) of the European Medicines Agency (EMA) concluded its Article 20 safety review of all JAK inhibitors approved in the EU for the treatment of inflammatory diseases and recommended the harmonization of all labels. PRAC concluded that JAK inhibitors should maintain their indication for the treatment of patients with RA who have responded inadequately to or who cannot tolerate disease modifying anti-rheumatic drugs (DMARDs) therapy, and for patients with UC who have responded inadequately to or who cannot tolerate conventional therapy or biologics. PRAC also recommended all JAK inhibitor product labels be updated to include a precautionary approach for use of JAK inhibitors in patients with identified risk factors only if no suitable treatment alternative is available 30 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp033.jpg)

PORTFOLIO (Section 4.4 of the product label – Warning and Precautions). On 11 November 2022, the Committee for Medicinal Products for Human Use (CHMP), the scientific committee of the EMA, adopted PRAC's recommendation and on 10 March 2023, this decision was approved by the European Commission. Commercialization of Jyseleca® in RA In2021,wetookfullownershipofthemanufacturingandcommercializationofJyseleca® in Europe and became the Marketing Authorization Holder (MAH) in 27 countries in Europe.Jyseleca®isnowreimbursedin15countriesforRA,includingthemajormarkets Germany, France, Spain, Italy, and Great Britain. In Central and Eastern Europe, Portugal, Greece and the Baltic countries, our partner Swedish Orphan Biovitrum AB (Sobi) is responsible for the distribution and commercialization of Jyseleca®. The graphic below represents the reimbursement progress of Jyseleca® throughout Europe since its approval for RA in September 2020. Jyseleca® reimbursement in RA in Europe Reimbursed (15 countries) In progress Eastern and Central Europe, Portugal, Greece, Baltic countries partnered with Sobi Under our amended collaboration agreement with Gilead, Gilead remains responsible for the commercialization and distribution of Jyseleca® outside of Europe, including in Japan where Jyseleca® is approved in RA and is co-marketed with Eisai. SeefurtherdetailsregardingtherevisedGileadcollaborationagreementforfilgotinibin our Notes to the consolidated financial statements. Safety and efficacy in the filgotinib RA development program Filgotinib has shown favorable results in terms of onset of action, efficacy, safety, and tolerability from the FINCH Phase 3 and DARWIN Phase 2 clinical programs. 31 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp034.jpg)

PORTFOLIO As part of the filgotinib development program, we initiated FINCH 4 in RA. The FINCH 4 study is a multi-center, open-label, long-term extension study to assess the safety and efficacy of filgotinib in patients with RA, which enrolled subjects who completed either the FINCH 1, FINCH 2, or FINCH 3 studies. We and Gilead published integrated safety data from 7 RA studies in Annals of the Rheumatic Diseases (Winthrop et al. 2021). Data were integrated from 3 Phase 3 studies (FINCH 1 – 3), 2 Phase 2 studies (DARWIN 1, 2), and 2 long-term extension studies (DARWIN 3, FINCH 4) including up to 5.6 years of filgotinib exposure, and over a median of 1.6 years. In this pooled analysis, filgotinib was well-tolerated, and no new safety concerns were identified. Adverse events of MACE and DVT/PE were rare and occurred insimilarnumbersamongalltreatmentgroups,andwithasimilarincidencerateacross all dose groups. The data underscore the acceptable safety and tolerability profile of filgotinib as monotherapy and in conjunction with MTX/csDMARDs8 in RA. In preclinical animal toxicology studies, when administered at doses beyond its approved dose in humans, filgotinib induced adverse effects on semen parameters. Consequently,weandGileadconducteddedicatedmalepatientsemenanalysisstudies in UC and CD patients called MANTA, and RA, ankylosing spondylitis (AS), and psoriatic arthritis (PsA) patients, called MANTA-RAy, concurrent to all Phase 3 programs. In March 2021, we reported on the primary endpoint with the MANTA and MANTA-RAy studies investigating the effect on semen parameters, which indicated that 8.3% of patientsonplaceboand6.7% ofpatientson200mgfilgotinibhada50%ormoredecline in sperm concentration at Week 13. Subsequently, a Type II variation application was submittedtotheEMAinJune2022,supportedbyinterimdataontheprimary,secondary andexploratoryendpointsatWeek13and26forsubjectswhometaprespecifiedsperm decrease at these timepoints (up to Week 52) from the MANTA and MANTA-RAy studies. Following assessment of the interim data by the CHMP, it was concluded in the opinion that the data did not reveal a difference between treatment groups in the proportion of patients who had a 50% or more decrease from baseline in semen parameters at Week 13 (pooled primary endpoint: filgotinib 6.7%, placebo 8.3%) and at Week 26. Further, CHMP concluded that the data did not show any relevant changes in sex hormone levelsorchangefrombaselineinsemenparametersacrosstreatmentgroups.TheCHMP concluded that these clinical data were not suggestive of filgotinib-related effects on testicular function. In October 2022, we received a positive CHMP opinion to update the European label whereby the language in the section of the Special Warnings and Precautions about the potential effect of filgotinib on sperm production and male fertilitywasremovedfromtheSummaryofProductCharacteristics(SmPC).Inaddition, the MANTA/RAy studies were removed from the Risk Management Plan (RMP). In2022,wepresentedpreliminaryresultsfromourfirstinternational,real-worldarthritis study, FILOSOPHY, FILgotinibObservational Study Of Patient Health-related outcomes, at the American College of Rheumatology (ACR) Convergence 2022 meeting. The data showed that filgotinib induced rapid relief in pain and fatigue as early as Week 1 as well as improvements in disease activity9 at Month 1. These interim results were based 8 Conventional synthetic DMARDs 9 Galloway J, Bevers K, Vershueren P, et al. Presented at: ACR Convergence 2022; November 10-14, 2022; Philadelphia, Pennsylvania. 32 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp035.jpg)

PORTFOLIO on data from 200 real-world patients with moderate to severe active RA enrolled in Germany, the United Kingdom, the Netherlands, Belgium and Italy. Jyseleca® in ulcerative colitis (UC) UC is an inflammatory bowel disease (IBD) resulting in ulcerations and inflammation of the inner layer of the colon and rectum. The current market for UC treatments is estimated at ~€1.0 billionin the EU5. Current treatment landscape in UC in Europe BiologictherapiesforUCweredominatedbytumornecrosisfactor(TNF)antagonistsfor nearly20years,butanti-integrinandanti-interleukinIL-12/IL-23antibodieshaverecently become available. Although the introduction of advanced therapies has improved the treatment of UC for somepatients,30%ofpatientsdonotrespondtotreatment,10 and19%to59%ofinitial responders do not have a sustainable treatment response.11 Therefore, the medical need for improved treatment efficacy with additional treatment options remains high. ThecurrentmarketinEuropeforUCisapproximately€1.0 billionandisexpectedtogrow at a CAGR of 10%between2020 and 2029.12 Current European treatment landscape in UC 27% Other biologics 66% Anti-TNF 7% JAKi Source: UC Therapy Watch (Research Partnership) Q3 2021. Share of prescriptions of advanced therapies 10 Allez M et al. Report of the ECCO pathogenesis workshop on anti-TNF therapy failures in inflammatory bowel diseases: definitions, 11 frequency and pharmacological aspects. J Crohns Colitis. 2010 Oct;4(4):355-66. Ma C et al. Outpatient Ulcerative Colitis Primary Anti-TNF Responders Receiving Adalimumab or Infliximab Maintenance Therapy Have 12 Similar Rates of Secondary Loss of Response. J Clin Gastroenterol. 2015 Sep;49(8):675-82. CAGR: compounded annual growth rate. Source: UC Therapy Watch 33 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp036.jpg)

PORTFOLIO Regulatory progress and commercialization of Jyseleca® in UC Filgotinib obtained regulatory approval for the treatment of adults with moderate to severeUCintheEuropeanUnionin2021,andinGreatBritainandJapaninJanuaryand March 2022, respectively. Filgotinib is marketed as Jyseleca® in Europe and Japan for the treatment of adult patientswithmoderatetosevereactiveUCwhohavehadaninadequateresponsewith, lost response to, or were intolerant to either conventional therapy or a biologic agent. Jyseleca(filgotinib)100mgand200mgareregisteredintheabove-mentionedterritories. The European Summary of Product Characteristics for filgotinib, which includes contraindications and special warnings and precautions, is available at www.ema.europa.eu. The Great Britain Summary of Product Characteristics for filgotinib can be found at www.medicines.org.uk/emc and the Northern Ireland Summary of Product Characteristics for filgotinib can be found at www.emcmedicines.com/en-GB/northernireland, respectively. The interview form from the Japanese Ministry of Health, Labour and Welfare is available at www.info.pmda.go.jp. Jyseleca® reimbursement in UC in Europe Jyseleca® is marketed by Galapagos in Europe and is now reimbursed in 13 countries in Europe (see graph below), including the major markets Great Britain, France and Germany. In Central and Eastern Europe, Portugal, Greece and the Baltic countries, our partner Sobi is responsible for the distribution and commercialization of Jyseleca®. Gilead is responsible for the distribution and commercialization of Jyseleca® outside of Europe, including in Japan where Jyseleca® is approved in UC and is co-marketed with Eisai. 34 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp037.jpg)

PORTFOLIO Jyseleca® reimbursements in UC Reimbursed (13 countries) In progress Eastern and Central Europe, Portugal, Greece, Baltic countries partnered with Sobi Safety and efficacy in the filgotinib UC development program Filgotinib 200mg has shown favorable results in terms of rapid onset of action, efficacy, safety, and tolerability from the SELECTION Phase 3 program in patients with moderate to severe UC. The SELECTION Phase 3 data (Feagan et al. 2021) were published in The Lancet. Both in biologic-naïve and in biologic-experienced patients, a rapid onset of action for filgotinib200mgatWeek2,withasustainedeffectupto10weeks,wasobservedinapre-specifiedexploratoryanalysisoftheSELECTIONstudy.Thegraphbelowshowstherapid onset in both cohorts using the partial Mayo Clinic Score. 35 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp038.jpg)

PORTFOLIO Rapid response with symptom relief from Week 2 Induction (SELECTION) biologic-naïve biologic-IR 0.1 0.1 0.0 0.0 –0.5 –0.5 –1.0 –1.0 MCS (+/-SE) –1.5 –1.5 partial –2.0 –2.0 \* \* –2.5 –2.5 \* CFB in –3.0 \* –3.0 –3.5 –3.5 \* \* \* –4.0 \* –4.0 Baseline week 2 week 4 week 6 week 10 Baseline week 2 week 4 week 6 week 10 Placebo (N=137) Placebo (N=142) Filgotinib 200mg (N=245) Filgotinib 200mg (N=262) \* P < .05 filgotinib vs placebo (nominal p-values) Results from a pre-specified exploratory analysis Partial Mayo Clinic Score is based on all MCS subscores except for the endoscopy score Biologic-IR: biologic-inadequate response, CFB: change from baseline, partial MCS: partial Mayo Clinic Score Additionally, data from a post-hoc analysis of the maintenance study showed that a greater proportion of biologic-naïve and biologic-experienced patients receiving filgotinib 200mg maintained clinical remission up to 58 weeks versus those receiving placebo (37% versus 11%; p<0.001) and had histologic remission (38% versus 13%; p<0.001) and 6-month corticosteroid-free clinical remission (27% versus 6%; p<0.01) as shown in the graph below, and published in The Lancet (Feagan et al. 2021). 36 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp039.jpg)

PORTFOLIO Sustained remission at Week 58 Maintenance (SELECTION) Clinical remission Histologic 6-Month CS-free (primary endpoint) remission clinical remission ?26 ?25 ?21 \*\*\*\* \*\*\*\* 37 38 \*\* of patients (%) 27 Proportion 11 13 6 (n=98) (n=199) (n=98) (n=199) (n=47) (n=92) Placebo Filgotinib 200mg CS: corticosteroid \*\* P < .01; \*\*\*\* P < .0001 filgotinib vs placebo subscore of 0 or 1) Clinical remission as measured by EBS (endoscopy subscore of 0 or 1, rectal bleeding subscore of 0, stool frequency Furthermorein2021,additionalsafetydatafromtheSELECTIONstudieswerepresented at the 16th European Crohn's and Colitis Organisation (ECCO) 2021 virtual congress (Schreiber etal. 2021).DatawereanalyzedfromtheSELECTIONinduction,maintenance, and long-term extension study with a cumulative treatment exposure of 1,207 patient years for filgotinib 200mg versus 318 patient years for placebo, showing results consistent with the original induction and maintenance studies, where filgotinib was well tolerated in patients with moderate to severe active UC. In2022,wepresentedasetofnewdatafromtheSELECTIONstudyandSELECTIONlong-term extension study in UC at the ECCO 2022 annual conference. The key findings were: 1. Continued treatment with filgotinib for up to an additional 96weeks in the long-term extension study was effective in maintaining long-term improvements in UC symptoms; 2. Retreatmentwithfilgotinibuponinterruptionresultedinrecoveryofefficacyinmost patients and filgotinib was well tolerated with no new safety concerns; 3. Filgotinib's efficacy profile was consistent and the safety profile acceptable regardless of the age group, analysing patients up to 75years of age; and 4. Filgotinib was able to achieve the high bar of efficacy as defined by a combined endpoint of clinical and quality of life (QoL) remission, endoscopic and biomarker improvement. 37 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp040.jpg)

PORTFOLIO In 2023, we presented additional new analyses from the SELECTION program with filgotinib at the annual ECCO congress. These include new analysis from the long-term extension (LTE) study evaluating the safety and efficacy of filgotinib in UC for nearly four years; an analysis of the prolonged benefit of filgotinib in UC; an analysis exploring factors associated with the partial Mayo Clinic Score (pMCS) over time; and analysis of the effect of filgotinib on anaemia in UC patients. Additionally, we presented pooled data from five Phase 2/3 trials, and two long-term extension trials of filgotinib designed to further understand the safety profile of filgotinib in UC and RA. Data from the SELECTIONLTE study showed that filgotinib 200mg maintained symptomatic remission and health-related quality of life (HRQoL) for up to approximately four years. Amongst subjects who completed the study, the reduction in mean pMCS in SELECTION was maintained up to LTE Week 144. In non-responders, mean pMCS decreased from LTE baseline to Week 192. The results also showed that a high proportion of completers (>80%ofpatients)andnon-responders(>70%ofpatients)achievedremissionaccording totheInflammatoryBowelDiseaseQuestionnaire13.Thesafetyprofileoffilgotinib200mg in the SELECTIONLTE study was generally consistent with the safety profile observed in previous SELECTION studies, with no new safety signals observed. Filgotinib in Crohn's disease (CD) CD is an IBD of unknown cause, which results in chronic inflammation of the gastrointestinal (GI) tract with a relapsing and remitting course. FITZROY Phase 2 program in CD The FITZROY Phase 2 trial evaluated the efficacy and safety of filgotinib 200mg once-daily in 174 patients with moderate to severe active CD and mucosal ulceration, who wereeitheranti-TNFnaiveoranti-TNFfailures.Asreportedin TheLancet (Vermeire etal. 2016), the FITZROY Phase 2 trial achieved the primary endpoint of clinical remission at Week 10, and filgotinib demonstrated a favorable tolerability profile consistent with the DARWIN trials in RA. DIVERSITY Phase 3 program in CD Gilead initiated the Phase 3 DIVERSITY trial with filgotinib in CD in November 2016, and following our amended collaboration agreement with Gilead, Galapagos became the solesponsorofDIVERSITY(includingalldevelopmentcosts)andthelong-termextension study, and the parties completed the transfer of all data to Galapagos in March 2023. Under the terms of the amended agreement, Gilead made a one-time payment of $15 millionto Galapagos. DIVERSITY consisted of a combined (induction and maintenance), double-blind, placebo-controlledPhase3trial,enrolling1,374biologic-naiveandbiologic-experienced patients with moderate to severe active CD in 384 centers worldwide. The primary objectives of the trial were to evaluate the safety and efficacy of filgotinib 100mg or 200mg, once-daily oral treatments, versus placebo. 13 The Inflammatory Bowel Disease Questionnaire is a widely used questionnaire for HRQoL assessment in patients with inflammatory bowel diseases. 38 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp041.jpg)

PORTFOLIO The co-primary endpoints at Week 10 and Week 58 were clinical remission per Patient Reported Outcome (PRO-2) and endoscopic response per Simple Endoscopic Score for Crohn's Disease (SES-CD). Clinical remission measured by the Crohn's Disease Activity Index (CDAI) was a key secondary endpoint in the induction and maintenance phase of the study. Additional secondary endpoints were clinical remission and endoscopic response (combined into a single endpoint on a patient level) at Week 10, clinical remissionandendoscopicresponse(combinedintoasingleendpointonapatientlevel) at Weeks 10 and 58, sustained clinical remission and endoscopic response at Weeks 10 and 58, and 6-month corticosteroid-free clinical remission at Week 58 (see graphic below). Induction Cohort A included biologic-naïve (54%) and biologic-experienced (46%) patients; induction Cohort B included biologic-experienced patients. In total, 33% of patientsinCohortAand52%ofpatientsinCohortBhadfailedtreatmentwith3ormore biologic drugs. Induction endpoints week 10 Maintenance endpoints week 58 • Clinical remission (CDAI <150) • Endoscopic response (SES-CD score, reduction ?50% from BSL) Baseline week 11 Biologic-naïve 200mg 200mg and 100mg Placebo experienced randomized Placebo Responders Long term extension Biologic- 200mg study re- 100mg experienced 100mg Placebo Placebo Placebo responders remain on placebo Non-responders/worsening of disease: go to LTE Filgotinib is not approved in CD by any regulatory authority On 8February2023, Galapagos announced topline results from the DIVERSITY study. Both induction cohorts of the study failed to meet the co-primary endpoints of clinical remission and endoscopic response for filgotinib, 100mg and 200mg once-daily. In the maintenance phase of the study, a statistically significant higher proportion of patients receiving filgotinib 200mg once-daily achieved the co-primary endpoints of clinical remission (43.8% vs. 26.4%; p=0.0382) and endoscopic response (30.4% vs. 9.4%; p=0.0038) compared to placebo at Week 58. The safety observations of the study were in line with the underlying disease and were consistent with the safety profile of filgotinib observed in previous studies across indications. 39 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp042.jpg)

PORTFOLIO Basedonthesetoplinedata,GalapagosdecidednottosubmitaMarketingAuthorization ApplicationinEuropeforfilgotinibinCD.Thefullresultswillbefurtheranalyzedtogain valuable insights to guide future research efforts. Our TYK2 program: GLPG3667 GLPG3667 is an investigational reversible and selective TYK2 kinase domain inhibitor that was discovered by us and evaluated in a Phase 1 healthy volunteer study in 2020. ThePhase1studywasarandomized,double-blind,placebo-controlleddoseescalation studyevaluatingsafety,tolerability,pharmacokinetics(PK)andpharmacodynamics(PD) of single and multiple ascending oral doses of GLPG3667 for 13 days. BloodwasdrawnatmultipletimepointsonDay1andonDay10andstimulated exvivo withseveralcytokines,includingIFN?,toanalyzethelevelofinhibitionofinflammation, including the effect on phosphorylated signal transducer and activator of transcription (pSTAT) signaling as well as hematological parameters, lipids and creatine-phosphokinase (CPK) (see graphs below). '3667 is a potent, selective TYK2 inhibitor 20 50 predose 3hr post-administration 0 40 -20 30 -40 IFN?/pSTAT1 GM-CSF/pSTAT5 -60 20 -80 pSTAT inhibition vs d1 predose (%) 10 -100 percentage of pSTAT-positive cells 0 3 6 9 12 15 18 21 24 0 Time post-administration (h) IFN?/pSTAT1 IFN?/pSTAT3 IL-2/pSTAT5 '3667 high dose (150mg QD) in HV for 14 days (n=6) '3667 high dose (150mg QD) in HV for 4 days (n=14) Collected blood (day 10) triggered ex vivo with IFN? or GM-CSF Blood collected at Tmax (3h post-administration) triggered ex vivo with IFN?, IL-2 HV, healthy volunteer. Source: company data 40 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp043.jpg)

PORTFOLIO No effect on hematological parameters, lipids and CPK Placebo 30mg '3667 90mg '3667 150mg '3667 180 Hemoglobin (g/L) 8 Neutrophils (109/L) 300 CPK (U/L) 160 6 200 140 4 120 2 100 100 0 0 BL Day 2 Day 6 Day 8 Day 11 BL Day 2 Day 6 Day 8 Day 11 BL Day 2 Day 6 Day 8 Day 11 4 Lymphocytes (109/L) Platelets(109/L) 10 Cholesterol (mmol/L) 600 3 8 2 400 6 4 1 200 2 0 0 0 BL Day 2 Day 6 Day 8 Day 11 BL Day 2 Day 6 Day 8 Day 11 BL Day 2 Day 6 Day 8 Day 11 Mean values. Source: company data. CPK: creatine phosphokinase Following these results, we initiated a randomized, placebo-controlled, double-blind Phase 1b study in 31 patients with moderate to severe plaque psoriasis. Patients were randomized in a 1:1:1 ratio to a daily oral dose of GLPG3667 (low dose or high dose) or placebo, for a total of 4weeks. In July 2021, we announced positive topline results demonstrating that GLPG3667 was generally well tolerated with a positive response signal at Week 4 (see graph below): At Week 4, four out of 10 patients in the high dose group had a Psoriasis Area and SeverityIndex(PASI)50response,definedasatleasta50%improvementinPASIfrom baseline, compared to one out of 10 subjects on placebo. There were no subjects with a PASI 50 response on the low dose of GLPG3667. The 4 responders in the high dose group of GLPG3667 achieved a 52%, 65%, 74% and 81% improvement respectively in their PASI scores from baseline, while the subject randomized to placeboimprovedby52%.Positiveefficacysignalswerealsoobservedwiththehigh dose for other endpoints, including affected Body Surface Area and physician and patient global assessment, versus placebo at Week 4. 41 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp044.jpg)

PORTFOLIO GLPG3667: clinical activity in Psoriasis at Week 4 Phase 1b psoriasis study with '3667 Clinical activity at 4 weeks with once daily dosing 100% PASI 75 PASI 50 90% 80% %CFB or less 70% 60% achieving 50% 40% 30% 20% % of subjects 10% 0% –100% –75% –50% –25% 0% 25% PASI %CFB '3667 (150mg) (N=10) '3667 (50mg) (N=11) Placebo (N=10) \*Papp et al, NEJM, 2018 CFB, change from baseline. Source: company data Onesubjectinthelowdosegroupinterruptedparticipationinthestudyforoneday due to exacerbation of psoriasis. The majority of treatment related adverse events (AEs) were mild in nature and transient. There were no deaths or serious adverse events (SAEs) in this 4-week study. Followingtheseresults,in2022,weinitiatedthepreparationsforthePhase2studieswith GLPG3667 in dermatomyositis (DM) and systemic lupus erythematosus (SLE). DM is the most common form of idiopathic inflammatory myopathies (IIM) and is characterized by inflammatory and degenerative changes of the muscles and skin. IIMs areaheterogenousgroupofrareautoimmunedisordersprimarilyaffectingtheproximal muscles.Theyarecharacterizedbyseveremuscleweakness,muscleenzymeelevations, inflammationonmusclebiopsy,andextra-muscularmanifestations.Thequalityoflifeof patientswithDMisimpairedduetomuscleweaknessandpain,andskindiseaseactivity. 14 The overall mortality ratio in DM patients also remains three times higher compared to the general population, with cancer, lung, and cardiac complications and infections being the most common causes of death. The Phase 2 studies in DM and SLE are expected to start later in 2023. 14 Goreshi R, et al. Quality of life in dermatomyositis. J Am Acad Dermatol. 2011 Dec;65(6):1107-16. 42 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp045.jpg)

PORTFOLIO Our SIK program The Salt-Inducible Kinases (SIK) belong to a novel class of targets with immune-modulatory function discovered in an inflammation phenotypic cell assay with our proprietary target discovery platform. The search, identification, and validation for this novel class of targets started with the ambition to find novel druggable targets with a differentiating mechanism-of-action to develop new therapeutic candidates demonstrating an improved efficacy and safety profile relative to existing therapies. Although significant progress has been made with novel therapies in recent years, for instanceinpsoriasis,theunmetneedtomanagechronicinflammatorydiseasesrelated to joints, the bowel, and other organs remains an important objective in public health. The SIK family, which includes 3 members SIK1, SIK2, and SIK3, has been shown to contribute to biologic pathways across multiple immune cells. SIK inhibition has the potential to reduce the production of pro-inflammatory cytokines coupled with enhanced production of immunoregulatory mediators. This unique mechanism-of-actionoffersthepotentialtorestoretheimmunebalancethatistypicallyoutofbalance in autoimmune diseases, and differentiate product candidates from existing therapies that predominantly act by suppressing the immune system. Wehavebeenfocusingourmedicinalchemistryeffortsonthesetargets,deliveringover 5,000 synthesized molecules, and more than 11 different chemical series with different SIK-isoform selectivity profiles. The first lead molecule from this program, GLPG3970, a selective SIK2/SIK3 inhibitor, has demonstrated a response across several disease modelsthathasledtotheinvestigationofaseriesofearly-stageclinicaltrialsinpsoriasis (CALOSOMA), UC (SEA TURTLE), and RA (LADYBUG). The topline results for GLPG3970 were announced in July 2021. Thorough analysis of clinical endpoints and exploratory biomarker research has confirmed meaningful signals of biological activity in psoriasis and UC patients despite shorttreatmentdurationandsuboptimalPKproperties.Asecondcandidate,GLPG4399, selectiveforSIK3,wastestedinaPhase1healthyvolunteerstudybutwillnotbefurther pursued for clinical development. SIK portfolio outlook From the clinical studies described above we learned that the SIK pathway has the potential to play an important role in inflammation and confirms the therapeutic potential of SIK inhibitors in inflammatory diseases. Although we will not progress GLPG3970 and GLPG4399 further into clinical development, the study results are an essentialpartofthebroadevidencepackagethatweareassemblingonourSIKprogram. Thisstrengthensourunderstandingofthebestapproachgoingforward.Wearecurrently performingmedicinalchemistryactivitieswiththegoaltostartpreclinicaldevelopment with a selective SIK inhibitor later in 2023. 43 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp046.jpg)

PORTFOLIO CAR-T pipeline GLPG5101 in refractory SLE SLE is a female predominant, relapsing and remitting autoimmune disease, characterized by the formation of autoantibodies and immune complex–mediated inflammation. This results in systemic progressive multiple organ damage, which is associated with high morbidity and mortality. RecentlypublisheddatafromapilotstudyindicatethatCAR-Tcelltherapymayhavethe potential to achieve long-term drug-free SLE remission.15,16 Given our deep disease knowledge and expertise in the field of immunology and our novel approach in the manufacturing of CAR-T therapies at the point-of care (see ONCOLOGY section), we plan to initiate a Phase 1b patient study with our CD19 CAR-T candidate, GLPG5101, later in 2023. Oncology Our differentiating approach In 2022, we entered the field of oncology, CAR-T, and antibody-therapy research and development through the acquisitions of CellPoint and AboundBio. The transactions provide us with end-to-end capabilities in CAR-T therapy development and offer the potential for a paradigm shift in the space through the implementation of a breakthrough, decentralized point-of-care manufacturing model, and cutting-edge fully human antibody-based capabilities to design next-generationCAR-Tsand biologicals. Point-of-care manufacturing Despite continued progress with currentCAR-Tcancer therapies, long lead times, costly central manufacturing and complex logistics continue to be limiting factors for large-scale capacity and broad patient access. To address important limitations of current CAR-T treatments, CellPoint (a Galapagos company) has developed, in a strategic collaboration with Lonza, a novel decentralized delivery model designed to manufacture non-frozen CAR-T therapies at the point-of-care. Through decentralized manufacturing, complex logistics and cryopreservation of the cellscanbeavoided,andtheaveragevein-to-veintimecanbedrasticallyreducedfrom up to months for currently approved CAR-T therapies to 7days with our CAR-T candidates currently observed in our clinical trials. 15 Anti-CD19 CAR-T cell therapy for refractory systemic lupus erythematosus. 16 Mackensen A, Müller F, Mougiakakos D, et al. Nat Med. 2022 Sep 15. CD19-targeted CAR-T cells in refractory systemic lupus erythematosus. Mougiakako Ds , Krönke G Völkl S, et al. N Engl J Med. 2021 Aug 5;385(6):567-569. 44 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp047.jpg)

PORTFOLIO The proprietary platform consists of CellPoint's end-to-end xCellit workflow management and monitoring software and Lonza's Cocoon®, a functionally closed, automated manufacturing platform for cell therapies. The novel point-of-care model is compliant with the EMA and FDA guidance for clinical trials. The Cocoon® Platform—Picture curtosy of Lonza Increase patient access with point-of-care manufacturing \*vein to vein time: time between leukapheresis and infusion delivery at the hospital 45 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp048.jpg)

------

![LOGO](g828657dsp049.jpg)

PORTFOLIO Scientific capabilities CAR-T cells Rapid Antibody Discovery (scFV, Fab, VH) Proprietary library & binder expertise scFV, single-chain fragment variable; Fab, fragment antigen-binding; VH, heavy chain variable domain Pipeline CAR-T manufactured at point-of-care GLPG5101: CD19 CAR-T in relapsed/refractory non-Hodgkin's lymphoma Non-Hodgkin's lymphoma (NHL) is a cancer originating from lymphocytes, a type of white blood cell which is part of the body's immune system. NHL can occuratanyagealthoughitismorecommoninadultsover50yearsold.Initial symptomsusuallyareenlargedlymphnodes,fever,andweightloss.Thereare manydifferenttypesofNHL.Thesetypescanbedividedintoaggressive(fast-growing) and indolent (slow-growing) types, and they can be formed from either B lymphocytes (B cells) or in lesser extent from T lymphocytes (T cells) orNaturalKillercells(NKcells).Bcelllymphomamakesupabout85%ofNHL cases diagnosed in the US. Prognosis and treatment of NHL depend on the stage and type of disease. GLPG5101 is our second generation anti-CD19/4-1BB CAR-T product candidate, administered as an intravenous infusion of a fresh product candidate in a single fixed dose. Its feasibility, safety, and efficacy of point-of-care manufacturing are currently beingevaluatedintheATALANTA-1Phase1/2,open-label,multicenterstudyinpatients with relapsed/refractory non-Hodgkin lymphoma (rrNHL). The primary objective of the Phase 1 part of the ATALANTA-1 study is to evaluate safety and to determine the recommended dose for the Phase 2 part of the study. Secondary 47 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp050.jpg)

PORTFOLIO objectives include assessment of efficacy and feasibility of point-of-care manufacturing of GLPG5101. The dose levels that are evaluated in the Phase 1 part are 50x106 (DL1), 110x106 (DL2) and 250x106 (DL3) CAR-T cells. The primary objective of the Phase 2 part is to evaluate the objective response rate (ORR) while the secondary objectives include complete response rate (CRR), duration of response, progression free survival, overall survival, safety, pharmacokinetic profile, and feasibility of point-of-care manufacturing. Each enrolled patient will be followed for 24months. ATALANTA CD19 CAR-T Phase 1/2a in rrNHL Evaluating feasibility, safety and efficacy of point-of-care CD19 CAR-T Ph1—dose escalation (n=15) Ph2—dose expansion (n=30/cohort) DL1 '5101 (low) '5101 pivotal dose DL2 '5101 (medium) DL3 '5101 (high) Screening Leukapheresis '5101 CD19 CAR-T Single infusion Follow-up visits '5101 CD19 CAR-T Single infusion Follow-up visits D-6 – D-4: Patient conditioning D-x D-7 Manufacturing& QC release D0 D28, every 3M D0 D28, every 3M DL, dose level; rrNHL, refractory/relapsed non-Hodgkin lymphoma. Start of dose expansion in 2023 pending regulatory approval InDecember2022,wepresentedinitialdatafromtheATALANTA-1Phase1studyduring a poster session at the 64th Annual American Society of Hematology (ASH) Congress in New Orleans, Louisiana. The initial results from 7 patients that were eligible for efficacy evaluation (ATALANTA-1 Phase 1 study cut-off date: 8 November 2022) indicated that a 7-day vein-to-vein time was feasible and demonstrated strong and consistent in vivo CAR-T expansion levels. Moreover, the initial efficacy results were encouraging with an observedORRof86%andacompleteresponse(CR)observedinallrespondingpatients. A duration of response of up to 7 months has been reported and follow-up is ongoing. Two patients who received DL1 that progressed, after initial stable disease or CR respectively, had a CD19-negative escape. No CD19-positive relapses have been observed. In the initial safety analysis of these 7 patients, adverse events were consistent with the known toxicities of CD19 CAR-T treatment. No grade 3 or higher cytokine release syndrome(CRS)orimmuneeffectorcell-associatedneurotoxicitysyndrome(ICANS)was observedinanyofthepatients.AtDL2,CRSgrade1or2wasreportedin4patientsand ICANSgrade1wasreportedin3patients.PatientsatDL1didnotexperienceanygradeof CRSorICANS.Dose-limitingtoxicity(neutropeniagrade4for>21days)wasobservedin1 patient (DL2) and the majority of grade ?3 adverse events were hematological toxicities. 48 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp051.jpg)

PORTFOLIO The study is currently enrolling rrNHL patients in Europe and the first expansion cohort for Mantle Cell Lymphoma, a form of NHL, is currently open for recruitment. We aim to provide Phase 1 topline results around mid-2023. GLPG5201: CD19 CAR-T in relapsed and refractory chronic lymphocytic leukemia Chroniclymphocyticleukemia(CLL)isoneofthechroniclymphoproliferative disorders (lymphoid neoplasms). It is characterized by the excessive and uncontrolled proliferation of functionally incompetent B lymphocytes from monoclonal origin. CLL and small cell lymphocyte leukemia (SLL) are essentially the same type of B-cell non-Hodgkin lymphoma (NHL), with the only difference the location where the primary cancer occurs. CLL affects B-cellsinthebloodandbonemarrowandSLLcancercellsarelocatedinlymph nodes and/or the spleen. Richter's Transformation (RT) is an uncommon clinicopathologicalconditionobservedinpatientswithCLL.Itischaracterized by the sudden transformation of the CLL into a significantly more aggressive form of large cell lymphoma, and occurs in approximately 2– 10%16 of all CLL patients. CLL/SLL usually follows an indolent course and is an incurable disease. Patients who develop relapsed and refractory disease and become resistant to new agents have a dismal prognosis and a high unmet medical need for new therapeutic options such as CAR-T cells. With an estimated incidencerateof4.7 newcasesper100,000individuals,CLL/SLLarethemost prevalent lymphoid malignancies and the most common forms of adult leukemia in the US and in Europe17. EUPLAGIA-1isanongoingPhase1/2studyinheavilypre-treatedpatientswithrrCLLand rrSLL, with or without RT, to evaluate the safety, efficacy, and feasibility of GLPG5201, a non-frozen CD19 CAR-T product candidate manufactured at point-of-care. GLPG5201 is our second generation anti-CD19/4-1BB CAR-T product candidate, administeredasanintravenousinfusionofafreshproductcandidateinasinglefixeddose. PatientswithCD19rrCLLorrrSLLwith>2linesoftherapyareeligibletoparticipate,and patients with RT are eligible regardless of prior therapy. The primary objective of the Phase 1 part of the study is to evaluate safety and determine the recommended dose for the Phase 2 part of the study. The dose levels that are evaluated in the Phase 1 part of the study are 35x106 (DL1), 100x106 (DL2) and 300x106 (DL3) CAR+ viable T cells. The primary objective of the Phase 2 part of the study is to assess the ORR and the secondaryobjectivesincludetheanalysisoftheCRR,durationofresponse,progression free survival, overall survival, safety pharmacokinetic profile, and feasibility of point-of-care manufacturing. 16 CD19-targeted CAR-T cells in refractory systemic lupus erythematosus. 17 Mougiakako Ds , Krönke G Völkl S, et al. N Engl J Med. 2021 Aug 5;385(6):567-569. Siegel RL, Miller KD, Fuchs HE, Jemal A. Cancer Statistics, 2021. CA: A Cancer Journal for Clinicians. 2021;71(1):7-33. https://www.ncbi.nlm.nih.gov/books/NBK493173 49 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp052.jpg)

PORTFOLIO We presented initial encouraging safety and efficacy data from the EUPLAGIA -1 Phase 1 study during a poster session at the EBMT-EHA5th European CAR-T-cell Meeting in Rotterdam in February 2023 (EUPLAGIA-1 Phase 1 study data cut-off date: 9 January 2023). At the moment of analysis on 9 January 2023, 7 patients diagnosed with rrCLL (4 patients of which have RT) were enrolled in the study (n=4 at dose level 1 (DL1); n=3 at doselevel2(DL2).AllpatientsreceivedGLPG5201asafreshinfusionwithamedianvein-to-vein time of 7 days.19 Theinitialresultsfromthese7patientsthatwereeligibleforefficacyanalysis(EUPLAGIA -1 Phase 1 cut-off date: 9 January 2023) indicated that a 7 day vein-to-vein time was feasible and that the 'fresh' CAR-T product candidate demonstrated strong and consistent in vivo CAR-T expansion levels. Moreover, the initial efficacy results were encouraging with an observed ORR of 100%. A CR was observed in 6 out of 7 patients (86%)andinall4patientswithRT.Adurationofresponseofupto7.9 monthshasbeen reportedandfollow-upisongoing.Only1patient(DL1)progressed(progressivedisease after partial response, (PR)) and had a CD19-negative relapse with confirmed Richter's transformation. Inthesafetyanalysisofthese7patients,adverseeventswereconsistentwiththeknown toxicitiesofCD19CAR-Ttreatment.Noneofthepatientsexperiencedacytokinerelease syndrome (CRS) higher than grade 2 at both dose levels and no immune effector cell associated neurotoxicity syndrome (ICANS) was reported. No dose limiting toxicities (DLTs) were reported and the majority of grade ?3 adverse events were hematological. Only one serious adverse event was reported at DL2 with a patient experiencing a CRS grade 2, but the event was resolved after 7days. The EUPLAGIA-1 study is continuing to enrol rrCLL and rrSLL patients in Europe, including patients with RT, and we aim to provide Phase 1 topline results around mid-2023. EUPLAGIA CD19 CAR-T Ph1/2a in r/rCLL Evaluating feasibility, safety and efficacy of point-of-care CD19 CAR-T Ph1—dose escalation (n=15) Ph2—dose expansion (n=30/cohort) DL1 '5201 (low) '5201 pivotal dose DL2 '5201 (medium) DL3 '5201 (high) Screening Leukapheresis '5201 CD19 CAR-T Single infusion Follow-up visits '5201 CD19 CAR-T Single infusion Follow-up visits D-6 – D-4: Patient conditioning D-x D-7 Manufacturing& QC release D0 D28, every 3M D0 D28, every 3M DL, dose level; r/rCLL, relapsed/refractory chronic lymphocytic leukemia 19 N. Martinez-Cibrian , S. Betriu , V. Ortiz-Maldonado , D. Esteban , L. Alserawan , M. Montoro , A.D. Van Muyden , M. Spoon , M.J Pont , C. Jacques,J.Delgado(2023,February 9-11) InitialclinicalresultsofEuplagia-1,aPhaseI/IITrialofPoint-of-CareManufacturedGLPG5201 in R/R CLL/SLL with or without Richter's transformation [Poster presentation]. EBMT-EHA 5th European CAR T-cell Meeting, Rotterdam, the Netherlands 50 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp053.jpg)

PORTFOLIO GLPG5301: BCMA CAR-T in relapsed and refractory multiple myeloma Multiple myeloma (MM) is typically characterized by the neoplastic proliferation of plasma cells producing a monoclonal immunoglobulin. The plasma cells proliferate in the bone marrow and may result in extensive skeletal destruction with osteopenia, and osteolytic lesions with or without pathologic fractures. The diagnosis of MM is made when one (or more) of the following clinical presentations are present: bone pain with lytic lesions discoveredonroutineskeletalfilmsorotherimagingmodalities,anincreased total serum protein concentration with the presence of a monoclonal protein intheurineorserum,andanemia,hypercalcemiaorrenalfailure.Thepatient may be either symptomatic or their disease may be discovered incidentally. PAPILIO-1isaPhase1/2,open-label,multicenterstudytoevaluatethefeasibility,safety, and efficacy of point-of-care manufactured GLPG5301, our BCMA CAR-T product candidate, in patients with relapsed/refractory multiple myeloma (rrMM). GLPG5301 is a second generation anti-BMCA/4-1BB CAR-T product candidate, administered as an intravenous infusion of a fresh product candidate in a single fixed dose. Each enrolled patient will be followed for 24months. The primary objective of the Phase 1 part of the PAPILIO-1 study is to evaluate safety and determine the recommended dose for the Phase 2 part of the study. Secondary objectivesofthePhase1partofthestudyincludeassessmentofefficacyandfeasibility of point-of-care manufacturing of GLPG5301. TheprimaryobjectiveofPhase2ofthestudyistoevaluatetheORRwhilethesecondary objectives include assessment of CRR, duration of response, progression free survival, overall survival, safety, pharmacokinetic profile, and feasibility of point-of-care manufacturing. We expect to start enrolling patients with rrMM in Europe in the second quarter of 2023. 51 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp054.jpg)

Risk factors Description of the risks investors should be aware of Forward with Purpose

------

![LOGO](g828657dsp055.jpg)

RISK FACTORS Risks related to commercialization Themarketingandsaleoffilgotiniborfutureapprovedproductsmaybeunsuccessfulor less successful than anticipated. We are heavily dependent on the success of filgotinib, which is approved for the treatment of RA and UC in Europe, and Japan. Thecommercialsuccessoffilgotinibandofanyfutureproducts,ifapproved,willdepend upon the degree of market acceptance by physicians, healthcare payers, patients, and themedicalcommunity.Marketacceptancewilldependonanumberoffactors,manyof whicharebeyondourcontrol,butnotlimitedto(i)thewordingoftheproductlabel,(ii) changesinthestandardofcareforthetargetedindicationsforanyproductandproduct candidate, (iii) acceptance by physicians, patients and healthcare payers of the product as safe, effective and cost-effective and (iv) sales, marketing and distribution support. We have limited experience in the sale or marketing of pharmaceutical products and havebuildandcontinuetofurtherdevelopamarketingandsalesorganization.Wehave established our own sales force in several European countries. We expect to continue to invest significant financial and management resources to continue to build these capabilities and to establish a European commercial infrastructure or to enter into collaboration arrangements with third parties to outsource the distribution or commercialization, such as SOBI, our distribution and commercialization partner in Eastern and Central Europe, Portugal, Greece, and the Baltic countries for filgotinib. Recruiting and training a sales force is expensive and costs of creating an independent salesandmarketingorganizationandofmarketingandpromotioncouldbeabovethose anticipated by us. To the extent any of our product candidates for which we maintain commercial rights is approved for marketing, if we are unable to establish marketing and sales capabilities or enter into agreements with third parties to market and sell our products, we may not be able to market and sell any product effectively, or generate product revenues, which in turn would have a material adverse effect on our business, financial condition, and results of operation. Further, to the extent that Gilead is commercializing filgotinib in one or more jurisdictions or a third party, such as Eisai, is commercializing filgotinib in one or more jurisdictions, we are significantly dependent on their successful accomplishment of commercialization efforts. Coverage and reimbursement decisions by third-party payers may have an adverse effect on pricing and market acceptance. Legislative and regulatory activity, including enacted and future legislation, may exert downward pressure on potential pricing and reimbursement for any of our product candidates, if approved, that could materially affect the opportunity to commercialize. 53 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp056.jpg)

RISK FACTORS regulatory approval Risks related to product development and We operate adequate standard operating procedures to secure the integrity and protection of our research and development activities and results, and the optimum allocation of our R&D budgets. The progress of the most important research and developmentprogramsiscontinuouslymonitoredbyourExecutiveCommittee;theyare discussedwiththeBoardofDirectorsatleastonceperquarter,andthemembersofour Board of Directors with expertise in clinical and scientific matters occasionally attend meetingswithourscientificstafftodiscussandassesssuchprograms.Nevertheless,due toourlimitedresourcesandaccesstocapital,wemustandhaveinthepastandduring financial year 2022 decided to prioritize development of certain product candidates; these decisions may prove to have been wrong and may adversely affect our business. We are heavily dependent on the success of filgotinib. We are also dependent on the success of our other product candidates, such as GLPG3667, GLPG5101, GLPG5201 and GLPG5301.During2022,weshiftedfromnoveltarget-baseddiscoverytopatient-focused medical need research and development with a focus on our key therapeutic areas of immunologyandoncology.FilgotinibisapprovedforuseinRAandUCintheEuropean Union, Great Britain and Japan. In addition, we are heavily investing in our early-stage product candidate pipeline, including our SIK early-stage compounds, and these drug candidatesmustundergorigorouspreclinicalandclinicaltesting,theresultsofwhichare uncertain and could substantially delay or prevent the drug candidates from reaching the market. Through the acquisitions of CellPoint and AboundBio, we gained access to innovative, scalable, decentralized and automated point-of-care cell therapy supply model as well as a fully human antibody-based therapeutics platform. We are heavily investinginbuildingourtherapeuticareaofoncology,wherebycelltherapiesarenovel, complex, and difficult to manufacture and require rigorous preclinical and clinical testing, the results of which are uncertain. We cannot give any assurance that any product candidate will successfully complete clinical trials or receive regulatory approval, which is necessary before it can be commercialized. Our business and future success is substantially dependent on our ability to develop successfully, obtain regulatory approval for, and then successfully commercialize our product filgotinib and our other product candidates. We are not permitted to market or promote any of our product candidates before we receive regulatory approval from the FDA, the EMA, the MHRA, the MHLW or any other comparable regulatory authority, and we may never receive such regulatory approval for any of our product candidates. We cannot give any assurances that our clinical trials for filgotinib or our other product candidates,includingourCD19CAR-Tproductcandidates,willbecompletedinatimely manner, or at all. If filgotinib or any other product candidate is not approved and commercialized in certain jurisdictions, we will not be able to generate any product revenues for that product candidate. 54 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp057.jpg)

RISK FACTORS The regulatory approval processes of the FDA, the EMA, the MHRA, the MHLW and other comparable regulatory authorities are lengthy, time consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business, including its financial condition, will be substantially harmed. Clinical testing is expensive and can take many years to complete, and its outcome is inherently uncertain. Results of earlier studies and trials as well as data from any interimanalysisofongoingclinicaltrialsmaynotbepredictiveoffuturetrialresults,and failure can occur at any time during the clinical trial process. If we experience delays in the completion of, or termination of, any clinical trial of our product candidates, the commercial prospects of our product candidates will be harmed, and our ability to generate product revenues from any of these product candidates will be delayed. If filgotinib or any of our product candidates are found to be unsafe or have a lack of efficacy, we will not be able to obtain or maintain regulatory approval for it and our business would be materially harmed. The rates at which we complete our scientific studies and clinical trials depend on many factors, including, but not limited to, patient enrollment. Patient enrollment is a significant factor in the timing of clinical trials and is affected by many factors including competing clinical trials, clinicians' and patients' perceptions as to the potential advantages of the drug being studied in relation to other available therapies and the relatively limited number of patients. Any of these occurrences may harm our clinical trials and by extension, our business, financial condition and prospects. Our product candidates may cause undesirable or unacceptable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial profile of an approved label, or result in significant negative consequences following marketing approval, if any. Undesirablesideeffectscausedbyourproductcandidatescouldcauseusorregulatory authorities to interrupt, delay or halt clinical trials and could result in a more restrictive label or the delay or denial of regulatory approval by the FDA, the EMA, the MHRA, the MHLW or other comparable regulatory authorities. The drug-related side effects could affectpatientrecruitmentortheabilityofenrolledpatientstocompletethetrialorresult in potential product liability claims. Any of these occurrences may harm our business, financialconditionandprospectssignificantlyandmayadverselyimpacttheviabilityof our other product candidates or preclinical programs. In animal toxicology studies in the preclinical phase, filgotinib at an exposure dose above the approved dose in humans induced adverse effects on semen parameters. As aresult,filgotinibmayhavealabelingstatementwarningformalepatients.Adjacentto thefilgotinibPhase3programs,weandGileadwereconductingdedicatedmalesemen analysisstudiesinCDandUCpatients(MANTA)andinRA,PsA,andAS,patients(MANTA-RAy).InMarch2021,wereportedontheprimaryendpointwiththeMANTAandMANTA-RAY studies. Following submission of a type II variation application to the EMA and assessmentofthedatabytheCHMP,apositiveopinionhasbeenissuedinOctober2022 by the CHMP to update the European label of filgotinib whereby the language in the 55 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp058.jpg)

RISK FACTORS section of the Special Warnings and Precautions about the potential effect of filgotinib on sperm production and male fertility was removed from the Summary of Product Characteristics (SmPC). Such labeling statement warnings or changes of such labeling statementwarningsmayharmthecommercializationofourproductcandidatesandour business. Even now when filgotinib has received regulatory approval or marketing authorization in previously mentioned jurisdictions, other regulatory authorities may impose dosing restrictions that differ from the approved dosing regimen in other jurisdictions. Boxwarnings,labelingrestrictions,doselimitationsandsimilarrestrictionsonusecould have a material adverse effect on our ability to commercialize filgotinib in those jurisdictions where such restrictions apply. In February 2022, the European Medicines Agency's (EMA) announced that its Pharmacovigilance Risk Assessment Committee (PRAC) initiated an article 20 specific pharmacovigilance procedure to investigate whether certain serious risks associated with the JAK inhibitors Xeljanz (tofacitinib) and Olumiant (baricitinib) are associated withallJAKinhibitorsauthorizedintheEUforthetreatmentofinflammatorydisorders, including filgotinib. In November 2022, the EMA's Committee for Medicinal Products for Human Use, CHMP, adopted the recommendation of the PRAC to add measures to minimize risk of serious side effects with JAK inhibitors used for chronic inflammatory disorders, followed by the approval of the European Commission on 10 March 2023. If such safety review(s) result(s) in amendments to the marketing authorization for filgotinib, or other additional requirements that the EMA may put in place with respect to the development of JAK inhibitors generally, or other future actions by the EMA and other comparable regulatory authorities, then such delays or (perceived) adverse developments or results may harm our business, financial condition and prospects significantly. If we lose orphan product exclusivity or are not able to obtain or maintain such status for future product candidates for which we seek this status, or if our competitors are able to obtain orphan product exclusivity before we do, we may not be able to obtain approvalforourcompetingproductsforasignificantperiodoftime.Evenifweareable to obtain orphan designation, we may not be the first to obtain marketing approval forsuchindicationduetotheuncertaintiesassociatedwithdevelopingpharmaceutical products.Orphandrugdesignationneithershortensthedevelopmenttimeorregulatory review time of a drug nor gives the drug any advantage in the regulatory review or approval process. We must establish and maintain a pharmacovigilance system, including a qualified person responsible for oversight, submit safety reports to the regulators and comply withthegoodpharmacovigilancepracticeguidelinesadoptedbytherelevantregulatory authorities. Failure to comply with these guidelines may harm our clinical trials or regulatory process and by extension, our business. If the FDA, EMA, or any other comparable regulatory authority approves any of our productcandidates,themanufacturingprocesses,distribution,adverseeventreporting, 56 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp059.jpg)

RISK FACTORS storage, advertising, and recordkeeping for the product will be subject to extensive and ongoing regulatory requirements, which currently is applicable for filgotinib. These requirements include submissions of safety and other post-marketing information and reports, registration requirements and continued compliance with current good manufacturingpractices,orcGMPs,andgoodclinicalpractices,orGCPs,foranyclinical trials that we conduct post-approval. Failure to comply with the aforementioned practices may harm our clinical trials or regulatory process and by extension, our business, financial condition and prospects. need for additional capital Risks related to our financial position and We are an integrated biopharmaceutical company with a first and single commercial launch and have not yet generated significant income. We have only very recently commencedourtransitionfromaclinical-stagetocommercial-stagecompany.Untilour firstcommerciallaunch,ouroperationshavebeenlimitedtodevelopingourtechnology and undertaking preclinical studies and clinical trials of our product candidates. Sinceourinception,andwiththeexceptionoftheyear2019,wehaveincurredsignificant operating losses. Our losses resulted principally from costs incurred in research and development, preclinical testing, clinical development of our product and our product candidates as well as costs incurred for research programs, (pre-)commercial activities and from general and administrative costs associated with our operations. We expect to continue incurring significant research, development and other expenses related to our ongoing operations, and to continue incurring operating losses for the foreseeable future.Wecannotbesurewewillgeneratefutureprofitsfromthesalesoffilgotinib,our first product which was approved for commercialization in the European Union, Great Britain and Japan. Because of the numerous risks and uncertainties associated with pharmaceuticalproductdevelopment,weareunabletopredictthetimingoramountof expenses and when we will be able to achieve or maintain profitability, if ever. We may require substantial additional future capital which may not be available to us on acceptable terms, or at all, in order to complete clinical development and, if we are successful, to commercialize any of our current product candidates, if approved. Our ability to raise additional funds will depend on financial, economic and market conditionsandotherfactors,overwhichwemayhavenoorlimitedcontrol.Inaddition, raising additional capital may cause dilution to our existing shareholders, restrict our operations or require us to relinquish rights to our product candidates or technologies. The incurrence of additional indebtedness could result in increased fixed payment obligations and could also result in certain additional restrictive covenants that could adversely impact our ability to conduct our business. For further reference on financial risks in particular, see note 34 of the notes to the consolidated financial statements. 57 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp060.jpg)

RISK FACTORS parties Risks related to our reliance on third WeareheavilydependentuponourcollaborationarrangementswithGileadandcertain otherthirdpartiesforthedevelopmentandcommercializationofourproductsandthere can be no assurance that these arrangements will deliver the benefits we expect. In July 2019, we entered into a 10-year global research and development collaboration with Gilead. In connection with our entry into the option, license and collaboration agreement, we received an upfront payment of $3.95 billion and a €960million ($1.1 billion)equityinvestmentfromGilead.Undertheoption,licenseandcollaboration agreement,wewillfundandleadalldiscoveryanddevelopmentautonomouslyuntilthe end of the relevant Phase 2 clinical study. After the completion of the Phase 2 clinical study (or, in certain circumstances, the first Phase 3 study), Gilead will have the option to acquire an exclusive commercial license to that program in all countries outside of Europe. If the option is exercised, we and Gilead will co-develop the compound and share costs equally. In addition, we are heavily dependent on Gilead for the commercialization of filgotinib and the further development of filgotinib outside of Europe. Gilead may not devote sufficient resources or give sufficient priority to the programs in respect of which it acquires a commercial license pursuant to the option, license and collaboration agreement. Furthermore, Gilead may not be successful in the commercialization of filgotinib outside of Europe and further development and commercialization of filgotinib or other programs for which it acquires a commercial license, even when they do devote resources and prioritize their efforts for such programs. To the extent that Gilead is commercializing filgotinib in one or more jurisdictionsviaathirdparty,suchasEisaiforcertainAsianmarkets,wearesignificantly dependent on their successful accomplishment of commercialization efforts. In addition, the terms of the collaboration with Gilead and any collaboration or other arrangement that we may establish may not ultimately prove to be favorable to us or maynotbeperceivedasfavorable,whichmaynegativelyimpactthetradingpriceofthe ADSs or our ordinary shares. In addition, pursuant to the collaboration with Gilead, we are entitled to certain option payments and tiered royalties, and milestone payments oncertainproducts.Therecanbenoassurancethatsuchpaymentswillbesufficientto cover the cost of development of the relevant product candidates. We are subject to a number of additional risks associated with our dependence on our collaborationswiththirdparties,theoccurrenceofwhichcouldcauseourcollaboration arrangements to fail. In particular, the collaboration we entered into in July 2019 is managed by a set of joint committees comprised of equal numbers of representatives fromeachofusandGilead.ConflictsmayarisebetweenusandGilead,suchasconflicts concerning the interpretation of clinical data, the achievement of milestones, the interpretationoffinancialprovisionsortheownershipofintellectualpropertydeveloped duringthecollaboration,andtherecanbenoassurancethatthejointcommitteeswillbe abletoresolveanysuchconflicts.Ifanysuchconflictsarise,Gileadcouldactinamanner 58 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp061.jpg)

RISK FACTORS adverse to our best interests. Any such disagreement could result in one or more of the following, each of which could delay or prevent the development or commercialization ofproductcandidatessubjecttothecollaborationarrangements,andinturnpreventus from generating sufficient revenues to achieve or maintain profitability: reductions or delays in the payment of milestone payments, royalties or other payments we believe are due; actions taken by Gilead inside or outside our collaboration which could negatively impact our rights or benefits under our collaboration including termination of the collaboration for convenience; or unwillingness on the part of Gilead to keep us informed regarding the progress of itsdevelopmentandcommercializationactivitiesorregulatoryapprovalortopermit public disclosure of the results of those activities. InadditiontoourcollaborationwithGilead,wemayalsoenterintofuturecollaborations whichwillgiverisetosimilarrisks,althoughourabilitytoenterintosuchcollaborations may be limited given the scale of our collaboration with Gilead. IfourglobalresearchanddevelopmentcollaborationwithGileadorothercollaborations on research and development candidates do not result in the successful development and commercialization of products or if Gilead or another one of our collaboration partners terminates its agreement with us, we may not receive any future research funding or milestone or royalty payments under the collaboration. If we do not receive the funding we expect under these agreements, our development of our product candidatescouldbedelayedandwemayneedadditionalresourcestodevelopproduct candidates. We may not be successful in establishing future development and commercialization collaborations, particularly given the scale of our collaborations with Gilead, and this could adversely affect, and potentially prohibit, our ability to develop our product candidates. Developing pharmaceutical products, conducting clinical trials, obtaining regulatory approval,establishingmanufacturingcapabilitiesandmarketingapprovedproductsare expensive. Accordingly, we have sought and may in the future seek to enter into collaborations with companies that have more resources and experience. In the future, however,ourabilitytodosomaybelimitedgiventhescaleofthe10-yearglobalresearch and development collaboration that we entered into with Gilead in July 2019. If Gilead declines to exercise its option and we are otherwise unable to obtain a collaboration partner for our product candidates, we may be unable to advance the development of our product candidates through late-stage clinical development and seek approval in any market. In situations where we enter into a development and commercial collaboration arrangement for a product candidate, we may also seek to establish additional collaborations for development and commercialization in territories outside of those addressed by the first collaboration arrangement for such product candidate. If any of our product candidates receives marketing approval, we may enter into sales and marketing arrangements with third parties with respect to otherwise unlicensed 59 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp062.jpg)

RISK FACTORS or unaddressed territories. Furthermore, there are a limited number of potential collaboration partners, and we expect to face competition in seeking appropriate collaborationpartners.Ifweareunabletoenterintoanydevelopmentandcommercial collaborationsand/orsalesandmarketingarrangementsonacceptableterms,oratall, wemaybeunabletosuccessfullydevelopandseekregulatoryapprovalforourproduct candidates and/or effectively market and sell approved products, if any. In October 2021, we signed an agreement (as amended from time to time) with Sobi regarding the distribution of Jyseleca®. Sobi acts as our distribution and commercialization partner of filgotinib and will distribute the medicine in Central and Eastern Europe, Greece, Portugal, and the Baltic countries. Launches and first sales of filgotinibintheaforementionedcountriestriggermilestonepaymentsbySobitous.We are significantly dependent on Sobi's successful accomplishment of commercialization efforts,andif,foranyreason,thecollaborationterminated,wemaybeunabletotimely or successfully find another distribution and commercialization partner, which may interrupt or delay our commercialization efforts. ThroughtheacquisitionsofCellPointandAboundBio,wegainedaccesstoaninnovative, scalable, decentralized and automated point-of-care cell therapy supply model as well asfullyhumanantibody-basedtherapeuticsplatformandresearchcapabilitiesfornovel, differentiated CAR-T constructs. To address important limitations of current CAR-T treatments, CellPoint has developed, in a strategic collaboration with Lonza, a Swiss manufacturing company for the pharmaceutical, biotechnology and nutrition sectors, a novel decentralized delivery model designed to manufacture non-frozen CAR-T therapies at the point-of-care. The platform consists of CellPoint's end-to-end xCellit workflow management and monitoring software and Lonza's Cocoon®, a functionally closed, automated manufacturing platform for cell therapies. Clinical studies with this decentralized supply model have been approved by regulatory authorities in Belgium, Spain, and the Netherlands. If, for any reason, the collaboration is terminated or is otherwise materially changed and we are no longer entitled to use such technology platform, then we may be unable to secure alternatives to such technology and, our research,developmentorothereffortsmaybeinterruptedordelayed,andourfinancial condition and results of operation may be materially adversely affected. We rely on third party suppliers for which a reliable supply of materials is required in order to avoid delays in the drug discovery and development process and commercial supplies of any approved product. Most goods and services are provided by several different suppliers, which mitigates the risk of loss of key suppliers. Expanding the suppliers' network can be time consuming as all source suppliers are subject to rigorous ethical and quality control standards. Our suppliers are required to adheretocontractualtermsthatincludeanti-briberyandanti-corruptionprovisions.Our general terms and conditions of purchase also contain a specific clause on anti-bribery and anti-corruption. They can be found on our website. We have relied on and plan to continue to rely on contract research organizations, or CROs, to monitor and manage data for our preclinical and clinical programs. We and our CROs also rely on clinical sites and investigators for the performance of our clinical 60 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp063.jpg)

RISK FACTORS trials in accordance with the applicable protocols and applicable legal, regulatory and scientific standards, including Good Clinical Practices (GCPs). Regulatory authorities enforce these GCPs through periodic inspections of trial sponsors, investigators and clinicalsites.IfCROsdonotsuccessfullycarryouttheircontractualdutiesorobligations or meet quality standards, regulatory requirements or expectations, such as the applicable GCPs, our clinical trials may be extended, delayed or terminated, the clinical datageneratedinourclinicaltrialsmaybedeemedunreliableandregulatoryauthorities may require us to perform additional clinical trials before approving our marketing applications and we may not be able to obtain regulatory approval for or successfully commercialize our product candidates. We do retain responsibility for all our studies and are required to and have put in place measures to manage, oversee, and control our studies, including the CRO selection process, audits, strong focus on deliverables, timelines,roles&responsibilities,andoversightofconductofthestudies.Inadditionto GCPs,ourclinicaltrialsmustbeconductedwithproductsproducedundercurrentGood Manufacturing Practice (cGMP) regulations. Werelyonclinicaldataandresultsobtainedbythirdpartiesthatcouldultimatelyprove to be inaccurate or unreliable. If the third-party data and the results that we rely on provetobeinaccurate,unreliableornotapplicabletoourproductcandidates,wecould make inaccurate assumptions and conclusions about our product candidates and our research and development efforts could be materially adversely affected. Risks related to our competitive position We face significant competition for our drug discovery and development efforts, and if we do not compete effectively, our commercial opportunities will be reduced or eliminated. Thebiotechnologyandpharmaceuticalindustriesareintenselycompetitiveandsubject to rapid and significant technological change and innovation. Our competitors may now or in the future develop drug products that render our products obsolete or non-competitive by developing more effective drugs or by developing their products more efficiently. In addition, our ability to develop competitive products would be limited if our competitors succeeded in obtaining regulatory approvals for drug candidates more rapidly than we were able to or in obtaining patent protection or other intellectual property rights that limited our drug development efforts. These third parties compete with us in recruiting and retaining qualified scientific and management personnel, establishing clinical trial sites and patient registration for clinical trials, as well as in acquiring technologies complementary to, or necessary for, thedevelopmentofourproductandproductcandidates.Ifwe,ourproductandproduct candidates or our technology platforms do not compete effectively, it is likely to have a material adverse effect on our business, financial condition and results of operation. 61 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp064.jpg)

RISK FACTORS Risks related to our intellectual property Our ability to compete may decline if we do not adequately protect our proprietary rights. We endeavor to protect our proprietary technologies and know-how by entering into confidentiality and proprietary information agreements with our employees and partners, and by setting up special procedures (e.g. with respect to the handling of the laboratory books). Ourcommercialsuccessdependsonobtainingandmaintainingproprietaryrightstoour product and product candidates, as well as successfully defending these rights against third party challenges. We will only be able to protect our product and product candidates, and their uses from unauthorized use by third parties to the extent that valid and enforceable patents, or effectively protected trade secrets, cover them. If we fail to maintain to protect or to enforce our intellectual property rights successfully, our competitive position could suffer, which could harm our results of operations. Pharmaceuticalpatentsandpatentapplicationsinvolvehighlycomplexlegalandfactual questions, which, if determined adversely to us, could negatively impact our patent position.Oursuccesswilldependinpartonourabilitytooperatewithoutinfringingthe intellectual property and proprietary rights of third parties. We cannot guarantee that our business, product, product candidates and methods do not or will not infringe the patentsorotherintellectualpropertyrightsofthirdparties.Thereissignificantlitigation activity in the pharmaceutical industry regarding patent and other intellectual property rights. Such litigation could result in substantial costs and be a distraction to management and other employees. The patent positions of biotechnology and pharmaceutical companies can be highly uncertain and involve complex legal and factual questions. The interpretation and breadth of claims allowed in some patents covering pharmaceutical compositions may beuncertainanddifficulttodetermine,andareoftenaffectedmateriallybythefactsand circumstancesthatpertaintothepatentedcompositionsandtherelatedpatentclaims. The standards of the United States Patent and Trademark Office, the European Patent Office,andotherforeigncounterpartsaresometimesuncertainandcouldchangeinthe future. If we fail to obtain and maintain patent protection and trade secret protection of our product and product candidates, we could lose our competitive advantage and thecompetitionwefacewouldincrease,reducinganypotentialrevenuesandadversely affecting our ability to attain or maintain profitability. Wewillnotseektoprotectourintellectualpropertyrightsinalljurisdictionsthroughout theworldandwemaynotbeabletoadequatelyenforceourintellectualpropertyrights even in the jurisdictions where we seek protection. Filing,prosecutinganddefendingpatentsonourproductandproductcandidatesinall countries and jurisdictions throughout the world would be prohibitively expensive, and 62 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp065.jpg)

RISK FACTORS our intellectual property rights in some countries could be less extensive than those in theUnitedStatesandEurope.Consequently,wemaynotbeabletopreventthirdparties from practicing our inventions in all countries, or from selling or importing products made using our inventions. and operation Risks related to our organization, structure Our future success depends on our ability to retain the members of our Executive Committee, and to attract, retain and motivate qualified personnel to develop our business if we expand into the fields that will require additional skills and expertise, including oncology. If we are not successful in attracting and retaining highly qualified personnel, we may not be able to achieve our objectives and successfully implement our business strategy, which could have a material adverse effect on our business and prospects. Attractive development and training programs, adequate remuneration and incentive schemes, and a safe and healthy work environment mitigate this risk as they, among others, induce valuable qualified personnel to continue their employment or services with our business. We expect that if we continue to build our development, medical and commercial organizations, including in the field of oncology, we will require significant additional investment in personnel, management and resources. Our ability to achieve our research, development and commercialization objectives depends on our ability to respond effectively to these demands, expand our internal organization, systems, controls and facilities to accommodate additional anticipated growth, and upon our management developing and implementing strategies for our business to realize these objectives. If we are unable to manage our growth effectively, our business could be harmed and our ability to execute our business strategy could suffer. We have limited experience in the field of oncology, and continue to build our therapeuticareaofoncology.Weexpecttoinvestsignificantfinancialandmanagement resources to continue to build these capabilities and to establish such therapeutic area within our business. In June 2022, we acquired CellPoint and AboundBio with the aim to enter the space of oncology. Through such acquisitions, we believe we reinforced ourportfoliobygainingaccesstoaninnovative,scalable,decentralizedandautomated point-of-care cell therapy supply model as well as fully human antibody-based therapeutics platform. Cell therapies are novel, complex, and difficult to manufacture, and we may not be successful in our efforts to develop and commercialize such therapies, in which case our financial condition and results of operation may be materially adversely affected. The manufacturing processes that we use to produce product and our product candidates for human therapeutics are complex, novel and have not been validated for commercial use. Several factors could cause production interruptions, including (without limitation) equipment malfunctions and facility contamination. Problems with the manufacturing process, even minor deviations from 63 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp066.jpg)

RISK FACTORS the normal process, could result in product defects or manufacturing failures that can result in lot failure or product liability claims. We remain building our marketing and sales organization. To the extent any of our productcandidatesforwhichwemaintaincommercialrightsisapprovedformarketing, if we are unable to establish marketing and sales capabilities or enter into agreements with third parties to market and sell our product candidates, we may not be able to effectively market and sell any product candidates, or generate product revenues. We must have a robust quality management system and team in place to ensure (continued) compliance with current good laboratory practices, current good manufacturing practices and current good clinical practices. If we are unable to comply with these practices, this may harm our clinical trials or regulatory process and by extension, our business. Ourinformationtechnologysystemscouldfaceseriousdisruptionsthatcouldadversely affectourbusiness.ContinuinganuninterruptedperformanceofourITsystemiscritical to the success of our business strategy and operations. A recovery plan for data has beenimplemented,aswellasasystemforinterceptionofpowerfailures.Firewallsand virus scanners provide an additional and adequate protection. Our personnel should adhere to continuity plans and procedures regarding access rights and installation of different programs. Business interruptions could delay us in the process of developing our product candidates. This risk has a high potential impact, and thus we have a processtoidentifyandmitigatethreatsbypoliciesandproceduressuchassurveillance of the buildings, annual appraisals and bonuses, and monthly management meetings. Moreover, despite our efforts, the possibility of these events occurring cannot be eliminated entirely, and there can be no assurance that any measures we take will preventcyber-attacks(includingphishingattemptsore-mailfraudtocausepaymentsor information to be transmitted on an unintended recipient), security breaches or similar attacks or breaches that could adversely affect our business. We have to comply with applicable data privacy laws, including the European General DataProtectionRegulation(GDPR),which,amongothers,imposesstrictobligationsand restrictions on the collection and use of personal data. In the ordinary course of our business, we collect and store sensitive data. Many third-party vendors that support our business processes also have access to and process personal data. Although we have taken preventative measures and set up procedures regarding data processing, databreaches,lossofdataandunauthorizedaccesscouldstilloccur.Thesecouldresult in legal claims or proceedings, liability under laws that protect the privacy of personal information, including the GDPR, and significant regulatory penalties, disrupt our operations and damage our reputation. Any of the foregoing could materially harm our business, prospects, financial condition, and results of operation. Despite our efforts to monitor social media and comply with applicable rules, there is a riskthattheuseofsocialmediabyusorouremployeestocommunicateaboutourdrug candidatesorbusinessmaycauseustobefoundinviolationofapplicablerequirements. In addition, our employees may knowingly or inadvertently make use of social media in ways that may not comply with our social media policy or other legal or contractual 64 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp067.jpg)

RISK FACTORS requirements, which may give rise to liability, lead to the loss of trade secrets or other intellectual property, or result in public exposure of sensitive information. Furthermore, negative posts or comments in social media could seriously damage our reputation, brand image, and goodwill. We may undertake strategic acquisitions in the future and any difficulties from integrating such acquisitions could adversely affect our share price, operating results and results of operations. We may acquire companies, businesses and products that complementoraugmentourexistingbusiness.Asourprogramsmayrequiretheuseof propertyrightsheldbythirdparties,thegrowthofourbusinesswilllikelydependinpart onourabilitytoacquire,license-inorusetheseproprietaryrights.Wemaybeunableto acquireorin-licenseanythird-partyproprietaryrightsthatweidentifynecessaryforour drug candidates, for whatsoever reason. We may not be able to integrate any acquired businesssuccessfullyoroperateanyacquiredbusinessprofitably.Integratinganynewly acquired business could be expensive and time-consuming. Integration efforts often take a significant amount of time, place a significant strain on managerial, operational and financial resources, result in loss of key personnel and could prove to be more difficult or expensive than we predict. As part of our efforts to acquire companies, business or product candidates or to enter into other significant transactions, we conduct business, legal and financial due diligence with the goal of identifying and evaluating material risks involved in the transaction. Despite our efforts, we ultimately may be unsuccessful in ascertaining or evaluating all such risks and, as a result, might not realize the intended advantages of the transaction. Ifweareunabletousetaxlosscarryforwardstoreducefuturetaxableincomeorbenefit fromfavorabletaxlegislation,ourbusiness,resultsofoperationsandfinancialcondition may be adversely affected. We may incur unexpected tax charges, including penalties, due to the failure of tax planning or due to the challenge by tax authorities on the basis of transfer pricing. Any changes to Belgian and international taxation legislation or the interpretation of such legislation by tax authorities may adversely affect our activities, financial situation and results. Such potential changes and their impact are monitored carefully by our management and advisors. Being active in research and development in Belgium, France and the Netherlands, we have benefited from certain research and development incentives. If the Belgian, the FrenchortheDutchgovernmentsdecidetoeliminate,orreducethescopeortherateof, the research and development incentive benefits, either of which they could decide to do at any time, our results of operations could be adversely affected. AsacompanyactiveinresearchanddevelopmentinBelgium,wealsoexpecttobenefit from the "innovation income deduction" in Belgium. The innovation income deduction regimeallowsnetprofitsattributabletorevenuefromamongotherspatentedproducts (orproductsforwhichthepatentapplicationispending)tobetaxedatalowereffective ratethanotherrevenues.Theeffectivetaxratecanthusbereduceddownto3.75% .At31 December 2022wehad€346.2 millionofcarry-forwardinnovationincomedeductionin Belgium. 65 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp068.jpg)

RISK FACTORS Our inability to qualify for the abovementioned advantageous tax regimes, as well as the introduction of the minimum taxable base and any other future adverse changes of Belgian tax legislation, may adversely affect our business, results of operations and financial condition. Wehavereceivedseveraltechnologicalinnovationgrantstodatefromanagencyofthe Flemishgovernmenttosupportvariousresearchprogramsandtechnologicalinnovation in Flanders. If we fail to comply with our contractual obligations under the applicable technological innovation grant agreements, we could be forced to repay all or part of thegrantsreceived,whichcouldadverselyaffectourabilitytofinanceourresearchand development projects. We annually establish a detailed budget that is submitted to the Board of Directors for review and approval. Our performance compared to the budget is continuously monitored by our Executive Committee, and is discussed with the Board of Directors at least once per quarter. For the establishment of our financial information, we have processes and methods in place that enable the preparation of non-consolidated and consolidated financial statements for our annual and quarterly reporting. Our management reporting systems – which include an advanced integrated Enterprise Resource Planning (ERP system) – secure the generation of consistent financial and operationalinformation,allowingmanagementtofollow-upourperformanceonadaily basis. Our business may be adversely affected as a result of information technology or computer system failures. We may suffer data leaks, security incidents or become the targetofcyber-attacks,asaresultofwhichourfinancialassets,confidentialinformation and/or intellectual property may be materially negatively impacted. We may not be able to successfully protect our information technology or computer systems against unauthorized access by third parties. Theoccurrenceofunforeseenorcatastrophicevents,includingextremeweatherevents and other acts of god or natural disasters, man-made disasters, electricity or telecommunication interruption, geopolitical an and other economic and political events or conditions (such as the armed conflict between Russia and Ukraine), or the emergence of epidemics or diseases, depending on their scale, may cause different degreesofdamagetothenationalandlocaleconomies,andcouldcauseadisruptionin ouroperationsandhaveamaterialadverseeffectonourfinancialconditionandresults of operations. Man-made disasters, epidemics or diseases, and other events connected withtheregionsinwhichweoperatecouldhavesimilareffects.Forexample,theimpact ofCOVID-19onourbusiness,operationsandfinancialperformancecannotbeprecisely determined or quantified, and will depend on future developments, but governmental measures in order to control the spread of the virus may disrupt our operations and the operations of our agents, contractors, consultants or collaborators, which could negatively impact our business, results of operations and financial condition. Further, continuinguncertaintyaroundtheseandrelatedissuescouldleadtoadverseeffectson the economy of the United States and other economies, which could impact our ability to develop and commercialize our products and raise capital going forward. 66 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp069.jpg)

RISK FACTORS The armed conflict between Russia and Ukraine could cause a disruption in our operations,includingclinicaldevelopmentactivitiesandclinicaltrials.Wecurrentlyhave no clinical studies that are enrolling patients in Ukraine and Russia. If our CROs experience significant or extended disruptions to their business due to the military conflict in Ukraine and the sanctions against Russia, it could result in delays in our clinical development activities, including delay of our clinical development plans and timelines, or could cause interruptions in operations of regulatory authorities. The impact on pivotal studies such as DIVERSITY has remained limited. We continue to monitor the situation and are taking measures to mitigate the impact on our ability to conduct clinical development activities. Interruptions or delays in our CROs' and our ability to meet expected clinical development deadlines or to comply with contractual commitments with respect to the same, could lead to delays in our overall developmental and commercialization timelines. This would adversely impact our ability to conduct clinical development activities and complete them on a timely basis. Since 24 February 2022, we have extended the focus of the business continuity plan to closely monitor each program in context of the currently ongoing Ukraine-Russia conflict and the associated specific regulatory, institutional, and government guidance and policies. shares Market risks relating to the Galapagos We have identified the following major market risks: Possible volatility of share price The market price of the shares might be affected by a variety of factors outside management's control, such as, without limitation, the global economic situation, thebusinessdevelopmentofcompetitors,andsectormergersandacquisitions;itis difficult to mitigate these risk. Economic risk due to failure in confidence General public confidence about future economic conditions or performance of us, our business, or our suppliers or customers may impact the ability or willingness of others to trade with us. Dilution through capital increases Raisingadditionalcapitalmaycausedilutiontoourexistingshareholders.Byraising additional capital through capital increases with cancellation of the preferential subscription rights of our existing shareholders, these shareholders would be diluted. Dilution through exercise of subscription right plans The exercise of existing subscription rights can significantly increase the number of outstanding Galapagos shares. 67 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp070.jpg)

RISK FACTORS Inability to distribute dividends We have a limited operating history, and future profitability cannot be guaranteed. Galapagos NV has significant losses carried-forward, and will thus not be able to distribute dividends in the near future. This can cause people to refrain from investing in Galapagos' shares. Reputational damage High ethical standards are maintained throughout the entire organization at all levels. Laws and guidelines are complied with. Our suppliers are required to adhere to contractual terms which include anti-bribery and anti-corruption provisions. In addition, our external consultants are required to comply with our Code of Conduct and our Anti-Bribery and Anti-Corruption Policy. Belgian law provisions There are several provisions of Belgian company law and certain other provisions of Belgian law, such as, without limitation, the obligation to disclose important shareholdings and merger control, that may apply to us, and which may make an unfriendly tender offer, merger, change in management or other change in control, more difficult. These provisions could discourage potential takeover attempts that third parties may consider, and thus deprive the shareholders of the opportunity to sell their shares at a premium (which is typically offered in the framework of a takeover bid). General statement about Galapagos' risks According to our current assessment and knowledge, we consider the major risks to be manageable, and our going concern not to be endangered at the time of the current report. Assuming no further deterioration of the global business, financial, and regulatory environment, we consider ourselves prepared to meet future challenges. 68 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp071.jpg)

Sustainability report Our commitment to society: Forward, Sustainably Forward with Purpose

------

![LOGO](g828657dsp072.jpg)

SUSTAINABILITY REPORT Commitment – Letter from the CEO – Our Sustainability Forward, Sustainably Since our founding more than two decades ago, we have worked to discover, develop, and commercializelife-changingmedicinestoaddyearsoflifeandqualityoflifeforpeoplearoundthe world.Ourfocuson,andcommitmentto,patientswillalwaysremainatthecenterofeverythingwe do. Webelievethatthequalityoflifeforpeoplelivingwithseriousdiseasesissupportedbythehealthof ourplanetandthewellbeingofouremployees.Thatiswhytoday,weareextendingourcommitment to patients by evolving the way we pursue breakthroughs in science and the development of innovativemedicinesbyadoptingnewstrategiesandperformancemetricstoimprovethehealthof ourenvironment,thewellbeingandengagementofouremployees,andtheethicalandtransparent management of our operations. Asacompany,wefirmlybelievethatwehavetoembracenewwaystomove"Forward,Sustainably". In2022,wedecidedtobuildonourkeypillarsandachievementsandfurtherevolveoursustainability approach to better respond to current opportunities and expectations. Pillars of Sustainability 70 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp073.jpg)

SUSTAINABILITY REPORT SupportedbythemembersoftheExecutiveCommittee,weestablishedaSustainabilitySteering Committee,comprisedofrepresentativesfromalldepartmentsthroughoutourorganization,and wecompletedanewmaterialityanalysis.Thematerialityanalysisinformsoureffortsandallowsus tofocusourSustainabilityambitionsonthoseareaswherewecanhavethegreatestinfluenceand make positive impact: Our Patients, Our People, Planet, and Trust & Transparency. OurnewapproachtoSustainabilityisencapsulatedintheprinciple"Forward,Sustainably",designed toaccelerateprogressinourmissiontobringmoreyearsoflifeandmorequalityoflifetopeople aroundtheworld.It'saboutbeingethicalandinnovativeineverythingwedo,fromresearchand development, to workplace, culture, and leadership. We know that acting as a responsible and sustainablebusinessiskeytooursuccessaswecontinuetofocusontheneedsofpatientswhotrust and depend on us. IamproudofallouremployeeswhoworkhardtoembracetheprinciplesbehindourSustainability pillars on a daily basis, and act as ambassadors for our company and values. Respectfully, Dr.Paul Stoffels CEO and Chairman of the Board of Directors Our Materiality Assessment Drivenbyourpurposetotransformpatientoutcomesthroughlife-changingscienceand innovation,werecognizethatouractivitieshaveanimpactthatreacheswellbeyondour financial performance. Todetermineourkeygoalsandpriorities,weconductedanewmaterialityassessmentin 2022,allowingustoidentifythetopicsthataremostrelevanttoourinternalandexternal stakeholders. The analysis also enabled us to capture our current and potential impact on society and the world, and to effectively track areas in view of emerging challenges and opportunities. To enhance the value of the materiality assessment, we updated the methodology we applied for the 2018 materiality assessment and significantly increased the number of stakeholders participating in the assessment. Externally we engaged with representativesfrompatientorganizations,patientexperts,healthcareproviders,supply chainpartners,ourcollaborationpartners,andinvestors.Internally,nexttothemembers ofourExecutiveManagementandourSustainabilitySteeringCommittee,allGalapagos 71 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp074.jpg)

SUSTAINABILITY REPORT employees were given the opportunity to provide input regarding the materiality of certain topics through a company-wide survey. Internal and external stakeholders were invited to review a list of 35 potential material topics and to identify five topics they found most relevant, five topics they found less important for Galapagos and our core mission, and if any topic was missing. Theinitialresultsfurtherconfirmtheresultsfrompreviousyearswiththetopthreepillars clustered around People, Planet, and Trust & Transparency with one main change: the desire to add a new pillar dedicated to Innovation for Patients. We therefore adapted our focus areas and the four pillars as presented in the below materiality map. Patients High (Scientific) Innovation Climate Change Our People stakeholders (Renewable Energy & Green House Gas emissions) Planet Access and affordability of medicines Trust & External Product Portfolio and R&D Transparency Health education Patient Safety (incl. Product Quality) Data Privacy & Diversity and Information Security Equal opportunity Employment Low Occupational Health, Safety and Wellbeing Low Internal stakeholders High 72 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp075.jpg)

SUSTAINABILITY REPORT Our Ambition Followingourmaterialityassessment,in2023,weaimtoidentifyKPIsandsettargetsto reach our 2028 call for action, as depicted in the graph below. Our call for action by 2028 Develop pivotal stage ther- Add more years of life and apies for patients, with Provide patients access to quality of life for patients patients and the health- our medicines across care community all continents Be a diverse, equitable and inclusive, Be climate neutral and trusted organization Our Sustainability Governance In 2022, supported by the members of our Executive Committee, we established a Sustainability Steering Committee, comprised of representatives from all departments within our organization. The Sustainability Committee ensures that environmental, social and governance considerations are fully integrated into the decision-making processes, including those related to the business strategy, key investments, and performance. Our Sustainability Committee manages and coordinates the relevant activities, and is responsible for the publication of related information and data. The Committee consists of members of senior management and experts in the relevant fields, including Compliance, Patient Advocacy, Legal, Finance, Environment, Health & Safety (EHS), Procurement, Human Resources, Site Operations, Investor Relations, and Communications. The Executive Committee oversees the Sustainability Committee and approves both the measures and operational structure related to Sustainability. In addition, our Board of Directors, supported by the Audit Committee, oversees the Sustainability oversight structure as well as the strategy for public disclosure with respect to ESG matters. 73 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp076.jpg)

SUSTAINABILITY REPORT Reporting framework Tostandardizeourdatacollection,weusetheUnitedNationsSustainableDevelopment Goals (SDGs), also known as the Global Goals, as our reference framework to link these materialaspectstoareasofengagement.TheSDGswereadoptedbyallUnitedNations Member States in 2015 as a universal call to action to end poverty, protect the planet, and strive to ensure that all people enjoy peace and prosperity by 2030. WearepreparingdetailedreportingonourmaterialaspectsaccordingtotheCorporate Sustainability Reporting Directive (CSRD) and anticipate reporting as of full year 2024 in line with EU Sustainability Reporting Standards (ESRS). The current sustainability report provides the non-financial information required by articles 3:6 § 4 and 3:32 § 2 of the Belgian Companies Code. For a discussion on risks, please see the section on Risk factors in this Annual Report. We have identified two core SDG goals where we believe we can make a difference, as wellassixenablingSDGgoals.Togethertheywillhelpustoexecuteonourcommitment to our four Sustainability pillars. Thetablebelowlinksourmaterialaspectsandengagementareastoselectedaspectsof the SDG framework: CORE SDG Good health and well-being More years of life and quality of life by transforming patient outcomes through accelerating life changing science and innovation are at the core of what we do Partnerships for the goals Weembraceinternalandexternalpartnershipstoworktowards our mission to bringing much needed innovation to patients 74 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp077.jpg)

SUSTAINABILITY REPORT ENABLING SDG Quality education We invest in our employees and foster an inclusive, open and supportiveworkenvironmentacrossour15locationsinEurope and the U.S. Gender equality We cultivate a corporate culture where we strive for gender equality Decent work and economic growth We have achieved our long-term ambition of becoming a fully integrated biopharmaceutical company and currently employ >1,300 people across our 15 locations in Europe and the U.S. Industry, innovation and infrastructure Our mission is to accelerate transformational innovation through the relentless pursuit of groundbreaking science, our entrepreuneurial spirit, and a collaborative mindset Reduced inequalities We aim to develop a balanced workforce across a number of criteria,includinggender,nationality,ethnicity,experienceand disability Climate action We value our planet and take initiatives to safeguard the environment and incorporate greener practices across our organization 75 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp078.jpg)

SUSTAINABILITY REPORT Our Pillars At Galapagos, our commitment to society has always played a central role since our founding and is intrinsically linked to our mission to accelerate transformational innovation for patients through the relentless pursuit of groundbreaking science, our entrepreneurial spirit and a collaborative mindset. Pillars of Sustainability 76 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp079.jpg)

SUSTAINABILITY REPORT Patients Our Commitment to Patients We are engaged: Our commitment to developing transformational medicines For Patients, With Patients and the healthcare community At Galapagos, our therapeutic programs are driven by patients' needs, designed to pioneer best-in-disease therapeutics, and developed through active engagement with patients and the healthcare community. Since our founding, we have valued pioneering approaches to advancing transformational medicines for diseases with significant unmet medical needs. Our commitmenttoimprovingthelivesofpeopleworldwideisreflectedfromourinnovative research to our product development and providing patient access to our innovative medicines. Thatiswhywevaluecontinuedimprovementinourresearch,development,andaccess approaches, in an unwavering focus on outcomes with the greatest value to patients. It is why we embrace change and support disruptive innovation, aim to build a culture of responsible innovation throughout the entire medicine lifecycle and are committed to enable the safe and appropriate use of our medicines as they are prescribed by physicians and used by patients in the medical practice. Wefocusourdevelopmenteffortsonareaswherewehavedeepexpertiseandmapout thecriticalpathtowardsmarketwiththegoalofreducingthetimeittakestobringnew medicines to the patients who need them. At every stage of the patient journey, we aim to pioneer for patients by working in closepartnershipwithpatientsandpatientorganizations,startingwiththedesignofour clinical studies. 77 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp080.jpg)

SUSTAINABILITY REPORT We therefore co-developed our Patient Partnership Charter in 2021 with the patient community to set our commitment to engage with patients. Using the Charter as a guideline we defined our roadmap to: strengthen our relationships with academia, patient groups, and industry partners; include patient and investigational site expectations into the design of late phase clinical trials with the aim of making participation easier and more rewarding: identify measurable performance indicators; and assess our performance during clinical development as well as after. We believe our research and development efforts can help advance science beyond the patients we serve. Our plain language summaries of our data make them easily understandable, and our commitment to our Open Access publishing enables us to communicate clearly and effectively to all our stakeholders. Furthermore, since 2020, we actively participate as a member in the Open Pharma initiative, a first-ever collaborative, multi-sponsor, non-profit project. We believethatpublicationsaretheroutetocredible,compliantpharmacommunications. Open Pharma's long-term goal is to secure the same terms for authors who publish company-funded research as those for authors who publish research funded through other means. As such, all research findings are freely available to read and reuse, from the date of publication. Actions 2022 We set-up the Galapagos Patient Engagement Council as a consultative body, advising Galapagos on patient engagement-related topics, and as a knowledge exchange platform between Galapagos and the patient community We embedded the health literacy principles in our key documents for clinical trial participants We published plain language summaries in Galapagos driven scientific manuscripts disclosing data from clinical-stage trials 78 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp081.jpg)

SUSTAINABILITY REPORT Our People Our Commitment to our People We are purpose driven: Our commitment to creating a Purposeful Workplace for our People to deliver breakthrough innovation for patients Our entrepreneurial mindset combines collaborative and continuous learning approaches that enable our people to be empowered, get opportunities to learn and grow,feelrecognizedfortheircontributions,andperformtothebestoftheirabilitiesand together as a team. Wevalue–andmeasure–equity,transparency,diversity,andleadershipqualitytofoster trust and belonging. To monitor equity, we perform annual equity checks during our promotion and end-of-yearreviewprocesses.Additionally,westriveforabalancedpipelineoffutureemployees to keep a sound talent mix across all levels of the organization. As we actively seek to grow a diverse and inclusive workplace, we aim to define a roadmap in 2023 to deliver on our ambition to be a more a diverse, equitable and inclusiveorganizationby2028,andtoembedthesevaluesineverythingwedo,including inourcommitmenttopatientsandstrengtheningourinitiativeaimedtoensurethatour clinical trials are designed with diversity as a key factor. 79 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp082.jpg)

SUSTAINABILITY REPORT Average years employed Total workforce: by the company: 4.39 men years 58% 42% women men 1,291 women 4.41 years % of gender in % of gender in % of gender in Senior leadership: Middle management: Rest of employees: 57% 43% 43% 57% 65% women women 35% women men 127 men 724 men 440 Job level 10-14 : Senior leadership; Job level 7-9 : Middle management; Job level 1-6: Rest of employees gender: education: 20% 21% 752 other Bachelor 539 women men 22% PhD 37% Master Number of employees Average age: Nationalities: older than 45: 43.95 629 43 Average years of service: Employee turnover: New hires in 2022: 4.25 8.67% 179 AboundBio as the data migration has not been completed yet. Total number of employees includes consultants and temporary staff, and excludes data from CellPoint and 80 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp083.jpg)

SUSTAINABILITY REPORT We offer competitive and evolving remuneration packages to reward, recognize, develop, and retain our employees in a way that aligns with the company's strategy and culture. Through a bi-yearly performance cycle, we aim to ensure an open and supportive professional environment. Performance bonuses and, for many employees, share-related opportunities, help drive sustainable performance and commitment, and reward employees for their contributions to our success. As part of the performance cycle, we also increased our investment in the development and engagement of our employees, by focusing on learning, coaching, and training opportunities. Additionally, we introduced "How Are You?" conversations to stimulate an open dialogue between managerandemployeeaswellasdepartmental"TalentTalks"focusedondevelopment opportunities within and outside the different departments. Thebenefitsweoffervaryfromcountrytocountry,basedonlocalcustomsandstatutory conditions. We enriched our employee benefits at both the international and country level: Enhanced pay for performance linkages in our Year-End compensation review and related programs; Broad-based annual stock-based awards to drive further alignment between the company and all our employees; Roll-out of further family leave policies; Improvements to various local benefits offerings ranging from enhanced time off to improved medical provision; and The implementation of mobility programs to encourage environmentally sound transportation behaviors. Further to our Environmental, Health and Safety (EHS) policy, we provide safe and healthy working conditions aiming to prevent any work-related personal harm. Our Health and Safety performance data for 2022 show that no fatalities because of work-related injuries or work-related ill health were reported, nor did we have any high consequence work related injuries. Absolute number of fatalities as a result of a work-related injury 0 Absolute number of high-consequence work-related injuries 0 Absolute number of recordable work-related injuries 1 Rate of fatalities as a result of a work-related injury 0 Rate of high-consequence work-related injuries 0 Rate of recordable work-related injuries (per 200,000hours worked) 0.10 Absolute number of fatalities as a result of work-related ill health 0 81 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp084.jpg)

SUSTAINABILITY REPORT 2022 HIGHLIGHTS For the fourth year in a row we are included in the 2023 BloombergGender-EqualityIndex.TheBloombergGender-Equality Index is an objective measure that tracks gender equality across five pillars: leadership & talent pipeline, equalpay&genderpayparity,inclusiveculture,anti-sexual harassment policies, and external brand. The list encompasses 484 companies headquartered in 45 countries and regions We hired and onboarded 179 new colleagues, including our new CEO, bringing the headcount to 1,338 people. Given the era of talent and the scarcity in the market for many profiles, we increased our focus on proactive talent sourcing, created an internship program to attract and grow young talents and launched a compelling employer brand campaign, with the tagline #IFoundMyPurpose, that consisted of podcasts and videos with employee testimonials A revised strategy was set-out soon after onboarding our new CEO, redesigning the companyaroundourtwostrategictherapyareas,immunologyandoncology,ascore valuedrivers.Aspartofthisstrategicexpansioninoncology,weledtheduediligence, onboarding and integration of new colleagues at CellPoint and AboundBio, in the Netherlands and the U.S. respectively. Another part of the transformation was the reset towards a fit-for-purpose organization, and we announced a restructuring potentially affecting 200 positions. We organized face-to-face sessions on three locations to coach employees in dealing with change and insecurity. In total, over 150employeesattendedthesesessionsandmorethan85%oftheparticipantsrated them as 'helpful' We celebrated the United Nations' Health and Safety at Work Day on 28April by organizing a wide range of well attended, site–specific awareness and training sessions related to first aid, the use of Automated External Defibrillators, ergonomic workplace design, fire and explosion prevention, etc. Belgian companies are required by law to conduct a wellbeing survey and we launched the RAPSi20 survey at beginning of 2022 for our staff employed at our headquartersinMechelen.74%ofouremployeesparticipatedandoverallwellbeing met or exceeded the Belgian benchmark in the vast majority (88%) of the questions includedinthesurvey.Inaddition,weconductedaseparateEmployeeEngagement Survey among our commercial affiliates for which we reported overall engagement rates above Global & Industry Benchmarks. The level of employee motivation, commitmenttothecompany'smission,andstrongrelationshipsbetweenemployee and line manager stood out 20 RAPSi: Risk analysis psychosocial aspects 82 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp085.jpg)

SUSTAINABILITY REPORT A new cross-functional team of "Make It Happiness" ambassadors designed and executed a global program to promote wellbeing at work. Over 500employees engaged in a physical team activity and received a GLPG branded activity wear in return. The "Make It Happiness" team also offered all employees access to the HeadspaceApp,resultingin27,000+minutesofcontentusageandmeditationwithin the first six months. Other initiatives were healthy breakfasts, inspirational keynotes and local as well as global office games to stimulate connections Planet Our Commitment to the Planet We are conscientious: Our Commitment to the Health of Our Planet The health of the planet and the health of people are interconnected. To support our environmental ambitions, we have set the clear aspiration to become carbon neutral by 2028. We have defined a 5-year roadmap on how to achieve this goal, applying a sound and credible mix ofcarbon reduction and carbon compensationprojects. We are also embracing the circular economy, reducing waste, and reusing or recycling materials where and when we can. As the reduction of green-house gas emissions is an essential success factor in our approach, our reduction roadmap entails three pathways. These include initiatives to Systematically replace any fossil fuels by renewable energy sources used in our buildings and car fleet; Improve energy efficiency of our operations; and Drive behavioral change and raising environmental awareness among our staff. Asanexample,weareseekingBREEAM(BuildingResearchEstablishmentEnvironmental Assessment Method)andWELL (eco-friendly initiative focusing on human health and welfare enterprise) certifications for our newly constructed buildings. For instance, in Oegstgeest, The Netherlands, we obtained a BREEAM Excellent and a WELL Gold certification for our new building and our garden gather native plants, trees, shrubs, as well as beehives and insect hotels. 83 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp086.jpg)

SUSTAINABILITY REPORT In our research locations in Mechelen, Romainville and Leiden, we launched Green Teamslookingforopportunitiestoreducethefootprintofourday-to-dayoperationsby promoting initiatives aimed at behavioral change. Our approach is planned, consistent, transparent, and measurable. In 2022, we defined the carbon footprint of our value chain. In 2023, we will disclose this footprint and will define for long-term targets, supported by key performance metrics (such as CO2 emissions defined as Scope 121, Scope 222 and Scope 323, and relevant KPIs for waste management) in our goal to consistently reduce our environmental footprint. Furthermore, our Environmental, Health and Safety oversight group has developed an EHS management system based on the international ISO 14001 and ISO 45001 standards. Actions 2022 WeengagedinquantifyingthecarbonfootprintofGalapagos'valuechain(including scope 1, 2 and 3 CO2 emissions), in accordance with the Green House Gas Protocol, with the aim to disclose the data in 2023 Weconfirmedourambitiontobecomeclimateneutralby2028andhavedefinedthe roadmap to achieve this aspiration, building on both carbon reduction and carbon compensation initiatives We defined expected BREEAM24 and WELL25 performance levels, to be considered when designing new Galapagos facilities, aimed at improving our energy efficiency performance We defined a new mobility strategy which includes o.a. the acceleration of the electrification of our car fleet We launched Green Teams in our research sites. These teams of volunteers identify opportunities to reduce Galapagos' footprint in our day-to-day operations 21 Direct GHG (Gases that contribute to the greenhouse effect by absorbing infrared radiation) emissions resulting from sources that are 22 owned or controlled by an organization. Energy indirect GHG emissions that result from the generation of purchased or acquired electricity, heating, cooling, and steam 23 consumed by an organization. Other indirect GHG emissions not included in Scope 2 GHG emissions, that occur outside of the organization, including both upstream 24 and downstream emissions. BREEAMisaprofoundsustainabilityassessmentformasterplanningprojects,infrastructure,andbuilding.Itrecognizesandreflectsthe 25 value in higher performing assets across the built environment lifecycle, from new construction to in-use and refurbishment. The WELL Building Standard takes a holistic approach to health in the built environment addressing behavior, operations, and design, andisaperformance-basedsystemformeasuring,certifying,andmonitoringfeaturesofthebuiltenvironmentthatimpacthumanhealth and well-being, through air, water, nourishment, light, fitness, comfort and mind. 84 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp087.jpg)

SUSTAINABILITY REPORT Trust & transparency Our Commitment to Trust & Transparency We are transparent: Our commitment to Trust & Transparency Doing business ethically is about being a responsible corporate citizen. The standards weapplyanddecisionsthatwemakeeverydayarethoughtfulandconsidered,ensuring that we act in the best interest of patients, people, and the planet. It is about building trust by setting measurable goals, communicating them clearly, and being open and transparent about the progress we are making to deliver on them – both where we are doing well and where we need to put more effort. We prioritize ethical management of our supply chain, vendors and partners. Just as we seek partners and suppliers who share our commitment to the planet, we also ensuretheyshareourcommitmenttoqualityandethicalbusinesspractices.Werefined our third-party onboarding through an enhanced risk assessment framework and due diligence on quality, IT security, data protection and privacy, compliance and ethics, and environment. We also continually evaluate our supply chain to ensure continuity and optimization of costs, and we provide a consistent framework for partners and employees that outlines clear and comprehensive guidance for ethical and transparent behavior across our company. To ensure our products meet the highest quality standards, we work with qualified and certified (GMP-licensed) distributors that ensure that all processes related to receipt, storage, handling and final distribution to customers comply with the regulations. We regularly audit our GxP manufacturers and distributors. We work to protect our people, patients, our planet, and our business by taking every reasonable measure to ensure that we all operate in accordance with the applicable regulations and standards as well as compliance laws. Wenurtureacultureofvoicethatencourageseveryoneofouremployeestoshareideas and that ensures that our employees feel protected if they believe something needs to be corrected. We also nurture a culture of integrity, in which our employees, partners and suppliers value and take accountability for upholding our standards. 85 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp088.jpg)

SUSTAINABILITY REPORT We operate in an environment where the safety of patients is paramount. We currently have one medicine, Jyseleca®, on the market in Europe and Japan. We have implemented a pharmacovigilance system designed to monitor the safety of Jyseleca® and to detect any change to the benefit/risk profile. To protect our patients, our partners, employees, and other stakeholders, we implemented state of the art security monitoring systems, data and cyber security and governance frameworks. We explicitly forbid animal neglect or cruelty. We have also implemented practices that demonstrate our commitment and responsibility to refine, reduce and replace testing involving the use of animals to the greatest possible extent, and we will continue to research, promote, and further implement alternative methods. From a scientific perspective, it is not yet possible to examine all the complex interactions a potential treatment triggers in a living organism without animal testing. Additionally, there is the legal framework for medicine development with regulatory authorities worldwide requiring new medicines be evaluated in animals to ensure the quality, safety, and efficacy of these products before granting approval. However, we are committed to continue to implement 3R (Replacement, Reduction, and Refinement) principles. Our Animal Welfare Committee supported more than 15 major 3R initiatives in 2022, including six new initiatives. Our Animal Welfare Policy was endorsed by senior management and is requested from all our Research and Development suppliers. Assessmentofanimalwelfarewasalsoreinforcedthroughseveralkeyactions,including requirement of animal standards for internal and external animal laboratories, verification of the implementation of these practices, detailed review and update of the quality management system regarding animal welfare, establishment of a surveillance process of the animal welfare incidents and their resolution. Actions 2022 WelaunchedourSpeakup,ListenUpprogramin2022andwillcontinuetherollout in 2023 Welaunchedananti-harassmentandanti-discriminationpolicyandwillimplement the policy in 2023 97.1% of our employees completed the training on our Code of Conduct Sincetheendof2022theThirdPartyRiskAssessment(TPRA)processforonboarding new vendors is mandatory, and going foward we aim to use the TPRA as a KPI to measure compliance and ethics in our supply chain 86 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp089.jpg)

SUSTAINABILITY REPORT Reporting on EU Taxonomy EUTaxonomy 2022 statement The European Commission's action plan on financing sustainable growth led to the creationofanEUclassificationsystemforsustainableactivities,beinganEUtaxonomy. As a listed company with more than 500 employees, Galapagos is in scope of the EU TaxonomyRegulation26.Forreportingoverthefiscalyear2022,Galapagoshastodisclose the proportion of its 2022 turnover, capital expenditures ('CapEx'), and operating expenses ('OpEx') eligible and aligned under the EU Taxonomy on sustainable activities. The EU Taxonomy introduces a classification system for environmentally sustainable activities and an activity is deemed environmentally sustainable if it meets all of the following overarching criteria: substantially contributing to at least one of the six environmental objectives of the EUTaxonomy Regulation: (i) climate change mitigation; (ii) climate change adaptation; (iii) sustainable use and protection of water and marine resources; (iv) transition to a circular economy, (v) pollution prevention and control; and (vi) protection and restoration of biodiversity and ecosystems; not significantly harming any of these environmental objectives; complying with minimum safeguards; and complying with certain scientifically based technical screening criteria ('TSCs') established by the EUCommission. The EU has published a catalog of economic activities that can be considered as Taxonomy-eligibleactivities;thedeterminationofeligibilityhappensonthebasisofthe description of activities. An eligible activity becomes Taxonomy-aligned when it meets all the aforementioned overarching criteria, which includes that such activity should substantially contribute to at least one of the six environmental objectives. However, only activities that contribute to the two first environmental objectives (climate change mitigation("CCM")andclimatechangeadaptation("CCA"))havebeenformallyadopted so far. FollowingthoroughanalysisoftheEUTaxonomylegalframework27,wedonotconsider our core business activities, being discovering, developing and commercializing innovative medicines, to be in scope of the Climate Delegated Act. Our core economic activities qualify as EU Taxonomy non-eligible economic activities, and do not substantially contribute neither to CCM nor to CCA, and are therefore are not EU Taxonomy-aligned. 26 Regulation(EU)2020/852oftheEuropeanParliamentandoftheCouncilof18June2020ontheestablishmentofaframeworktofacilitate 27 sustainable investment, and amending Regulation (EU) 2019/2088. Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or29aofDirective2013/34/EUconcerningenvironmentallysustainableeconomicactivities,andspecifyingthemethodologytocomply with that disclosure obligation, and the legislation set forth under footnote 1-3. 87 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp090.jpg)

SUSTAINABILITY REPORT For the determination of turnover, CapEx and OpEx during this analysis, we use the reported data in the 2022 consolidated financial statements included in this report: Turnover covers all business activities of Galapagos at 31 December 2022 and the denominator can be reconciled with the 2022 IFRS total net revenues recognized pursuant to €505.3 million and disclosed in note 6, being the revenues from commercial sales and collaboration activities. CapEx consists of additions to tangible and intangible assets during the financial year 2022 considered before depreciation, amortization and any re-measurements recognized by Galapagos pursuant to IAS 38. The denominator (total CapEx) can be reconciled with the sum of the lines 'Impact of acquisitions of businesses' and 'Additions' disclosed in notes13 and 14 (total €170.0 million) of the consolidated financial statements. The majority of CapEx is associated with licences, rights, technology and in-process R&D acquired through a business combination, and building costs of new office spaces in Belgium and the Netherlands. OpEx, according to the EU Taxonomy, is determined by the direct non-capitalized costs of research and development, building renovation measures, short-term leases, maintenance and repair and any other direct expenditures relating to the day-to-day servicing of assets of property, plant and equipment by the undertaking or third-party outsources that are necessary to ensure the continued and effective functioning of such assets. These costs are for the majority associated with our R&D expenditure, as disclosed in note 7 (total €515.1 million). Based on available data and the assessment of requirements, we have no eligible activities to report. Taxonomy eligible Turnover, CapEx and OpEx is 0%, and as a result each are 100% Taxonomy not eligible, therefore not EU Taxonomy-aligned. Please refer to the Annexes to this Annual Report for the disclosure on KPIs of non-financial undertakings as required by Annexes II of the Climate Delegated Act. The"non-eligibility"undertheEUTaxonomyreferstothefactthatouractivitiescurrently remain outside of the scope of the economic activities for which TSCs have been developed under the Delegated Regulations. We want to clarify that revenues, CapEx and OpEx currently considered non-eligible under the EU Taxonomy Regulation should not be interpreted as an indication of our performance in pursuing or achieving certain corporate sustainability objectives or our "greenness". We note that the required disclosures under the EU Taxonomy Regulation will keep evolving and that we will continue to consider its impact as well as future reporting obligations. 88 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp091.jpg)

Corporate governance Our governance in 2022 Forward with Purpose

------

![LOGO](g828657dsp092.jpg)

CORPORATE GOVERNANCE Galapagos' corporate governance policies As a listed company with its registered office in Mechelen (Belgium), Galapagos NV (hereinafter "Galapagos NV" or the "Company") is required to apply the Belgian Code of Companies and Associations (the "Belgian Companies Code") and the 2020 Belgian Corporate Governance Code (the "2020 Code"), both of which entered into force on 1 January 2020. For the reporting year beginning on 1 January 2022, the 2020 Code was our reference code. On 26 April 2022, as a consequence of the introduction of a one-tier governance structure at the Company through the amendment of our Articles of Association, GalapagosNV'sBoardofDirectorsapprovedanupdatedCorporateGovernanceCharter. On 21 March 2023, our Board of Directors approved an amendment to the Corporate Governance Charter. The amended Corporate Governance Charter refers to the establishment of the Management Committee supporting the Executive Committee, allows the same person to be Lead Non-Executive Director and Chairman of the Audit Committee, provides that the Lead Non-Executive Director is member or Chairman of the Nomination Committee and clarifies that the Lead Non-Executive Director supports theChairmaninensuringthepreventionandmanagingofconflictsofinterestsinvolving potentially a director. Galapagos NV's Corporate Governance Charter is available on our website (www.glpg.com). The Corporate Governance Charter applies in addition to the applicable laws and regulations, Galapagos NV's Articles of Association and the corporategovernanceprovisionsincludedintheBelgianCompaniesCodeandthe2020 Code. The Corporate Governance Charter describes the main aspects of corporate governance at Galapagos NV, including its governance structure, the terms and functioning of the Board of Directors (including its Board Committees), the Executive Committee and the rules of conduct. For the reporting year beginning on 1 January 2022, the Board of Directors strove to comply with the rules and recommendations of the 2020 Code. At the same time, the Board of Directors is of the opinion that certain deviations from the rules and recommendationsofthe2020Codewerejustified,inviewofouractivities,oursize,and the specific circumstances in which we operate. In such cases, which are mentioned in this corporate governance statement, we apply the "comply or explain" principle as set forth in the 2020 Code. Reference is made to the About the Board of Directors and Nomination Committee sections below. 90 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp093.jpg)

CORPORATE GOVERNANCE Our governance structure The2020Coderequirescompaniestomakeanexplicitchoiceforoneofthegovernance structures provided for in the Belgian Companies Code. From 1 January 2022 until 26 April 2022, Galapagos NV had a two-tier governance structureasprovidedbytheBelgianCompaniesCode,withtwogovernancebodies:the SupervisoryBoardandtheManagementBoard.TheSupervisoryBoardwasresponsible for the general policy and strategy of the Company, and had all powers which are specifically reserved for it under the Belgian Companies Code. The Supervisory Board also supervised the Management Board. The Management Board exercised all powers which are not reserved for the Supervisory Board in accordance with the Belgian Companies Code, including the management of the Galapagos group and the supervision of actual performances compared to strategic goals, plans and budgets. As from 26 April 2022, Galapagos NV adopted a one-tier governance structure as provided by the Belgian Companies Code, with the Board of Directors replacing the (former) Supervisory Board and the Executive Committee replacing the (former) Management Board. One-tier governance structure Board of Directors executive and non-executive directors Delegation of powers Executive Committee (chaired by CEO) executive management and running of the Company Board of Directors Executive Committee Responsible for general policy and strategy Management of the Galapagos group Supervision of Executive Committee Day-to-day management by CEO Approval of the annual budget Reporting to the Board of Directors on the Powers reserved to Board of Directors pursuant to implementation of strategic guidelines, etc. Belgian Companies Code Research, identification and development of strategic possibilities and proposals 91 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp094.jpg)

CORPORATE GOVERNANCE The role of the Board of Directors is to pursue sustainable value creation by the Company,bysettingtheCompany'sstrategy,puttinginplaceeffective,responsibleand ethicalleadershipandmonitoringtheCompany'sperformance.TheBoardofDirectorsis the ultimate decision-making body, with the overall responsibility for the management andcontroloftheCompany,andisauthorizedtocarryoutallactionsthatarenecessary orusefulfortherealizationoftheCompany'sobjectwiththeexceptionofthosereserved to the Shareholders' Meeting by applicable law. The Board of Directors also supervises the Executive Committee. The Board acts as a collegiate body. The Board of Directors has delegated certain powers to manage the Company to the Executive Committee, led by our Chief Executive Officer. The Executive Committee is responsible and accountable to the Board of Directors for the discharge of its responsibilities. Furthermore, the Board of Directors has delegated the day-to-day management of the Company to one Executive Committee member, i.e. our Chief Executive Officer. InordertoefficientlyfulfillitstasksandinviewofthesizeandactivitiesoftheCompany, theBoardofDirectorshasestablishedanAuditCommittee,aRemunerationCommittee and a Nomination Committee. These Board Committees serve in an advisory capacity to the Board of Directors on the matters delegated to them respectively as set forth in theapplicablelawsandtheCompany'sCorporateGovernanceCharter.Until2May2022, there was a combined Nomination and Remuneration Committee. As from 2 May 2022, ourBoardofDirectorshassetupaseparateNominationCommitteeandRemuneration Committee. Inadditiontotheinformationsetoutbelow,werefertothe Riskmanagement and Risk factors sections of this report for a description of the most important characteristics of our internal control and risk management systems. The Risk management and Risk factors sections are deemed incorporated by simple reference into this corporate governance statement. 92 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp095.jpg)

CORPORATE GOVERNANCE Board of Directors of Galapagos NV Composition of the Board of Directors Per 31December2022, our Board of Directors consists of the following members: Paul Stoffels\* joined Galapagos as Chief Executive Officer in April 2022, and is an executive member and the Chairman of our Board of Directors since 26 April 2022. He also is member of the Executive Committee at Galapagos. Prior to that, he was Vice Chairman of the Executive Committee and Chief Scientific Officer of Johnson & Johnson where he set the company's wide innovation agenda and led its pharmaceutical R&D-pipeline, as well as other external initiatives. Before that, he was worldwide Chairman of Pharmaceuticals of Johnson & Johnson which, under his leadership, significantly rejuvenated its product pipeline and adopted a transformational R&D-operating model, which resulted in the launch of 25 innovative medicines across the globe. Dr. Stoffels joined Johnson & Johnson in 2002, following the acquisition of Virco and Tibotec, where he was Chief Executive Officer and Chairman respectively, and where he led the development of several breakthrough products for the treatment of HIV. Dr. Stoffels also is a member of the Supervisory Board of Philips Healthcare in the Netherlands. \*StoffelsIMC BV, permanently represented by Dr. Paul Stoffels 93 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp096.jpg)

CORPORATE GOVERNANCE Rajesh Parekh is a non-executive member of our Board of Directors since 2004, and has served as the Chairman of our Board from 2004 to 26 April 2022. Dr. Parekh is a General Partner at Advent Life Sciences which he joined in 2006. During his academic career at Oxford University, he co-founded Oxford GlycoSciences where he served as Chief Scientific Officer and Chief Executive Officer from 1988 until its sale to Celltech Group (now UCB) in 2003. He has founded or served on the Boards of several life sciences companies in the United States and Europe, including Avila Therapeutics, EUSA Pharma, Biocartis, and Amsterdam Molecular Therapeutics (AMT) Holding (now uniQure). He also was a member of the Supervisory Board of the Novartis Venture Fund. Dr. Parekh also serves as a member of the Board of Directors of Advent Life Sciences, Aleta, Arrakis, Artax, Aura Biosciences, Levicept, Ventus, PE Limited, Pheno Therapeutics, and Ploughshare. He received his MA in Biochemistry, and DPhil in Molecular Medicine from the University of Oxford, where he has also served as a Senior Research Fellow and Professor. 94 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp097.jpg)

CORPORATE GOVERNANCE Mary Kerr is a non-executive independent member of our Board of Directors since 26 July 2016, as well as Chief Executive Officer and director of NeRRe Therapeutics. Dr. Kerr was co-founder and Chief Executive Officer of KaNDy Therapeutics until that company was acquired by Bayer in September 2020 for $425 million, potential development and regulatory milestone payments of up to $450 million, and by potential additional triple digit million in sales milestone payments. Before her career in biotech, Dr. Kerr held a range of senior leadership roles at GSK over more than 20 years, including Senior Vice President and Global Franchise Leader for the Immuno-Inflammation and Infectious Diseases franchise. She was a founding member and on the Corporate Executive team of ViiV Healthcare. She has spent most of her career on the R&D commercial interface in global strategy and regional operational roles, predominantly in the specialty and orphan space. Dr. Kerr gained a Ph.D. in Pharmacology at the University of Bradford, did Post-Doctoral research at the Michigan Cancer Foundation in Detroit, and has an MBA from the University of Kingston. 95 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp098.jpg)

CORPORATE GOVERNANCE Peter Guenter is a non-executive independent member of our Board of Directors since 30 April 2019. Mr. Guenter is a member of the Executive Board of Merck and Chief Executive Officer of Merck Healthcare since January 2021. Before joining Merck, he served as Chief Executive Officer at Almirall from 2017 to 2020. Prior to joining Almirall, he worked at Sanofi for 22 years, most recently as Executive Vice President Diabetes and Cardiovascular Global Business Unit. During his tenure at Sanofi, he held many senior positions including Vice President Eastern Europe and Northern Europe, Vice President Business Management and Support, General Manager Germany, Senior Vice President Europe, Executive Vice President Global Commercial Operations, and Executive Vice President General Medicine and Emerging Markets. He was a member of Sanofi's Executive Committee from 2013 until August 2017. Before joining Sanofi, he held different positions in sales and marketing at Smith Kline and Ciba Geigy. Mr. Guenter also is a member of the Board of the European Federation of Pharmaceutical Industries and Associations (EFPIA). He holds a Master's Degree in Physical Education from the Faculty of Medicine and Health Sciences, University of Ghent. 96 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp099.jpg)

CORPORATE GOVERNANCE Daniel O'Day is a non-executive member of our Board of Directors since 22 October 2019. Mr. O'Day is the Chairman of the Board of Directors and Chief Executive Officer of Gilead Sciences, which employs more than 17,000 people worldwide. Prior to joining Gilead in 2019, Mr. O'Day served as the Chief Executive Officer of Roche Pharmaceuticals. His career at Roche spanned more than three decades, during which he held several executive positions in the company's pharmaceutical and diagnostics divisions in North America, Europe and Asia. He served as a member of Roche's Corporate Executive Committee, as well as on a number of public and private Boards, including Genentech, Flatiron Health and Foundation Medicine. Mr. O'Day also serves on the Board of Directors for the Pharmaceutical Research and Manufacturers of America Organization. Mr. O'Day holds a Bachelor's Degree in Biology from Georgetown University and a MBA from Columbia University in New York. 97 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp100.jpg)

CORPORATE GOVERNANCE Linda Higgins is a non-executive member of our Board of Directors since 22 October 2019. Linda Slanec Higgins, PhD, joined Gilead Sciences, Inc. in 2010 and is currently Sr. Vice President Research Strategy, Innovation & Portfolio. In her first ten years at Gilead, she led the Biology division, significantly expanding the therapeutic area scope and capabilities of the department. She founded External Innovation as integral component for Research. She previously served as President & Chief Executive Officer of InteKrin Therapeutics, and as Head of Research at Scios, a Johnson & Johnson company, where she provided leadership for drug discovery, preclinical development and translational medicine. Dr. Higgins is passionate about biopharmaceutical discovery and development, and has been dedicated to excellence in applied scientific research since 1991. She has led projects and departments in multiple therapeutic areas including central nervous system, fibrosis, inflammation, cardiovascular, virology and oncology. Dr. Higgins built many of these as new areas at Scios and Gilead. Dr. Higgins earned an A.B. in Behavioral Physiology from Kenyon College, a Ph.D. in Neurosciences from the University of California, San Diego School of Medicine, and completed Post-Doctoral training in Molecular Genetics at the Howard Hughes Medical Institute of the University of California, Berkeley. She has authored over 50 original peer reviewed scientific papers and invited articles, and is an inventor of over a dozen patents. Dr. Higgins also serves as a non-executive director on the Board of Arcus Biosciences and Tizona Therapeutics. 98 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp101.jpg)

CORPORATE GOVERNANCE Elisabeth Svanberg is a non-executive independent member of our Board of Directors since 28 April 2020. Dr. Svanberg received her MD and PhD from the University of Gothenburg (Sweden), and is a Board-Certified General Surgeon and Associate Professor of Surgery. Dr. Svanberg joined Serono International in 2000, initially in the field of metabolism, and subsequently held roles of increasing responsibilities before joining Bristol Myers Squibb in the United States in 2007. At BMS, Dr. Svanberg served as Development Leader for a first-in-class novel diabetes medicine, and subsequently as Head of Medical Affairs for the Intercontinental region. In 2014, Dr. Svanberg joined Janssen Pharmaceuticals (a Johnson & Johnson company) as Vice President, Head of the Established Products group where she was managing a portfolio of 90 products, used by an estimated 150 million patients globally. Since 2016, Dr. Svanberg currently serves as Chief Development Officer at Ixaltis, and since 2020 as Chief Medical Officer at Kuste Biopharma, specialty pharmaceutical companies developing proprietary therapeutics to treat genitourinary (GU) disorders with unmet medical need. Dr. Svanberg also serves as a non-executive director on the Boards of Egetis (formerly PledPharma) (since 2017), Swedish Orphan Biovitrum (until May 2022), Pharnext (until March 2022), Amolyt Pharma (since 2021), LEO Pharma (since 2022), and EPICS Therapeutics (since 2022). 99 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp102.jpg)

CORPORATE GOVERNANCE Jérôme Contamine is a non-executive independent member of our Board of Directors since 26 April 2022. Mr. Contamine served as Chief Financial Officer of Sanofi for more than nine years from 2009 until 2018. Prior to joining Sanofi, he was Chief Financial Officer of Veolia from 2000 to 2009. He previously held various operating functions at Total, and served four years as an auditor at the Cour des Comptes (the supreme body responsible for auditing the use of public funds in France). Mr. Contamine is a graduate of France's École Polytechnique, ENSAE (École Nationale de la Statistique et de l'Administration Économique) and École Nationale d'Administration. He held the position of non-executive director at Valeo from 2006 to 2017. Mr. Contamine also serves as a non-executive director on the Boards of Société Générale and Total Energies. 100 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp103.jpg)

CORPORATE GOVERNANCE Dan Baker is a non-executive independent member of our Board of Directors since 26 April 2022. Dr. Baker joined Janssen/Centocor in 2000 and as Vice President Immunology R&D his responsibilities included the clinical development of Remicade, Simponi and Stelara, as well as other programs in rheumatology and dermatology. He supervised many Phase I-III trials in multiple disease areas, and oversaw more than 15 regulatory approvals in the US, Europe and Japan. Throughout his time at Janssen, he was responsible for evaluating business development opportunities in the immunology space. In 2015 he took on a new role as Disease Area Stronghold Leader at Janssen where he was responsible for Phase II & III clinical development plans for rheumatology products and the overall portfolio strategy in rheumatology and immunology. This included the early research strategy for immunology discovery, managing the early portfolio development and approving all late-stage efforts. Since his retirement from Janssen in 2019, he has continued to be involved in bringing therapies to patients. He raised capital (>$20MM) to fund and start an immunology company, KiRA Biotech, where he now acts as Chief Executive Officer and as Executive Director. Dr. Baker received his B.A. in Biology from Gettysburg College and his Medical Degree from the University of Pennsylvania. He completed his Medical Residency at Hershey Medical Center and Fellowship in Rheumatology and Immunology at the University of Pennsylvania, followed by a Research Fellowship in Rheumatology at Mass General Hospital. He continued on as part of the faculty of the University of Pennsylvania for 18 years before taking on industry roles. 101 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp104.jpg)

CORPORATE GOVERNANCE Changes to our Board of Directors The tenure of Katrine Bosley and Howard Rowe as members of our Board of Directors came to an end on 26 April 2022. We thank Katrine Bosley and Howard Rowe for their contributions and commitment to the Company over the years. About the Board of Directors Galapagos NV's Board of Directors consists of at least five and no more than nine members. At least three members of our Board of Directors are independent. On 31 December 2022, the Board of Directors consisted of nine members, five of whom are independent within the meaning of article 7:87 of the Belgian Companies Code and provision 3.5 of the 2020 Code. ExceptforStoffelsIMCBV(permanentlyrepresentedbyDr.PaulStoffels),allmembersof the Board of Directors are non-executive directors. The members of our Board of Directors are appointed at the Shareholders' Meeting upon the proposal of the Board of Directors, for a renewable term of up to four years. Members of the Board of Directors whose mandate has come to an end may be reappointed. When a position on the Board of Directors becomes vacant, the remaining members may temporarily fill the mandate by cooptation and until appointment of a new Board member at the next Shareholders' Meeting. Each member of the Board of Directors appointed as such by the Shareholders' Meeting shall complete the tenure of thememberoftheBoardofDirectorshe/shereplaces,unlesstheShareholders'Meeting decides otherwise. The Nomination Committee nominates, for approval by the Board of Directors, candidates to fill vacancies as they arise, and advises on proposals for appointment originating from shareholders, in each case taking into account the Company's needs and the selection criteria determined by the Board of Directors. In proposing candidates, particular consideration will be given to gender diversity and diversity in general, as well as complementary skills, knowledge and experience. Provision 3.12 of the 2020 Code recommends that, in case of a one-tier governance structure, (a) there should be a clear division of responsibilities between the person presidingovertheBoardofDirectors(theChairman)andthepersonassumingexecutive responsibility for running the company's business (the CEO), and (b) the Chairman of the Board of Directors and CEO should not be the same individual. In deviation from thisprovision,StoffelsIMCBV(permanentlyrepresentedbyDr.PaulStoffels),whoisour CEO since 1 April 2022, was also appointed as Chairman of the Board of Directors as of 26April2022.Inlightoftheprevailingcircumstances,theBoardofDirectorsconsidered that the one-tier governance structure and the combined role as CEO/Chairman allows the Company to fully leverage the leadership of Dr. Paul Stoffels, and to efficiently set and implement the Company's direction and strategy (including in the field of business development).Furthermore,theBoardofDirectorsisoftheopinionthatsuchcombined role has a positive impact on the functioning and efficiency of the Board, as well as on the provision of information to the Board of Directors, allowing the Board of Directors to monitor the Company's (and group's) performance more effectively during 2022. In order to ensure sufficient balance, the Board adopted a counter balancing governance 102 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp105.jpg)

CORPORATE GOVERNANCE structure that includes the election of a Lead Non-Executive Director acting as the principalliaisonbetweentheChairmanandthenon-executivemembersoftheBoardof Directors (see also below). Dr. Rajesh Parekh was appointed as the Lead Non-Executive Director of the Company, effective as of 2 May 2022. Effective as of March 21, 2023, Jérôme Contamine is appointed as the new Lead Non-Executive Director of Galapagos, replacing Dr. Rajesh Parekh.The Lead Non-Executive Director is entrusted with the responsibilities and powers set out in the Corporate Governance Charter of Galapagos NV. The following table sets forth certain information with respect to the members of our Board of Directors during the financial year ended on 31December2022: Year of birth Name or Year of initial Independent (1) Attendance Position Nationality incorporation appointment director rate Rajesh Parekh(2) Chairman British 1960 2004 91% Stoffels IMC BV(3) (6) Chairman Belgian 2022 2022 100% (4) British and Howard Rowe Member U.S. 1969 2010 • 100% Katrine Bosley(4) Member U.S. 1968 2013 • 100% Mary Kerr Member British 1961 2016 • 91% Peter Guenter Member Belgian 1962 2019 • 91% Elisabeth Svanberg Member Swedish 1961 2020 • 100% Jérôme Contamine(5) Member French 1957 2022 • 100% Dan Baker(5) Member U.S. 1950 2022 • 100% Daniel O' Day Member U.S. 1964 2019 100% Linda Higgins Member U.S. 1962 2019 100% (1) Independent director pursuant to article 7:87 of the Belgian Companies Code and article 3.5 of the 2020 Code. (2) Chairman until 26 April 2022 (3) Director and Chairman as from 26 April 2022 – permanently represented by Dr. Paul Stoffels (4) Director until 26 April 2022 (5) Director as from 26 April 2022 (6) In June 2022, Galapagos entered into a related party transaction with Stoffels IMC BV within the meaning of article 7:96 of the Belgian Companies Code (i.e. an amendment of the mangement agreement between Galapagos NV and Stoffels IMC BV). Having a conflict of interests concerning the proposed amendment, Stoffels IMC BV (permanently represented by Dr. Paul Stoffels) left the meeting before the deliberation and vote concerning this agenda item took place. Afterwards, he rejoined the Board meeting for the next agenda items. Thus, this meeting was taken into account for his attendance rate during the 2022financial year. In 2022, the following persons, as identified in the table above, were members of the BoardofDirectors(formerSupervisoryBoard):StoffelsIMCBV(permanentlyrepresented by Dr. Paul Stoffels) (member and Chairman since 26 April 2022), Rajesh Parekh (Chairman until 26 April 2022), Howard Rowe (member until 26 April 2022), Katrine Bosley (member until 26 April 2022), Mary Kerr, Peter Guenter, Daniel O'Day, Linda Higgins, Elisabeth Svanberg, Jérôme Contamine (member since 26 April 2022) and Dan Baker (member since 26 April 2022). On 31 December 2022, Mary Kerr, Peter Guenter, Elisabeth Svanberg, Jérôme Contamine and Dan Baker were independent members of the Board of Directors within the meaning of article 7:87 of the Belgian Companies Code and provision 3.5 of the 2020 Code. In 2022, the Board of Directors was therefore composed of a majority of independent directors. 103 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp106.jpg)

CORPORATE GOVERNANCE At the Annual Shareholders' Meeting of 26 April 2022, the tenure of Howard Rowe and Katrine Bosley as members of the Board of Directors came to an end. In 2022, the Board of Directors thus consisted of three women (except between 1January2022 and 26April2022 when the Board consisted of four women), and six men(exceptbetween1January2022and26April2022whentheBoardconsistedoffour men), representing five different nationalities and different age categories. During 2022, Galapagos NV complied with its obligations with respect to gender diversification in the Board of Directors as set forth in article 7:86 of the Belgian CompaniesCode,andtheBoardofDirectorswillcontinuetomonitorfuturecompliance. In proposing candidates, particular consideration is given to diversity in gender, age, nationality, educational and professional background, as well as complementary skills, knowledge and experience. The profiles of all members of the Board of Directors are included in this report (see above), and are also available on www.glpg.com. Gender: Status: 6 3 5 4 men women independent non- 9 9 independent members members The role of the Board of Directors is to pursue the long-term success and sustainable value creation by Galapagos NV. The Board of Directors does so by assuming the authority and responsibilities assigned to it by Belgian corporate law, the Company's Articles of Association, and the Corporate Governance Charter, and by combining entrepreneurialleadershipwithappropriateriskassessmentandmanagement.Eachof thedirectors'expertiseandexperienceisexemplifiedbythevariedprofessionalactivities they carry out and offices they hold. During its meetings in 2022, the Board of Directors dealtwithmatterspertainingto,amongotherthings,ourstrategyandgrowth,theentry into the field of oncology through the combined acquisitions of CellPoint and AboundBio, the evaluation of other business development opportunities, the search and recruitment of our new Chief Executive Officer, the implementation of our new governance model, the implementation of our new strategic direction to accelerate innovation and time-to-patients (including a focus on key therapeutic areas of immunology and oncology, and an expansion of drug modalities beyond small molecules, such as biologicals and CAR-T), clinical trial results, commercialization of Jyseleca®, and regulatory developments, convening of the Shareholders' Meeting and preparationofresolutionstobesubmittedforapprovaltotheshareholders,thecreation of new subscription rights for the benefit of the personnel of Galapagos NV and its subsidiaries, and review and approval of our financial reporting. 104 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp107.jpg)

CORPORATE GOVERNANCE In2022,fourteenmeetingstookplacephysically,throughwrittenresolutions,telephone conferences or videocalls to discuss specific matters, including three meetings in the presence of a notary public (relating to the issuance of Subscription Right Plan 2022 (A), Subscription Right Plan 2022 (B), Subscription Right Plan 2022 BE, Subscription Right Plan 2022 RMV and Subscription Right Plan 2022 ROW). Two of the meetings in the presence of a notary public were attended by Peter Guenter and Rajesh Parekh via telephoneconference.Thethirdmeetinginthepresenceofanotarypublicwasattended by Mary Kerr and Elisabeth Svanberg via telephone conference. All other directors were representedbyproxyatthemeetingsinthepresenceofanotarypublic.Theattendance ratefortheotherBoardmeetings,asidentifiedinthetableabove,wasasfollows:Rajesh Parekh: 91%; Stoffels IMC BV (permanently represented by Dr. Paul Stoffels) (member since 26 April 2022): 100%; Howard Rowe (member until 26 April 2022): 100%; Katrine Bosley(memberuntil26April2022):100%;MaryKerr:91%;PeterGuenter:91%;Jérôme Contamine (member since 26 April 2022): 100%; Dan Baker (member since 26 April 2022): 100%; Daniel O'Day: 100%; Linda Higgins: 100%, and Elisabeth Svanberg: 100%. The overall attendance rate was 98%. Stoffels IMC BV (permanently represented by Dr. Paul Stoffels) recused itself from deliberation and decision-making on one agenda item because of a conflict of interests, in accordance with article 7:96 of the Belgian Companies Code, as set forth in further detail in the section titled Conflictofinterests and related parties. The Board of Directors acts as a collegial body. A formal evaluation of the Board of Directors (formerly Supervisory Board) and its Board Committees was carried out in September 2021. Each member of the Board of Directors provided feedback through individual assessment forms. The results were presented on an aggregate basis by the Secretary adinterim ofthe(former)SupervisoryBoard(currentlyBoardofDirectors),and served as a basis for discussion by the full (former) Supervisory Board. This evaluation specifically addressed the functioning of the (former) Supervisory Board, the size and composition of the (former) Supervisory Board, the interaction between the (former) Supervisory Board and the (former) Management Board (currently the Executive Committee), and the functioning of the Board Committees. A new Board evaluation exercise was performed in the second half of 2022. As part of this exercise, the Board of Directors'compositionwasreviewed,acompositionmatrixwascreated,andinterviews were held with Board members on the functioning and composition of the Board of Directors. Pursuant to the Company's Corporate Governance Charter and as a counter balancing governance structure for the combined CEO & Chairman role within the Board, the Board of Directors appointed a Lead Non-Executive Director. The Lead Non-Executive DirectorisalsoautomaticallytheVice-ChairmanoftheBoardofDirectors.TheLeadNon-ExecutiveDirectorisentrustedwiththeresponsibilitiesandpowerssetoutinGalapagos NV's Corporate Governance Charter, including, but not limited to, serving as principal liaison between the non-executive directors and the Chairman of the Board. Dr. Rajesh Parekh was appointed as the Lead Non-Executive Director of the Company, effective as of2May2022.EffectiveasofMarch21, 2023,JérômeContamineisappointedasthenew Lead Non-Executive Director of Galapagos, replacing Dr. Rajesh Parekh. 105 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp108.jpg)

CORPORATE GOVERNANCE The Board of Directors appointed a Secretary entrusted with the functions set out in Galapagos NV's Corporate Governance Charter, including, but not limited to, to advise the Board of Directors and its individual members on all corporate governance matters. Committees Audit Committee Independent (1) Audit Committee member Function member Attendance rate Howard Rowe(2) Chairman • 100% Jérôme Contamine(3) Chairman • 100% Mary Kerr Member • 89% Peter Guenter Member • 100% (1) Independent member pursuant to article 7:87 of the Belgian Companies Code and article 3.5 of the 2020 Code (2) Chairman until 26 April 2022 (3) Chairman as per 2 May 2022 The Audit Committee assists the Board of Directors in fulfilling its monitoring responsibilitieswithrespecttofinancialreporting,andcontrolandriskmanagementin the broadest sense. The Audit Committee's key responsibilities include (i) monitoring the integrity of the Company's financial statements and the Company's accounting and financial reporting processes and financial statement audits, (ii) monitoring the effectiveness of the Company's internal control and risk management systems, (iii) monitoring the internal audit function and its effectiveness, (iv) monitoring the performance of the external auditor and the statutory audit of the annual and consolidated accounts, (v) reviewing and monitoring the independence of the external auditor, (vi) informing the Board of Directors on the results of the statutory audit, and (vii)informingtheBoardofDirectorsontheCompany'sESGactivities,asincludedinthe Sustainabilityreportwhichcontainsthenon-financialinformationasrequiredbyarticles 3:6, §4 and 3:32, §2 of the Belgian Companies Code. Per 31 December 2022, the Audit Committee consisted of the following three directors, as identified in the table above: Jérôme Contamine (Chairman), Mary Kerr, and Peter Guenter. All members of the Audit Committee are non-executive directors, and are all independent within the meaning of article 7:87 of the Belgian Companies Code, provision 3.5 of the 2020 Code, and Rule 10A-3(b)(1) under the U.S. Securities Exchange Actof1934,asamended(subjecttotheexemptionsprovidedinRule10A-3(c)undersuch act. The Chairman of the Audit Committee is an independent non-executive director. Collectively, the members of the Audit Committee have sufficient relevant experience to fulfill their roles effectively, notably in financial matters (including, but not limited to, general accounting and financial reporting, as well as matters of audit, internal control, and risk control) and in the life sciences industry. 106 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp109.jpg)

CORPORATE GOVERNANCE In 2022, the Audit Committee held nine meetings, in which it dealt with matters pertaining to, among other things, audit review, risk management, monitoring financial reporting, the monitoring of Sarbanes-Oxley compliant internal and external audit systems, the monitoring of compliance matters, an update of the Audit Committee Complaints Procedure Policy, a cyber security incident and the onboarding of the new auditor. The Audit Committee acts as a collegial body. The overall attendance at the AuditCommitteemeetingsin2022was97%.TheattendancerateattheAuditCommittee meetings in 2022 for each of its members is set forth in the table above. Some of the meetings were attended by the statutory auditor of the Company. Nomination Committee (1) Independent (2) Nomination Committee members Function member Attendance rate Rajesh Parekh Chairman 100% Katrine Bosley(3) Member • 100% Stoffels IMC BV(4) Member 100% Jérôme Contamine(5) Member • 100% Elisabeth Svanberg(6) Member • 100% (1) Pursuant to article 4.20 of the 2020 Code, the remuneration committee and nomination committee were combined from 1 January 2022 up to 2 May 2022 (2) Independent member pursuant to article 7:87 of the Belgian Companies Code and article 3.5 of the 2020 Code (3) Member until26 April 2022 (4) Member as per2 May 2022and permanently represented by Dr. Paul Stoffels (5) Member as per2 May 2022 (6) Member until2 May 2022 The Nomination Committee makes recommendations to the Board of Directors with regard to the appointment of the members of the Board of Directors, the CEO, and the members of the Executive Committee. Per 31 December 2022, the Nomination Committeeconsistedofthefollowingthreedirectors,asidentifiedinthetableabove:Dr. RajeshParekh(Chairman),StoffelsIMCBV(permanentlyrepresentedbyDr.PaulStoffels) and Jérôme Contamine. Collectively, the Nomination Committee members have sufficient relevant experience to fulfill their roles effectively. Provision 4.19 of the 2020 Code recommends that the Board of Directors should set up a Nomination Committee with the majority of its members comprising independent non-executive directors. In deviation from this provision, the Nomination Committee consisted in 2022 of one executive director, one independent non-executive director and one non-executive director. The latter (Dr. Rajesh Parekh) no longer qualifies as independent pursuant to article 7:87 of the Belgian Companies Code and article 3.5 of the 2020 Code given his long tenure at Galapagos NV. The Board felt it was appropriate toappointhimasamemberandChairmanoftheNominationCommitteeinviewofhis experience as former Chairman of the Board and to ensure a smooth transition to the new Chairman. Effective as of 21 March 2023, Dr. Elisabeth Svanberg was appointed as member and Chairman of the Nomination Committee, replacing Dr. Rajesh Parekh. 107 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp110.jpg)

CORPORATE GOVERNANCE The Nomination Committee meets as frequently as necessary to ensure effective operation of its responsibilities. In 2022, the Nomination Committee held six meetings, dealing with, among other things, matters pertaining to the hire of our new CEO, the proposalofnewdirectorsappointedatourShareholders'Meetingon26April2022,our new governance structure, the proposal of our new Executive Committee members (as per1January2023),andour2022Boardevaluation.TheNominationCommitteeactsas acollegialbody.TheoverallattendanceattheNominationCommitteemeetingsin2022 was100%.TheattendancerateattheNominationCommitteemeetingsin2022foreach of its members is set forth in the table above. Remuneration Committee (1) Independent (2) Remuneration Committee members Function member Attendance rate Rajesh Parekh Chairman 100% Katrine Bosley(3) Member • 100% Jérôme Contamine(4) Member • 100% Elisabeth Svanberg Member • 100% (1) Pursuant to article 4.20 of the 2020 Code, the remuneration committee and nomination committee were combined from 1 January 2022 up to 2 May 2022 (2) Independent member pursuant to article 7:87 of the Belgian Companies Code and article 3.5 of the 2020 Code (3) Member until26 April 2022 (4) Member as per2 May 2022 The Remuneration Committee makes recommendations to the Board of Directors with regard to the remuneration of the members of the Board of Directors, the CEO, and the members of the Executive Committee, including variable remuneration and long-term incentives, whether or not stock-related, in each case insofar as allowed by applicable laws and regulations. Per 31 December 2022, the Remuneration Committee consisted of the following three non-executive directors, as identified in the table above: Dr. Rajesh Parekh (Chairman), Elisabeth Svanberg, and Jérôme Contamine, the majority of whom are independent members of the Board of Directors within the meaning of article 7:87 of the Belgian Companies Code and provision 3.5 of the 2020 Code. Collectively, the Remuneration Committee members have sufficient relevant experience to fulfill their roles effectively. The Remuneration Committee meets as frequently as necessary to ensure effective operationofitsresponsibilities.In2022,theRemunerationCommitteeheldsixmeetings, dealing with, among other things, matters pertaining to the remuneration of our new CEO and Executive Committee members, grants of subscriptions rights, restricted stock units (RSUs) and bonuses, the packages of our retiring Chief Business Officer and Chief Medical Officer, and salary increases. The Remuneration Committee acts as a collegial body. The overall attendance at the Remuneration Committee meetings in 2022 was 100%. The attendance rate at the Remuneration Committee meetings in 2022 for each of its members is set forth in the table above. The CEO participated in those meetings wheretheremunerationoftheExecutiveCommitteemembers(otherthantheCEO)were discussed. 108 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp111.jpg)

CORPORATE GOVERNANCE Executive Committee of Galapagos NV Composition of the Executive Committee Per 31December2022, our Executive Committee consists of the following members: Paul Stoffels\* joined Galapagos as Chief Executive Officer in April 2022, and is an executive member and the Chairman of our Board of Directors since 26 April 2022. He also is a member of the Executive Committee at Galapagos. Prior to that, he was Vice Chairman of the Executive Committee and Chief Scientific Officer of Johnson & Johnson where he set the company's wide innovation agenda and led its pharmaceutical R&D-pipeline, as well as other external initiatives. Before that, he was worldwide Chairman of Pharmaceuticals of Johnson & Johnson which, under his leadership, significantly rejuvenated its product pipeline and adopted a transformational R&D-operating model, which resulted in the launch of 25 innovative medicines across the globe. Dr. Stoffels joined Johnson & Johnson in 2002, following the acquisition of Virco and Tibotec, where he was Chief Executive Officer and Chairman respectively, and where he led the development of several breakthrough products for the treatment of HIV. Dr. Stoffels also is a member of the Supervisory Board of Philips Healthcare in the Netherlands \*Stoffels IMC BV, permanently represented by Dr. Paul Stoffels 109 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp112.jpg)

CORPORATE GOVERNANCE Bart Filius is appointed as President of Galapagos in February 2021, and serves as Chief Financial Officer since December 2014 and as Chief Operating Officer since September 2017, and is a member of the Executive Committee at Galapagos. Prior to that, Mr. Filius worked over 13 years at Sanofi where he was the Chief Financial Officer of Sanofi Europe during the last 3 years. Earlier at Sanofi, he was the Country Manager and Chief Financial Officer of Sanofi in the Netherlands. Before that, he was Vice President of Mergers & Acquisitions, during which time he led and completed the divestiture of various franchises. Prior to joining Sanofi, he was a strategy consultant at Arthur D. Little. Mr. Filius has an MBA degree from INSEAD, and a Bachelor's Degree in business from Nyenrode Business University. In May 2019, Mr. Filius was elected as non-executive director in the Supervisory Board of ProQR Therapeutics. 110 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp113.jpg)

CORPORATE GOVERNANCE Walid Abi-Saab joined Galapagos as Chief Medical Officer in March 2017. Dr. Abi-Saab has driven Galapagos' overall medical strategy and was responsible for late stage clinical development and operations, medical and regulatory affairs and safety. As of June 2021, he became responsible for all development activities as he added early-stage development activities to his already existing responsibilities for late-stage development. 111 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp114.jpg)

CORPORATE GOVERNANCE Michele Manto is appointed as Chief Commercial Officer in January 2020, and member of the Executive Committee at Galapagos. He joined Galapagos in September 2017 as Senior Vice President Commercial Operations to build and lead Galapagos' commercial organization and capabilities. Previously, Mr. Manto held various commercial leadership roles at AbbVie, most recently as General Manager, Global Marketing Rheumatology and General Manager in the Netherlands. Prior to this, he led AbbVie's commercial activities and launches in rheumatology, gastroenterology and dermatology in Germany and other European countries. He started his professional career as a management and strategy consultant at McKinsey & Company. Mr. Manto holds an MBA from INSEAD and a Degree in Engineering from the Politecnico of Milan. 112 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp115.jpg)

CORPORATE GOVERNANCE Our new Executive Committee Members Per 1 January 2023, our Executive Committee has been strengthened with the addition of the following members: Annelies Missotten is appointed as Chief Human Resources Officer and member of the Executive Committee at Galapagos. She joined Galapagos as Vice President Human Resources in February 2018 to transform and build an expert HR team to enable business growth, and leading the transformation of Galapagos into an integrated biopharmaceutical company with an international setup. In 2020, she was appointed Senior Vice President Human Resources and strategic advisor to the CEO and Executive Committee. Before joining Galapagos, she held various senior global HR positions at GSK. She started her career at Proximus, and acquired deep expertise over time in key HR Centres of Expertise, including Training & Development, Talent Acquisition and Reward, and HR Business partnership roles. Ms. Missotten holds a Master's Degree in Roman Philology from KU Leuven, a DEA in Italian Culture and Linguistics from the Paris IV Sorbonne (France) and L'Universitŕ Cattolica di Milano. Over the years, she completed her education with several systemic psychology and coaching certifications and business courses, amongst others, from INSEAD, Fontainebleau (France). 113 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp116.jpg)

CORPORATE GOVERNANCE Valeria Cnossen is appointed as General Counsel, responsible for Compliance & Ethics, the Corporate Secretary Office and Intellectual Property, and member of the Executive Committee at Galapagos. Ms. Cnossen joined Galapagos on 1 August 2022. She previously was General Counsel of the Consumer Health Group at Johnson & Johnson where she was a strategic partner and key advisor on laws and regulations, transactions and emerging areas, impacting the business such as digital, transparency, sustainability and public policy. Prior to that, she held leadership roles within the Medical Devices and Pharmaceutical Sectors of Johnson & Johnson. Ms. Cnossen joined Johnson & Johnson in 2011 through the acquisition of Crucell, where she was Head of Legal and Compliance. Prior to joining Crucell, Ms. Cnossen was in private legal practice at De Brauw Blackstone Westbroek in the Netherlands, and Cravath, Swaine & Moore in New York City. Ms. Cnossen is a purpose-driven leader, known for her ability to develop high-performing teams and the careers of others, especially as a mentor for women. 114 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp117.jpg)

CORPORATE GOVERNANCE About the Executive Committee The following table sets forth certain information with respect to the members of our Executive Committee during the financial year ended on 31December2022: (1) Year of birth Year of initial Name Position Nationality or incorporation appointment Onno van de Stolpe(2) Chief Executive Officer Dutch 1959 1999 Stoffels IMC BV(3) Chief Executive Officer Belgian 2022 2022 President, Chief Financial Officer & Chief Operating Bart Filius Officer Dutch 1970 2014 Andre Hoekema(4) Chief Business Officer Dutch 1957 2005 (5) U.S. & Walid Abi-Saab Chief Medical Officer Lebanese 1965 2017 Michele Manto Chief Commercial Officer Italian 1973 2020 (1) Following the introduction of a one-tier board structure at the Company, the Board of Directors resolved to appoint the members of the (former) Management Board as member in the Executive Committee as from 26 April 2022 (2) Member and CEO until 31 March 2022 (3) Member as from 26 January 2022 – CEO as from 1 April 2022 – permanently represented by Dr. Paul Stoffels (4) Member until31 October 2022 (5) Member until31 December 2022 The Executive Committee has been entrusted by the Board of Directors with the executive management and running of the Company. Without prejudice to the overall responsibilityandtasksoftheBoardofDirectorsregardingthemanagementandcontrol of the Company, the tasks of the Executive Committee include the following matters (without limitation): the research, identification and development of strategic possibilities and proposals which may contribute to the Company's development in general,themanagementoftheCompanyandGalapagosgroup,thesupervisionofthe actual performance of the business compared to its strategic goals, plans and budgets, and the support of the CEO with the day-to-day management of the Company and Galapagos group. The Executive Committee meets as often as necessary to ensure its effective operation, and in principle once per month. On 31 December 2022, the Executive Committee consisted of four people: Stoffels IMC BV (permanently represented by Dr. Paul Stoffels) (CEO and Chairman of the Executive Committee),BartFilius(President,CFOandCOO),Dr.WalidAbi-Saab(CMO)andMichele Manto (CCO), representing four different nationalities and different age categories. Dr. André Hoekema's mandate as CBO and Executive Committee member ended per 31 October 2022.Dr.WalidAbi-Saab'smandateasCMOandExecutiveCommitteemember endedper31December2022.HewillstaywithGalapagosuntil31May2023toensurea smooth transition. Furthermore, the Executive Committee members have different educational backgrounds, as can be read in each of their profiles (above). 115 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp118.jpg)

CORPORATE GOVERNANCE The members of the Executive Committee are appointed by the Board of Directors upon recommendation of the Nomination Committee. In proposing candidates for the Executive Committee, particular consideration is given to educational and professional background,complementaryskills,knowledgeandexperience,aswellastodiversityin age, gender and nationality. Galapagos NV's share capital and shares GalapagosNV in 2022 Share capital increases and issue of shares by On 1January 2022, the share capital of Galapagos NV amounted to €354,582,005.11 represented by 65,552,721shares. In the course of 2022, there were three capital increases resulting from the exercise of subscription rights under subscription right plans,resultingintheissuanceof282,790newshares,anincreaseofthesharecapitalby €1,529,893.90 and an increase of the issuance premium account by €5,165,462.70. At the end of 2022, the share capital of Galapagos NV amounted to €356,111,899.01 represented by 65,835,511shares. During 2022, the Board of Directors issued subscription rights under five Subscription Right Plans: On 13January 2022, the Supervisory Board (now the Board of Directors) issued 30,000subscriptionrights,afteracceptancebythebeneficiary,withintheframework of the authorized capital, for the benefit of a member of the personnel of the group under Subscription Right Plan 2022 (A). ThesubscriptionrightsissuedunderSubscriptionRightPlan2022(A)haveatermof eightyearsasofthedateoftheofferandanexercisepriceof€46.18 (theclosingprice of the share on Euronext Amsterdam and Brussels on the day preceding the date of the offer). On 26January 2022, the Supervisory Board (now the Board of Directors) issued 1,000,000 subscription rights, after acceptance by the beneficiary, within the frameworkoftheauthorizedcapital,forthebenefitofamemberofthepersonnelof the group under Subscription Right Plan 2022 (B). ThesubscriptionrightsissuedunderSubscriptionRightPlan2022(B)haveatermof eight years as of the date of the offer and an exercise price of €50.00. 116 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp119.jpg)

CORPORATE GOVERNANCE On 6May 2022, the Board of Directors issued 2,091,239 subscription rights, after acceptance by the beneficiaries, within the framework of the authorized capital, for thebenefitofExecutiveCommitteemembersandemployeesoftheGalapagosgroup undernewsubscriptionrightplans:"SubscriptionRightPlan2022BE","Subscription Right Plan 2022 RMV" and "Subscription Right Plan 2022 ROW". The subscription rights issued under Subscription Right Plan 2022 BE, Subscription Right Plan 2022 RMV and Subscription Right Plan 2022 ROW have a term of eight years as of the date of the offer and subscription rights issued under the first offer have an exercise price of €57.46 (the closing price of the share on Euronext Amsterdam and Brussels on the day preceding the date of the first offer) and under thesubsequentofferof€51.58 (theclosingpriceoftheshareonEuronextAmsterdam and Brussels on the day preceding the date of the second offer). Number and form of Galapagos shares Of the 65,835,511shares of Galapagos NV outstanding at the end of 2022, 5,846 were registered shares and 65,829,665shares were dematerialized shares. All shares are issued and fully paid up and are of the same class. Rights attached to Galapagos shares Eachshare(i)entitlesitsholdertoonevoteattheShareholders'Meetings;(ii)represents an identical fraction of the share capital and has the same rights and obligations and shares equally in the profit of Galapagos NV; and (iii) gives its holder a preferential subscriptionrighttosubscribetonewshares,convertiblebondsorsubscriptionrightsin proportion to the part of the share capital represented by the shares already held. The preferential subscription right can be restricted or cancelled by a resolution approved bytheShareholders'Meeting,orbytheBoardofDirectorssubjecttoanauthorizationof theShareholders'Meeting,inaccordancewiththeprovisionsoftheBelgianCompanies Code and Galapagos NV's Articles of Association. Galapagos NV's authorized capital In accordance with the Articles of Association, the Extraordinary Shareholders' Meeting of Galapagos NV authorized the Board of Directors to increase the share capital of GalapagosNV,inoneorseveraltimes,andundercertainconditionssetforth inextenso in the Articles of Association of Galapagos NV. This authorization consists of two parts: A general authorization for capital increases up to 20% of the share capital at the timeofconveningtheShareholders'Meetingof22October2019(i.e.€67,022,402.04) was renewed and is valid for a period of five years from the date of publication of thisrenewalintheAnnexestotheBelgianStateGazette,i.e.13November2019.This general authorization will expire on 12 November 2024; and 117 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp120.jpg)

CORPORATE GOVERNANCE 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 25 April 2017(i.e. € 82,561,764.93), wasrenewedandwasvalidforaperiodoffiveyearsfrom the date of publication of this renewal in the Annexes to the Belgian State Gazette, i.e. 31 May 2017. This specific part of the authorized capital could, however, only be used in a number of specific circumstances and upon a resolution of the Board of Directors that all independent directors (within the meaning of article 7:87 of the Belgian Companies Code) approve. This specific authorization expired on 30 May 2022. In 2022, Galapagos NV's Board of Directors made use of the right to increase the capital in the framework of the authorized capital on three occasions: On 13 January 2022, in connection with the issuance of Subscription Right Plan 2022 (A) under which a maximum of 30,000 new shares could be issued for a total maximum capital increase of €162,300.00 (plus issuance premium); On26January2022,inconnectionwiththeissuanceofSubscriptionRightPlan2022 (B) under which a maximum of 1,000,000 new shares could be issued for a total maximum capital increase of €5,410,000.00 (plus issuance premium); and On 6 May 2022, in connection with the issuance of Subscription Right Plan 2022 BE,SubscriptionRightPlan2022RMVandSubscriptionRightPlan2022ROW,under which a maximum of 2,326,025 new shares could be issued for a total maximum capital increase of €12,583,795.25 (plus issuance premium). On 31December 2022, an amount of €24,889,284.17 still remained available under the general part of the authorized capital. When increasing the share capital within the limits of the authorized capital the Board of Directors may, if in Galapagos NV's interest, restrict or cancel the shareholders' preferential subscription rights, even if such restriction or cancellation is made for the benefit of one or more specific persons other than the employees of the group. capital Procedure for changes in Galapagos NV's share In accordance with the Belgian Companies Code, Galapagos NV may increase or decrease its share capital by decision of the Extraordinary Shareholders' Meeting approved by a majority of 75% of the votes cast, at a meeting where at least 50% of the share capital of Galapagos NV is present or represented. If the attendance quorum of 50% is not met, a new Extraordinary Shareholders' Meeting must be convened at whichtheshareholdersmaydecideontheagendaitems,irrespectiveofthepercentage of share capital present or represented at such meeting. In this respect, there are no conditions imposed by Galapagos NV's Articles of Association that are more stringent than those required by law. 118 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp121.jpg)

CORPORATE GOVERNANCE Within the framework of the powers granted to it under the authorized capital, the BoardofDirectorsmayalsoincreaseGalapagosNV'scapitalasspecifiedinitsArticlesof Association. Purchase and sale of Galapagos treasury shares In accordance with the Belgian Companies Code, Galapagos NV may purchase, subject to the provisions of the Belgian Companies Code, Galapagos NV's own shares and dispose thereof by decision of the Extraordinary Shareholders' Meeting approved by a majorityof75%ofthevotescast,atameetingwhereatleast50%ofthesharecapitalof Galapagos NV is present or represented. If the attendance quorum of 50% is not met, a new Extraordinary Shareholders' Meeting must be convened at which the shareholders maydecideontheagendaitems,irrespectiveofthepercentageofsharecapitalpresent or represented at such meeting. The aforementioned rules are also applicable to the acquisition of shares of Galapagos NV by its subsidiaries. The Board of Directors has currently not been authorized by an Extraordinary Shareholders' Meeting to purchase or sell its own shares. On 31 December 2022, neither Galapagos NV nor any subsidiary of Galapagos NV held anysharesinGalapagosNV,nordidanythirdpartyholdanysharesinGalapagosNVon behalf of Galapagos NV or any of its subsidiaries. Association Anti-takeover provisions in Galapagos NV's Articles of Galapagos NV's Articles of Association currently do not contain any anti-takeover provisions. Anti-takeover provisions under Belgian law UnderBelgianlaw,publictakeoverbidsforalloutstandingvotingsecuritiesoftheissuer are subject to the supervision of the FSMA. If the latter determines that a takeover violates Belgian law, it may lead to suspension of the exercise of the rights attached to any shares that were acquired in connection with the envisaged takeover. Pursuant to the Belgian Law of 1April 2007 on public takeovers, a mandatory takeover bid must be made when, as a result of its own acquisition or the acquisition by persons acting in concert with it, a person owns, directly or indirectly, more than 30% of the securities with voting rights in a company with registered office in Belgium whose securities are admitted to trading on a regulated or recognized market. The acquirer must offer to all other shareholders the opportunity to sell their shares at the higher of (i) the highest price offered by the acquirer for shares of the issuer during the 12months preceding the announcement of the bid or (ii) the weighted average price of the shares on the most liquid market of the last 30 calendar days prior to the date on which it became mandatoryfortheacquirertolaunchamandatorytakeoverbidforthesharesofallother shareholders. 119 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp122.jpg)

CORPORATE GOVERNANCE clauses Material contracts containing change of control ThesecondamendedandrestatedcollaborationagreementbetweenGalapagosNVand AbbVie S.ŕ r.l. ("AbbVie") dated 24 October 2018 contains provisions granting certain rightstoAbbVieupontheoccurrenceofapublictakeoverbidonoursharesorachange of control in respect of Galapagos NV, including, but not limited to clause 11.2 of the agreement (Change in Control of Galapagos), entitling AbbVie, to oblige Galapagos NV totakeappropriatemeasurestoavoidthedisclosureofconfidentialinformation,tolimit AbbVie'sreportingobligationstoGalapagosNV,or,dependingonthestageinwhichthe change of control occurs, to terminate the agreement. Articles of Association Procedure for amendments to Galapagos NV's PursuanttotheBelgianCompaniesCode,anyamendmenttotheArticlesofAssociation, such as an increase or decrease in the share capital of Galapagos NV, and certain other matters, such as the approval of the dissolution, merger or de-merger of Galapagos NV may only be authorized with the approval of at least 75% of the votes validly cast at an Extraordinary Shareholders' Meeting where at least 50% of Galapagos NV's share capital is present or represented. If the attendance quorum of 50% is not met, a new Extraordinary Shareholders' Meeting must be convened at which the shareholders may decide on the agenda items, irrespective of the percentage of share capital present or represented at such meeting. Shareholders Major shareholders of Galapagos NV Based on transparency notifications received by Galapagos NV under Belgian law and the statements of acquisition of beneficial ownership filed with the U.S. Securities and Exchange Commission under U.S. securities law, the shareholders owning 5% or more of Galapagos NV's shares on 31 December 2022 were Gilead Therapeutics A1 Unlimited Company (16,707,477 shares or 25.38%), Van Herk Investments B.V. (4,635,672 shares or 7.04%), EcoR1CapitalLLC(3,407,246sharesor5.18%) andFMRLLC(3,884,633sharesor 5.90%) . 120 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp123.jpg)

CORPORATE GOVERNANCE Major shareholders on 31December 2022 25.38% Gilead 7.04% 56.45% Van Herk Investments Other shareholders 5.18% EcoR1 Capital 0.05% 5.90% Insiders FMR LLC Attheendof2022,ourCEOowned1,000,000subscriptionrights.Theothermembersof our Executive Committee held an aggregate of 29,520 shares and 864,000 subscription rights. The members of our Board of Directors held an aggregate of 3,889 shares and 75,000subscriptionrights.Eachsubscriptionrightentitlesitsholdertosubscribetoone share of Galapagos NV. SubjecttotheapprovalofGalapagos'shareholdersandcertainotherconditions,Gilead hastherightunderthetermsofthesharesubscriptionagreementtohavetwodesignees appointed to our Board of Directors. The Board members Daniel O'Day and Linda Higgins are representatives of Gilead. Agreements between Galapagos NV shareholders On the date of this report, Galapagos NV had no knowledge of the existence of any shareholders' agreements between its shareholders. Agreements with major Galapagos NV shareholders On 14July2019, we and Gilead announced that we entered into a 10-year global research and development collaboration. In the context of the transaction, Gilead also made an equity investment in Galapagos. We also amended and restated the license agreementforfilgotinibthatweoriginallyenteredintowithGileadon16December2015. On23August2019,theclosingofthetransactiontookplaceandwereceivedanupfront payment of €3,569.8 million ($3.95 billion) and a €960.1 million ($1.1 billion) equity investment from Gilead. On15December2020,weandGileadannouncedthatweagreedtoamendourexisting arrangement for the commercialization and development of filgotinib again. Terms of the equity investment As part of the research and development collaboration, Gilead entered into a share subscription agreement with us. On 23 August 2019, Gilead Therapeutics A1 Unlimited 121 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp124.jpg)

CORPORATE GOVERNANCE Companysubscribedto6,828,985newGalapagossharesatapriceof€140.59 pershare, which included an issuance premium. SubjecttotheapprovalofGalapagos'shareholdersandcertainotherconditions,Gilead hastherightunderthetermsofthesharesubscriptionagreementtohavetwodesignees appointed to our Board of Directors. The Special Shareholders' Meeting of 22 October 2019 approved the appointment of Daniel O'Day and Linda Higgins as directors of Galapagos NV, both of whom are still directors of Galapagos NV today. On22October2019,ourExtraordinaryShareholders'Meetingapprovedtheissuanceofa warranttoGileadTherapeuticsA1UnlimitedCompany,knownasWarrantA,thatconfers therighttosubscribeforanumberofnewsharessufficienttobringthenumberofshares owned by Gilead and its affiliates to 25.1% of the issued and outstanding shares of the Company.WarrantAexpiresoneyearaftertheissuedateandtheexercisepricepershare is€140.59. On6November2019,GileadexercisedWarrantAandincreaseditsownership in Galapagos to 25.10% of the then outstanding shares. On 22 October 2019, Gilead Therapeutics A1 Unlimited Company was also issued another warrant, known as the initial Warrant B, that confers the right to subscribe for a number of new shares sufficient to bring the number of shares owned by Gilead and its affiliates to 29.9% of the issued and outstanding shares of the Company. The initial WarrantBwillexpireon23August2024.Theexercisepricepersharewillbethegreaterof (i)120%multipliedbythearithmeticmeanofthe30-daydailyvolumeweightedaverage trading price of the Galapagos shares preceding the date of the exercise notice with respect to such exercise, and (ii) €140.59. Between 57 and 59 months from 23 August 2019, subject to and upon approval by the Company's Shareholders' Meeting, Gilead Therapeutics A1 Unlimited Company will be issued a warrant with substantially similar terms, including exercise price, to the initial Warrant B. This subsequent Warrant B will expire on the earlier of (i) the date that is five years after the fifth anniversary of the closing and (ii) the date that the warrant is issued. Gilead and Gilead Therapeutics A1 Unlimited Company are subject to certain standstill restrictionsuntil10yearsfollowingtheclosing,whichoccuredon23August2019.Among otherthings,duringthistimeGileadanditsaffiliatesandanypartyactinginconcertwith them may not, without our consent, acquire voting securities of Galapagos exceeding more than 29.9% of the then issued and outstanding voting securities, and Gilead and Gilead Therapeutics A1 Unlimited Company may not propose a business combination with or acquisition of Galapagos. The standstill restrictions are subject to certain exceptions as provided in the share subscription agreement. Pursuant to the terms of the share subscription agreement, Gilead and Gilead Therapeutics A1 Unlimited Company also agreed to certain lock-up provisions. They shallnot,andshallcausetheiraffiliatesnotto,withoutourpriorconsent,disposeofany equity securities of Galapagos prior to the second anniversary of the closing (23 August 2019). During the period beginning on the date that is two years following the closing until the date that is five years following the closing, Gilead and its affiliates shall not, without our prior consent, dispose of any equity securities of Galapagos if after such disposal they would own less than 20.1% of the then issued and outstanding voting 122 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp125.jpg)

CORPORATE GOVERNANCE securities of Galapagos. The lock-up restrictions are subject to certain exceptions as provided in the share subscription agreement and may terminate upon certain events. InApril2021,GileadandGalapagosagreedtoamendthesharesubscriptionagreement to extend the full lock-up of all of Gilead's securities of Galapagos for a period of five years until 22 August 2024. In 2022, Gilead and Galapagos agreed to amend the share subscription agreement for conformity with the change from a two-tier to a one-tier governance system by Galapagos. collaboration Terms of the global research and development We will fund and lead all discovery and development autonomously until the end of Phase2.AfterthecompletionofaqualifyingPhase2study(or,incertaincircumstances, thefirstPhase3study),Gileadwillhavetheoptiontoacquirealicensetothecompound outsideEurope.Iftheoptionisexercised,weandGileadwillco-developthecompound and share costs equally. Gilead will maintain option rights to our programs through the 10-yeartermofthecollaboration.Thistermcanbeextended,atthediscretionofGilead, foruptoanadditionalthreeyearsthereafterforthoseprograms,ifany,thathaveentered clinical development prior to the end of the collaboration term. On top, a final term extension can be granted in certain circumstances. Forallprogramsresultingfromthecollaboration(otherthanGLPG1972andGLPG1690), Gileadwillmakea$150millionopt-inpaymentperprogramandwillowenosubsequent milestones. We will receive tiered royalties ranging from 20 – 24% on net sales of all our products licensed by Gilead in countries outside Europe as part of the agreement. ForGLPG1972,Gileaddeclinedtoexerciseitsoptionunderthecollaborationagreement in November 2020. In February 2021, the development of GLPG1690 (ziritaxestat) was discontinued. Revised filgotinib collaboration Under the terms of the new arrangement agreed in December 2020, we assumed all development, manufacturing, commercialization and certain other rights for filgotinib in Europe. Gilead retains commercial rights and remains the marketing authorization holder for filgotinib outside of Europe, including in Japan, where filgotinib is co-marketed with Eisai. The transfer was subject to applicable local legal, regulatory and consultation requirements. Most activities transferred to Galapagos by 31 December 2021 and we completed the transition during 2022. The new arrangement was formalized in (1) the Transition and Amendment Agreement of 3 April 2021 pursuant to which Gilead transitioned the exploitation of filgotinib in Europe to Galapagos by the end of 2021, (2) the DIVERSITY Letter Agreement of 6 September 2021 pursuant to which we and Gilead agreed to transfer the sponsorship of and operational and financial responsibility for the ongoing DIVERSITY study and its long-term extension study (LTE) study from Gilead to Galapagos, and (3) the Second Amended and Restated License and Collaboration Agreement of 24 December 2021, 123 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp126.jpg)

CORPORATE GOVERNANCE amendingandrestatingtheexistingcollaborationagreement,whichwentintoeffectas of 1 January 2022. In March 2022, Gilead and Galapagos agreed to transfer the sponsorship of and the operational responsibility for the MANTA study, a safety study in men with moderately toseverelyactiveUCandCDtoassesssemenparameterswhiletakingfilgotinib,andits long-term extension, from Gilead to Galapagos. Since 1 January 2021, we bear the future development costs for certain studies, in lieu of the equal cost split contemplated by the previous agreement. These studies include the DARWIN3, FINCH4, FILOSOPHY, and Phase 4 studies and registries in RA, MANTA andMANTA-RAy,thePENGUIN1and2andEQUATOR2studiesinPsA,theSEALION1and 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 existing 50/ 50 global development cost sharing arrangement continued for the following studies: SELECTION and its long-term extension study (LTE) in UC, DIVERSITY and its LTE, 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 CD, and support for investigatorsponsoredtrialsinIBD.InSeptember2021,weandGileadagreedtotransfer thesponsorshipoftheDIVERSITYstudyanditsLTEstudyfromGileadtoGalapagos.The transfer was intended to be completed by 30 June 2022 and was completed by March 2023.From1April2022,Galapagosissolelyresponsibleforalldevelopmentcostsforthe DIVERSITY study and its LTE study. In March 2022, we and Gilead agreed to transfer the sponsorship of the MANTA study and its LTE from Gilead to Galapagos, which transfer was largely completed by 31 December 2022. AllcommercialeconomicsonfilgotinibinEuropetransferredtousasof1January2022, subjecttopaymentoftieredroyaltiesof8to15percentofnetsalesinEuropetoGilead, starting in 2024. In connection with the amendments to the existing arrangement for the commercialization and development of filgotinib, Gilead has agreed to irrevocably pay Galapagos €160million, subject to certain adjustments for higher than budgeted development costs. Gilead paid €35million in January 2021, an additional €75million in April 2021 and €50million in 2022. Furthermore, Gilead made a one-time payment of $15milliontoGalapagosin2022inconsiderationforGalapagosassumingresponsibility for the DIVERSITY study. In addition, we will no longer be eligible to receive any future milestone payments relating to filgotinib in Europe. However, we will remain eligible to receive tiered royalty percentages ranging from 20% to 30% on Gilead's global net sales of filgotinib outside of Europe and future development and regulatory milestone-based payments of up to $275million and sales-based milestone payments of up to $600million. On 28March2022 filgotinib was approved by the Japanese Ministry of Health, Labour and Welfare for UC, for which we received a $20.0 million (€18.2 million) regulatory milestone payment from Gilead in May 2022. 124 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp127.jpg)

CORPORATE GOVERNANCE In March 2022, Gilead and Galapagos agreed to further amend the collaboration by addingthefollowingcountriestotheGalapagosterritory:Andorra,SanMarino,Monaco, and Vatican City. Our remuneration policy Arevisedremunerationpolicyisapplicableasof1January2022,andhasbeenapproved by the 2022 Shareholders' Meeting. Such document is available on our website. Remuneration report Introduction: remuneration report 2022 Galapagos' remuneration policy Galapagos' current remuneration policy was prepared in accordance with the Belgian Companies Code and approved by Galapagos' shareholders at the 2022 Annual Shareholders'Meetingwith64.40% ofshareholdervotes.Thepolicybecameeffectiveas from 1January 2022 and applies for the reporting year beginning on 1January 2022. In this report we will look back at 2022 and reflect on how the progress made with regard to our 2022 corporate objectives has influenced the remuneration outcomes. Galapagos encourages an open and constructive dialogue with its shareholders to discuss its approach to governance, including remuneration, and to understand what theyconsiderbestpractices.Thedisclosureintheremunerationreportreflectstheinput received from Galapagos' shareholders over the years as well as developments in the legislative framework, including the introduction of the comparison table and pay ratio. The objective of our remuneration policy is to attract, motivate and retain diverse, qualified and expert individuals who are key in order to achieve our strategic and operationalobjectives.Ourfurthergoalsaretobecompetitiveintheappropriatemarket bybenchmarkingagainstrelevantpeergroups,incentivizingperformanceatthehighest possiblelevel,allowingfordifferentialrewardsaccordingtoindividualperformance,not to discriminate on any grounds other than performance, and to reinforce an open, fair, consistent and equitable culture. Peer group and benchmarking Galapagos' remuneration policy strives to take into account relevant benchmarks with appropriate peer companies and, for the Executive Committee members, the group's performance management system is also considered. Over the years, our Nomination and Remuneration Committee has conducted such benchmarking exercise and has been supported by external advisors during the performance of its responsibilities. 125 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp128.jpg)

CORPORATE GOVERNANCE Currently a new benchmarking exercise for Executive Committee roles is ongoing in the lightofourstrategictransformationandreviewedR&Dstrategy,focusedonimmunology andoncologywiththeaimtotransformpatientoutcomesthroughlife-changingscience andinnovation.Galapagosisatapivotaljunctureinitshistorytoresetitsstrategicpath, and is building an oncology franchise where attracting and retaining highly specialized expertise in an international labor market is essential to succeed. The peer groups currently determined by the Remuneration Committee consist of publicly listed biotechnology companies with a comparable market capitalization in the U.S. and biotechnology and pharmaceutical companies with a broadly comparable market capitalization in Europe, in both cases taking into account the R&D and commercialization profile and business model to the extent possible. The Committee considersboththesereferencepointsgiventhetalentpoolfortheExecutiveCommittee extends to both Europe and the U.S., with the majority of our competitors based in the U.S. These benchmarks will support the Remuneration Committee in its decision making, also taking into account Galapagos' strategic context and requirements, company performance, individual performance and skills as well as broader workforce considerations. Finally, the committee also determined to maintain a view to a Bel20 (the benchmark stock market index of Euronext Brussels) general industry peer group (excludingfinancialservicescompanies)toensureanunderstandingofthelocalBelgian listed market given the location of our headquarters; however, given the international nature of our executive leadership and specific sector considerations, it is not the reference to inform our pay policy. Directors Remuneration of the members of the Board of Remuneration structure components TheremunerationofthemembersoftheBoardofDirectorsconsistsof(i)afixedannual cash amount, and (ii) an equity-based component. The remuneration of the directors does not contain a variable component, and hence no performance criteria apply to their remuneration. Cash Equity-based remuneration remuneration 126 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp129.jpg)

CORPORATE GOVERNANCE In accordance with our remuneration policy and the decision of the annual Shareholders'Meetingof28April2020,theremunerationofthemembersoftheBoardof Directorsfortheexerciseoftheirmandateduringthefinancialyearending31December 2022 consisted of the following components: Nomination Remuneration Board of Directors Audit Committee Committee(2) Committee(2) Equity-based Cash remuneration Cash remuneration Cash remuneration Cash remuneration remuneration TOTAL Directors Cash REMU-granted to Acquired NERATION Chairman Member acquire GLPG(1) Chairman Member Chairman Member Chairman Member GLPG(1) shares shares Stoffels IMC BV, permanently represented by (3) (3) Dr.PaulStoffels N/A N/A N/A N/A Dr. Rajesh Parekh(4) €32,143 €33,929 €66,000 697 €13,571 €20,000 €165,643 Dr. Mary Kerr €50,000 €50,000 528 €15,000 €115,000 Mr. Peter Guenter €50,000 €50,000 539 €15,000 €115,000 Dr.ElisabethSvanberg €50,000 €50,000 532 €15,000 €115,000 Mr.JérômeContamine(5) €34,066 €34,000 366 €13,626 €10,220 €10,220 €102,131 Dr. Dan Baker(5) €34,066 €34,000 363 €68,066 Mr. Howard Rowe(6) €16,071 €16,000 158 €6,429 €38,500 Ms. Katrine Bosley(6) (7) €16,071 €— €4,821 €20,892 Mr. Daniel O'Day(8) N/A(8) Dr. Linda Higgins(8) N/A(8) (1) The company grants a gross amount equal to the respective Board member's annual cash remuneration, to use the net portion (after taxes) to acquire shares of Galapagos in the open market. (2) Until 26 April 2022, the company had a Nomination and Remuneration Committee and as of 26 April 2022 we have two committees, being the Nomination Committee and the Remuneration Committee. (3) Chairman of the Board of Directors as of 26 April 2022. Stoffels IMC BV does not receive any remuneration for its mandate as Chairman of the Board of Directors or Committee member. (4) Chairman of the Board of Directors until 26 April 2022. (5) Director as of 26 April 2022. (6) Director until 26 April 2022. (7) Ms. Bosley waived her equity-related remuneration for financial year 2022. (8) Mr. O'Day and Dr. Higgins, both Gilead representatives, do not receive any remuneration for their mandate as members of the Board of Directors. Effective from 26April 2022, our new Chief Executive Officer, Stoffels IMC BV (permanently represented by Dr. Paul Stoffels) has been appointed as the Chairman of theBoardofDirectorsofGalapagos.TheChiefExecutiveOfficerwillonlyberemunerated for the performance of its executive functions as Chief Executive Officer and is not entitled to any additional remuneration for its mandates of Chairman of the Board of Directors or of any Committee. 127 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp130.jpg)

CORPORATE GOVERNANCE Cash remuneration ThemembersoftheBoardofDirectorsreceiveafixedannualcashamount,irrespective of the number of Board meetings that are held during the year. The remuneration of the directors does not contain a variable part. These Board fees are paid in quarterly installments at the end of each calendar quarter. For the financial year 2022 the previous Chairman of the Board of Directors, Mr. Rajesh Parekh, received a total cash remuneration of €67,072 and the other members €50,000 each (if in function for the entire year). In addition, Committee membership entitles the directorstoanadditional€15,000incashandCommitteechairmanshiptoanadditional €20,000 in cash (if in function for the entire year). Equity based remuneration In accordance with provision 7.6 of the 2020 Code, Galapagos also grants members of the Board of Directors an equivalent to a remuneration in shares, being a cash amount equal to the respective Board member's annual cash remuneration whereby the net portion (after taxes) should be used to acquire Galapagos shares. During the financial year2022,themembersoftheBoardofDirectorsreceivedthefollowingadditionalcash compensation: for the previous Chairman of the Board of directors €100,000 (prorated amount if not in function for the entire year) and for the other members €50,000 each (prorated amount if not in function for the entire year), in each case subject to the requirementtousethenetamount(aftertaxes)toacquireGalapagosshares.Oneformer Boardmemberwaivedtheequity-basedremunerationforthefinancialyear2022.These share purchases resulted in the number of shares identified in the table above. The shares that each director so acquires are to be held until at least one year after the Board member leaves the Board of Directors and at least three years after the time of acquisition. These latter payments make up the equivalent of an equity component of the members of the Board of Directors' remuneration, as recommended by the 2020 Code. Asof2020GalapagosdoesnotgrantanysubscriptionrightstomembersoftheBoardof Directors (non-executive directors). 128 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp131.jpg)

CORPORATE GOVERNANCE Remuneration of Executive Committee members Remuneration structure components The total remuneration package of the CEO and other Executive Committee members consistsof(i)fixedremuneration,beingabasesalary,pensionandotherbenefitsand(ii) variable remuneration, being a cash bonus, the grant of restricted stock units ("RSUs") and subscription rights ("SRs") that will be further outlined below. For the variable part of the Executive Committee members' remuneration, performance criteria apply. Short-term incentive Long-term incentives Pension & Subscription Base salary Cash bonus RSUs rights other benefits Performance criteria and evaluation methods for Executive Committee members For 2022, the performance criteria considered in decision-making for cash bonuses (short-termincentive)andannualRSUgrants(long-termincentive)includetheelements identifiedinthetablebelow,wherebyeachofthecorporateobjectivesisfurtherdetailed in a clear and measurable way to enable robust evaluation by the Remuneration Committee as well as by the Board of Directors. Our ambition is to continue establishing ourselves as a successful commercial stage biopharmaceutical company focused on the discovery, development and commercialization of innovative medicines in areas of unmet medical needs with the aim to improve the lives of people suffering from serious diseases. In order to achieve this long-term goal, we are striving for continued innovation in our research efforts and sound clinical progress year over year, while maintaining a healthy cash position. Considering our new strategy, we shifted from novel target-based discovery to patient-focused medical need research and development with a focus on our key therapeutic areas of immunology and oncology. In addition, our corporate development and business goals aim to foster the growth of the company and value creation for all shareholders, including via business development opportunities, to complement our internalpipeline.Finally,ourcommercialdevelopmentgoalintendstocontinuetobuild our filgotinib franchise throughout Europe, in order to become a commercially successful biopharmaceutical company which brings transformational medicines to patients (subject to having obtained governmental approvals). 129 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp132.jpg)

CORPORATE GOVERNANCE 2022 CORPORATE OBJECTIVES Each equally weighted Corporate Actual cash burn versus guidance, training and compliance goals Business Development Achievement of business development transaction(s) Research progress Select new targets and nominate pre-clinical candidates to strengthen our Discovery portfolio. Identify a new target from pre-clinical research on new drug modalities Clinical trial progress Advance compounds to the next clinical development phase to mature the development pipeline. Initiate the expansion of the use of filgotinib so that it may become accessible to a broader patient population Commercial development Execution of a successful Europe launch for filgotinib, including sales and earnings target The individual performance evaluation is supported by the group's performance management system that assesses the performance of all employees (including Executive Committee members) over the calendar year against a set of objectives determined at the start of the year. Taking all considerations into account, Galapagos' policy is to grant a number of subscription rights each year based on a consideration of each Executive Committee member's role, individual performance for the performance year as well as individual impact on long-term value creation. The Remuneration Committee is responsible for evaluating the Executive Committee members' performance in accordance with the principles set out above. The Remuneration Committee is composed exclusively of non-executive directors and a majorityofitsmembersqualifyasindependentBoardmembers.Thishelpspreventthe occurrence of conflicts of interest regarding the implementation of the remuneration policy in relation to the Executive Committee members. The members of the Executive Committee are not invited to take part in any discussions of the Remuneration Committee related to their own individual remuneration. The level of achievement of the objectives for the CEO is assessed at the end of each yearbytheRemunerationCommitteeanddiscussedandfinallyestablishedbytheBoard of Directors. The level of achievement of the objectives of the other members of the Executive Committee is assessed by the CEO at the end of the year, discussed by the Remuneration Committee and finally established by the Board of Directors. 130 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp133.jpg)

CORPORATE GOVERNANCE Fixed remuneration Variable remuneration Proportion of fixed Other Multi-year variable TOTAL REMU-Executive Committee Cash and variable Base salary compo- Pension (2) Vested Granted NERATION (1) bonus remuneration nents RSUs(3) SRs(4) Stoffels IMC BV, permanently represented (5) Fixed: 38.27% by Dr. Paul Stoffels €562,500 €- €- €337,500 €- €570,000 €1,470,000 Variable:61.73% Onno van de Stolpe(6) €160,524 €22,970 €19,500 €- €- €- €202,994 Fixed: 100% (7) Fixed: 22.12% Other ExCom members €1,617,538 €82,873 €220,575 €659,300 €6,103,529 €- €8,683,815 Variable:77.88% (1) Other components are the value of the benefits and perquisites awarded, such as a company car, tax advisory services and health and disability insurance. (2) The one-year variable is the short-term cash bonus awarded to each Executive Committee member in respect of 2022 and paid in April 2023. (3) During financial year 2022 RSUs vested under RSU Plan 2019.I, 2019.II, 2019.III, 2020.II and 2021 IV and pay-outs occurred accordingly. (4) The value of the subscription rights ("SRs") granted during the financial year 2022 is calculated by comparing the exercise price with the average share price of the share as quoted on Euronext Brussels and Amsterdam during the financial year 2022. (5) CEO as of 1 April 2022. (6) CEO until 31 March 2022. Mr. Onno van de Stolpe's base salary is €160,524, including €5,239.02 in the form of personal pension contributions. The €19,500 pension amount does not include the amount of €5,239.02, which is part of Mr. Onno van de Stolpe's fixed base salary. (7) Pursuant to the applicable Belgian legislation for the two-tier governance system, we hereby disclose the individual figures for the Executive Committee members part of the aggregate amounts disclosed under "Other ExCom members". Fixed remuneration Variable remuneration Proportion of Other Multi-year variable TOTAL REMU-Other ExCom members Base Cash fixed and variable compo- Pension (2) Vested Granted NERATION salary nents(1) bonus remuneration RSUs(3) SRs(4) Fixed: 21.50% Bart Filius €515,000 €25,527 €63,300 €230,000 €1,974,467 €- €2,808,294 Variable: 78.50% Fixed: 15.88% Andre Hoekema €317,775 €25,328 €46,125 €100,000 €1,961,547 €- €2,450,775 Variable: 84.12% Fixed: 23.03% Walid Abi-Saab €434,563 €14,203 €62,400 €165,000 €1,543,240 €- €2,219,406 Variable: 76.97% Fixed: 34.58% Michele Manto €350,200 €17,815 €48,750 €164,300 €624,275 €- €1,205,340 Variable: 65.42% Fixed remuneration The Board of Directors, upon recommendation of the Remuneration Committee, decided that for the financial year 2022 each member of the Executive Committee, including the CEO, received the base salary (gross amount) as identified in the total remuneration table above. The fixed remuneration is a base salary designed to fit responsibilities, relevant experience and competences, in line with market rates for equivalent positions. Variable remuneration Galapagos' policy is to grant a number of long-term incentives based on the individual performance for the performance year while also considering individual (future) impact onlong-termvaluecreation.Bonusesconsistbothofashort-termcashcomponentand a long-term RSU component. Members of the Executive Committee were also offered subscription rights in 2022. Underourremunerationpolicy,theCEO'scashbonuscanbemaximum75%ofitsbase salary. The aggregate cash bonuses of the other members of the Executive Committee canbemaximum50%oftheaggregatebasesalaries.AnequivalentnumberofRSUswill 131 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp134.jpg)

CORPORATE GOVERNANCE be granted to the CEO and the other members of the Executive Committee under the RSU Annual Long-Term Incentive Plan. (a) Short-term variable remuneration Upon recommendation of the Remuneration Committee, the Board of Directors determinedanoverallachievementof80%(outofamaximumof100%)againstthe2022 corporate objectives. In arriving at this determination, the Board considered that some of the objectives were not achieved, some had been met and some overachieved. This determination included an evaluation of activities that were either stopped, started or modifiedbythestrategicresetthatoccurredduringthecourseoftheyearfollowingthe appointment of our new CEO. The performance highlights over 2022 included: (i) the acquisition of CellPoint & AboundBio, propelling us into the field of oncology, and next generation CAR-Ts and biological drug modalities, (ii) Jyseleca® performance beyond expectations, with actual full year net sales of €87.6 million, at the upper end of the guidance of €80– 90 million and above the initial 2022 net sales guidance of €65– 75 million – reaching 18,000 patients in Europe and reimbursed for RA in 15 countries, and for UC in 11 countries, (iii) regulatory progress, including completion of the PRAC article 20 procedure for all JAKinhibitorsinEuropetotreatcertaininflammatorydisorders,includingfilgotinib,and separately, a positive CHMP opinion on the type II variation application for filgotinib basedontheMANTAandMANTA-RAystudies,resultinginalabelupdateoftheEuropean label for RA and UC, (iv) the launch of our new Forward, Faster strategy involving the transformation of our R&D organization into a fit-for-purpose R&D organization, built aroundourkeytherapeuticareasoncologyandimmunologyand(v)initialencouraging safety and efficacy results from ongoing Phase 1/2 study in refractory/relapsed non-Hodgkin'slymphomawithCD19CAR-Tcandidate,GLPG5101,manufacturedatpoint-of-care. The 80% corporate funding level is applicable to the wider Galapagos workforce for the corporate component of their bonus funding, including the members of the Executive Committee. The Board of Directors, for the CEO upon recommendation of the Remuneration Committee and for the other Executive Committee members upon proposalsoftheCEO,consideredthisleveloffunding,asappliedtothewiderworkforce, together with individual performance of Executive Committee members in order to determinetheindividualcashbonusoutcomesfor2022setoutinthetotalremuneration tableabove:StoffelsIMCBV,permanentlyrepresentedbyDr.PaulStoffels(€337,500;60% of2022basesalary)28,Mr.BartFilius(€230,000;45%of2022basesalary),andMr.Michele Manto (€164,300; 47% of 2022 base salary). Our former Executive Committee members have the following cash bonus outcomes: Dr. Andre Hoekema (€100,000; 31% of 2022 basesalary)andDr.WalidAbi-Saab(€165,000;38%of2022basesalary).These2022cash bonuseswillbepaidinApril2023.WiththeexceptionoftheretiredChiefBusinessOfficer and Chief Medical Officer, each of the members of the Executive Committee will be grantedanequivalentnumberofRSUsunderthe2023RSUAnnualLong-TermIncentive Plan as long-term variable remuneration. 28 Theconflictofinterestprocedurewithinthemeaningofarticle7:96oftheBelgianCompaniesCodehasbeenappliedforthe2022bonus decision for Stoffels IMC BV, a full disclosure shall happen in the annual report for the financial year 2023. 132 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp135.jpg)

CORPORATE GOVERNANCE (b) Long-term variable remuneration In 2022, our (new) CEO, Stoffels IMC BV (permanently represented by Dr. Paul Stoffels), was offered 1,000,000 subscription rights under Subscription Right Plan 2022 (B) as a sign-on remuneration given the strategic importance of hiring Dr. Stoffels as CEO, his knowledgeandexperienceinthepharmaceuticalsectorandleadershipcapabilities.He accepted all the granted subscription rights. The members of the Executive Committee were offered new subscription rights under Subscription Right Plan 2022 BE and each accepted all subscription rights granted as per the following: Mr.Bart Filius: 68,000 subscription rights, Dr.Walid Abi-Saab: 32,000 subscription rights and Mr.Michele Manto: 24,000 subscription rights. Further reference ismadetothe Equitycomponents oftheremunerationsection,whichcontains,among others, a description of the 2022 grant of subscription rights. The total remuneration table above sets forth the value of the number of RSUs vested andpaidoutin2022foreachmemberoftheExecutiveCommittee.EachRSUrepresents therighttoreceive,atGalapagos'discretion,oneGalapagosshareorapaymentincash 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. During 2022, there were RSU vestings under five different RSU plans: Plan 2019.I, Plan 2019.II, Plan 2019.III, Plan 2020.II and Plan 2021.IV. The pay-outs to the Executive Committee members occurred accordingly and the aggregate amounts are set forth in thetotalremunerationtableabove.Referenceismadetothe Equitycomponents ofthe remuneration section. For a description of the RSU grants to the Executive Committee members in 2022, reference is made to the Equitycomponents of the remuneration section. This section also sets out the main characteristics of the different RSU plans issued by Galapagos to its members of the Executive Committee in 2019, 2020, 2021 and 2022. Pension and other components Inaddition,themembersoftheExecutiveCommitteeenjoyanumberofbenefitsinline with our remuneration policy such as a retirement plan, insurance programs (covering life insurance, disability, travel insurance and health), company cars and the provision of certain tax services. The aforementioned retirement plan is set up as a defined contribution arrangement and is in line with market practice in Belgium. The pension and other components of the remuneration of each Executive Committee member are summarized in the total remuneration table above. Equity components of the remuneration Subscription rights awarded, exercised or expired In 2022, we issued subscription right plans for the benefit of employees of the group and of Executive Committee members: Subscription Right Plan 2022 (A), Subscription Right Plan (B), Subscription Right Plan 2022 BE, Subscription Right Plan 2022 RMV and Subscription Right Plan 2022 ROW. Each subscription right gives the right to subscribe 133 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp136.jpg)

CORPORATE GOVERNANCE for one new Galapagos share. Our CEO was offered new subscription rights under Subscription Right Plan 2022 (B) and the members of the Executive Committee were offered new subscription rights under Subscription Right Plan 2022 BE, subject to acceptance. The final number of accepted subscription rights under Subscription Right Plan2022(B)wasenactedbythenotarydeedof25March2022andunderSubscription Right Plan 2022 BE by notary deeds of 7July 2022 and 2September 2022. The table belowsetsforththenumbersofsubscriptionrightsofferedandacceptedbytheCEOand eachothermemberoftheExecutiveCommitteein2022,respectivelyunderSubscription Right Plan 2022 (B) and Subscription Right Plan 2022 BE. The main characteristics of the subscription right plans offered to the members of the Executive Committee are as follows: The subscription rights are offered for no consideration; Thesubscriptionrightstypicallyhavealifetimeofeightyearsandavestingperiodof three years after the year of grant; Goodandbadleaverrulesapplyincaseofterminationpriortotheendofthevesting period. Under Subscription Right Plan 2022 (B), the subscription rights have a lifetime of eight years and an exercise price of €50.00. The subscription rights under Subscription Right Plan2022(B)vestonlyandfullyonthefirstdayofthefourthcalendaryearfollowingthe calendar year in which the grant was made. The subscription rights can in principle not be exercised prior to 1January 2026. Under Subscription Right Plan 2022 BE, the subscription rights have a lifetime of eight years and an exercise price of €57.46. For all the beneficiaries under the Subscription RightPlan2022BE,thesubscriptionrightsvestonlyandfullyonthefirstdayofthefourth calendaryearfollowingthecalendaryearinwhichthegrantwasmade.Thesubscription rightscaninprinciplenotbeexercisedpriorto1January2026andarenottransferable. The table below sets forth the main characteristics for subscription right plans issued during previous years and 2022. Asfrom1January2020,Galapagosnolongergrantsanysubscriptionrightstomembers oftheBoardofDirectors,takingintoaccountthestricterrulesoftheBelgianCompanies Code and provision 7.6 of the 2020 Code, which stipulates that non-executive directors should not be entitled to receive stock options. Prior to 2020, members of the Board of Directors were granted subscription rights and hence the table below also contains disclosures for Board members. No subscription rights expired for members of the Board of Directors or Executive Committee in 2022. The table below sets forth the subscription rights outstanding and exercisable per 31 December 2022 for the (former) members of the Board of Directors or Executive Committee, the subscription rights awarded to the (former) Executive Committee 134 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp137.jpg)

CORPORATE GOVERNANCE members during 2022 and exercised by the (former) members of the Board of Directors or Executive Committee in 2022: Number of Number of SRs SRs SRsout- SRsexer- offered & SRs (1) Exercise exercised Plan Grant date Vesting period Exercise period standing cisable per accepted expired price during per 31/12/ 31/12/ during in 2022 2022 2022 2022 2022 Directors(2) 36 months 01/01/2021 WP 2017 30/08/2017 1/36 per month –16/05/2025 €80.57 15,000 15,000 0 36 months 01/01/2022 Dr. Rasjesh Parekh WP 2018 24/08/2018 1/36 per month –18/04/2026 €79.88 15,000 15,000 0 36 months 01/01/2023 WP 2019 12/07/2019 1/36 per month –10/04/2027 €95.11 15,000 0 36 months 01/01/2018 WP 2014 25/07/2014 1/36 per month –24/07/2022 €14.54 0 0 2,520 0 36 months 01/01/2019 WP 2015 30/04/2015 1/36 per month –29/04/2023 €28.75 2,520 2,520 0 36 months 02/03/2019 WP 2015.B 02/03/2016 1/36 per month –21/12/2023 €49.00 7,500 7,500 0 36 months 01/01/2020 Mr. Howard Rowe WP 2016 16/08/2016 1/36 per month –31/05/2024 €46.10 7,500 7,500 0 36 months 01/01/2021 WP 2017 30/08/2017 1/36 per month –16/05/2025 €80.57 7,500 7,500 0 36 months 01/01/2022 WP 2018 24/08/2018 1/36 per month –18/04/2026 €79.88 7,500 7,500 0 36 months 01/01/2023 WP 2019 12/07/2019 1/36 per month –10/04/2027 €95.11 7,500 0 36 months 01/01/2019 WP 2015 30/04/2015 1/36 per month –29/04/2023 €28.75 2,520 2,520 0 36 months 02/03/2019 WP 2015.B 02/03/2016 1/36 per month –21/12/2023 €49.00 7,500 7,500 0 36 months 01/01/2020 WP 2016 16/08/2016 1/36 per month –31/05/2024 €46.10 7,500 7,500 0 Ms. Katrine Bosley 36 months 01/01/2021 WP 2017 30/08/2017 1/36 per month –16/05/2025 €80.57 7,500 7,500 0 36 months 01/01/2022 WP 2018 24/08/2018 1/36 per month –18/04/2026 €79.88 7,500 7,500 0 36 months 01/01/2023 WP 2019 12/07/2019 1/36 per month –10/04/2027 €95.11 7,500 0 36 months 01/01/2021 WP 2017 30/08/2017 1/36 per month –16/05/2025 €80.57 7,500 7,500 0 36 months 01/01/2022 Dr. Mary Kerr WP 2018 24/08/2018 1/36 per month –18/04/2026 €79.88 7,500 7,500 0 36 months 01/01/2023 WP 2019 12/07/2019 1/36 per month –10/04/2027 €95.11 7,500 0 36 months 01/01/2023 Mr. Peter Guenter WP 2019 12/07/2019 1/36 per month –10/04/2027 €95.11 7,500 0 Executive Committee members Stoffels IMC BV, permanently 100% represented by SR Plan 3rd year after year of 01/01/2026 Dr.PaulStoffels 2022 (B) 25/03/2022 grant 01/01/2026 –25/01/2030 €50.00 1,000,000 0 1,000,000 0 135 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp138.jpg)

CORPORATE GOVERNANCE Number of Number of SRs SRs SRsout- SRsexer- offered & SRs (1) Exercise exercised Plan Grant date Vesting period Exercise period standing cisable per accepted expired price during per 31/12/ 31/12/ during in 2022 2022 2022 2022 2022 36 months 01/01/2018 WP 2014 14/10/2014 1/36 per month –24/07/2022 €14.54 0 0 100,000 0 36 months 01/01/2019 WP 2015 29/06/2015 1/36 per month –29/04/2023 €28.75 0 0 100,000 0 36 months 02/03/2019 WP 2015.B 02/03/2016 1/36 per month –21/12/2023 €49.00 100,000 100,000 0 36 months 01/01/2020 WP 2016 31/07/2016 1/36 per month –31/05/2024 €46.10 100,000 100,000 0 36 months 01/01/2021 WP 2017 30/08/2017 1/36 per month –16/05/2025 €80.57 100,000 100,000 0 Mr. Onno van de Stolpe 36 months 01/01/2022 WP 2018 18/06/2018 1/36 per month –18/04/2026 €79.88 100,000 100,000 0 36 months 01/01/2023 WP 2019 12/07/2019 1/36 per month –10/04/2027 €95.11 100,000 0 100% SR Plan 3rd year after year of 01/01/2024 2020 16/06/2020 grant 01/01/2024 –17/04/2028 €168.42 85,000 0 100% SR Plan 3rd year after year of 01/01/2025 2021 BE 18/08/2021 grant 01/01/2025 –30/04/2029 €64.76 85,000 0 100% 3rd year after year of 01/01/2021 WP 2017 30/08/2017 grant 01/01/2021 –16/05/2025 €80.57 60,000 60,000 0 100% 3rd year after year of 01/01/2022 WP 2018 18/06/2018 grant 01/01/2022 –18/04/2026 €79.88 80,000 80,000 0 100% 3rd year after year of 01/01/2023 WP 2019 12/07/2019 grant 01/01/2023 –10/04/2027 €95.11 65,000 0 Mr. Bart Filius 100% SR Plan 3rd year after year of 01/01/2024 2020 16/06/2020 grant 01/01/2024 –17/04/2028 €168.42 50,000 0 100% SR Plan 3rd year after year of 01/01/2025 2021 BE 18/08/2021 grant 01/01/2025 –30/04/2029 €64.76 50,000 0 100% SR Plan 3rd year after year of 01/01/2026 2022 BE 02/09/2022 grant 01/01/2026 –06/05/2030 €57.46 68,000 68,000 0 100% 3rd year after year of 01/01/2018 WP 2014 14/10/2014 grant 01/01/2018 –24/07/2022 €14.54 0 0 10,000 0 100% 3rd year after year of 01/01/2019 WP 2015 29/06/2015 grant 01/01/2019 –29/04/2023 €28.75 20,000 20,000 10,000 0 100% 3rd year after year of 02/03/2019 Dr. Andre Hoekema WP 2015.B 02/03/2016 grant 02/03/2019 –21/12/2023 €49.00 40,000 40,000 0 100% 3rd year after year of 01/01/2020 WP 2016 31/07/2016 grant 01/01/2020 –31/05/2024 €46.10 55,000 55,000 0 100% 3rd year after year of 01/01/2021 WP 2017 30/08/2017 grant 01/01/2021 –16/05/2025 €80.57 60,000 60,000 0 WP 2018 18/06/2018 100% 01/01/2022 €79.88 50,000 50,000 0 136 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp139.jpg)

CORPORATE GOVERNANCE Number of Number of SRs SRs SRsout- SRsexer- offered & SRs (1) Exercise exercised Plan Grant date Vesting period Exercise period standing cisable per accepted expired price during per 31/12/ 31/12/ during in 2022 2022 2022 2022 2022 3rd year after year of grant 01/01/2022 –18/04/2026 100% 3rd year after year of 01/01/2023 WP 2019 12/07/2019 grant 01/01/2023 –10/04/2027 €95.11 50,000 0 100% SR Plan 3rd year after year of 01/01/2024 2020 16/06/2020 grant 01/01/2024 –17/04/2028 €168.42 30,000 0 100% SR Plan 3rd year after year of 01/01/2025 2021 BE 18/08/2021 grant 01/01/2025 –30/04/2029 €64.76 30,000 0 100% 3rd year after year of 06/04/2020 WP 2016.B 06/04/2017 grant 06/04/2020 –19/01/2025 €62.50 10,000 10,000 0 100% 3rd year after year of 01/01/2021 WP 2017 30/08/2017 grant 01/01/2021 –16/05/2025 €80.57 45,000 45,000 0 100% 3rd year after year of 01/01/2022 WP 2018 18/06/2018 grant 01/01/2022 –18/04/2026 €79.88 60,000 60,000 0 100% Dr. WalidAbi–Saab 3rd year after year of 01/01/2023 WP 2019 12/07/2019 grant 01/01/2023 –10/04/2027 €95.11 50,000 0 100% SR Plan 3rd year after year of 01/01/2024 2020 23/06/2020 grant 01/01/2024 –17/04/2028 €168.42 40,000 0 100% SR Plan 3rd year after year of 01/01/2025 2021 BE 18/08/2021 grant 01/01/2025 –30/04/2029 €64.76 40,000 0 100% SR Plan 3rd year after year of 01/01/2026 2022 BE 02/09/2022 grant 01/01/2026 –06/05/2030 €57.46 32,000 32,000 100% 3rd year after year of 01/01/2021 WP 2017 30/08/2017 grant 01/01/2021 –16/05/2025 €80.57 60,000 60,000 0 100% 3rd year after year of 01/01/2022 WP 2018 18/06/2018 grant 01/01/2022 –18/04/2026 €79.88 30,000 30,000 0 100% 3rd year after year of 01/01/2023 WP 2019 12/07/2019 grant 01/01/2023 –10/04/2027 €95.11 40,000 0 Mr. Michele Manto 100% SR Plan 3rd year after year of 01/01/2024 2020 16/06/2020 grant 01/01/2024 –17/04/2028 €168.42 30,000 0 100% SR Plan 3rd year after year of 01/01/2025 2021 BE 02/07/2021 grant 01/01/2025 –30/04/2029 €64.76 30,000 0 100% SR Plan 3rd year after year of 01/01/2026 2022 BE 02/09/2022 grant 01/01/2026 –06/05/2030 €57.46 24,000 24,000 0 (1) Warrant Plan (WP) and Subscription Right Plan (SR Plan) (2) Dr. Dan Baker, Dr. Elisabeth Svanberg, Mr. Jérôme Contamine, Mr. Daniel O'Day and Dr. Linda Higgins do not have any subscription rights. 137 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp140.jpg)

CORPORATE GOVERNANCE At the end of 2022, Stoffels IMC BV (permanently represented by Dr. Paul Stoffels) held 1,000,000subscriptionrights,Mr.BartFiliusheld25,000sharesand373,000subscription rights, Dr.Walid Abi-Saab held 2,500 shares and 277,000 subscription rights, and Mr.Michele Manto held 2,020 shares and 214,000 subscription rights. RSUs offered to, vested or expired for the Executive Committee members In 2022, the Executive Committee members were offered new RSUs under 2022 RSU Annual Long-Term Incentive Plan, except our new CEO who joined per 1April 2022, and under the 2022 RSU Retention Plan, subject to acceptance. The members of the Executive Committee accepted all RSUs offered to them, except for one member. The grant under the 2022 RSU Annual Long-Term Incentive Plan is the grant equivalent to the actual bonus for 2021 and this RSU grant will vest in full three years after the offer date. The grant under the 2022 RSU Retention Plan has a four-year vesting period, with 25% vesting each year and a first vesting date on 1May 2023. With the exception of the RSUs offered to and accepted by Stoffels IMC BV (permanently represented by Dr. Paul Stoffels), the RSUs are not transferable. The table below sets forth the total number of RSUs offered and accepted by each Executive Committee member during 2022: Stoffels IMCBV(permanentlyrepresentedbyDr.PaulStoffels):74,408RSUs,Mr.BartFilius:61,442 RSUs, Dr. Walid Abi-Saab: 37,274 RSUs and Mr. Michele Manto: 27,354 RSUs. The main characteristics of the RSU plans for the Executive Committee members are as follows: The RSUs are offered for no consideration; Three or four year vesting periods apply, as set forth per plan in the table below; In case of termination of service before the vesting date, forfeiture rules apply. EachRSUrepresentstherighttoreceive,atGalapagos'discretion,oneGalapagosshare orapaymentincashofanamountequivalenttothevolume-weightedaveragepriceof theGalapagosshareonEuronextBrusselsoverthe30-calendardayperiodprecedingthe relevantvestingdate.However,inrespectofExecutiveCommitteemembers,anyvesting 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. 138 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp141.jpg)

CORPORATE GOVERNANCE No RSUs expired during financial year 2022. The table below sets forth the main characteristics of RSU plans issued to the (former) Executive Committee members in 2019, 2020, 2021 and 2022, the number of RSUs awarded to and accepted by each (former) Executive Committee member under the respective RSU Plan, and the number ofRSUsvestedandpaidouttoeach(former)ExecutiveCommitteememberduring2022: Number of RSUs RSUs vested Executive Committee member Plan Offer date Vesting period Vesting date offered and during 2022 accepted 01/05/2023 Stoffels IMC BV, 01/05/2024 permanentlyrepresented by 25%/year 01/05/2025 Dr.PaulStoffels Plan 2022.II 05/05/2022 Four-year vesting period 01/05/2026 74,408 Plan 2019.I 16/10/2019 100% three years after offer date 16/10/2022 15,000 15,000 01/05/2020 01/05/2021 25%/year 01/05/2022 Plan 2019.II 16/10/2019 Four-year vesting period 01/05/2023 25,606 6,401 50% two years after offer date 16/10/2021 Plan 2019.III 16/10/2019 50% three years after offer date 16/10/2022 16,922 8,461 (1) Plan 2020.I 06/05/2020 100% three years after offer date 06/05/2023 2,392 Mr. Onno van de Stolpe 01/05/2021 01/05/2022 25%/year 01/05/2023 Plan 2020.II 06/05/2020 Four-year vesting period 01/05/2024 15,925 3,981 Plan 2021.I 05/05/2021 100% three years after offer date 05/05/2024 2,111 01/05/2022 01/05/2023 25%/year 01/05/2024 Plan 2021.IV 24/09/2021 Four-year vesting period 01/05/2025 61,719 15,429 Plan 2019.I 16/10/2019 100% three years after offer date 16/10/2022 5,000 5,000 01/05/2020 01/05/2021 25%/year 01/05/2022 Plan 2019.II 16/10/2019 Four-year vesting period 01/05/2023 17,924 4,481 50% two years after offer date 16/10/2021 Plan 2019.III 16/10/2019 50% three years after offer date 16/10/2022 16,922 8,461 Plan 2020.I 06/05/2020 100% three years after offer date 06/05/2023 1,452 01/05/2021 01/05/2022 25%/year 01/05/2023 Mr. Bart Filius Plan 2020.II 06/05/2020 Four-year vesting period 01/05/2024 11,148 2,787 Plan 2021.I 05/05/2021 100% three years after offer date 05/05/2024 1,011 01/05/2022 01/05/2023 25%/year 01/05/2024 Plan 2021.IV 24/09/2021 Four-year vesting period 01/05/2025 61,719 15,429 Plan 2022.I 03/05/2022 100% three years after offer date 03/05/2025 3,570 01/05/2023 01/05/2024 25%/year 01/05/2025 Plan 2022.II 05/05/2022 Four-year vesting period 01/05/2026 57,872 139 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp142.jpg)

CORPORATE GOVERNANCE Number of RSUs RSUs vested Executive Committee member Plan Offer date Vesting period Vesting date offered and during 2022 accepted Plan 2019.I 16/10/2019 100% three years after offer date 16/10/2022 3,000 3,000 50% two years after offer date 16/10/2021 Plan 2019.III 16/10/2019 50% three years after offer date 16/10/2022 16,922 8,461 Dr. Andre Hoekema(2) Plan 2020.I 06/05/2020 100% three years after offer date 06/05/2023 832 01/05/2022 (3) 01/09/2022 25%/year 01/05/2024 Plan 2021.IV 24/09/2021 Four-year vesting period 01/05/2025 51,433 25,716 Plan 2019.I 16/10/2019 100% three years after offer date 16/10/2022 5,000 5,000 01/05/2020 01/05/2021 25%/year 01/05/2022 Plan 2019.II 16/10/2019 Four-year vesting period 01/05/2023 17,924 4,481 50% two years after offer date 16/10/2021 Plan 2019.III 16/10/2019 50% three years after offer date 16/10/2022 10,153 5,077 Plan 2020.I 06/05/2020 100% three years after offer date 06/05/2023 932 01/05/2021 01/05/2022 25%/year 01/05/2023 Dr. WalidAbi-Saab Plan 2020.II 06/05/2020 Four-year vesting period 01/05/2024 11,148 2,787 Plan 2021.I 05/05/2021 100% three years after offer date 05/05/2024 835 01/05/2022 01/05/2023 25%/year 01/05/2024 Plan 2021.IV 24/09/2021 Four-year vesting period 01/05/2025 43,203 10,800 Plan 2022.I 03/05/2022 100% three years after offer date 03/05/2025 2,550 01/05/2023 01/05/2024 25%/year 01/05/2025 Plan 2022.II 05/05/2022 Four-year vesting period 01/05/2026 34,724 01/05/2020 01/05/2021 25%/year 01/05/2022 Plan 2019.II 16/10/2019 Four-year vesting period 01/05/2023 5,121 1,280 Plan 2020.I 06/05/2020 100% three years after offer date 06/05/2023 612 01/05/2021 01/05/2022 25%/year 01/05/2023 Plan 2020.II 06/05/2020 Four-year vesting period 01/05/2024 5,308 1,327 Mr. Michele Manto Plan 2021.I 05/05/2021 100% three years after offer date 05/05/2024 835 01/05/2022 01/05/2023 25%/year 01/05/2024 Plan 2021.IV 24/09/2021 Four-year vesting period 01/05/2025 30,859 7,714 Plan 2022.I 03/05/2022 100% three years after offer date 03/05/2025 2,550 01/05/2023 01/05/2024 25%/year 01/05/2025 Plan 2022.II 05/05/2022 Four-year vesting period 01/05/2026 24,804 (1) On the leaver date of Mr. Onno van de Stolpe his unvested RSUs became null and void, being 65,158 RSUs. (2) On the leaver date of Dr. Andre Hoekema his unvested RSUs became null and void, being 39,407 RSUs. (3) As previously disclosed, upon substantiated recommendation of the Nomination and Remuneration Committee, the Board of Directors approved a deviation of the vesting rules under the RSU Plan 2021.IV. The second vesting of 25% of the RSU grant under the aforementioned plan (corresponding with 12,858 RSUs) has occured earlier than under the normal plan rules. 140 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp143.jpg)

CORPORATE GOVERNANCE PursuanttothetermsandconditionsoftheRSUplansallunvestedRSUsofMr.Onnovan de Stolpe and Dr. Andre Hoekema, as set out in the table above, became null and void on their respective retirement date, being 31October 2022 and 31December 2022. In2023,aspartoftheExecutiveCommittee'slong-termvariableremuneration,anumber of RSUs equivalent to the 2022 short-term cash bonuses (based on the average share price of the Galapagos share on Euronext Amsterdam during the month of April 2023) willbegrantedtothemembersoftheExecutiveCommitteeunderthe2023RSUAnnual Long-TermIncentivePlan(i.e.thelong-termportionofthebonusfor2022),excepttothe retired Chief Executive Officer, Chief Business Officer and Chief Medical Officer. performance Evolution of remuneration and company The below table shows the annual change of remuneration of each Board member, the (former) 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. Comparative table of remuneration and company performance 2022 % change 2021 % change 2020 % change 2019 % change 2018 Director's remuneration(1) Executive Committee(2) (3) Stoffels IMC BV, permanently €900,000 N/A N/A N/A N/A N/A N/A N/A N/A represented by Dr. Stoffels(4) €1,470,000 N/A N/A N/A N/A N/A N/A N/A N/A (5) €160,524 -84% €996,000 31% €758,400 -82% €4,322,105 209% €1,398,236 Mr. Onno van de Stolpe, CEO €160,524 -93% €2,328,250 11% €2,091,784 -73% €7,666,471 242% €2,242,627 Other Executive Committee €2,276,838 2% €2,233,625 27% €1,756,932 -80% €8,980,561 303% €2,227,461 members(6) €8,380,367 71% €4,893,184 22% €3,995,216 -73% €14,609,054 272% €3,926,476 Board of Directors(7) (8) (9) €99,643 -17% €120,000 0% €120,000 33% €90,000 0% €90,000 Dr. Rajesh Parekh €165,643 -25% €220,000 0% €220,000 -62% €577,950 183% €204,300 (10) €22,500 -68% €70,000 -7% €75,000 36% €55,000 5% €52,500 Mr. Howard Rowe €38,500 -68% €120,000 -4% €125,000 -58% €298,975 173% €109,650 (10) €20,892 -68% €65,000 0% €65,000 44% €45,000 0% €45,000 Ms. Katrine Bosley €20,892 -68% €65,000 -43% €115,000 -60% €288,975 183% €102,150 €65,000 0% €65,000 0% €65,000 44% €45,000 3% €43,750 Dr. Mary Kerr €115,000 0% €115,000 0% €115,000 -60% €288,975 186% €100,900 (11) €65,000 0% €65,000 0% €65,000 117% €30,000 N/A N/A Mr. Peter Guenter €115,000 0% €115,000 0% €115,000 -58% €273,975 N/A N/A (12) €65,000 0% €65,000 47% €44,164 N/A N/A N/A N/A Dr. Elisabeth Svanberg €115,000 0% €115,000 47% €77,999 N/A N/A N/A N/A €68,132 N/A N/A N/A N/A N/A N/A N/A N/A Mr. Jérôme Contamine €102,132 N/A N/A N/A N/A N/A N/A N/A N/A €34,066 N/A N/A N/A N/A N/A N/A N/A N/A Dr. Dan Baker €68,066 N/A N/A N/A N/A N/A N/A N/A N/A 141 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp144.jpg)

CORPORATE GOVERNANCE Comparative table of remuneration and company performance 2022 % change 2021 % change 2020 % change 2019 % change 2018 Company performance Financial KPIs (thousand of €, except for the stock price and number of employees) Operational Cash burn (-)/operationalcash flow -513,774 -9% -564,840 9% -517,400 -116% 3,162,804 2097% -158,379 R&D expenditure(13) 515,083 5% 491,707 -7% 531,354 24% 427,320 32% 322,875 Cash position on 31Dec(14) 4,094,062 -13% 4,703,177 -9% 5,169,349 -11% 5,780,832 348% 1,290,796 # of employees on 31Dec(15) 1,338 2% 1,309 -12% 1,489 48% 1,003 38% 725 Stock price performance (Last trading day FY) 41.35 -16% 49.22 -39% 80.48 -57% 186.50 132% 80.56 Average remuneration of employees on FTE basis Employees of the Group(16) €123,958.47 21% €102,471.00 -2% €104,290.00 4% €100,682.00 4% €97,139.00 (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. (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 2022 the exercise price of the Subscription Right Plan 2022 BE is compared with the average share price as quoted on Euronext Brussels and Amsterdam during the financial year 2022. (4) CEO as of 1 April 2022. (5) CEO until 31 March 2022. (6) The other Executive Committee members during financial year 2022 are Mr. Bart Filius, Dr. Walid Abi-Saab (until 31 December 2022), Dr. Andre Hoekema (until 31 October 2022) and Mr. Michele Manto. Their remuneration over the five year period is included under the "Other Executive Committee members". (7) The first row shows the total cash remuneration of each member of the Board of Directors, being the board fees. (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) Chairman of the Board of Directors until 26 April 2022. (10) Director until 26 April 2022. (11) Director as of 30 April 2019. (12) Director as of 28 April 2020. (13) Prior to the financial year ended 31 December 2021, R&D expenditure presented on this line is reflecting the total Group related expenditure including Fidelta, our fee-for-service business sold to Selvita on 4 January 2021, classified as discontinued operations in our 2020 consolidated financial statements. R&D expenditure of our continuing operations presented in our consolidated financial statement were €523,667 thousands for the financial year ended 31 December 2020, €420,090 thousands for the financial year ended 31 December 2019 and €316,222 thousands for the financial year ended 31 December 2018. (14) Cash position on 31 December 2020 included €7,884 thousands of cash held in Fidelta and classified as assets held for sale in our 2020 consolidated financial statements. (15) The number of employees per 31 December includes employees and insourced personnel (external contractors). At 31 December 2020, the number of employees included 185 employees of our fee for service activity Fidelta, which was sold to Selvita on 4 January 2021. (16) 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. During 2019, all Galapagos' employees received an exceptional bonus as a result of the Gilead transaction. 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 2022 year-end process, the actual annual figures for employees had not been finalized by the date of this report. Therefore, 2022 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. 142 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp145.jpg)

CORPORATE GOVERNANCE Ratio between the highest and lowest remuneration The ratio between the highest and lowest remuneration at Galapagos during financial year 2022 is: 1:37.75. The ratio is calculated on the basis of the lowest FTE pay per 31 December 2022, excluding trainees and internships. The remuneration which has been taken into accountinthisexerciseincludestheannualbasesalary,annualcashbonusand(ifany) exceptional bonus; annual cash bonus is included in the year upon which performance is based and not in the year in which it is paid. Due to the timing of the 2022 year-end process,theactualannualbonusfiguresforemployeesbelowtheExecutiveCommittee levelhadnotbeenfinalizedbythedateofthisreport.Therefore,targetfiguresforthese employees were used, multiplied by the applicable approved organizational bonus funding scores, being the Company's best estimate of 2022 actual bonus outcomes. Minimum share ownership From the financial year 2020, our remuneration policy has set a minimum threshold of shares to be held at any time by the Chief Executive Officer to the number of shares equivalenttooneyearoftheChiefExecutiveOfficer'sannualbasesalaryandbytheother membersoftheExecutiveCommitteetothenumberofsharesequivalenttosixmonths' oftherelevantExecutiveCommitteemember'sannualbasesalary.Thresholdswillbere-calculated on an annual basis and need to be reached within four years. For our Chief Executive Officer, Stoffels IMC BV (permanently represented by Dr. Paul Stoffels), we will calculateanddisclosetheapplicablethresholdforthefirsttimeinourannualreportfor financial year 2023. Minimum share Minimum share Minimum share ownership (1) ownership (2) ownership (3) Executive Committee member Objective 2020 Objective 2021 Objective 2022 Stoffels IMC BV, permanently represented by (4) Dr. Paul Stoffels N/A N/A N/A Onno van de Stolpe, CEO(5) 3,218 7,753 6,461 Bart Filius, President, CFO & COO 1,073 2,622 4,881 Andre Hoekema, CBO(6) 966 2,292 3,832 Walid Abi-Saab, CMO(7) 1,073 2,584 4,294 Michele Manto, CCO 746 2,019 3,416 (1) The 2020 threshold needs to be reached within four years, i.e. 1 January 2024. (2) The 2021 threshold needs to be reached within four years, i.e. 1 January 2025. (3) The 2022 threshold needs to be reached within four years, i.e. 1 January 2026. (4) CEO as of 1 April 2022. (5) CEO until 31 March 2022. (6) Member of the Executive Committee until 31 October 2022. (7) Member of the Executive Committee until 31 December 2022. 143 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp146.jpg)

CORPORATE GOVERNANCE Severance clauses and payments Severance payments for departing members of the Executive Committee On 30 August 2021, Galapagos announced the planned retirement of its Chief Executive Officer Onno van de Stolpe and after a transition period Stoffels IMC BV, permanently representedbyDr.PaulStoffels,tookoverasChiefExecutiveOfficereffective1April2022. The retirement package of our former Chief Executive Officer, Onno van de Stolpe, has been disclosed in the annual report for financial year 2021. In 2022, Dr. Andre Hoekema retired from Galapagos per 31December 2022 and as of 31October 2022 he was no longer a member of the Executive Committee. He executed an advisory role until 31December 2022, for which he continued to receive his base salary.Hequalifiesasagoodleaverunderthetermsandconditionsofthesubscription right plans given his retirement. For the avoidance of doubt, Dr. Hoekema will not receive a grant under the 2023 RSU Annual Long-Term Incentive Plan equivalent to his 2022 short-term cash bonus. Effective 1January 2023, Dr. Walid Abi-Saab is no longer a member of our Executive Committee. He will execute a purely advisory role until 31May 2023, for which he will continuetoreceiveahis2022basesalaryandretainsentitlementtoRSUpay-outsuntil the aforementioned date. For the avoidance of doubt, Dr. Walid Abi-Saab will not receive a grant under the 2023 RSUAnnualLong-TermIncentivePlanequivalenttohis2022short-termcashbonus.He will qualify as a good leaver under the terms and conditions of the subscription right plans, pursuant to an exception granted by the Board of Directors under the relevant subscription right plans. remuneration Claw-back right of Galapagos relating to variable As from financial year 2020, contractual provisions apply to each member of the Executive Committee to ensure that Galapagos has the right to have each Executive Committee member forfeit any unvested RSUs, deferred portions of previous cash bonusesorunvestedsubscriptionrights(i)intheeventofarestatementofthefinancial statements that has a material negative effect on Galapagos or (ii) a material breach of our Code of Conduct and Ethics. During the financial year 2022 no claw-back events occurred. The2022RSUplansand2022subscriptionrightplanscontainbadleaverprovisionsthat can result in forfeiture of any unvested RSU and/or subscription right grants in case the beneficiaryleavesGalapagospriortotherelevantvestingdate.OntheleaverdateofMr. Onno van de Stolpe and Dr. Andre Hoekema, their outstanding RSUs under several RSU plans became null and void, respectively, being 65,158 RSUs and 39,407 RSUs. 144 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp147.jpg)

CORPORATE GOVERNANCE Deviations from the remuneration policy Galapagos' remuneration policy sets out that the Board of Directors may decide to deviate from any items of the policy if necessary to serve the long-term interests and sustainabilityofGalapagos.AnysuchdeviationmustbediscussedattheRemuneration Committee, which will provide a substantiated recommendation to the Board of Directors.No deviations are disclosed in this remuneration report. Conflict of interests and related parties We consider that Gilead became a related party of Galapagos NV in 2019 because of (i) Gilead's then 25.84% shareholding (25.38% on 31 December 2022) in Galapagos NV, and (ii) the fact that Gilead is entitled to propose two candidates to be appointed to our Board of Directors under the share subscription agreement dated 14 July 2019, as amended. On 4 March 2022, we entered into a related party transaction with Gilead within the meaning of article 7:116 of the Belgian Companies Code, by agreeing to transfer the sponsorship of and the operational responsibility for the MANTA study, a safety study in men with moderately to severely active UC and CD to assess semen parameters whiletakingfilgotinib,anditslong-termextensionstudy,fromGileadtous.The(former) Supervisory Board (currently Board of Directors) resolved and confirmed, as far as needed, that the related party transaction approval mechanism as set forth in article 7:116 of the Belgian Companies Code did not have to be applied, since the value of the aforementionedrelatedpartytransactionislessthan1%oftheCompany'sconsolidated net equity (based on the consolidated financial statements of Galapagos NV for the financial year ended on 31 December 2021) and since Galapagos NV is therefore able to rely on the materiality exemption as set out in article 7:116, § 1, 2° of the Belgian Companies Code. Furthermore, we entered into some mainly technical and non-material amendments to the existing transactions with Gilead during 2022. A more detailedexplanationofsomeofourtransactionswithGileadcanbefoundinthesection titled AgreementswithmajorGalapagosNV shareholders.Wefurtherreferto note 31. In the event of a transaction where a member of the Board of Directors has a conflict of interests within the meaning of article 7:96 of the Belgian Companies Code, such Board membershallnotifytheBoardofDirectorsinadvanceoftherespectiveconflict,andwill act in accordance with the relevant rules as set out in the Belgian Companies Code (i.e. article 7:96 of the Belgian Companies Code). PursuanttoourCorporateGovernanceCharter,ifamemberoftheExecutiveCommittee has a direct or indirect interest of a monetary nature that conflicts with the interests of the Company in respect of a decision or an act falling within the scope of the responsibilities of the Executive Committee, the Executive Committee shall refrain from making any decision. The Executive Committee shall instead escalate the matter to the Board of Directors. The Board of Directors shall decide whether or not to approve such decision or act, and shall apply the conflict of interests procedure set out in article 145 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp148.jpg)

CORPORATE GOVERNANCE 7:96 of the Belgian Companies Code. In the event a conflict of interests exists within the Executive Committee that falls outside of the scope of article 7:96 of the Belgian Companies Code, the existence of such conflict shall be reported by the relevant Executive Committee member, its existence shall be included in the minutes (but shall not be published) and the relevant Executive Committee member shall not vote on the matter. In addition, the Company's Corporate Governance Charter and Galapagos' Related Person Transaction Policy contain certain procedures for transactions between Galapagos NV (including its affiliated and associated companies within the meaning of articles 1:20 and 1:21 of the Belgian Companies Code) and its Board or Executive Committee members, major shareholders, or any of their immediate family members andaffiliates.Withoutprejudicetotheprocedureassetoutinarticle7:96oftheBelgian Companies Code, these policies provide that all transactions between Galapagos NV (includingitsaffiliatedandassociatedcompanieswithinthemeaningofarticles1:20and 1:21 of the Belgian Companies Code) and its Board or Executive Committee members, need the approval of the Audit Committee and the Board of Directors, which approval can only be provided for transactions at arm's length. Moreover, conflicts of interests, even if they are not a conflict of interests within the meaning of article 7:96 of the Belgian Companies Code, are enacted in the Board of Directors' meeting minutes, and the relevant Board member cannot participate in the deliberation or voting on the concerned item on the agenda. In 2022, the following conflict of interests between Galapagos NV and a director within the meaning of article 7:96 of the Belgian Companies Code was noted: In a meeting of the Board of Directors held on 21 June 2022, the following was reported in accordance with article 7:96 of the Belgian Companies Code in connectionwiththeproposedamendmentofthemanagementagreementbetween Galapagos NV and Stoffels IMC BV: the Chairman, being a party to the management agreement(asCEO),declaredhavingaconflictofinterestsconcerningtheproposed amendment. The Chairmain subsequently left the meeting before the deliberation andthevoteconcerningthispointontheagendatookplace.TheBoardconsidered that said amendment is limited in scope and cost neutral for the Company: the reimbursementbytheCompanyofStoffelsIMCBV'sexpensesfortravelwasreduced, anditwasclarifiedthatStoffelsIMCBVwillbearallcostsrelatedtocommutingtravel. Thiswasproposedtobecompensatedbyanincreaseofitsfixedfeewith€50,000on a yearly basis. As such, the Board considered that said amendment is justified and will have no material impact on the financial position of the Company. 146 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp149.jpg)

CORPORATE GOVERNANCE Code of Business Conduct and Ethics Since 2021, we have established a Code of Business Conduct and Ethics to ensure that our members of the Board of Directors, Executive Committee members and employees are making ethical and legal decisions when conducting Galapagos' business and performing their day-to-day duties. We expect our members of the Board of Directors, membersoftheExecutiveCommitteeandemployeestoconductbusinesswithintegrity, ethics and respect for human rights. We expect them to turn away from conflicts of interests, corruption and fraud. To this end, we give trainings on this Code to our employees, including our subsidiaries' employees. So far, since the launch of our Code of Business Conduct and Ethics, 97.1% of our employees has completed the training. Our Code of Business Conduct and Ethics is available at our website (www.glpg.com). Atthebeginningof2023,wemadesomeupdatestoourCodeofBusinessConductand Ethicstoensurethatitcontinuestoreflectwhoweareasanorganization,including,but notlimitedto,(a)anexplicitapplicabilityofourCodeofBusinessConductandEthicsto oursuppliersandbusinesspartners,and(b)anoverviewofsomeoftheworkdoneinthe past year in the field of ESG. One breach of our Code of Business Conduct and Ethics was reported to the Audit Committee in 2022. 147 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp150.jpg)

CORPORATE GOVERNANCE Statement by the Board of Directors The Board of Directors of Galapagos NV, represented by all its members, declares that, as far as it is aware, the non-consolidated and consolidated financial statements, both preparedinconformitywiththeapplicablestandardsforfinancialstatements,giveatrue and fair view of the equity, financial position, and the results of Galapagos NV and the companies included in the consolidation as of 31 December 2022. TheBoardofDirectorsofGalapagosNV,representedbyallitsmembers,furtherdeclares that, as far as it is aware, this annual report related to the financial year ended on 31 December 2022, gives a true and fair view of the development, results, and position of GalapagosNVandthecompaniesincludedintheconsolidation,aswelladescriptionof themostimportantrisksanduncertaintieswithwhichGalapagosNVandthecompanies included in the consolidation are confronted. The Board of Directors of Galapagos NV will submit proposed resolutions to its shareholdersatitsannualShareholders'Meeting(tobeheldon25April2023)toapprove the non-consolidated annual accounts of the Company for the financial year ended on 31 December 2022 (including the allocation of the annual result as proposed by the Board of Directors), and to release from liability, by separate vote, the members of the Board of Directors, the members of the former Supervisory Board, and the statutory auditorfortheperformanceoftheirrespectivemandatesduringthefinancialyearended on 31 December 2022. Mechelen, 21March2023 On behalf of the Board of Directors Jérôme Contamine Chairman of the Audit Committee and member of the Board of Directors Stoffels IMC BV permanently represented by Dr. Paul Stoffels Chairman of the Board of Directors 148 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp151.jpg)

Financial statements 2022 consolidated and non-consolidated financial statements Forward with Purpose

------

![LOGO](g828657dsp152.jpg)

FINANCIAL STATEMENTS Consolidated financial statements comprehensive income/loss (-) Consolidated statements of income and Consolidated income statement Yearended31December (thousandsof€,exceptpersharedata) 2022 2021 Notes Product net sales 87,599 14,753 6 Collaboration revenues 417,681 470,093 6 Total net revenues 505,280 484,846 Cost of sales (12,079) (1,629) Research and development expenditure (515,083) (491,707) 7 Sales and marketing expenses (147,555) (69,956) 7 General and administrative expenses (144,931) (140,899) 7 Other operating income 46,848 53,749 7 Operating loss (267,520) (165,596) Fair value adjustments and net currency exchangedifferences 51,473 61,296 9 Other financial income 18,578 3,058 9 Other financial expenses (17,679) (21,757) 9 Loss before tax (215,147) (122,999) Income taxes (2,844) (2,423) 10 Net loss from continuing operations (217,991) (125,422) Net profit from discontinued operations, net of tax—22,191 27 Net loss (217,991) (103,231) Net loss attributable to: Owners of the parent (217,991) (103,231) Basic and diluted loss per share (3.32) (1.58) 11 Basic and diluted loss per share from continuingoperations (3.32) (1.91) The accompanying notes form an integral part of these financial statements. 150 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp153.jpg)

FINANCIAL STATEMENTS Consolidated statement of comprehensive income / loss (-) Yearended31December (thousandsof€) 2022 2021 Notes Net loss (217,991) (103,231) Items that will not be reclassified subsequently to profitor loss: Re-measurement of defined benefit obligation 5,324 730 Items that may be reclassified subsequently to profitorloss: Translation differences, arisen from translating foreignactivities 129 736 Realization of translation differences upon sale of foreignoperations—731 Other comprehensive income, net ofincome tax 5,453 2,197 Total comprehensive loss attributable to: Owners of the parent (212,538) (101,034) Total comprehensive loss attributable to owners of the parent arises from: Continuing operations (212,538) (123,956) Discontinued operations—22,922 Total comprehensive loss (212,538) (101,034) The accompanying notes form an integral part of these financial statements. 151 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp154.jpg)

FINANCIAL STATEMENTS Consolidated statements of financial position 31December (thousandsof€) 2022 2021 Notes Assets Goodwill 69,813—12 Intangible assets other than goodwill 146,354 60,103 13 Property, plant and equipment 154,252 137,512 14 Deferred tax assets 1,363 4,032 22 Non-current R&D incentives receivables 119,941 127,186 16 Other non-current assets 5,778 2,473 15 Non-current assets 497,501 331,306 Inventories 52,925 20,569 17 Trade and other receivables 40,429 111,337 18 Current R&D incentives receivables 26,126 16,827 16 Current financial investments 3,585,945 2,469,809 19 Cash and cash equivalents 508,117 2,233,368 20 Other current assets 23,307 9,945 18 Current assets 4,236,850 4,861,854 Total assets 4,734,351 5,193,160 Equity and liabilities Share capital 293,604 292,075 21 Share premium account 2,735,557 2,730,391 21 Other reserves (4,853) (10,177) Translation differences (1,593) (1,722) Accumulated losses (496,689) (367,205) Total equity 2,526,026 2,643,362 Retirement benefit liabilities 5,540 11,699 Deferred tax liabilities 20,148—22 Non-current lease liabilities 14,692 19,655 23 Other non-current liabilities 21,808 7,135 24 Non-current deferred income 1,623,599 1,944,836 25 Non-current liabilities 1,685,787 1,983,325 Current lease liabilities 7,209 7,204 23 Trade and other liabilities 148,675 137,622 24 Current tax payable 1,022 1,782 10 Current deferred income 365,631 419,866 25 Current liabilities 522,538 566,474 Total liabilities 2,208,325 2,549,798 Total equity and liabilities 4,734,351 5,193,160 The accompanying notes form an integral part of these financial statements. 152 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp155.jpg)

FINANCIAL STATEMENTS Consolidated cash flow statements (thousands of €) 2022 2021 Notes Net loss of the year (217,991) (103,231) Adjustment for non-cash transactions 117,296 57,718 28 Adjustment for items to disclose separately under operating cash flow (4,533) 11,227 28 Adjustment for items to disclose under investing and financing cash flows (3,789) (28,847) 28 Change in working capital other than deferred income 32,313 23,337 28 Cash used for other liabilities related to the acquisition of subsidiaries (28,164)—26 Decrease in deferred income (383,618) (453,720) 25 Cash used in operations (488,487) (493,516) Interest paid (12,463) (12,540) Interest received 4,839 2,913 Corporate taxes paid (4,433) (684) Net cash flow used in operating activities (500,544) (503,827) Purchase of property, plant and equipment (27,389) (54,205) 14 Purchase of and expenditure in intangible fixed assets (9,558) (3,674) 13 Proceeds from disposal of property, plant and equipment 739—14 Purchase of current financial investments (2,728,634) (1,561,015) 19 Interest received related to current financial investments 2,996 12 19 Sale of current financial investments 1,641,602 2,127,380 19 Cash in from disposals of subsidiaries, net of cash disposed of—28,696 27 Cash out from acquisition of subsidiaries, net of cash acquired (115,270)—26 Cash advances and loans to third parties (10,000)—26 Proceeds from sale of financial assets held at fair value through profit or loss—4,045 15 Net cash flow generated from/used in (-) investing activities (1,245,514) 541,238 Payment of lease liabilities (8,182) (7,190) 23 Proceeds from capital and share premium increases from exercise of subscription rights 6,695 3,314 21 Net cash flow used in financing activities (1,487) (3,876) Increase/decrease (-) in cash and cash equivalents (1,747,545) 33,535 153 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp156.jpg)

FINANCIAL STATEMENTS (thousands of €) 2022 2021 Notes Cash and cash equivalents at beginning of year 2,233,368 2,143,071 20 Increase/decrease (-) in cash and cash equivalents (1,747,545) 33,535 Effect of exchange rate differences on cash and cash equivalents 22,293 56,763 Cash and cash equivalents at end of the year 508,117 2,233,368 20 31December (thousands of €) 2022 2021 Notes Current financial investments 3,585,945 2,469,809 19 Cash and cash equivalents 508,117 2,233,368 20 Current financial investments and cash and cashequivalents 4,094,062 4,703,177 The accompanying notes form an integral part of these financial statements. 154 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp157.jpg)

FINANCIAL STATEMENTS Consolidated statements of changes in equity Share premium Translation Other Accumul. (thousandsof€) Share capital account differences reserves losses Total On 1 January 2021 291,312 2,727,840 (3,189) (10,907) (334,701) 2,670,355 Net loss (103,231) (103,231) Other comprehensive income 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 subscription rights 763 2,551 3,313 On 31 December 2021 292,075 2,730,391 (1,722) (10,177) (367,205) 2,643,362 On 1 January 2022 292,075 2,730,391 (1,722) (10,177) (367,205) 2,643,362 Net loss (217,991) (217,991) Other comprehensive income 129 5,324 5,453 Total comprehensive income/ loss (-) 129 5,324 (217,991) (212,538) Share-based compensation 88,506 88,506 Exercise of subscription rights 1,530 5,166 6,695 On 31 December 2022 293,604 2,735,557 (1,593) (4,853) (496,689) 2,526,026 The accompanying notes form an integral part of these financial statements. 155 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp158.jpg)

FINANCIAL STATEMENTS statements Notes to the consolidated financial 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 a fully integrated biotechnology company focused on discovering, developing, and commercializing innovative medicines. We are committed to improving patients' lives worldwide by targeting diseases with high unmet needs. Our research and development (R&D) capabilities cover multiple drug modalities, including small molecules and cell therapies. Our portfolio comprises discovery through to commercialized programs in immunology, oncology and other indications. Our first medicine for rheumatoid arthritis and ulcerative colitis is on the market in Europe and Japan. 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., Galapagos Real Estate Netherlands B.V. and CellPoint B.V. (CellPoint)(Oegstgeest, the Netherlands); Galapagos, Inc. and its subsidiaries Xenometrix, Inc. and AboundBio, Inc. (AboundBio)(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); Galapagos Biopharma Sweden AB (Stockholm, Sweden); Galapagos Biopharma Norway AS (Oslo, Norway); Galapagos Biopharma Finland Oy (Helsinki, Finland); Galapagos Biopharma Denmark ApS (Copenhagen, Denmark); Galapagos Biopharma Austria GmbH (Vienna, Austria) and Galapagos Biopharma Ireland Ltd (Dublin, Ireland). Our operations had 1,338 employees on 31 December 2022 (as compared to 1,309 employeeson31December2021)mainlyworkinginouroperatingfacilitiesinMechelen (the Belgian headquarters), the Netherlands, France, Switzerland, Germany, Italy, Spain and the United Kingdom. We are currently operating as a single operating segment. Prior to the disposal of our Croatian subsidiary Fidelta d.o.o. (Fidelta) we had two reportable segments: our (i) R&D and (ii) fee-for-service business. On 4 January 2021 however we sold Fidelta to Selvita S.A.(Selvita),whoacquired100%oftheoutstandingsharesinFidelta.Duetothedisposal 156 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp159.jpg)

FINANCIAL STATEMENTS of Fidelta (our fee-for-service segment), we have reported this segment as discontinued operations. 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. Conflict in Ukraine Todate,wehaveexperiencedverylimitedimpactofthearmedconflictbetweenRussia and Ukraine. However, we keep on monitoring the impact of the situation. 2. Summary of significant transactions GILEAD COLLABORATION AGREEMENT On14July2019weandGileadannouncedthatweenteredintoa10-yearglobalresearch anddevelopmentcollaboration.Throughthisagreement,Gileadgainedexclusiveaccess 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 (23 August 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 asacontractliability("warrantissuanceliability")andreducesthetransactionpriceuntil 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 reflectsthefairvalueofthesefinancialliabilitiesatthewarrantapprovaldate(22October 2019). On6November2019GileadexercisedWarrantA,whichresultedinanadditionalequity investment of€368.0 million. SubsequentWarrantBisstillsubjecttoapprovalbyanExtraordinaryGeneralMeetingof Sareholders and is therefore still presented as warrant issuance liability in our deferred income (we refer to note25 for more information). The value allocated to the subsequent Warrant B reflects the fair value of the underlying liability on 31 December 2021and31December2022.On31December2022thevalueofthesubsequentWarrant Bdecreasedto€0.7 million,drivenbythedecreaseofourshareprice,andoftheimplied volatility in 2022. 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 157 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp160.jpg)

FINANCIAL STATEMENTS capabilities) during the collaboration period and exclusive option rights on our current andfutureclinicalprogramsafterPhase2(or,incertaincircumstances,thefirstPhase3 study)outsideEuropeand(iii)anincreasedcostsharefrom20/80to50/50ontheglobal development activities of filgotinib, as a result of the revised license and collaboration agreement. Aspartofthecollaboration,GileadalsoreceivedoptionrightsforGLPG1972,aPhase2b candidate for osteoarthritis, in the United States. In November 2020, Gilead however declined to exercise its option for GLPG1972. Since 22 October 2019, Gilead has had two representatives on the Board of Directors of Galapagos (Daniel O'Day and Linda Higgins). InQ42020,GileaddecidednottopursueFDAapprovaloftheRAindicationforfilgotinib in the U.S. as the result of a Complete Response Letter (CRL) from the Food and Drug Administration (FDA). Due to this, in December 2020 Gilead and we agreed to amend ourexistingcollaborationforthecommercializationanddevelopmentoffilgotinib.This resulted in the execution of the Transition and Amendment Agreement of 3 April 2021 and the Second Amended and Restated license and Collaboration Agreement of 24 December 2021, effective as of 1 January 2022. InSeptember2021,weagreedtogetherwithGileadtoalsotakeoverthesponsorshipof and operational and financial responsibility for the DIVERSITY clinical study, evaluating filgotinib in CD, and its long-term extension study. The DIVERSITY clinical study was transferred and as of 1 April 2022, we were 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, expertiseandcapabilities)duringthecollaborationperiodandexclusiveoptionrightson our current and future clinical programs after Phase2 (or, in certain circumstances, the first Phase3 study) outside Europe and (iii) an increased cost share from 20/80 to 50/50 to100/0(forcertainagreedactivities(GroupAactivities,asdefinedbelow))ontheglobal development activities of filgotinib, until we complete the remaining development activities. Werefertothecriticalaccountingjudgmentsandkeysourcesofestimationuncertainty section (note 4) explaining critical judgments and estimates in applying accounting policies. 158 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp161.jpg)

FINANCIAL STATEMENTS Terms of the collaboration We will fund and lead all discovery and development autonomously until the end of Phase2.AfterthecompletionofaqualifyingPhase2study(or,incertaincircumstances, thefirstPhase3study),Gileadwillhavetheoptiontoacquirealicensetothecompound outsideEurope.Iftheoptionisexercised,weandGileadwillco-developthecompound and share costs equally. Gilead will maintain option rights to our programs through the 10-yeartermofthecollaboration.Thistermcanbeextendedforuptoanadditionalthree yearsthereafterforthoseprograms,ifany,thathaveenteredclinicaldevelopmentprior totheendofthecollaborationterm.Inaddition,afinaltermextensioncanbegrantedin certain circumstances. Development of GLPG1690 was discontinued in February 2021. For GLPG1972, after the completion of the ongoing Phase2b study in osteoarthritis, Gilead had the option to pay a $250million 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 $150million 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. All activities have been as of 31 December 2022. Beginning on 1 January 2021, we bear the future development costs for certain studies (defined as "Group A activities"),inlieuoftheequalcostsplitcontemplatedbythepreviousagreement.These studies initially included the DARWIN3, FINCH4, FILOSOPHY, and Phase 4 studies and registriesinRA,MANTAandMANTA-RAy,thePENGUIN1and2andEQUATOR2studiesin 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 continued 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 andCrohn'sdisease,andsupportforinvestigatorsponsoredtrialsinIBD.Allcommercial economics on filgotinib in Europe were transferred to us as of 1 January 2022, subject to payment of tiered royalties of 8% to 15% of net sales in Europe to Gilead, starting in 2024. In connection with the amendments to the existing arrangement for the commercialization and development of filgotinib, Gilead paid us €160million, which is split between a €110million payment received in 2021 and a €50million payment received in 2022 and is subject to certain adjustments for higher than budgeted development costs. In 2022, Gilead made a one-time payment of $15million to us in considerationforassumingresponsibilityfortheDIVERSITYclinicalstudy.Inaddition,we 159 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp162.jpg)

FINANCIAL STATEMENTS will no longer be eligible to receive any future milestone payments relating to filgotinib in Europe. In 2022, we also received from Gilead $20 million of milestone payment for the regulatory approval of filgotinib in UC in Japan. Other terms of the original license agreement remain in effect, including the remaining $275million in development and regulatorymilestones,sales-basedmilestonepaymentsofupto$600millionandtiered royaltiesrangingfrom20%–30%payableinterritoriesoutsideEurope(whereasbeforeit wasapplicableforallcountriesoutsideofBelgium,France,Germany,Italy,Luxembourg, the Netherlands, Spain and the United Kingdom). 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 on 14 July 2019 a 20% premium to Galapagos' 30-day, volume-weighted average price. This equity subscription took place at closing of the transaction, on 23 August 2019 and increased Gilead's stake in Galapagos from approximately 12.3% to 22.04% of the thenissuedandoutstandingsharesinGalapagos.Inaddition,theExtraordinaryGeneral Meeting of Shareholders of 22 October 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% ofthecompany'sissuedandoutstandingshares.TheinitialwarrantBhasaterm 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 (23 August 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 GalapagosorincreaseitsstakeinGalapagosbeyond29.9% ofthecompany'sissuedand outstandingshares,subjecttolimitedexceptions.On6November2019,Gileadexercised warrant A and increased its ownership in Galapagos to 25.10% of the then outstanding shares. Gilead's ownership amounted to 25.38% at 31 December 2022. BUSINESS COMBINATIONS On 21 June 2022 we acquired, in an all-cash transaction, 100% of the shares and voting interests of CellPoint. On the same date we acquired all of the outstanding capital and voting interests of AboundBio. We refer to note 12 Goodwill and impairment of goodwill and note 26 Business combinations during the period, for more information. 160 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp163.jpg)

FINANCIAL STATEMENTS 3. Significant accounting policies Our principal accounting policies are summarized below. Basis of preparation and going concern assumption TheconsolidatedfinancialstatementsarepreparedinaccordancewiththeInternational FinancingReportingStandards(IFRS),asadoptedbytheEU.Theconsolidatedfinancial 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 1January2021 New standards and interpretations applicable for the annual period beginning on 1January2021didnothaveamaterialimpactonourconsolidatedfinancialstatements. New standards and interpretations applicable for the annual period beginning on 1January 2022 New standards and interpretations applicable for the annual period beginning on 1January2022didnothaveamaterialimpactonourconsolidatedfinancialstatements. Standards and interpretations published, but not yet applicable for the annual period beginning on 1January 2022 A number of new standards are effective for annual periods beginning on or after 1January 2023 with earlier adoption permitted. However we have not early adopted new or amended standards in preparing our consolidated financial statements. We are currentlystillassessingtheimpactofthesenewaccountingstandardsandamendments 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 1January2023: Disclosure of Accounting Policies (Amendments to IAS1 and IFRS Practice Statement 2); Definition of Accounting Estimates (Amendments to IAS8); Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS12); and IFRS17 Insurance Contracts and Amendments to IFRS17. The following amendments are effective for the period beginning 1January2024: Liability in a Sale and Leaseback (Amendment to IFRS16); Classification of liabilities as current or non-current (Amendment to IAS1); and Non-current liabilities with covenants (Amendment to IAS1). 161 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp164.jpg)

FINANCIAL STATEMENTS Consolidated reporting The consolidated financial statements comprise the financial statements of Galapagos NV and entities controlled by Galapagos NV (subsidiaries). 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 income statement 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. Business combinations Businesscombinationsareaccountedforusingtheacquisitionmethod.Inthestatement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognized at their fair value at the acquisition date. The results of acquired operations are included in our consolidated income statement from the date on which control is obtained. Any contingent consideration to be transferred by us is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognized in profit or loss. The excess of the fair value of the total purchase consideration transferred over the fair value of the acquired assets and assumed liabilities is recognized as goodwill. The valuations in support of fair value determinations are based on information available at the acquisition date. Acquisition related costs are expensed as incurred. Contingent amounts payable or paid by us to former shareholders of acquired companies, who continue to be employed by us, but which would be automatically forfeited(orbecomerepayable)uponterminationofemploymentbeforeaspecificdate, are classified as remuneration for post-combination services on the appropriate line in our consolidated income statement. These cash-settled contingent amounts are recognized in accordance with IAS19 and are recorded on the balance sheet on the lines "other (non-) current assets" and "other non-current/trade and other liabilities" depending on the timing of the payment by us. Goodwill Goodwill is initially measured as the excess of the total purchase consideration transferred and the fair value of the acquired assets and assumed liabilities. Subsequently, goodwill is stated at cost less impairment and tested for impairment at least annually at the level of the cash generating unit to which it was allocated. Any impairmentcostsarerecordedinourconsolidatedincomestatementontheline"Other operating income/expense". 162 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp165.jpg)

FINANCIAL STATEMENTS Intangible assets other than goodwill Expenditureonresearchactivitiesisrecognizedasanexpenseintheperiodinwhichitis incurred. An internally generated intangible asset arising from our development activities is recognized only if all of the following conditions are met: Technicallyfeasibletocompletetheintangibleassetsothatitwillbeavailableforuse 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 Theintangibleassetwillgenerateprobablefutureeconomicbenefits,orindicatethe existence of a market Adequatetechnical,financialandotherresourcestocompletethedevelopmentare 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.Becauseofrisksanduncertaintiesinherenttotheregulatoryauthorizationsandtothe developmentprocessitself,managementestimatesthattheconditionsforcapitalizationare 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) Licenses, rights, technology and in-process research and development Acquired in-process research and development obtained through in-licensing agreements,businesscombinations,collaborationagreementsorseparateacquisitions are capitalized as an intangible asset provided that they are separately identifiable, controlledbyusandexpectedtoprovideeconomicbenefits.Astheprobabilitycriterion in IAS38 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. 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 163 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp166.jpg)

FINANCIAL STATEMENTS optioniscapitalizedasintangibleassetandamortizedovertheexpecteddurationofthe option. Exclusivity contracts and technology acquired through business combinations are valued independently as part of the fair value of the businesses acquired and are amortized over their estimated useful lives. The estimated useful life is based on the lower of the contract life or the economic useful life. 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 impairmentloss.Amortizationisrecognizedsoastowriteoffthecostofassetsovertheir useful lives (generally between 3 and 5years), 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 relatedpromisedgoodsorservicestothecustomer.Coststhatwewouldhaveincurred regardlessofwhetherthecontractisobtainedorthosecoststhatarenotdirectlyrelated 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. Depreciationisrecognizedsoastowriteoffthecostofassetsovertheirusefullives,using the straight-line method, on the following bases: Installation & machinery: 3 – 15years Furniture, fixtures & vehicles: 4 – 10years Leaseholdimprovementsaredepreciatedover3–10years,beingthetermofthelease, unless a shorter useful life is expected. The other tangible assets category mainly consists of assets under construction. Assets under construction are not depreciated. 164 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp167.jpg)

FINANCIAL STATEMENTS 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 Allleasesareaccountedforbyrecognizingaright-of-useassetandacorrespondinglease liability except for: Leases of low value assets; and Leases with a duration of 12months 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 bereadilydetermined,wewillapplytheincrementalborrowingrate.Theleasepayments 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 is 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. Atthecommencementdate,theright-of-useassetsaremeasuredatcost,comprisingthe amountoftheinitialleaseliability,initialdirectcostsandtheexpecteddismantlingand 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 economicincentivetoexerciseanextensionoption,ornotexerciseaterminationoption. 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. 165 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp168.jpg)

FINANCIAL STATEMENTS Each lease payment is allocated between the liability and financial expenses. The financecostischargedtotheincomestatementovertheleaseperiodsoastoproducea constantperiodicrateofinterestontheremainingbalanceoftheliabilityforeachperiod. Inventories Inventories consist of raw materials, semi-finished products and finished products. These inventories are initially recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, conversion costs and 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. Additionally, we do not have financial debts at 31December2022. (i) Financial assets Financialassetsareinitiallyrecognizedeitheratfairvalueorattheirtransactionprice.All recognized financial assets are subsequently measured at either amortized cost or fair value under IFRS9 on the basis of both our business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. afinancialassetthat(i)isheldwithinabusinessmodelwhoseobjectiveistocollect the contractual cash flows and (ii) has contractual cash flows that are solely paymentsofprincipalandinterestontheprincipalamountoutstandingismeasured 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; afinancialassetthat(i)isheldwithinabusinessmodelwhoseobjectiveisachieved 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 paymentsofprincipalandinterestontheprincipalamountoutstanding,ismeasured 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. 166 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp169.jpg)

FINANCIAL STATEMENTS 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). (a) 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 accordancewiththeinvestmentstrategy.Attributabletransactioncostsarerecognizedin profitorlossasincurred.Financialassetsatfairvaluethroughprofitorlossaremeasured 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 IFRS9, 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 profitorlossandmaycompriseshorttermbondfundsthathaveamaturityequalorless than 12months, 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. (b) 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. Allreceivablesaresubsequentlymeasuredinthebalancesheetatamortizedcost,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 researchanddevelopmentexpensesinFranceandBelgium.Researchanddevelopment 167 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp170.jpg)

FINANCIAL STATEMENTS 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 to 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 their 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 Financialliabilitiesareinitiallymeasuredeitheratfairvalueorattheirtransactionprice. Subsequent to initial recognition, financial liabilities are measured at amortized cost. Financial liabilities mainly comprise trade and other liabilities and contingent consideration 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 expenses related to our research and development project costs. We derecognize a financial liability when our contractual obligations are discharged, cancelled or expire. Contingent consideration liabilities Any contingent consideration to be transferred by us in relation to businesses acquired are linked to milestone payments and are initially recognized at fair value as a financial liability. They are adjusted for the probability of their likelihood of payment and are appropriately discounted to reflect the impact of time. Changes in the fair value of these contingent consideration liabilities in subsequent periods are recognized in our consolidated income statement on the line "other operating income/expense". The effect of unwinding the discount over time is recognized in other financial results. (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. 168 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp171.jpg)

FINANCIAL STATEMENTS 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 amountsinthefinancialstatements.However,thedeferredincometaxisnotaccounted forifitarisesfromtheinitialrecognitionofanassetorliabilityinatransactionotherthan abusinesscombinationthatatthetimeofthetransactionaffectsneitheraccountingnor taxable profit nor loss. Deferredincometaxisdeterminedusingtaxrates(andlaws)thathavebeenenactedor substantively enacted by the balance sheet date and are expected to apply when the relateddeferredincometaxassetisrealizedorthedeferredincometaxliabilityissettled. Deferred tax assets are recognized to the extent that it is probable that future taxable profitwillbeavailableagainstwhichthetemporarydifferencescanbeutilized.Assuch, 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 thecurrencyoftheprimaryeconomicenvironmentinwhichtheentityoperates.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 lossesresultingfromthesettlementofsuchtransactionsandfromthetranslationat closingratesofmonetaryassetsandliabilitiesdenominatedinforeigncurrenciesare recognizedinthefinancialresultintheincomestatement.Non-monetaryassetsand liabilitiesmeasuredathistoricalcostthataredenominatedinforeigncurrenciesare translated using the exchange rate at the date of the transaction. 169 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp172.jpg)

FINANCIAL STATEMENTS 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 income statement 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 setup 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 numberofpatientsthathaveenteredthetrialandthenumberofpatientsthathavebeen treatedinthetrial.Inallcases,thefullcostofeachtrialisexpensedbythetimethefinal 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. Starting in 2021 we also have commercial revenues from the sales of Jyseleca® in Europe, which are reported as "Product net sales" in our consolidated income statement. The revenue recognition policies can be summarized as follows: Werecognizerevenuewhenourcustomerobtainscontrolofpromisedgoodsorservices, 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 IFRS15, we perform the following five steps: 170 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp173.jpg)

FINANCIAL STATEMENTS Collaboration revenues (i) identify the contract In our 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 Dependingonthetypeoftheagreement,therecanbeoneormoredistinctperformance obligations under IFRS15. 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 transfergoodsand/orservicesinthecontextofthecontract.Forsomeofouragreements 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-refundable 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 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 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 (which is generally only when the milestone is achieved).Wheremilestonepaymentsareincludedinthetransactionpriceweestimate theamounttobeincludedinthetransactionpriceusingthemostlikelyamountmethod. The transaction price is allocated to each performance obligation on a stand-alone sellingpricebasis.Werecognizerevenueasorwhentheperformanceobligationsunder thecontractaresatisfied.Attheendofeachsubsequentreportingperiod,were-evaluate 171 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp174.jpg)

FINANCIAL STATEMENTS the probability of achievement of relevant milestones and any related constraint. If necessaryweadjustourestimateoftheoveralltransactionprice.Anysuchadjustments 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 full-time equivalentsatcontractualrates.R&Dservicesareperformedandsatisfiedovertimegiven that the customer simultaneously receives and consumes the benefits provided by us. Suchcostsreimbursementsreceivedarerecognizedinrevenueswhencostsareincurred 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 accounted for as a decrease of the related expenses. (d) Sales based milestone payments 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 stand-alone selling price. The stand-alone selling price of each performance obligation is estimated by using one of the following methods: adjusted marketassessmentapproach,theexpectedcostplusamarginapproachortheresidual approach.Ifmanagementassessesthatthereisonlyonesingleperformanceobligation, the entire transaction price would be allocated to this performance obligation. (v) recognize revenue when (or as) the entity satisfies a performance obligation Revenueisrecognizedwhenourcustomerobtainscontrolofthegoodsand/orservices foreseeninthecontracts.Thecontrolcanbetransferredovertimeoratapointintime–which results in recognition of revenue over time or at a point in time. Incaseofrevenuerecognitionovertime,weuseaninputmodelthatconsidersestimates of the percentage of total research and development costs that are completed each period compared to the total estimated costs (percentage of completion method) to measure the progress of the satisfaction of the underlying performance obligation (which is the applied method for the filgotinib performance obligation). In other cases, dependingonspecificcircumstances,werecognizerevenueonastraight-linebasisover the estimated term of the performance obligation (which is the applied method for the performance obligation related to our drug discovery platform). 172 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp175.jpg)

FINANCIAL STATEMENTS 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 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. Theamountofrevenuerecognizedistheamountallocatedtothesatisfiedperformance obligationtakingintoaccountvariableconsideration.Theestimatedamountofvariable 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 programs. Shelf stock adjustments are granted to some of our customers to cover the inventory held by them at the time of a price decrease becomes effective. A liability is recognized for expected rebates, cash discounts, chargebacks or other reimbursements payable directly or indirectly to customers in relation to sales made until the end of the reporting period. Theamountofvariableconsiderationisestimatedusingseveralelementssuchasthird-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 estimates will be adjusted. Net sales are presented net of value added tax and other sales related taxes. Wereferto note6 fordetailedinformationperagreementandtoourCriticalaccounting judgments and key sources of estimation uncertainty for more information. Cost of sales Our cost of sales includes primarily the purchase cost of the goods sold and transportation costs. 173 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp176.jpg)

FINANCIAL STATEMENTS 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 income statement, under otherincome,whentherelevantexpenditurehasbeenincurredandthereisreasonable assurance that the grants or R&D incentives are receivable. Equity instruments Equityinstrumentsissuedbyusaremeasuredbythefairvalueoftheproceedsreceived, net of direct issue costs. Employee benefits (i) Defined contribution plans Contributionstodefinedcontributionpensionplansarerecognizedasanexpenseinthe income statement as incurred. (ii) 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,theeffectofthechangestotheassetceiling(ifapplicable)andthereturnonplan assets(excludinginterest),isreflectedimmediatelyinthestatementoffinancialposition withachargeorcreditrecognizedinothercomprehensiveincomeintheperiodinwhich they occur. Re-measurement recognized in other comprehensive income is reflected immediatelyinretainedearningsandwillnotbereclassifiedtoprofitorloss.Pastservice cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculatedbyapplyingthediscountrateatthebeginningoftheperiodtothenetdefined 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 positionrepresentstheactualdeficitorsurplusinourdefinedbenefitplans.Anysurplus 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 174 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp177.jpg)

FINANCIAL STATEMENTS to the plans. A liability for a termination benefit is recognized at the earlier of when we cannolongerwithdrawtheofferoftheterminationbenefitandwhenwerecognizeany related restructuring costs. (iii) Bonus plans ThemembersoftheExecutiveCommittee,togetherwithotherseniormanagersandthe staff are eligible to receive a bonus based on achievement of personal and corporate objectives. This bonus is paid in cash. We recognize an expense in the income statement for all these bonus plans. Share-based payments (i) Equity-settled share-based payments We grant equity-settled incentives to certain employees, members of the Executive Committee 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 rights that are expected to be exercised. Fair value is measured by use of the Black & Scholes model.Theexpectedlifeusedinthemodelhasbeenadjusted,basedonmanagement's best estimate, for the effects of non-transferability, exercise restrictions, and behavioral considerations. (ii) Long-term incentive plans in RSUs (Restricted Stock Units) MembersoftheExecutiveCommitteeandotheremployeesaregrantedRSUs.AnRSUis 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 RSUs are measured based on the volume weighted average share price over the 30-calendar day period preceding the measurement date. We recognize the correspondingexpenseandliabilityoverthevestingperiod.Thefairvalueoftheliability isre-measuredateachreportingdatebecausecurrentlyitismanagement'sintentionto settle the RSUs in cash. Provisions Provisions are recognized on the balance sheet 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 balancesheetdate.Iftheeffectismaterial,provisionsaredeterminedbydiscountingthe 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. 175 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp178.jpg)

FINANCIAL STATEMENTS Impairment (i) Financial assets Theimpairmentlossofafinancialassetmeasuredatamortizedcostiscalculatedbased on the expected loss model. For trade receivables, in the absence of a significant financing component, the loss allowanceismeasuredatanamountequaltolifetimeexpectedcreditlosses.Thoseare 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 income statement. (ii) Property, plant and equipment and intangible assets other than goodwill 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 determinewhetherthereisanyindicationthatthoseassetshavesufferedanimpairment 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 generatecashflowsthatareindependentfromotherassets,weestimatetherecoverable 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. (iii) Goodwill As goodwill is considered to have an indefinite life, it is tested for impairment annually, and whenever there is an indication that it may be impaired, by comparing its carrying amount with its recoverable amount (i.e. the higher of value in use and fair value less costs to sell). If the recoverable amount of the cash-generating unit is less than the carryingamountoftheunit,theimpairmentlossisallocatedfirsttoreducethecarrying amountofanygoodwillallocatedtotheunitandthentotheotherassetsoftheunitpro rataonthebasisofthecarryingamountofeachassetintheunit.Impairmentlosseson goodwill are not reversed. 176 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp179.jpg)

FINANCIAL STATEMENTS Net income/loss per share Basicnetincome/losspershareiscomputedbasedontheweightedaveragenumberof 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 subscription rights, if any. Segment reporting We currently have one operating and reportable segment. Prior to the disposal of our fee-for-service business Fidelta in 2021 our reportable segments were R&D and fee-for-service business. Fidelta is reported as discontinued operations for the year ended 31 December 2021. 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. On 4January2021 we sold of our fee-for-service business Fidelta. 177 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp180.jpg)

FINANCIAL STATEMENTS estimation uncertainty 4. Critical accounting judgments and key sources of 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 arenotreadilyapparentfromothersources.Theestimatesandassociatedassumptions 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 accountingestimatesarerecognizedintheperiodinwhichtheestimateisrevisedifthe revisionaffectsonlythatperiodorintheperiodoftherevisionsandfutureperiodsifthe revision affects both current and future periods. The following are the critical judgments that we have made in the process of applying theaccountingpoliciesandthekeysourcesofestimationuncertaintythathavethemost significant effect on the amounts recognized in the consolidated financial statements presented elsewhere in this annual report. Critical judgments in applying accounting policies IFRS15 – 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 analyzedfollowingtherequirementsofIFRS15asweconcludedthatGileadisstillto be considered as a customer. This is also supported by the fact that we concluded thattherecontinuestobeonlyoneperformanceobligationwithrespecttofilgotinib. Identification of the performance obligation Themodificationsof2020and2021didnotgiverisetonewperformanceobligations. 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 is management'sjudgementthattheGroupAandGroupBdevelopmentactivities(see note2 formoredetails)stilltobeperformedareinterrelatedandthuscannotbeseen as separate performance obligations. Based on this, the contract modification has been treated on a cumulative catch-up basis under IFRS15. 178 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp181.jpg)

FINANCIAL STATEMENTS Allocation of the total transaction price The increased fixed consideration as result of the modifications has been allocated initsentiretytothefilgotinibperformanceobligation.Weassessedthatthecontract modificationonlychangesthescopeofthefilgotinibperformanceobligationandthe 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 ourbestestimateofthetotalcoststocompletethefilgotinibperformanceobligation. 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 significanteffectontheamountsrecognizedinourconsolidatedfinancialstatementsfor the year ended 31December2022. Costs to complete the filgotinib performance obligation The denominator used in the calculation of the percentage of completion reflects our bestestimateofthetotalcoststocompletethefilgotinibperformanceobligation(which iscomposedoftheactualcostsalreadyincurredatreportingdateandourbestestimate of the remaining costs to complete the performance obligation). As our estimate of the costs is depending on the evolution of the development activities, it may be subject to change in the future. If the outcome of certain activities would be different from the assumptionsthatwemade,itcouldleadtoamaterialadjustmenttothetotalestimated costs,resultinginareallocationofrevenuebetweencurrentandfutureperiods.Revenue recognized for upfront payments and milestone payments in 2022 amounted to €174.4 million. Our total deferred income balance related to this filgotinib performance obligation amounts to €456.4 million on 31December2022. At reporting date, had our best estimate of the remaining cost to complete the filgotinib performance obligation been increased by 5%, this would have resulted in a decrease in revenue recognition in 2022 of €15.4 million and a corresponding increase in current and non-current deferred income. Had our best estimate of the remaining cost to complete the filgotinib performance obligation been decreased by 5%, this would have resulted in an increase inrevenuerecognitionin2022of€16.0 millionandacorrespondingdecreaseincurrent and non-current deferred income. Goodwill impairment Determining whether goodwill is subject to impairment requires an estimate of the recoverable amount of the cash-generating unit to which the goodwill has been allocated. The calculation of this recoverable amount includes forecasts of future cash flows of the cash-generating unit (highly dependent upon the probability of success linked to the progress of our clinical programs) and an appropriate discount rate is required to calculate present values, a process which involves estimates. These 179 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp182.jpg)

FINANCIAL STATEMENTS estimates are constantly monitored, and an impairment test will be performed as soon asthereisanimpairmentindicatorandatleastannually.Thecarryingvalueofgoodwill at 31 December 2022 is€69.8 million. Contingent consideration The contingent consideration included in the consideration payable for the acquisition of CellPoint was recorded at fair value at the date of acquisition. These fair values were mainlybasedonourbestestimateofprobabilitiesofreachingtheunderlyingmilestones and by applying an appropriate discount rate. The fair values are reviewed at each reportingdateandanychangesarereflectedinourconsolidatedincomestatement.We refer to the specific note on contingent consideration for more details. 180 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp183.jpg)

FINANCIAL STATEMENTS 5. Segment information Geographical information Wearecurrentlyoperatingasasingleoperatingsegment.PriortothedisposalofFidelta in 2021 we had two reportable segments: R&D and fee-for-service business. In 2022 our operations were mainly located in Belgium, France, the Netherlands, Germany, Italy, Spain, Switzerland and the United Kingdom. The revenues from our collaboration partner Gilead represented 82% of our total net revenues in 2022 (97%in2021). In 2022 we reported €87.6 million of product net sales for Jyseleca® in Europe (€14.8 millionin 2021) of which€7.3 millionrealized in Belgium (€1.7 millionin 2021). Following table summarizes our collaboration revenues by destination of customer: Yearended31December (thousands of €) 2022 2021 United States of America 414,129 467,978 Europe 3,552 2,114 Total collaboration revenues 417,681 470,093 Following table summarizes our collaboration revenues by major customers: Yearended31December 2022 2021 (thousands of €) % (thousands of €) % Gilead United States of America 414,129 100% 467,978 100% Europe 1,452 0% 2,071 0% Total collaboration revenues from majorcustomers 415,581 99% 470,049 100% On 31December2022, we held €370.4 million (€197.6 million in 2021) of property, plant and equipment, intangible assets and goodwill distributed as follows: 31December (thousands of €) 2022 2021 Belgium 72,087 98,295 France 20,397 21,051 The Netherlands 255,461 66,621 Switzerland 4,962 7,181 Spain 3,037 3,029 United States of America 12,729 136 Other 1,747 1,302 Total 370,420 197,615 181 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp184.jpg)

FINANCIAL STATEMENTS 6. Total net revenues Product net sales We reported product net sales of Jyseleca® for the year ended 31December2022 of €87.6 million, as compared to €14.8 million for the year ended 31 December 2021. Our counterparties for the sales of Jyseleca® during 2022 were mainly hospitals and wholesalerslocatedacrossEurope.Jyselecanetsaleshavesignificantlygrowndrivenby volumeuptakeofexistingbusinessandbynewlaunchesinbothindicationsinmultiple countries. Net sales exclusively consisted of sales of Jyseleca® in Europe. Cost of sales related to Jyseleca® net sales for the year ended 31December2022 amounted to €12.1 million, compared to €1.6 million for the year ended 31December2021. Collaboration revenues The following table summarizes our collaboration revenues for the years ended 31December2022 and 2021 by collaboration and by category of revenue: upfront payments and license fees, milestone payments, reimbursement income and royalties. Year ended 31 December (thousandsof€) Over time Point in time 2022 2021 Recognition of non-refundable upfront payments and license fees 370,078 433,884 Gilead collaboration agreement for filgotinib 139,655 203,301 Gilead collaboration agreement for drug discovery platform 230,423 230,582 Milestone payments 36,777 32,408 Gilead collaboration agreement for filgotinib 34,777 32,408 Sobi distribution agreement for Jyseleca 2,000—Reimbursement income 56—Novartis collaboration agreement for MOR106 56—Royalties 10,770 3,801 Gilead royalties on Jyseleca 10,726 3,757 Other royalties 44 43 Total collaboration revenues 417,681 470,093 182 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp185.jpg)

FINANCIAL STATEMENTS Revenue recognition of non-refundable upfront payments, license fees and milestone payments related to the filgotinib agreement amounted to €174.4 million in 2022. We recognize the consideration from Gilead allocated to the drug discovery platform on a linear basis over the 10-year period of our collaboration, of which we recognized €230.4 million in 2022. For the year ended 31December2022 we also recognized in revenue€10.7 millionof royalties from Gilead on filgotinib. Additionally, we recorded in 2022 milestone payments of €2.0 million triggered by the initial sales of Jyseleca® in the Czech Republic and Portugal by our distribution and commercialization partner Sobi. The below table summarizes the transaction price of our collaboration with Gilead: Other movements (thousandsof€) 31 December 2021 in 2022 31 December 2022 Upfront consideration 4,018,016 4,018,016 Milestones achieved 194,363 18,238 212,601 Royalties 19,984 10,726 30,710 Impact initial valuation of share subscription agreement 124,604 124,604 4,356,967 28,964 4,385,931 Less: Warrant issuance liabilities Warrant A (43,311) (43,311) Initial warrant B (2,545) (2,545) Subsequent warrant B (2,442) 1,714 (728) 4,308,669 30,678 4,339,347 Allocation to performance obligations Ziritaxestat 666,967 666,967 Filgotinib(1) 1,343,214 28,964 1,372,178 Drug discovery platform (10 years) 2,298,489 1,714 2,300,203 (1) With regard to the additional consideration received as a result of the Option, License and Collaboration agreement (14 July 2019) allocated to the filgotinib performance obligation, we assumed the existence of a significant financing component estimated to €44.5 million as of 31 December 2019 reflecting the time value of money on the estimated recognition period. This financing component was reassessed to €55.3 million as of 31 December 2020, to €57.3 million on 31 December 2021 and to €58.7 million on 31 December 2022. In2022wereceived$20.0 million(€18.2 million)ofmilestonepaymentsfortheregulatory approval of filgotinib in UC in Japan and recognized €10.7 million of royalties from Gilead. A summary of our main contracts with customers and distribution/commercialization partners is given below: Collaboration with Gilead We refer to note 2 of this financial report for a general description of our collaboration with Gilead. 183 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp186.jpg)

FINANCIAL STATEMENTS 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 Phase2 (or, in certain circumstances, the first Phase3 study) outside Europe and (iii) an increased cost share from 20/80 to 50/50 to 100/0 (for GroupA activities only) on the global development activities of filgotinib,untilwecompletetheremainingdevelopmentactivities(GroupAandGroupB activities). We concluded as follows: Determination of the total transaction price We assessed that the contract modifications of 15December2020 and 6September2021 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.Asaresultofthesemodifications,therewereincreasesinthetransaction price of €160.0 million and $15.0 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 15December2020 has also been adjusted for the time value of money. Filgotinib amendment There is one single performance obligation under IFRS15: the transfer of a license combinedwithperformanceofR&Dactivities.Thisisbecauseweconsideredthatthe license is not distinct in the context of the contract. The transaction price is currently composed of a fixed part, being non-refundable upfrontandlicensefeesandavariablepart,beingmilestonepayments,salesbased 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 2021and2022 we reported respectively €3.8 million and €10.7 million of revenues from royalties from Gilead. 184 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp187.jpg)

FINANCIAL STATEMENTS 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 2020and2021. Access rights to the drug discovery platform, option rights and R&D activities The revenue allocated to the drug discovery platform is 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 10years. 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 estimateisreassessedateachyear-endbasedontheevolutionofourpipelineandis still valid per 31December2022. Collaboration with Sobi In October 2021, we signed an agreement with Sobi regarding the distribution of Jyseleca®. Sobi will distribute the medicine in Central and Eastern Europe, Greece, Portugal, and the Baltic countries. 7. Operating costs and other operating income Operating costs Research and development expenditure The following table summarizes research and development expenditure for the years ended 31December2022 and 2021. Yearended31December (thousandsof€) 2022 2021 Personnel costs (190,085) (165,239) Subcontracting (214,906) (251,085) Disposables and lab fees and premises costs (21,356) (24,025) Depreciation and impairment (54,462) (17,518) Professional fees (15,167) (15,862) Other operating expenses (19,107) (17,978) Total research and development expenditure (515,083) (491,707) 185 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp188.jpg)

FINANCIAL STATEMENTS The variance in our R&D expenditure in 2022 compared to 2021 was principally due to the following elements: Depreciationandimpairmentcostsin2022amountedto€54.5 million(€17.5 million in 2021). This increase was primarily due to an impairment of €26.7 million of previously capitalized upfront fees related to our collaboration with Molecure on the dual chitinase inhibitor OATD-01 (GLPG4716) in fibrosis and impairments of intangible assets related to other discontinued projects recorded in 2022 for an amount of€8.9 million. Personnel costs increased from €165.2 million in 2021 to €190.1 million in 2022 primarilyexplainedbyincreasesinrestructuringcostsandacceleratednon-cashcost recognition for subscription right plans related to good leavers. Subcontractingcostsdecreasedfrom€251.1 millionin2021to€214.9 millionin2022 following the evolution of our programs. The table below summarizes our research and development expenditure for the years ended 31December2022 and 2021, broken down by program: Yearended31December (thousandsof€) 2022 2021 Filgotinib program (245,286) (171,204) Ziritaxestat program (1,096) (26,725) SIKi program (47,727) (91,957) TYK2 program on GLPG3667 (24,467) (27,141) CAR-T programs in oncology (29,999) -Other programs (166,507) (174,680) Total research and development expenditure (515,083) (491,707) The increase in R&D expenditure in 2022 was primarily explained by cost increases for our filgotinib program and new investments in 2022 in CAR-T programs in oncology. Thiswaspartlyoffsetbycostdecreasesduetothewindingdownoftheziritaxestat(IPF) program and reduced spend on our SIKi, TYK2 and other programs. 186 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp189.jpg)

FINANCIAL STATEMENTS Sales and marketing expenses The following table summarizes the sales and marketing expenses for the years ended 31December2022 and 2021. Yearended31December (thousandsof€) 2022 2021 Personnel costs (71,878) (59,102) Depreciation (2,473) (504) External outsourcing costs (54,057) (62,321) Sales and marketing expenses recharged to Gilead 31 59,699 Professional fees (4,222) (532) Other operating expenses (14,956) (7,196) Total sales and marketing expenses (147,555) (69,956) Major part of the increase in our sales and marketing expenses in 2022 is due to the termination of our 50/50 filgotinib co-commercialization cost sharing agreement with Gilead as from 1 January 2022 explaining €59.7 million of the variance. Personnel costs increasedby€12.8 millionin2022comparedto2021,explainedbyanincreaseinsalaries andbenefitsfollowingthegrowthofthecommercialworkforcefrom248averageFTEsin 2021to305averageFTEsin2022drivenbythecommerciallaunchoffilgotinibinEurope. Other operating expenses increased from €7.2 million in 2021 to €15.0 million in 2022 largely due to increased travel expenses. External outsourcing costs decreased by €8.3 million primarily explained by lower costs for marketing studies and materials. General and administrative expenses The following table summarizes the general and administrative expenses for the years ended 31December2022 and 2021. Yearended31December (thousandsof€) 2022 2021 Personnel costs (85,034) (71,190) Depreciation and impairment (8,631) (16,621) Legal and professional fees (24,368) (26,072) Other operating expenses (26,898) (27,016) Total general and administrative expenses (144,931) (140,899) The increase in our general and administrative expenses in 2022 was mainly explained by an increase in personnel expenses primarily due to accelerated non-cash cost recognition for our subscription right plans related to good leavers, and higher restructuringcosts.Thiswaspartlyoffsetbyadecreaseindepreciationandimpairment 187 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp190.jpg)

FINANCIAL STATEMENTS costs largely due to an impairment cost in 2021 of €9.3 million on other tangible fixed assets following our decision to reassess the construction project of our new future headquarter location in Mechelen (Belgium). Other operating income The following table summarizes other operating income for the years ended 31December2022 and 2021. Yearended31December (thousandsof€) 2022 2021 Grant income 1,873 7,334 R&D incentives 38,527 44,888 Other 6,448 1,526 Total other operating income 46,848 53,749 The grant income in 2022and2021 were fully related to grants from a Flemish agency andtheBelgiangovernment.Inmanycasesthesegrantagreementscarryclauseswhich require us to maintain a presence in the same region for a number of years and invest according to pre-agreed budgets. Grant income in 2021 also included a grant of €5.4 million from the National Institute for Health and Disability Insurance (2022: nil). This grant aimed to incentivize innovative Belgian biotech companies who are performing research and development activities in order to identify new medicines. R&D incentives income was primarily composed of: Income from an innovation incentive system of the French government, which represented €11.4 million for the year ended 31December2022 compared to €12.4 millionfor the year ended 31December2021 Income from Belgian R&D incentives with regard to incurred R&D expenses, which represented €17.3 million for the year ended 31December2022 compared to €20.9 millionfor the year ended 31December2021 Tax rebates on payroll withholding taxes of R&D personnel in Belgium and the Netherlands, representing €9.9 million for the year ended 31December2022 compared to€11.7 millionfor the year ended 31December2021. Other income increased from €1.5 million in 2021 to €6.4 million in 2022 mainly due to rental income and a one-off sale of side products from our R&D activities. 188 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp191.jpg)

FINANCIAL STATEMENTS 8. Staff costs The table below summarizes the number of our employees of our operations on 31December2022 and 2021: 2022 2021 Number of employees on 31 December 1,338 1,309 Total 1,338 1,309 The average number of FTE's of our operations during the years 2022and2021 was: Yearended31December 2022 2021 Members of the Executive Committee 5 6 Research and development 570 636 Commercial and medical affairs 421 338 Corporate and support 297 332 Total 1,293 1,312 Their aggregate remuneration comprised: Yearended31December (thousandsof€) 2022 2021 Wages and salaries (197,013) (175,167) Social security costs (32,543) (29,934) Retirement benefit costs (10,881) (8,467) Costs related to subscription right plans (88,493) (70,726) Other personnel costs (18,067) (11,237) Total personnel costs (346,997) (295,531) 189 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp192.jpg)

FINANCIAL STATEMENTS differences and other financial income/expenses 9. Fair value adjustments, net currency exchange The following table summarizes fair value adjustments and net currency exchange differences, and other financial income and expenses for the years ended 31December2022 and 2021. Yearended31December (thousandsof€) 2022 2021 Fair value adjustments and net currency exchange differences: Net currency exchange gain 44,359 56,492 Fair value re-measurement of warrants 186 2,960 Fair value loss on financial assets held at fair value throughprofit or loss—(4,919) (Fair) value gain on current financial investments 6,929 6,763 Total fair value adjustments and net currency exchange differences 51,473 61,296 Other financial income: Interest income 18,110 2,865 Discounting effect of non-current R&D incentives receivables 93 93 Other finance income 376 100 Total other financial income 18,578 3,058 Other financial expenses: Interest expenses (6,967) (11,656) Discounting effect of non-current deferred income (7,672) (9,289) Discounting effect of other non-current liabilities (2,271) -Other finance charges (769) (812) Total other financial expenses (17,679) (21,757) Total net financial result 52,372 42,598 During 2022 we changed the presentation of our financial results in our consolidated incomestatementinordertoisolatethenetcurrencyexchangedifferencesandfairvalue re-measurements. We retrospectively adjusted the 2021 comparative figures to reflect this change. In our 2021 consolidated financial statements we reported total currency exchange gains of €60.7 million and total currency exchange losses of €4.2 million for the year ended 31 December 2021 on the "other financial income" and "other financial expenses" line respectively. The (fair) value gains on current financial investments (€6.8 million for the year ended 31 December 2021) were also reported on the line "other financial income" in our 2021 consolidated financial statements. The net currency exchange gain in 2022 of €44.4 million primarily consisted of an unrealized exchange gain of €41.3 million on cash and cash equivalents and current 190 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp193.jpg)

FINANCIAL STATEMENTS financial investments at amortized cost held in U.S. dollars, as compared to an unrealized exchange gain in 2021 of €56.6 million on cash and cash equivalents and current financial investments at amortized cost held in U.S. dollars. We have cash, cash equivalentsandcurrentfinancialinvestmentsheldinU.S.dollars,whichcouldgenerate 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. Fair value re-measurement of warrants refers to the fair value re-measurement of initial warrant B. The fair value of the financial liability related to the initial warrant B of €0.02 million on 31December2022 (€0.2 million on 31December2021) is presented as partoftradeandotherliabilitiesinourconsolidatedstatementoffinancialpositionand will be re-measured at each reporting period. We refer to note 2 for more information. Fortheyearended31December2021,fairvaluelossonfinancialassetsheldatfairvalue through profit or loss consisted of negative effects from the fair value re-measurement of financial assets classified as equity investments which qualify for level 1 fair value measurement based upon the closing price of such securities at each reporting date, andofanimpairmentlossonaparticipationinanon-listedcompany.Thisresultedina net book value of zero of the financial assets held at fair value through profit or loss on 31 December 2021. The fair value gain on the current financial investments in 2022 and 2021 reflected the positive exchange differences booked on the money market funds, compensated by the interest on the treasury bills which have not yet expired and the effect of the re-measurement at fair value of our money market funds on 31 December 2022andon31December2021.Thesere-measurementlossesweremainlytheresultof the negative returns on the EUR denominated money market funds. Interest income was related to interests on term deposits, notice accounts and current financial investments. Net interest income increased due to increasing interest rates. Interest expenses were related to interests on term deposits, treasury bills that came to maturity and on leases of buildings and cars. Other financial expense for 2022 also included €7.7 million of costs (€9.3 million for the year ended 31December2021) linked to the accounting under IFRS15 for a financing component embedded in the upfront consideration received from Gilead in connection with the revised agreement for filgotinib. They also comprise the discounting effect of other non-current liabilities as deferred consideration and milestones payables related to the acquisition of subsidiaries. 191 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp194.jpg)

FINANCIAL STATEMENTS 10. Income taxes Thefollowingtablesummarizestheincometaxrecognizedinprofitorlossfortheyears ended 31December2022 and 2021. Yearended31December (thousandsof€) 2022 2021 Current tax (4,071) (2,020) Deferred tax 1,227 (404) Total income taxes (2,844) (2,423) Current tax, consisting of corporate income taxes, and deferred tax income/cost (–) relatedtosubsidiariesworkingonacostplusbasis.Inaddition,thedeferredtaxincome for the year ended 31 december 2022 was largely due to the partial release of the net deferred tax liabilities related to the acquisitions of CellPoint and AboundBio. Tax liabilities The below table illustrates the tax liabilities related captions in the consolidated statement of financial position as at 31December2022 and 2021. 31December (thousandsof€) 2022 2021 Current tax payable 1,022 1,782 Total tax liabilities 1,022 1,782 On 31December2022, the tax liabilities were primarily related to our subsidiaries operating on a cost plus basis. Taxes recognized in profit or loss For the purpose of the disclosure below corporate tax was calculated at 25% (2021: 25%) – 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. 192 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp195.jpg)

FINANCIAL STATEMENTS Year ended 31December (thousandsof€) 2022 2021 Loss before tax (215,147) (122,999) Income tax debit/credit (-), calculated using the Belgian statutory tax rate on the accounting profit/loss (-) before tax (theoretical) (53,787) (30,750) Tax expenses in income statement (effective) 2,844 2,423 Difference in tax expenses/income to explain 56,631 33,173 Effect of tax rates in other jurisdictions (337) (582) Effect of non-taxable revenues (7,642) (9,413) Effect of share-based payment expenses without tax impact 22,127 17,682 Effect of expenses/income (-) not subject to tax (146) (907) Effect of non-tax-deductible expenses 3,224 3,812 Effect of recognition of previously non recognized deferred tax assets (1,677) (1,411) Effect of tax losses (utilized) reversed—(404) Effect from under or over provisions in prior periods 1,101 (840) Effect of non-recognition of deferred tax assets 38,104 25,613 Effect of derecognition of previously recognized deferred tax assets 1,877 135 Effect of use of investment deduction—(512) Total explanations 56,631 33,173 Non-taxable revenues for the years ended 31December2022 and 2021 were related to non-taxable subsidies and tax credits. 193 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp196.jpg)

FINANCIAL STATEMENTS 11. Income/loss (–) per share Basic income/loss (–) per share is calculated by dividing the net income/loss (–) attributabletoownersoftheparentbytheweightedaveragenumberofordinaryshares outstandingduringtheyear.Dilutedincome/loss(–)pershareiscalculatedbasedonthe weightedaveragenumberofshares(diluted)alsoconsideringoutstandingsubscription rights, for which our average share price of the year was higher than the exercise price. Yearended31December 2022 2021 Net loss attributable to owners of the parent (thousands of €) (217,991) (103,231) Number of shares (thousands) Weighted average number of shares for the purpose of basic income/loss (-) per share 65,699 65,500 Basic loss per share (€) (3.32) (1.58) Net loss attributable to owners of the parent (thousands of €) (217,991) (103,231) Number of shares (thousands) Weighted average number of shares for the purpose of diluted income/loss (-) per share 65,699 65,500 Number of dilutive potential ordinary shares — Diluted loss per share (€) (3.32) (1.58) Aswereportedanetlossin2022and2021,theoutstandingsubscriptionrights(specified in note 31) have an anti-dilutive effect rather than a dilutive effect. Consequently, basic and diluted loss per share is the same for 2022and2021. 194 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp197.jpg)

FINANCIAL STATEMENTS 12. Goodwill and impairment of goodwill (thousandsof€) Goodwill On 1 January 2022—Recognized on acquisition of subsidiaries 69,893 Exchange differences on goodwill (80) On 31 December 2022 69,813 The goodwill resulting from both the acquisition of CellPoint (€62.4 million) and AboundBio (€7.4 million) was allocated to the same cash-generating unit (CGU), "oncology". The intangible assets acquired as a result of both business combinations were also allocated to this cash-generating unit, together with some other (in)tangible assets related to the "oncology" cash-generating unit. The valuation method of the recoverable amount of this cash-generating unit is based on the fair value less costs of disposal. The valuation technique that was applied to determine the fair value less costs of disposal of the cash-generating unit is a discounted cash flow method ("DCF") with projected cash flows that cover a period of 13years. The period considered exceeds five years because the main sales are expected for the period beyond 2027. The key assumptionsusedinthisvaluation(level3inthefairvaluehierarchy)oftherecoverable amount of the underlying cash-generating unit were: Probability of success of our clinical programs that is based on benchmarks in combination with management estimate Terminal growth rate of–50% reflecting the anticipated sales evolution beyond 2035 Discount rate of 12.5% Futurerevenueandinvestmentassumptionsarebasedonmanagementestimateof the overall cell therapy market No impairment was identified per 31December2022. Reference is made to note26 "Business combinations during the period" for a detailed description of both business combinations. 195 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp198.jpg)

FINANCIAL STATEMENTS 13. Intangible assets other than goodwill Licences, rights, Software & technology and (thousands of €) databases in-processR&D Contract costs Total Acquisition value On 1 January 2021 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 31 December 2021 24,554 39,929 15,384 79,868 Impact of acquisitions of businesses 124,570 124,562 Additions 1,126 8,423 9,557 Sales and disposals (913) (36,298) (37,211) Translation differences (36) (36) On 31 December 2022 24,767 136,588 15,384 176,740 Amortization and impairment On 1 January 2021 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 31 December 2021 11,977 4,199 3,588 19,765 Amortization 3,967 6,666 1,538 12,171 Impairment 35,666 35,666 Sales and disposals (913) (36,298) (37,211) Translation differences (4) (4) On 31 December 2022 15,031 10,229 5,126 30,387 Carrying amount On 31 December 2021 12,577 35,730 11,796 60,103 On 31 December 2022 9,736 126,359 10,258 146,354 Impact of acquisition of businesses in 2022 refers to the acquisition of CellPoint and AboundBio. We refer to note 26 "Business combinations during the period". 196 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp199.jpg)

FINANCIAL STATEMENTS New additions in 2022 primarily related to the capitalization of an in-licensing fee for an amount of €7.5 million and of a milestone payment of $1.0 million, and software acquisitions for a total amount of€1.1 million. In 2022 we recorded an impairment of €26.7 million on previously capitalized upfront fees related to our collaboration with Molecure on the dual chitinase inhibitor OATD-01 (GLPG4716) in fibrosis, and impairments of €8.9 million on intangible assets related to other discontinued projects. On 31December2022, our balance sheet did not hold any internally generated assets capitalized as intangible asset. 197 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp200.jpg)

FINANCIAL STATEMENTS 14. Property, plant and equipment Fully owned Land, building Furniture, and building Installation& fixtures& Othertangible (thousands of €) improvements machinery vehicles assets Total Acquisition value On 1 January 2021 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 31 December 2021 26,131 46,270 7,829 60,324 140,555 Impact of acquisitions of businesses 29 2,117 108 2,254 Additions 914 5,688 3,438 19,296 29,336 Sales and disposals (2,846) (600) (1,344) (4,790) Reclassifications 64,286 3,580 167 (68,033) -Translation differences 205 (15) 43 233 On 31 December 2022 88,719 57,040 10,241 11,587 167,588 Depreciation and impairment On 1 January 2021 3,728 22,350 4,628—30,708 Depreciations 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 31 December 2021 5,505 24,749 4,582—34,837 Depreciations 4,433 4,336 1,265 10,034 Sales and disposals (2,173) (574) (1,328) (4,075) Translation differences 49 (1) 18 66 On 31 December 2022 7,814 28,510 4,537—40,862 Carrying amount On 31 December 2021 20,626 21,521 3,247 60,324 105,718 On 31 December 2022 80,905 28,530 5,704 11,587 126,726 The other tangible assets primarily consist of assets under construction, which are not yet available for use and therefore not yet depreciated as per 31December2022. During 2022, the construction of our new building in Oegstgeest (the Netherlands) was completed which explains the reclassification from "other tangible assets" to "land, building and building improvements" for€64.3 million. In 2021 we recorded an exceptional impairment of €9.3 million on the other tangible fixedassetsfollowingourdecisiontoreassesstheconstructionprojectofournewfuture headquarter location in Mechelen (Belgium). 198 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp201.jpg)

FINANCIAL STATEMENTS Right-of-use Furniture, Installation& fixtures& (thousands of €) Land& building machinery vehicles Total Acquisition value On 1 January 2021 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 31 December 2021 37,461 593 10,184 48,239 Additions 703 3,603 4,306 Sales and disposals (3,554) (156) (1,274) (4,984) Translation differences 224 (8) 216 On 31 December 2022 34,834 437 12,505 47,777 Depreciation and impairment On 1 January 2021 8,651 464 1,995 11,111 Depreciations 5,466 161 2,296 7,923 Sales and disposals (1,696) (251) (722) (2,669) Translation differences 79 79 On 31 December 2021 12,500 374 3,569 16,444 Depreciations 4,421 134 3,141 7,696 Sales and disposals (2,602) (156) (1,235) (3,993) Translation differences 105 (2) 103 On 31 December 2022 14,424 352 5,473 20,250 Carrying amount On 31 December 2021 24,961 219 6,615 31,794 On 31 December 2022 20,410 85 7,032 27,526 Carrying amount 31December (thousands of €) 2022 2021 Property, plant and equipment fully owned 126,726 105,718 Right-of-use 27,526 31,794 Total property, plant and equipment 154,252 137,512 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. 199 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp202.jpg)

FINANCIAL STATEMENTS 15. Other non-current assets Othernon-currentassetsconsistedofnon-currentrestrictedcashandothernon-current assets. 31December (thousandsof€) 2022 2021 Non-current restricted cash 4,569 1,425 Other non-current assets 1,209 1,048 Total other non-current assets 5,778 2,473 Restricted cash on 31December2022 was composed of bank guarantees on real estate lease obligations for €1.8 million as well as bid and performance bonds of €2.5 million and bank guarantees on import duties of€0.3 million. 16. Research and development incentives receivables ThetablebelowillustratestheR&Dincentivesreceivablesrelatedcaptionsinthebalance sheet as at 31December2022, and 2021. 31December (thousandsof€) 2022 2021 Non-current R&D incentives receivables 119,941 127,186 Current R&D incentives receivables 26,126 16,827 Total R&D incentives receivables 146,067 144,013 The increase in R&D incentives receivables is explained by additional R&D incentives reported in 2022 for €28.7 million (€11.4 million related to French incentives and €17.3 million related to Belgian incentives), by the release of discounting profit of €0.1 million, partly offset by the setup of tax provisions in France and Belgium for respectively €0.2 million and €0.2 million and decreased by the payments received in 2022 related to French and Belgian incentives amounting to respectively €10.2 million and €16.1 million. The R&D tax incentives receivables are future expected refunds or tax deductions resulting from tax 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 on 31December2022. 200 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp203.jpg)

FINANCIAL STATEMENTS 31December 2022 Maturity date 2028– (thousandsof€) 2024 2025 2026 2027 2030 Total French non-current R&D incentives receivables -discounted value 11,713 11,495 11,207 34,415 Belgian non-current R&D incentives receivables -discounted value 16,805 18,604 19,443 13,908 16,767 85,526 Total non-current R&D incentives receivables -discounted value 28,518 30,099 30,650 13,908 16,767 119,941 17. Inventories The following table provides an overview of our inventories by type of inventory: 31December (thousandsof€) 2022 2021 Raw materials 39,071 14,351 Semi-finished products 5,791 1,376 Finished products 8,063 4,842 Total inventories 52,925 20,569 The cost of inventories, which is recognized as an expense and included in the "cost of sales" line, amounted to €12.1 million for the year ended 31December2022. Finished goods at 31December2022 consisted in full out of Jyseleca® finished products. assets 18. Trade and other receivables and other current 31December (thousandsof€) 2022 2021 Trade receivables 28,194 91,786 Prepayments 488 202 Other receivables 11,747 19,349 Trade and other receivables 40,429 111,337 Accrued income 11,277 639 Deferred charges 12,029 9,306 Other current assets 23,307 9,945 Total trade and other receivables & other current assets 63,735 121,282 201 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp204.jpg)

FINANCIAL STATEMENTS Trade and other receivables decreased primarily due to the outstanding receivables as at 31December2021 of €50.0 million on Gilead related to the additional payments in the scope of the renegotiated agreement of December 2020 for filgotinib, and of €12.6 million ($15million) on Gilead following the agreement for the take-over by us of theDIVERSITYclinicaltrial,whichwerebothpaidin2022.Wereferto note2 Summaryof significant transaction for more details. Weconsiderthatthecarryingamountoftradeandotherreceivablesapproximatestheir fair value. The other current assets mainly included accrued interest income and deferred charges. On 31December2022, we did not have any provision for expected credit losses. 19. Current financial investments 31December (thousandsof€) 2022 2021 Money market funds 1,292,514 1,317,460 Treasury bills 749,835 877,349 Term deposits 1,543,596 275,000 Total current financial investments 3,585,945 2,469,809 Term deposits refer to non-cancellable term deposits with a maturity exceeding three monthsfromtheacquisitiondate.OurportfoliooftreasurybillscontainsonlyAAArated paper,issuedbyGermany.OurmoneymarketfundsportfolioconsistsofAAAshort-term money market funds with a diversified and highly rated underlying portfolio managed by established fund management companies with a proven track record leading to an insignificantriskofchangesinvalue.Thefundshaveanimportantdailyliquidityandcan be easily converted to cash. On 31December2022, our current financial investments included $809.6 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 net exchange differences (exchange difference on term deposits) and in the fair value result of current financial investments (exchange difference on money market funds) in our consolidated income statement. We refer to note 34 for more information on our current financial investments and to note9 for more details about the fair value re-remeasurements and currency exchange gains or losses recognized in our income statement. 202 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp205.jpg)

FINANCIAL STATEMENTS 20. Cash and cash equivalents 31December (thousandsof€) 2022 2021 Cash at banks 458,117 1,225,860 Term deposits 50,000 1,007,508 Total cash and cash equivalents 508,117 2,233,368 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 on 31December2022 comprised €50.0 million of term deposits which all had an original maturity longer than 3months 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 significantpenalty.Cashatbanksweremainlycomposedofnoticeaccountsandcurrent accounts. Our credit risk is mitigated by selecting a panel of highly rated financial institutions for our deposits. On31December2022,ourcashandcashequivalentsincluded$97.3 millionheldinUSD, 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. We refer to note9 for more details about the currency exchange gains or losses recognized in our consolidated income statement. 203 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp206.jpg)

FINANCIAL STATEMENTS 21. Share capital ThesharecapitalofGalapagosNV,assetforthinthearticlesofassociation,reconcilesto 'share capital' on the balance sheet as follows: 31December (thousandsof€) 2022 2021 On 1 January 292,075 291,312 Share capital increase 1,530 763 Costs of capital increase — Share capital on 31 December 293,604 292,075 Aggregate share capital 356,112 354,582 Costs of capital increase (accumulated) (62,507) (62,507) Share capital on 31 December 293,604 292,075 Costs of capital increases are netted against the proceeds of capital increases, in accordance with IAS32 Financial instruments: disclosure and presentation. History of share capital The history of the share capital of Galapagos NV between 1January 2021 and 31December2022 is as follows: Sharecapital Aggregatenumber increasedue to Numberofshares ofsharesafter Aggregateshare exercise issued transaction capitalafter subscription rights (inthousands (inthousands transaction Date (inthousands€) ofshares) ofshares) (inthousands€) 1 January 2021 65,412 353,819 19 March 2021 540 100 7 June 2021 59 11 20 September 2021 41 8 3 December 2021 123 23 31 December 2021 65,553 354,582 1 January 2022 65,553 354,582 18 March 2022 517 96 20 June 2022 434 80 27 September 2022 579 107 31 December 2022 65,836 356,112 204 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp207.jpg)

FINANCIAL STATEMENTS On 31December2022, Galapagos NV's share capital amounted to €356,112 thousand, represented by 65,835,511shares. 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 our capital increases for the years 2022and2021. Average exercise price subscription Closing share Share capital rights price on date and (in of capital Number of Share share €/subscription increase (thousands of €, except share data) shares Share capital premium premium right) (in €/share) On 1 January 2021 65,411,767 291,312 2,727,840 3,019,153 19 March 2021: exercise of subscription rights 99,814 540 1,718 2,258 22.62 68.48 7 June 2021: exercise of subscription rights 10,940 59 266 325 29.73 61.78 20 September 2021: exercise of subscription rights 7,600 41 111 152 19.97 46.93 3 December 2021: exercise of subscription rights 22,600 123 456 579 25.61 41.72 On 31 December 2021 65,552,721 292,075 2,730,391 3,022,467 205 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp208.jpg)

FINANCIAL STATEMENTS Average exercise price subscription Closing share Share capital rights price on date and (in of capital Number of Share share €/subscription increase (thousands of €, except share data) shares Share capital premium premium right) (in €/share) On 1 January 2022 65,552,721 292,075 2,730,391 3,022,467 18March 2022: exercise of subscription rights 95,500 517 1,643 2,160 22.61 57.38 20June 2022: exercise of subscription rights 80,290 434 1,025 1,460 18.18 53.52 27September 2022: exercise of subscription rights 107,000 579 2,497 3,076 28.75 44.49 On 31 December 2022 65,835,511 293,604 2,735,557 3,029,162 The Board of Directors is authorized for a period of five years starting from the date of publicationintheAnnexestotheBelgianStateGazetteoftheshareholders'resolutionthat grantedtherenewedauthorizationtoincreasethesharecapitalofGalapagosNVwithinthe frameworkoftheauthorizedcapitalthroughcontributionsinkindorincash,withlimitation orcancellationoftheshareholders'preferentialsubscriptionrights.Saidauthorizationcanbe renewed. The authorized capital of Galapagos NV consists of two parts: Ageneralauthorizationforcapitalincreasesupto20%ofthesharecapitalatthetime ofconveningtheShareholders'Meetingof22October2019(i.e.€67,022,402.04) was renewed and is valid for a period of five years from the date of publication of such renewalintheAnnexestotheBelgianStateGazette,whichoccurredon13November 2019. This general authorization will expire on 12 November 2024. Aspecificauthorizationforcapitalincreasesofmorethan20%andupto33%ofthe share capital at the time of the convening of the Shareholders' Meeting of 25 April 2017 (i.e. €82,561,764.93), was renewed and is valid for a period of five years from the date of publication of such renewal in the Annexes to the Belgian State Gazette, which occurred on 31 May 2017. This specific part of the authorized capital can, however,onlybeusedinanumberofspecificcircumstancesanduponaresolution of the Board of Directors that all independent members of the Board of Directors (within the meaning of article 7:87 of the Belgian Companies Code and 2020 Code) approve. The Board of Directors is currently not authorized to increase the share capital after notification by the FSMA (Financial Services and Markets Authority) of a publictakeoverbidonGalapagosNV'sshares.Thespecificauthorizationexpiredon 30 May 2022. Asof31December2022,anamountof€24,889,284.17 stillremainedavailableunderthe general part of the authorized capital. 206 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp209.jpg)

FINANCIAL STATEMENTS 22. Deferred tax 31December (thousandsof€) 2022 2021 Recognized deferred tax assets and liabilities Assets 1,363 4,032 Liabilities 20,148—Deferred tax assets unrecognized 460,102 408,892 Deferred taxes in the consolidated income statement 1,227 (404) Tax benefit arising from previously unrecognized tax assets used to reduce deferred tax expense (+) 1,677 1,411 Deferred tax benefit/expenses (-) relating to temporary differences 1,899 (629) Deferred tax expenses relating to use or derecognition of previously recognized deferred tax assets (2,348) (1,185) Following table shows the movements in deferred tax assets and deferred tax liabilities: Intangible assets other than Retirement Tax loss (thousandsof€) goodwill benefit liabilities carryforward Other Total On 1 January 2021 1,440 2,907 127 4,475 Credited/charged (-)to profit or loss (623) 226 (7) (404) Charged to other comprehensive income/loss (-) (74) (74) Translation differences 33 2 35 On 31 December 2021—776 3,133 122 4,032 Impact of acquisitions of businesses (23,265) (23,265) Credited/charged (-)to profit or loss 2,842 17 (1,797) 165 1,227 Reclassifications 275 (275) -Charged to other comprehensive income/loss (-) (795) (795) Translation differences 22 (6) 16 On 31 December 2022 (20,148) 19 1,061 281 (18,785) Theconsolidatedtaxlosses,innovationincomededuction,dividendreceiveddeduction and investment deduction carried forward and the deductible temporary differences on 31December2022 amounted in total to €1,882.5 million (2021: €1,653.7 million), €2.7 millionwere related to tax losses with expiry date between 2028and2034. 207 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp210.jpg)

FINANCIAL STATEMENTS Theavailabletaxlossescarriedforwardthatcanbeoffsetagainstpossiblefuturetaxable profits amounted to €883.6 million on 31December2022 (€635.6 million on 31 December 2021) and can be carried forward for an indefinite period except for an amountof€2.7 millionintheUnitedStateswithexpirydatebetween2028and2034.On 31December2022, the available tax losses carried forward in Galapagos NV (Belgium) amounted to €769.9 million (2021: €556.9 million). In addition to the latter, Galapagos NV(Belgium)alsobenefitsfromtheBelgianinnovationincomedeductionregimewhich led to report, on 31December2022, a carried forward tax deduction amounting to €346.2 million (2021: €301.3 million) that can also be offset against possible future taxable results. In addition, Galapagos NV (Belgium) also has available investment deduction carried forward of €1million (2021: €1million) and dividend received deduction carried forward of €18.7 million (2021: €8.2 million) that can be offset against possible future taxable profits. There is no limit in time for the innovation income deduction, the dividend received deduction and investment deduction carried forward. Withtheexceptionof2019,wehaveahistoryoflosses.Weforecasttocontinueincurring taxablelossesintheforeseeablefutureaswecontinuetoinvestinclinicalandpreclinical development programs and discovery platforms. Consequently, no deferred tax asset was recognized as at 31December2022, except for one subsidiary operating on a cost plus basis, for which a deferred tax asset was recognized for €1.1 million (2021: €4.0 million, for two subsidiaries). Net deferred tax liabilities were initially calculated based on the fair value of the intangible assets identified from the acquisition of CellPoint and AboundBio, adjusted byconsideringtherelatedrecognizabledeferredtaxassets.Wereferto note26 formore information on the purchase price allocation of the business combinations. 23. Lease liabilities Lease payments Present value of lease payments 31December 31December (thousandsof€) 2022 2021 2022 2021 Lease liabilities Within one year 7,507 7,557 7,209 7,204 In the second to fifth years inclusive 14,401 18,873 14,100 18,381 After five years 609 1,291 592 1,274 22,517 27,720 21,901 26,859 Less future finance charges 616 861 Present value of lease obligation 21,901 26,859 Less amount due for settlement within12 months 7,209 7,204 Amount due for settlement after12 months 14,692 19,655 208 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp211.jpg)

FINANCIAL STATEMENTS liabilities 24. Trade and other liabilities and other non-current 31December (thousandsof€) 2022 2021 Trade and other liabilities 133,298 134,304 Current contingent consideration related to milestones CellPoint 8,485 -Current deferred consideration payable CellPoint 6,222 -Current financial instruments 19 204 Accrued charges 651 3,114 Total trade and other liabilities 148,675 137,622 Non-current contingent consideration related to milestones CellPoint 13,582 -Other non-current liabilities 8,226 7,135 Total other non-current liabilities 21,808 7,135 The increase in both trade and other liabilities and other non-current liabilities can be largely explained by contingent and deferred considerations payable related to the acquisition of CellPoint, recorded in 2022. The contingent consideration arrangement relating to the acquisition of CellPoint requiresustopaytheformerownersofCellPointadditionalconsiderationsupto€100.0 million. This amount is due when certain sequential development (€20.0 million), regulatory(€30.0 million)andsales-based(€50.0 million)milestoneswouldbeachieved. Total fair value at acquisition date of these milestones amounted to €20.2 million. The fair value measurement is based on significant inputs that are not observable in the market, which are classified as Level 3 inputs. Key assumptions in the valuation at 31 December 2022 include a discount rate of 12.5%, an appropriate probability of successofreachingthesemilestonesandexpectedtimingofthesemilestones.Achange in probabilities of success of each milestone by 5 percentage points would result in a change of €3.1 million in the total contingent consideration liability on 31 December 2022. Asper31December2022nochangewasmadetothekeyassumptions.Theonlyimpact thatwasrecognizedcomparedtothedateofacquisitionisthediscountingeffect.Thisis recognized on the line "other financial expenses". Of the total contingent consideration liability at 31 December 2022, €8.5 million is expectedtobepaidwithinoneyearandthereforepresentedontheline"tradeandother liabilities" in our statement of financial position. The long-term portion, amounting to €13.6 million, is presented on the line "other non-current liabilities". 209 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp212.jpg)

FINANCIAL STATEMENTS 25. Deferred income The movement in the non-current and current deferred income is detailed in the table below. Gilead collaboration Gilead collaboration agreement for agreement for drug (1) Other deferred (thousandsof€) Total filgotinib discovery platform income On 1 January 2021 2,809,133 818,654 1,990,412 67 Upfront consideration 12,643 12,643 Significant financing component(2) 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 31 December 2021 2,364,701 604,875 1,759,828—Milestones achieved 18,238 18,238 Significant financing component(2) 7,672 7,672 Revenue recognition of upfront (370,078) (139,655) (230,423) Revenue recognition of milestones (34,777) (34,777) Other movements 3,474 3,474 On 31 December 2022 1,989,230 456,352 1,529,405 3,474 (1) The upfront received and the outstanding balance at 31 December 2022 and at 31 December 2021 comprise the issuance liabilities for the warrants and the upfront payment allocated to the drug discovery platform. (2) With regard to the additional consideration received for the extended cost sharing for filgotinib, we assume the existence of a significant financing component reflecting the time value of money on the estimated recognition period. We refer to note 6 for a detail of the allocation of the transaction price of our collaboration with Gilead. 26. Business combinations during the period On 21June2022 we acquired, in an all-cash transaction, 100% of the shares and voting interestsofCellPointforatotalagreedpaymentatcompletionof€125million,including consideration for other liabilities associated with the transaction amounting to €10.3 million. Additional contingent consideration up to €100.0 million is due when certain milestones would be achieved. On the same date we acquired all of the outstanding capital of AboundBio, for a total agreed price of $14 million, including consideration for other liabilities associated with the transaction. 210 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp213.jpg)

FINANCIAL STATEMENTS The main reason for these acquisitions is to position ourselves in the next-generation cancer therapy market and to significantly broaden our portfolio and capabilities. As a result of these acquisitions, we gain access to an innovative, scalable, decentralized andautomatedpoint-of-carecelltherapysupplymodelaswellasanext-generationfully humanantibody-basedtherapeuticsplatform.Combinedandsupportedbyusasafully integratedbiopharma,theyhavethepotentialtodisrupttheCAR-Ttreatmentparadigm. The goal is to expand the current market for CAR-T therapies and have an important impact on patients in need of additional and improved treatment options. Atthetimeofapprovalforissuanceoftheseconsolidatedfinancialstatements,ourinitial accounting for the business combinations, including the purchase price allocation, has been completed. Detailsofthefairvalueofidentifiableassetsandliabilitiesacquiredinbothtransactions, the purchase consideration, the goodwill at the acquisition date and the net cash outflow arising on acquisition are as follows: 21 June 2022 CellPoint AboundBio Total Book Book (thousandsof€) value Adjustment Fair value value Adjustment Fair value Intangible assets other than goodwill—120,517 120,517—4,053 4,053 Property, plant and equipment 1,289 1,289 965 965 Other non-current assets 81 81 4 4 Trade and other receivables 162 162 —Cash and cash equivalents 3,179 3,179 4,279 4,279 Other current assets 1,254 1,254 536 536 Deferred tax liabilities—(22,368) (22,368)—(907) (907) Trade and other liabilities (32,789) (32,789) (587) (587) Current deferred income — (474) (474) Net assets acquired (26,824) 98,149 71,325 4,723 3,146 7,869 Consideration paid in cash 107,750 14,976 Fair value re-measurement of previously held equity investment 342 Deferred consideration 5,808 -Fair value of contingent consideration 20,211—Fair value of total consideration 133,769 15,318 211 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp214.jpg)

FINANCIAL STATEMENTS 21 June 2022 CellPoint AboundBio Total Goodwill 62,444 7,449 Exchange differences on goodwill (80) Goodwill in the balance sheet 62,444 7,369 69,813 Net cash outflow arising on acquisition Consideration paid in cash 107,750 14,976 Less: cash and cash equivalents balances acquired (3,179) (4,279) Cash out from acquisition of subsidiaries, net of cash acquired 104,571 10,698 115,270 Cash used in operating activities for other liabilities related to the acquisition of subsidiaries 28,164 28,164 As part of the acquisitions, we identified the following acquired intangible assets: IPR&D: in-process research and development related to two CD19 CAR-T product candidates in Phase 1/2a clinical studies. The fair value at acquisition date (€28.2 million) was based on the relief from royalty method. Exclusive rights: through the acquisition of CellPoint we acquired on the one hand a collaboration agreement between CellPoint and Lonza providing the exclusive right to use the automated Lonza Cocoon® Platform in the development and commercialization of CAR-T cell products, and secondly, a collaboration agreement between CellPoint and Hypertrust providing exclusivity to use the jointly developed XCellit software for workflow management and monitoring for the manufacturing of theCAR-TcellsusingtheLonzaCocoon®Platform.Thefairvaluesatacquisitiondate amountedto€89.7 millionand€2.6 millionrespectively.Awithandwithoutmethod was retained to value the exclusivity with Lonza and the XCellit software was valued based on the applicable royalty rate in the contract. Technology: through the acquisition of AboundBio, we acquired a fully human antibody-basedtherapeuticsplatformwhichwasvaluedat€4.1 millionatthetimeof acquisition. We assessed that the carrying value of all other acquired assets and assumed liabilities approximate their fair value at acquisition date. The goodwill arising from both transactions totaling €69.8 million is attributable to buyer specificsynergies,thevalueoftheassembledworkforceandtheaccountingfornetdeferred 212 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp215.jpg)

FINANCIAL STATEMENTS tax liabilities for a total amount of €23.3 million, consisting of deferred tax liabilities on the acquired intangible assets of €32.3 million less recognized deferred tax assets of €9.0 million. The acquisition costs related to both transactions were considered not to be material and were recognized in our consolidated income statement on the line "general & administrative expenses". Sincetheacquisitiondate,therehasnotbeenamaterialcontributionbybothacquired companiestototalrevenuesandtotalresult,norweretheremajorexpensespriortothe acquisitions, except for expenses directly linked to the acquisitions. 213 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp216.jpg)

FINANCIAL STATEMENTS 27. Discontinued operations On23November2020wesignedasharepurchaseagreementwithSelvitaS.A.inrelation to the disposal of Fidelta d.o.o. (our previous fee-for-service segment). The transaction was completed on 4January2021 for a total consideration of €37.1 million. Fidelta will continue performing drug discovery services for us for the next three years for which we have purchase commitments for an aggregate amount of €12.2 millionon 31December2022. Disposal of Fidelta Consideration received (thousands of €) Cash received 37,080 Total consideration received 37,080 Analysis of assets and liabilities over which control was lost (thousands of €) 4 January 2021 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 Current tax payable 356 Total liabilities 9,747 Net assets disposed of 13,658 214 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp217.jpg)

FINANCIAL STATEMENTS Gain on disposal (thousandsof€) Cash received 37,080 Net assets disposed of (13,658) Effect of cumulative translation adjustments reclassified from equity on loss of control (731) Costs associated to the sale (500) Gain on disposal 22,191 Net cash proceeds from disposal of Fidelta (thousands of €) 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 subsidiaries, net of cash disposed of 28,696 Result from discontinued operations Year ended 31 (thousandsof€, except share and per share data) December 2021 Gain on sale of subsidiaries 22,191 Operating profit 22,191 Profit before tax 22,191 Net profit 22,191 Basic and diluted income per share from discontinued operations 0.34 Weighted average number of shares—Basic(in thousands of shares) 65,500 Weighted average number of shares—Diluted(in thousands of shares) 65,831 Cash flow from discontinued operations Year ended 31 December (thousandsof€) 2022 2021 Net cash flow generated from investing activities—28,696 Net cash flow from discontinued operations—28,696 215 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp218.jpg)

FINANCIAL STATEMENTS 28. Note to the cash flow statement 31 December (thousandsof€) 2022 2021 Adjustment for non-cash transactions Depreciation and impairment 65,566 34,636 Share-based compensation expenses 88,506 70,726 Increase/decrease (-) in retirement benefit obligations and provisions 136 (2,347) Unrealized exchange gains and non-cash other financial result (41,970) (57,073) Discounting effect of non-current deferred income 7,672 9,289 Discounting effect of other non-current liabilities 2,271 -Fair value re-measurement of warrants (186) (2,960) Net change in (fair) value of current financial investments (6,929) (119) Fair value adjustment financial assets held at fair value through profit or loss—4,919 Other non-cash expenses 2,229 648 Total adjustment for non-cash transactions 117,296 57,718 Adjustment for items to disclose separately under operatingcash flow Interest expense 6,967 11,656 Interest income (14,344) (2,853) Tax expense 2,844 2,423 Total adjustment for items to disclose separately under operating cash flow (4,533) 11,227 Adjustment for items to disclose under investing and financingcash flows Gain on sale of subsidiaries—(22,191) Gain on sale of fixed assets (23) -Realized exchange gain on sale of current financial investments—(6,645) Interest income on current financial assets (3,766) (12) Total adjustment for items to disclose separately under investing and financingcash flow (3,789) (28,847) Change in working capital other than deferred income Increase in inventories (34,588) (21,168) Decrease in receivables 68,984 79,859 Decrease in liabilities (2,083) (35,353) Total change in working capital other than deferred income 32,313 23,337 As the increase in trade and other liabilities and other non-current liabilities in the balancesheetwasmainlyrelatedtotheacquisitionofCellpoint,weshowadecreasein liabilities in the annex to the cash flow statement. 216 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp219.jpg)

FINANCIAL STATEMENTS 29. Off-balance sheet arrangements Contractual obligations and commitments On 31December2022, we had outstanding obligations for future purchase commitments, which become due as follows: Lessthan Morethan (thousandsof€) Total 1year 1– 3 years 3– 5 years 5years Purchase commitments 398,627 240,237 136,560 20,797 1,032 On 31December2021, we had outstanding obligations for future purchase commitments, which become due as follows: Lessthan Morethan (thousandsof€) Total 1year 1– 3 years 3– 5 years 5years Purchase commitments 369,937 212,065 105,947 46,426 5,499 Inadditiontothetablesabove,wehaveacontractualcostsharingobligationrelatedto our collaboration agreement with Gilead for filgotinib. This amounted to €281.6 million on31December2022(€369.9 millionat31December2021),forwhichwehavepurchase commitments of €217.3 million at 31December2022 (€169.6 million at 31December2021) reflected in the tables above. 30. Contingent assets and liabilities On4January2021,weclosedthesaleofourCroatiansubsidiaryFidelta.Selvitaacquired 100% of the outstanding shares in Fidelta for a total consideration of €37.1 million. In accordance with common practice, we gave customary representations and warranties which are capped and limited in time. 31. Share based payments 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, for members of the Board of Directors and Executive Committee, and independent consultants of Galapagos NV. The subscription rights offered to members of the Board of Directors vest over a period of 36months at a rate of 1/36th per month. Effective 1January2020, we no longer grantsubscriptionrightstomembersoftheBoardofDirectors(non-executivedirectors), taking into account the stricter rules of the Belgian Companies Code. 217 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp220.jpg)

FINANCIAL STATEMENTS Subscriptionrightsissuedandacceptedbefore2021cannotbeexercisedbeforetheend of the third calendar year following the year of the grant. In the event of a change of controloverGalapagosNV,alloutstandingsubscriptionrightsvestimmediatelyandwill be immediately exercisable. Subscription rights under Subscription Right Plan 2021 BE cannot be exercised before the end of the third calendar year following the year of the grant. Subscription rights under Subscription Right Plan 2021 RMV and Subscription Right Plan 2021 ROW vest in instalments:with25%ofeachgrantbeingexercisableasof1January,2022,25%asof1 January, 2023 and 50% (the remainder) as of 1 January, 2024. During2022,theBoardofDirectorsissuedsubscriptionrightsunderseveralSubscription Right Plans: On 13 January 2022, the Board of Directors (formerly the Supervisory Board) issued 30,000subscriptionrights(afteracceptancebythebeneficiary)withintheframework of the authorized capital, for the benefit of a member of the personnel of the group under Subscription Right Plan 2022 (A). Subscription rights granted under Subscription Right Plan 2022 (A) vest in instalments: with 25% as of 1 January 2023, 25% as of 1 January 2024 and 50% (the remainder) as of 1 January 2025. On 26 January 2022, the Board of Directors (formerly the Supervisory Board) issued 1,000,000 subscription rights (after acceptance by the beneficiary) within the frameworkoftheauthorizedcapital,forthebenefitofamemberofthepersonnelof thegroupunderSubscriptionRightPlan2022(B).Subscriptionrightsgrantedunder Subscription Right Plan 2022 (B) will in principle not vest prior to 1 January 2026. On 6 May 2022, the Board of Directors issued 2,091,239 subscription rights (after acceptance by the beneficiaries) within the framework of the authorized capital, for thebenefitoftheExecutiveCommitteemembersandemployeesofthegroupunder SubscriptionRightPlan2022BE,SubscriptionRightPlan2022RMVandSubscription RightPlan2022ROW.SubscriptionrightsgrantedunderSubscriptionRightPlan2022 BE will in principle not vest prior to 1 January 2026 and subscription rights granted underSubscriptionRightPlan2022RMVandSubscriptionRightPlan2022ROWvest ininstalments:with25%ofeachgrantasof1January2024,25%asof1January2025 and 50% (the remainder) as of 1 January 2026. 218 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp221.jpg)

FINANCIAL STATEMENTS Thetablebelowsetsforthasummaryofsubscriptionrightsoutstandingandexercisable on 31December2022, per subscription right plan: Outstanding Outstanding Granted Exercised Forfeited Expired at 31 Exercisable at Subscription Exercise price at 1 January during the during the during the during the December 31 December right plan Allocation date Expiry date (€) 2022 year year year year 2022 2022 2014 25.07.2014 24.07.2022 14.54 127,540 (127,540) —2015 30.04.2015 29.04.2023 28.75 199,223 (136,000) 63,223 63,223 2015 (B) 22.12.2015 21.12.2023 49.00 256,500 (15,000) 241,500 241,500 2015 RMV 22.12.2015 21.12.2023 49.00 35,000 35,000 35,000 2016 01.06.2016 31.05.2024 46.10 330,750 (4,250) (1,000) 325,500 325,500 2016 RMV 01.06.2016 31.05.2024 46.10 69,000 69,000 69,000 2016 (B) 20.01.2017 19.01.2025 62.50 10,000 10,000 10,000 2017 17.05.2017 16.05.2025 80.57 595,500 (5,500) 590,000 590,000 2017 RMV 17.05.2017 16.05.2025 80.57 127,500 127,500 127,500 2018 19.04.2018 18.04.2026 79.88 1,005,995 (31,000) 974,995 974,995 2018 RMV 19.04.2018 18.04.2026 79.88 137,500 137,500 137,500 2019 10.04.2019 09.04.2027 95.11 1,300,840 (83,850) 1,216,990 2019 RMV 10.04.2019 09.04.2027 95.11 190,500 (4,500) 186,000 2020 17.04.2020 16.04.2028 168.42 1,617,928 (159,684) 1,458,244 2020 RMV 17.04.2020 16.04.2028 168.42 227,475 (18,400) 209,075 2021BE 30.04.2021 29.04.2029 64.76 1,084,036 (42,888) 1,041,148 2021RMV 30.04.2021 29.04.2029 64.76 282,550 (24,850) 257,700 2021ROW 30.04.2021 29.04.2029 64.76 982,000 (198,625) 783,375 2022 (A) 13.01.2022 12.01.2030 46.18 30,000 30,000 2022 (B) 26.01.2022 25.01.2030 50.00 1,000,000 1,000,000 2022BE 06.05.2022 05.05.2030 57.46 839,400 (7,858) 831,542 2022BE 05.08.2022 04.08.2030 51.58 72,000 72,000 2022RMV 06.05.2022 05.05.2030 57.46 244,389 (1,675) 242,714 2022ROW 06.05.2022 05.05.2030 57.46 875,450 (27,600) 847,850 2022ROW 05.08.2022 04.08.2030 51.58 60,000 60,000 Total 8,579,837 3,121,239 (282,790) (607,430)—10,810,856 2,574,218 219 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp222.jpg)

FINANCIAL STATEMENTS Weightedaverage Subscription rights exerciseprice(€) Outstanding on 31 December, 2020 6,929,111 103.95 Exercisable on 31 December, 2020 1,168,967 37.84 Granted during the year 2,493,433 64.76 Forfeited during the year (701,753) 118.53 Exercised during the year (140,954) 23.51 Expired during the year — Outstanding on 31 December, 2021 8,579,837 92.69 Exercisable on 31 December, 2021 1,751,013 56.64 Granted during the year 3,121,239 54.71 Forfeited during the year (607,430) 100.00 Exercised during the year (282,790) 23.68 Expired during the year — Outstanding on 31 December, 2022 10,810,856 83.12 Exercisable on 31 December, 2022 2,574,218 70.26 The table below sets forth the inputs into the valuation of the subscription rights. 2022RMV/ 2022BE/ 2021RMV/ 2022 (A) 2022 (B) 2022BE ROW 2022ROW 2021BE ROW 13 26 6 6 6 30 30 January January May May August April April 2022 2022 2022 2022 2022 2021 2021 Exercise Price (€) 46.18 50.00 57.46 57.46 51.58 64.76 64.76 Weighted average share price at acceptance date (€) 46.21 56.67 51.64 51.64 44.55 61.10 61.10 Weighted average fair value on the acceptance date (€) 16.10 24.53 20.73 18.92 17.07 22.72 20.68 Weighted average estimated volatility (%) 41.80 40.80 42.59 42.65 41.75 40.73 40.61 Weighted average expected life of the subscription right (years) 4.72 5.95 6.37 5.36 5.68 6.43 5.36 Weighted average risk free rate (%) (0.13) 0.67 1.33 1.26 2.70 (0.21) (0.29) Expected dividends None None None None None None None The exercise price of the subscription rights is determined pursuant to the applicable provisions of the Belgian Law of 26March 1999. 220 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp223.jpg)

FINANCIAL STATEMENTS 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 2022 in relation to subscription right plans amounted to €88,506 thousand (2021: €70,726 thousand). The following table provides an overview of the outstanding subscription rights per category of subscription right holders on 31December2022 and 31December2021: 31December Category 2022 2021 Members of the Board of Directors 75,000 157,560 Executive Committee members 1,864,000 1,965,000 Personnel 8,871,856 6,457,277 Total subscription rights outstanding 10,810,856 8,579,837 Theoutstandingsubscriptionrightsattheendoftheaccountingperiodhaveaweighted average exercise price of €83.12 (2021: €92.69) and a weighted average remaining life of 1,913days (2021: 1,955days). Restricted stock units (RSUs) EachRSUrepresentstherighttoreceive,atGalapagos'discretion,oneGalapagosshare orapaymentincashofanamountequivalenttothevolume-weightedaveragepriceof theGalapagosshareonEuronextBrusselsoverthe30-calendardayperiodprecedingthe relevant vesting date, in accordance with the terms and conditions of the relevant RSU program. We currently have the following RSU programs: Plan 2020.I, Plan 2021.I and Plan 2022.I: these plans are intended to provide a long-term incentive to certain of our employees and Executive Committee members and, as of2020,replacethedeferredportionofthebonusundertheformerSeniorManagement Bonus Scheme; Plan 2019.II, Plan 2020.II, Plan 2021.II, Plan 2021.IV and Plan 2022.II: these plans are designed with the aim to retain a specific group of our key employees and Executive Committee members whose retention is considered so important for our future performance that an additional incentive is desirable. The beneficiaries are nominated by the Remuneration committee and the Board of Directors approves this list of beneficiaries. The four-year vesting period is designed to be aligned with long-term shareholder interests; 221 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp224.jpg)

FINANCIAL STATEMENTS Plan 2019.I: this plan was granted at the discretion of the Board of Directors; 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 and Plan 2022.III: these plans are 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 RSU grant from us. The main characteristics of all these plans are as follows: the RSUs are offered for no consideration; generallyfour-yearvestingperiod,with25%vestingeachyear,exceptforsomeplans or some beneficiaries for which the RSUs will all vest at the same time three years after the offer date (bullet vesting); 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 Executive Committee, 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 31December2022, per RSU plan: Outstanding Outstanding at 1 Granted Forfeited Paid in cash at 31 January during during during December RSU plan Allocation date 2022 the year the year the year 2022 Plan 2019.I 16.10.2019 28,000 (28,000) -Plan 2019.II 16.10.2019 42,504 (9,090) (20,483) 12,931 Plan 2019.III 16.10.2019 30,460 (30,460) -Plan 2020.I 06.05.2020 32,527 (7,359) (8,058) 17,110 Plan 2020.II 07.05.2020 41,968 (10,831) (13,511) 17,626 Plan 2021.I. 05.05.2021 154,616 (27,146) (34,870) 92,600 Plan 2021.II. 06.05.2021 40,620 (9,478) (8,801) 22,341 03.06.2021 -Plan 2021.III. 06.08.2021 38,175 (9,233) (12,683) 16,259 Plan 2021.IV. 24.09.2021 248,933 (84,865) (62,230) 101,838 Plan 2022.I. 03.05.2022 209,118 (14,480) 194,638 5.05.2022 -Plan 2022.II. 5.08.2022 249,000 249,000 Plan 2022.III. 07.06.2022 12,155 (403) 11,752 Total 657,803 470,273 (172,885) (219,096) 736,095 222 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp225.jpg)

FINANCIAL STATEMENTS 31 December (in number of RSUs) 2022 2021 Outstanding on 1 January 657,803 313,596 Granted during the year 470,273 511,518 Forfeited during the year (172,885) (74,873) Paid in cash during the year (219,096) (92,438) Outstanding on 31 December 736,095 657,803 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 periodandtheyarere-measuredateachreportingdate.Werecognizethecorresponding expense and liability over the vesting period.The total liability relating to outstanding RSUs on 31 December 2022 amounted to €12.9 million (2021: €11.3 million). The following table provides an overview of the outstanding RSUs per category of RSU holders on 31December2022 and 31December2021. 31December Category (in number of RSUs) 2022 2021 Executive Committee members 332,038 384,340 Personnel 404,057 273,463 Total outstanding RSUs 736,095 657,803 32. Related parties Relationship and transactions with entities with control of, or significant influence over, Galapagos Gilead Gilead exercises significant influence over Galapagos as from the equity subscription on 23 August 2019. As a result of the equity subscription we received a transparency notification from Gilead on 28 August 2019 confirming they held 22.04% of the then issued and outstanding shares of Galapagos. By exercising Warrant A on 6 November 2019, Gilead increased its ownership in Galapagos to 25.10% of the then outstanding shares. Gilead further increased its ownershipto25.84% at31December2019.Gilead'sownershipthendilutedto25.49% at 31 December 2021 and to 25.38% at 31 December 2022, due to seven capital increases resulting from the exercise of subscription rights under employee subscription right plans in the course of 2021 (four capital increases) and 2022 (three capital increases). 223 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp226.jpg)

FINANCIAL STATEMENTS The presumption of significant influence is also confirmed by Gilead's right, for as long as it holds more than 20% of Galapagos' share capital, to appoint two investor Board designees to Galapagos' Board of Directors, out of a total of nine. The following balances are outstanding at the end of the reporting period in relation to Gilead: 31December (thousandsof€) 2022 2021 Relations with Gilead Trade and other receivables 7,877 88,246 Trade and other payables—11,580 The trade and other receivables on 31December2021 mainly contained €50million of receivables related to the in 2020 modified collaboration for filgotinib, €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 and €23.8 million of profit and cost sharing receivables relating to our collaboration for filgotinib. All these amounts werepaidduring2022.Theoutstandingreceivableson31December2022mainlyrelate to development cost sharing receivables relating to our collaboration for filgotinib (€5.0 million) and€2.6 millionof receivables relating to royalties. During 2022 we recognized in revenue €230.4 million (€230.6 million for the year ended 31December2021) relating to the performance obligation for the drug discovery platform and a total of €174.4 million (€235.7 million for the year ended 31December2021) representing the total impact on our revenues coming from the filgotinibperformanceobligation.Thelatterconsistsofupfrontpaymentsandmilestone paymentsthatwererecognizedinaccordancewiththepercentageofcompletionofthe underlying performance obligation. Additionally, we recognized in 2022 royalty income for an amount of €10.7 million in relation to the commercialization of filgotinib (€3.8 million for the year ended 31December2021). Furthermore, we recognized €0.4 million (€18.1 million for the year ended 31December2021) of cost reimbursements from Gilead related to the development of GLPG1690asadecreaseoftherelatedexpenses(onthelineresearchanddevelopment expenditure). A net amount of €2.4 million (€81.3 million for the year ended 31December2021)relatingtocrosschargesfromandtoGileadrelatingtofilgotinibwas recognized as expense on the line research and development expenditure. Finally, we recognized in 2022 €0.03 million as a deduction of sales and marketing expensesand€0.03 millionasaresearchanddevelopmentexpenditure(comparedtoa deductionof€59.7 millionofsales&marketingexpensesandadeductionof€7.0 million of research & development expenditure for the year ended 31 December 2021) relating to our 50/50 profit/(cost) share mechanism with Gilead for direct sales of filgotinib in the shared territory and expenses incurred for the co-promotion activities for filgotinib. 224 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp227.jpg)

FINANCIAL STATEMENTS This profit/(cost) share mechanism for sales and marketing expenses came to an end beginning of 2022, which explains the variance compared to 2021. Wepurchasedrawmaterials,semi-finishedproductsandfinishedproductsofJyseleca® from Gilead for an amount of €13.5 million for the year ended 31December2022 (€24.9 millionfor the year ended 31December2021). As at 31 December 2022 we have two outstanding performance obligations under IFRS 15 towards Gilead, which are 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 €1.5 billion for the drug discovery platform (including the warrant issuance liability relating to subsequent warrant B) and €456millionfor the performance obligation relating to filgotinib. AdetailedexplanationofourtransactionswithGileadin2022and2021canbefoundin the section titled Agreements with major Galapagos NV shareholders. There are no othershareholdersorotherentitieswho,solelyorjointly,controlGalapagosorexercise significant influence over Galapagos. Relationship and transactions with subsidiaries Please see note33 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 Executive Committee andmembersoftheBoardofDirectors.Allamountsmentionedinthissectionarebased on expenses recognized in the financial statements for the relevant financial year. Remuneration of key management personnel On 31December2022, our Executive Committee had four members: Stoffels IMC BV (permanently represented by Dr.Paul Stoffels), Mr.Bart Filius, Dr.Walid Abi-Saab and Mr.Michele Manto. They provide their services to us on a full-time basis. On 31December2022, our Board of Directors consisted of nine members: Stoffels IMC BV (permanently represented by Dr.Paul Stoffels), Dr.Raj Parekh, Dr.Mary Kerr, Mr.Peter Guenter, Mr.Daniel O'Day, Dr.Linda Higgins, Dr.Elisabeth Svanberg, Mr.Jérôme Contamine and Dr.Dan Baker. AttheAnnualShareholders'Meetingof26April2022,themandatesofHowardRoweand Katrine Bosley as members of the Board of Directors came to an end. Effective from 1January2020, Galapagos no longer grants any subscription rights to members of the Board of Directors, taking into account the stricter rules of the Belgian Companies Code. Prior to 2020, Board members were granted subscription rights. Effective from 26 April 2022, our new CEO, Stoffels IMC BV, permanently represented by Dr. Paul Stoffels, has been appointed as the Chairman of the Board of Directors 225 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp228.jpg)

FINANCIAL STATEMENTS of Galapagos. The CEO will only be remunerated for the performance of its executive functions as CEO and is not entitled to any additional remuneration for its mandates of Chairman of the Board of Directors or of any Committee. Dr.HoekemaretiredfromGalapagosandwasourChiefBusinessOfficerandanExecutive Committee member until 31 October 2022 and hence the table below for financial year 2022 contains disclosures on his remuneration until the aforementioned date. Dr. Walid Abi-Saab departed Galapagos and was our Chief Medical Officer and an Executive Committee member until 31 December 2022; hence the table below for financial year 2022 contains disclosures on his remuneration. Reference is made to the Remuneration Report, which discloses the remuneration awarded to each member of the Board of Directors and Executive Committee during 2022. The remuneration package of the members of key management personnel comprises: Yearended31December Thousands of € (except for the number of subscription rights and RSUs) 2022 2021 Remuneration of key management personnel: Short-term benefits 3,444 4,264 Executive Committee members as a group(1) Gross salary 2,341 2,621 Cash bonus(2) 997 1,172 Other short-term benefits 106 471 Long-term benefits for Executive Committee members as a group(3) —Board fees and other short-term benefits for members of the Board of Directors Stofffels IMC BV (permanently represented by Dr. Paul Stoffels) Raj Parekh 165 220 Howard Rowe(4) 39 120 Katrine Bosley(4) 21 65 Mary Kerr 115 115 Peter Guenter 115 115 Jérôme Contamine(5) 102 Dan Baker(5) 68 Elizabeth Svanberg 115 115 Daniel O'Day(6) —Linda Higgins(6) — 226 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp229.jpg)

FINANCIAL STATEMENTS Yearended31December Thousands of € (except for the number of subscription rights and RSUs) 2022 2021 Post-employment benefits(7) 240 399 Total benefits excluding subscription rights and RSUs 4,424 5,413 Severance payments(8) 802 Number of subscription rights granted in the year Executive Committee members as a group(1) 1,124,000 275,000 Onno van de Stolpe—85,000 Stofffels IMC BV (permanently represented by Dr. Paul Stoffels) 1,000,000 Bart Filius 68,000 50,000 Piet Wigerinck—40,000 Andre Hoekema—30,000 Walid Abi-Saab 32,000 40,000 Michele Manto 24,000 30,000 Total number of subscription rights granted in the year 1,124,000 275,000 Total cost of subscription rights granted in the year under IFRS 2 27,010 5,629 Number of RSUs granted in the year(9) Onno van de Stolpe—63,830 Stofffels IMC BV (permanently represented by Dr. Paul Stoffels) 74,408 Bart Filius 61,442 62,730 Piet Wigerinck—835 Andre Hoekema—51,433 Walid Abi-Saab 37,274 44,038 Michele Manto 27,354 31,694 Total number of RSUs granted in the year 200,478 254,657 (1) Dr. Wigerinck was a member of the Executive Committee (formerly Management Board) until 30 November 2021. His remuneration and benefits are included in the overview for the financial year 2021. Mr. Onno Van de Stolpe was our CEO and Executive Committee member until 31 March 2022, Dr Andre Hoekema was our CBO and Executive Committee member until 31 October 2022 and Dr. Walid Abi-Saab was our CMO and Executive Committee member until 31 December 2022. Their (prorated) remuneration and benefits are included in the overview for the financial year 2021 and 2022. Effective as of 1 April 2022, Stoffels IMC BV (permanently represented by Dr. Paul Stoffels) is our CEO and Chair of the Executive Committee. His remuneration is included in the overview for the financial year 2022. (2) The aggregate number under financial year 2022 also includes the cash bonus of Dr. Andre Hoekema and Dr. Walid Abi-Saab. The aggregate number under 2021 also includes the cash bonus of Dr. Wigerinck. (3) Only Executive Committee members are granted long-term benefits. Pursuant to the Senior Management Bonus Scheme, these consist ot the deferred part of the bonus from 3 years ago. For financial year 2021 the deferred part of the bonus is not paid out. As of 2019 the Senior Management Bonus Scheme was no longer applicable, as a result 2021 was the last financial year during which such payment could occur. (4) Member of the Board of Directors until 26 April 2022. (5) Member of the Board of Directors as of 26 April 2022. (6) Gilead designees appointed to our Board of Directors on 22 October 2019. They don't receive any remuneration for their Board mandate. (7) Only Executive Committee members receive post-employment benefits. (8) For 2021 we disclose Dr. Wigerinck's severance package. (9) This is the sum of the RSUs awarded during the respective financial year, excluding the RSUs representing the deferred portion of the bonus for 2021 in FY2021 and for 2022 in FY2022 (each time to be granted in the following financial year). Only Executive Committee members were awarded RSUs. 227 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp230.jpg)

FINANCIAL STATEMENTS Other No loans, quasi-loans or other guarantees were given by Galapagos NV or any of its subsidiaries to members of the Board of Directors and of the Executive Committee. 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 terminationoftheirmandatesasmembersoftheExecutiveCommitteeandtheBoardof Directors. 33. Consolidated companies as of 31 December 2022 %votingright GalapagosNV Changein%voting (directly orindirectly rightpreviousperiod Nameofthesubsidiary Country through subsidiaries) (2022vs2021) AboundBio Inc. United States 100% 100% CellPoint B.V. The Netherlands 100% 100% Galapagos Biopharma Belgium BV Belgium 100% Galapagos Biopharma Netherlands B.V. The Netherlands 100% Galapagos Biopharma Spain S.L.U. Spain 100% Galapagos Biopharma Italy S.r.l. Italy 100% Galapagos Biopharma Germany GmbH Germany 100% Galapagos Biopharma Sweden AB Sweden 100% Galapagos Biopharma Norway AS Norway 100% Galapagos Biopharma Finland Oy Finland 100% Galapagos Biopharma Denmark ApS Denmark 100% Galapagos Biopharma Austria GmbH Austria 100% Galapagos Biopharma Ireland Ltd Ireland 100% Galapagos Biotech Ltd United Kingdom 100% Galapagos B.V. The Netherlands 100% Galapagos GmbH Switzerland 100% Galapagos, Inc. United States 100% Galapagos NV Belgium Parent company Galapagos Real Estate Belgium BV Belgium 100% Galapagos Real Estate Netherlands B.V. The Netherlands 100% Galapagos SASU France 100% Xenometrix, Inc. in liquidation United States 100% In 2022, we acquired all of the issued and outstanding shares in CellPoint and AboundBio. Therearenosignificantrestrictionsonthegroup'sabilitytoaccessoruseassets,orsettle liabilities, of one of the group's subsidiaries. 228 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp231.jpg)

FINANCIAL STATEMENTS 34. 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 and interest rate risk. Our interest rate risk is limited because we have no financial debt. In case of decreasing interest rates we will face a reinvestment risk on our strong cash and cash equivalents andcurrentfinancialinvestmentsbalance.Wedonotbuyortradefinancialinstruments for speculative purposes. Categories of financial assets and liabilities: 31December (thousandsof€) 2022 2021 Financial assets held at fair value through profit or loss Current financial investments 1,292,514 1,317,460 Financial assets at amortized cost Current financial investments 2,293,431 1,152,349 Cash and cash equivalents 508,117 2,233,368 Restricted cash (current and non-current) 4,569 1,425 Other non-current assets 1,209 1,048 Trade receivables 28,194 91,786 Total financial assets 4,128,033 4,797,436 Financial liabilities held at fair value through profit or loss Current financial instruments 19 204 Current contingent consideration related to milestones CellPoint 8,485 -Non-current contingent consideration related to milestones CellPoint 13,582—Financial liabilities at amortized cost Trade liabilities 68,928 84,519 Lease liabilities 21,901 26,859 Current deferred consideration payable CellPoint 6,222—Total financial liabilities 119,137 111,582 The carrying amounts of trade payables and trade receivables are considered to be the same as their fair values, due to their short-term nature. 229 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp232.jpg)

FINANCIAL STATEMENTS 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 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 through profit or loss. 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 €4,094.1 millionon31December2022.Managementforecastsourliquidityrequirements 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 product sales, royalties, 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 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 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. Wegrantcredittoourclientsintheframeworkofournormalbusinessactivities.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. 230 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp233.jpg)

FINANCIAL STATEMENTS 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 creditlosses,receivableshavebeengroupedbasedoncreditriskcharacteristicsandthe days past due. The provision for expected credit losses was not significant given that thereisnohistoryofmaterialcreditlossesandthehigh-qualitynatureofourcustomers. Aging balance of receivables that are due, but that are still considered collectable: 31December (thousandsof€) 2022 2021 60– 90 days 424 141 90– 120 days 208 92 more than 120 days 473 113 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. The money market funds are invested in a well-diversified portfolio of highly rated assets. Interest rate risk The only variable interest-bearing financial instruments are cash and cash equivalents and current financial investments. Changesininterestratesmaycausevariationsininterestincomeandexpensesresulting 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 A100basispointsincreaseininterestratesatbalancesheetdatewouldhaveincreased profit or loss, and equity, by approximately €40.9 million (2021: €47.0 million); a 100 basis points decrease in interest rates would have decreased profit or loss, and equity, by approximately €40.9 million (2021: €47.0 million). These scenarios assume our entire cash portfolio would immediately reprice at the new interest rates. 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. 231 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp234.jpg)

FINANCIAL STATEMENTS 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 collaboration 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: 31December Net book value (thousandsof€) 2022 2021 Increase in Euros—U.S. Dollars (85,140) (83,996) Increase in Euros—GB Pounds 960 1,093 Increase in Euros—CH Francs 557 233 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 Wemanageourcapitaltosafeguardthatwewillbeabletocontinueasagoingconcern. 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, 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 changesofeconomiccircumstances,theriskcharacteristicsofunderlyingassetsandthe projected cash needs of the current research and development activities. The adequacy of the capital structure will depend on many factors, including scientific progressintheresearchanddevelopmentprograms,themagnitudeofthoseprograms, thecommitmentstoexistingandnewclinicalCROs,theabilitytoestablishnewalliance 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. 35. Statutory auditor's remuneration The statutory auditor's fees for carrying out its mandate at group level amounted to € 1,127.1 thousand in 2022 (2021: €860.3 thousand). Audit-related fees, which generally the auditor provides, amounted to €26.9 thousand in 2022 (2021: €101.1 thousand). Other fees related to non-audit services executed by the statutory auditor amounted 232 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp235.jpg)

FINANCIAL STATEMENTS to €0 in 2022 (2021: €0). Other fees related to non-audit services executed by persons related to the statutory auditor amounted to €429.5 thousand in 2022 and related to advisoryservicesinrelationtoITandqualitymanagement(2021:€587.7 thousand).The Audit Committee and the Board of Directors 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 and Associations Code. 36. Events after balance sheet date On 8 February 2023, we announced topline results from Phase 3 DIVERSITY trial of filgotinib in CD and our decision not to submit a Marketing Authorization Application in Europe based on these topline results. By consequence, we expect a decrease to the totalestimatedremainingcostsforustocompletethefilgotinibdevelopment,resulting in a positive catch up of revenues in 2023. At the time of the issuance of this annual report, our re-assessment of the estimated remaining costs is still ongoing. If our best estimateoftheremainingcosttocompletethefilgotinibperformanceobligationwould be decreased by 15% to 25%, this would result in an increase in revenue recognition in 2023 of €50 million to €86 million, and a corresponding decrease in current and non-current deferred income. On 20 March 2023, 61,560 subscription rights were exercised (with an average exercise priceof€28.75 persubscriptionright).Thisresultedinasharecapitalincrease(including issuancepremium)of€1,769,850,andtheissuanceof61,560newordinarysharesasper 20 March 2023. The closing price of our share on Euronext Brussels and Amsterdam on 20 March 2023 was €35.47. Our consolidated financial statements were approved by the Board of Directors, and authorizedforpublicationon21March2023.TheyweresignedonbehalfoftheBoardof Directors by: (signed) Stoffels IMC BV permanently represented by Dr.Paul Stoffels Chairman of the Board of Directors Jérôme Contamine Chairman of the Audit Committee and member of the Board of Directors 21March2023 233 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp236.jpg)

FINANCIAL STATEMENTS Overview statutory results of Galapagos NV This overview only concerns the non-consolidated statutory results of Galapagos NV. These results are part of the consolidated results as discussed in the Letter from the CEO and Chairman. Income statement Year ended 31 December (thousands of €) 2022 2021 Turnover 418,495 503,390 Inventory semi-finished and finished goods : increase (decrease) 4,414 1,376 Internally generated intangible assets 349,508 392,744 Other operating income 12,847 18,535 Non-recurring operating income 19 - Operating income 785,283 916,046 Raw materials, consumables and goods for resale(19,860)(13,058) Services and other goods(420,835)(500,012) Remuneration, social security costs and pensions(77,772)(70,360) Depreciation, impairment and other amounts written off on constitution costs, intangible and tangible assets(357,368)(401,835) Increase (-)/decrease in provisions(2,105) 2,317 Other operating charges(102,149)(120,704) Non-recurring operating costs(36,854)(4,068) Operating loss(231,661)(191,674) Finance income 135,554 85,765 Non-recurring finance income—33,471 Finance cost(60,964)(28,125) Non-recurring finance cost -(12,330) Loss before tax(157,071)(112,893) Taxes 19,092 20,156 Loss for the year(137,980)(92,737) Loss brought forward(369,237)(276,499) Accumulated losses to be carried forward(507,217)(369,237) 234 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp237.jpg)

FINANCIAL STATEMENTS Balance sheet 31December (thousands of €) 2022 2021 Assets Non-current assets 375,525 199,804 Intangible fixed assets 18,165 48,290 Tangible fixed assets 17,595 15,697 Financial fixed assets 251,918 43,317 Non-current trade and other receivables 87,847 92,500 Current assets 4,318,923 4,920,628 Inventories 52,665 20,361 Trade and other receivables 154,704 209,445 Deferred costs 9,755 8,677 Accrued income 10,711 847 Cash and cash equivalents 4,091,087 4,681,298 Total assets 4,694,448 5,120,433 Equity and liabilities Equity 2,508,640 2,639,924 Share capital and reserves 356,112 354,582 Share premium account 2,659,745 2,654,579 Accumulated losses (507,217) (369,237) Liabilities 2,185,808 2,480,508 Non-current liabilities 9,752 10,385 Provisions 9,752 8,885 Other non-current liabilities—1,500 Current liabilities 2,176,057 2,470,123 Trade and other payables 274,599 223,911 Tax, payroll and social security liabilities 25,642 16,705 Accrued costs 658 3,100 Deferred income 1,875,157 2,226,407 Total equity and liabilities 4,694,448 5,120,433 Galapagos NV's operating income decreased by €130.7 million in 2022, from €916.0 million in 2021 to €785.3 million in 2022. This decrease was due to a lower turnover of €84.9 million, primarily due to decreased revenue recognition of upfront payments, because of the lower increase in percentage of completion, as well as lower revenuerecognitionofmilestonepayments.Therewasalsoadecreaseduetointernally generated intangible assets – being capitalized R&D expenses – which contributed by €43.2 million less to our operating income than previous year. Other operating income decreased with €5.7 million and amounted to €12.8 million for the year ended 31December2022, including €1.8 million of grants recognized for R&D projects and €8.5 millionrecuperation of withholding taxes for scientists. The operating costs of 2022 amounted to €1,016.9 million compared to €1,107.7 million in 2021. Material purchases increased from€13.1 millionin 2021 to€19.9 millionin 2022. 235 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp238.jpg)

FINANCIAL STATEMENTS Services and other goods decreased substantially to €420.8 million compared to €500.0 million in 2021, primarily due to decreased internal and external subcontracting for our preclinical studies and clinical trials. Personnel costs in 2022 increased to €77.8 million compared to €70.4 million in 2021, mainly due increased severance payments. The number of employees at Galapagos NV at the end of 2022 amounted to 442 as compared to 460 at the end of 2021, excluding insourcedpersonnel.TheaveragenumberofFTEin2022decreasedto433,comparedto 487 in 2021. Depreciation decreased to €357.4 million in 2022, compared to €401.8 million in 2021, and related primarily to amortization of capitalized R&D expenses. Galapagos NV capitalizes its incurred R&D expenses and fully amortizes them in the same year. Otheroperatingchargesdecreasedfrom€120.7 millionin2021to€102.1 millionin2022 caused by a reduction in transferpricing management fees. Non-recurring operating costs consisted of impairments of intangible fixed assets related to discontinued projects. Galapagos NV's 2022 financial income increased to €135.6 million compared to €85.8 million in 2021, financial costs increased as well to €61.0 million compared to €28.1 million in 2021. The net exchange gain decreased from €74.0 million in 2021 to €54.9 million in 2022 and consisted mainly of non-realized currency exchange gains on U.S.dollar,whilethenetinterestincomein2022amountedto€10.8 millionascompared to a net interest cost of €11.4 million in 2021. Financial income also included dividend incomeof€10.5 million.Non-recurringfinanceincomein2021consistedof€33.5 million of gain on sale of subsidiaries. Non-recurring finance cost in 2021 consisted of impairment on financial assets. Taxincomerecordedin2022of€19.1 millionascomparedto€20.2 milliontaxincomein 2021, related to tax incentives for investments in intangible fixed assets. Investments in fixed assets in 2022 amounted to €17.0 million, excluding the internally generated assets. They consisted mainly of investments in intangible assets, being a licenseandmilestonepaymentandsoftware,aswellofcostsforbuildingimprovements, new laboratory and IT equipment. Non-current and current other receivables amounted to respectively €87.8 million and €82.4 million and included the receivable for tax incentives amounting to respectively €87.8 millionand€14.2 millionin2022,comparedtootherreceivablesfortaxincentives of€92.5 millionand€6.6 millionin 2021. Galapagos NV's cash position at the end of 2022 amounted to€4,091.1 million. The non-consolidated annual accounts of Galapagos NV which we submit for your approval were prepared in accordance with Belgian accounting rules as well as with the legal and regulatory requirements. They show a negative result. The financial year 2022 closed with a loss of €138.0 million compared to a loss of €92.7 million in 2021. 236 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp239.jpg)

FINANCIAL STATEMENTS The non-consolidated annual accounts of Galapagos NV show accumulated losses of €507.2 million as at 31December 2022; we refer to the Going concern statement for justification for the application of the valuation rules under the going concern assumption. In 2022, Galapagos NV did not make use of financial instruments. Following common practice, Galapagos NV has given customary representations and warranties which are capped and limited in time. 237 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp240.jpg)

REPORT OF THE STATUTORY AUDITOR Report of the statutory auditor meeting of Galapagos NV for the year ended Statutory auditor's report to the shareholders' statements 31December 2022 – Consolidated financial The original text of this report is in Dutch. In the context of the statutory audit of the consolidated financial statements of Galapagos NV ("the company") and its subsidiaries (jointly "the group"), we hereby submit our statutory audit report. This report includes our report on the consolidated financial statements and the other legal and regulatory requirements. These parts should be considered as integral to the report. We were appointed in our capacity as statutory auditor by the shareholders' meeting of 28April 2020, in accordance with the proposal of the board of directors ("bestuursorgaan"/"organed'administration")issueduponrecommendationoftheaudit committee. Our mandate will expire on the date of the shareholders' meeting deliberatingonthefinancialstatementsfortheyearending31December2022.Wehave performedthestatutoryauditoftheconsolidatedfinancialstatementsofGalapagosNV for 17consecutive periods. We are the statutory auditor of Galapagos NV for 23consecutive years. Report on the consolidated financial statements Unqualified opinion Wehaveauditedtheconsolidatedfinancialstatementsofthegroup,whichcomprisethe consolidated statement of financial position as at 31 December 2022, the consolidated statement of income and comprehensive income/loss, the consolidated statement of changesinequityandtheconsolidatedcashflowstatementfortheyearthenended,as wellasthesummaryofsignificantaccountingpoliciesandotherexplanatorynotes.The consolidated statement of financial position shows total assets of 4734351 (000)EUR andtheconsolidatedstatementofincomeandcomprehensiveincome/lossshowsaloss for the year then ended of 217991(000)EUR. In our opinion, the consolidated financial statements give a true and fair view of the group'snetequityandfinancialpositionasof31December2022andofitsconsolidated results and its consolidated cash flow for the year then ended, in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium. 238 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp241.jpg)

REPORT OF THE STATUTORY AUDITOR Basis for the unqualified opinion We conducted our audit in accordance with International Standards on Auditing (ISA), as applicable in Belgium. In addition, we have applied the International Standards on Auditing approved by the IAASB applicable to the current financial year, but not yet approved at national level. Our responsibilities under those standards are further described in the "Responsibilities of the statutory auditor for the audit of the consolidated financial statements" section of our report. We have complied with all ethicalrequirementsrelevanttothestatutoryauditofconsolidatedfinancialstatements in Belgium, including those regarding independence. We have obtained from the board of directors and the company's officials the explanations and information necessary for performing our audit. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Determination percentage of completion used for revenue of the estimated costs impacting the obligation under the license and collaboration recognition related to the filgotinib performance agreement with Gilead – Refer to notes to the consolidated financial statements 2, 4, 6, and 25 Key Audit Matter Description As described in notes 2, 4, 6, and 25 to the consolidated financial statements, the company recognized collaboration revenues of 174,4 million EUR in 2022 from upfront payments and milestone payments related to the filgotinib performance obligation under the license and collaboration agreement with Gilead (the "agreement"). For this filgotinib performance obligation, the company recognized revenue using the cost-to-cost input method, which management believes best depicts the transfer of control to the customer. Under the cost-to-cost input method, the extent of progress towards completionismeasuredbasedontheratioofactualcostsincurredtothetotalestimated costs expected upon satisfying the filgotinib performance obligation. Significant management judgment is required in determining the total estimated costs required under the agreement and the period over which the company is expected to complete its performance obligation. This significant estimate is the principal 239 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp242.jpg)

REPORT OF THE STATUTORY AUDITOR consideration for our conclusion that procedures relating to the determination of the estimated costs to complete the performance obligation, impacting the revenue recognitionforthefilgotinibperformanceobligationisakeyauditmatter.Thisincreased levelofjudgmentbymanagementledtoahighdegreeofauditorjudgment,complexity, and effort in performing procedures and in evaluating audit evidence related to management's assumptions related to the estimation of total costs to complete. How the key Audit Matter Was Addressed in the Audit Our audit procedures related to the determination of the estimated costs impacting the percentage of completion used for revenue recognition related to the filgotinib performance obligation under the license and collaboration agreement with Gilead included the following, among others: We evaluated and tested management's process for determining the estimate of total costs to complete the performance obligation, which included evaluating the reasonableness of significant assumptions related to the estimate. We tested, on a sample basis, the accuracy and completeness of actual costs incurred to date. Ourproceduresonthereasonablenessoftheassumptionsalsoincludedevaluating management's ability to reasonably estimate costs to complete the performance obligation. Specifically, we: Evaluated the appropriateness of changes made during the period to management's estimates of total costs to complete. Performed a comparison of management's prior period cost estimates to actual costs incurred and approved. Evaluated the period over which management is expecting the company to complete its performance obligation. Compared certain costs to third-party supporting evidence. Considered the impact of any subsequent events on management's assumptions. B.V. – Refer to notes Accounting for Business Combinations – Cellpoint 3, 4, 12, 13, 24 and 26 to the consolidated financial statements Key Audit Matter Description The company entered into an agreement to acquire CellPoint B.V. ("Cellpoint") in June 2022, where the company acquired 100 percent of the outstanding shares and voting interests in an all-cash transaction. We identified the valuation of acquired in-process research and development ("IPR&D") andthevaluationofthecollaborationagreementfortheexclusiverighttousetheLonza Cocoon® manufacturing platform, in addition to the contingent consideration liability recognizedinconnectionwiththeacquisitionofCellPoint,asakeyauditmatterbecause 240 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp243.jpg)

REPORT OF THE STATUTORY AUDITOR of the judgments necessary for management to estimate the acquisition date fair value of such balances. The significant assumptions used to estimate the fair value of the acquired IPR&D, collaborationagreementfortheexclusiverighttousetheLonzaCocoon®manufacturing platform,andcontingentconsiderationincludeddiscountrates,aswellascertainother business-related assumptions that form the basis of forecasted financial results, including probability of success factors and revenue forecasts. Given the complexity of these assumptions this matter required a high degree of auditor judgment, and increased extent of effort including involvement of valuation specialists, when performing audit procedures and evaluating the results of those procedures. How the Key Audit Matter Was Addressed in the Audit Our audit procedures related to the company's accounting for the IPR&D, collaboration agreement for the exclusive right to use the Lonza Cocoon® manufacturing platform and the contingent consideration liability recognized in connection with the CellPoint acquisition, included the following, among others: Wetestedtheeffectivenessofthecompany'scontrolsassociatedwithaccountingfor business combinations. We assessed the reasonableness of management's key estimates and assumptions usedinthevaluationmodels.Wemetwithkeyindividualsfromtheseniorleadership teamandkeypersonnelinvolvedtodiscussandevaluatemanagement'sevidenceto support the relevant assumptions. With the assistance of our valuation specialists, we evaluated the reasonableness of the valuation methodologies used to determine the value of the acquired IPR&D, collaboration agreement for the exclusive right to use the Lonza Cocoon® manufacturingplatform,andcontingentconsiderationliability,includingtestingthe mathematical accuracy of the calculations, the discount rate, and company specific risks. Responsibilities of the board of directors for the preparation of the consolidated financial statements The board of directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium and for such internal control as the board of directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Inpreparingtheconsolidatedfinancialstatements,theboardofdirectorsisresponsible forassessingthegroup'sabilitytocontinueasagoingconcern,disclosing,asapplicable, matters to be considered for going concern and using the going concern basis of accountingunlesstheboardofdirectorseitherintendstoliquidatethegrouportocease operations, or has no other realistic alternative but to do so. 241 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp244.jpg)

REPORT OF THE STATUTORY AUDITOR Responsibilities of the statutory auditor for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a statutory auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. Duringtheperformanceofouraudit,wecomplywiththelegal,regulatoryandnormative framework as applicable to the audit of consolidated financial statements in Belgium. The scope of the audit does not comprise any assurance regarding the future viability ofthecompanynorregardingtheefficiencyoreffectivenessdemonstratedbytheboard of directors in the way that the company's business has been conducted or will be conducted. As part of an audit in accordance with ISA, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsivetothoserisks,andobtainauditevidencethatissufficientandappropriate toprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatement resulting from fraud is higher than for one resulting from an error, as fraud may involvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverride of internal control; obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control; evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessof accounting estimates and related disclosures made by the board of directors; concludeontheappropriatenessoftheuseofthegoingconcernbasisofaccounting by the board of directors and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our statutory auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are basedontheauditevidenceobtaineduptothedateofourstatutoryauditor'sreport. However,futureeventsorconditionsmaycausethegrouptoceasetocontinueasa going concern; 242 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp245.jpg)

REPORT OF THE STATUTORY AUDITOR evaluatetheoverallpresentation,structureandcontentoftheconsolidatedfinancial statements, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. obtain sufficient appropriate audit evidence regarding the financial information of the entities and business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the audit committee with a statement that we have complied with relevantethicalrequirementsregardingindependence,andwecommunicatewiththem aboutallrelationshipsandothermattersthatmayreasonablybethoughttobearonour independence, and where applicable, related safeguards. From the matters communicated to the audit committee, we determine those matters thatwereofmostsignificanceintheauditoftheconsolidatedfinancialstatementsofthe currentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinour report unless law or regulation precludes any public disclosure about the matter. Other legal and regulatory requirements Responsibilities of the board of directors Theboardofdirectorsisresponsibleforthepreparationandthecontentofthedirectors' report on the consolidated financial statements, the statement of non-financial information attached to the directors' report on the consolidated financial statements and other matters disclosed in the annual report on the consolidated financial statements. Responsibilities of the statutory auditor AspartofourmandateandinaccordancewiththeBelgianstandardcomplementaryto theInternationalStandardsonAuditing(ISA)asapplicableinBelgium,ourresponsibility is to verify, in all material respects, the director's report on the consolidated financial statements,thestatementofnon-financialinformationattachedtothedirectors'report on the consolidated financial statements and other matters disclosed in the annual report on the consolidated financial statements, as well as to report on these matters. 243 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp246.jpg)

REPORT OF THE STATUTORY AUDITOR Aspects regarding the directors' report on the consolidated financial statements and other information disclosed in the annual report on the consolidated financial statements In our opinion, after performing the specific procedures on the directors' report on the consolidated financial statements, this report is consistent with the consolidated financialstatementsforthatsameyearandhasbeenestablishedinaccordancewiththe requirements of article 3:32 of the Code of companies and associations. In the context of our statutory audit of the consolidated financial statements we are responsible to consider, in particular based on information that we became aware of during the audit, if the directors' report on the consolidated financial statements and other information disclosed in the annual report on the consolidated financial statements, are free of material misstatements, either by information that is incorrectly stated or otherwise misleading. In the context of the procedures performed, we are not aware of such a material misstatement. The non-financial information as required by article 3:32, §2 of the Code of companies and associations, has been disclosed in the directors' report on the consolidated financial statements that is part of the section on corporate social responsibility of the annual report (section "CSR Report"). This non-financial information has been established by the company in accordance with the United Nations' Sustainable Development Goals ("SDG's"). In accordance with article 3:80 §1, 5° of the Code of companiesandassociationswedonotexpressanyopiniononthequestionwhetherthis non-financial information has been established in accordance with these SDG's. Statements regarding independence Ourauditfirmandournetworkhavenotperformedanyprohibitedservicesandour auditfirmhasremainedindependentfromthegroupduringtheperformanceofour mandate. The fees for the additional non-audit services compatible with the statutory audit, as defined in article 3:65 of the Code of companies and associations, have been properly disclosed and disaggregated in the notes to the consolidated financial statements. Single European Electronic Format (ESEF) In accordance with the draft standard on the audit of the compliance of the financial statements with the Single European Electronic Format ("ESEF"), we have also performed the audit of the compliance of the ESEF format and of the tagging with the technical regulatory standards as defined by the European Delegated Regulation No. 2019/815 of 17December2018 ("Delegated Regulation"). The board of directors is responsible for the preparation, in accordance with the ESEF requirements,oftheconsolidatedfinancialstatementsintheformofanelectronicfilein ESEFformat("digitalconsolidatedfinancialstatements")includedintheannualfinancial report. 244 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp247.jpg)

REPORT OF THE STATUTORY AUDITOR Our responsibility is to obtain sufficient and appropriate evidence to conclude that the format and the tagging of the digital consolidated financial statements comply, in all materialrespects,withtheESEFrequirementsasstipulatedbytheDelegatedRegulation. Based on our work, in our opinion, the format and the tagging of information in the official Dutch version of the digital consolidated financial statements included in the annual financial report of Galapagos NV as of 31December 2022 are, in all material respects, prepared in accordance with the ESEF requirements as stipulated by the Delegated Regulation. Other statements Thisreportisconsistentwithouradditionalreporttotheauditcommitteereferredto in article 11 of Regulation (EU) No 537/2014. Signed at Zaventem, 23 March 2023. The statutory auditor Deloitte Bedrijfsrevisoren/Réviseurs d'Entreprises BV/SRL Represented by Nico Houthaeve 245 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp248.jpg)

OTHER INFORMATION Glossary 100 points clinical response Percentageofpatientsachievinga100-pointdecreaseinCDAIscoreduringaclinicaltrial in CD patients ACR American College of Rheumatology ACR20 (ACR 20/50/70) American College of Rheumatology 20% response rate signifies a 20% or greater improvement in the number of swollen and tender joints as well as a 20% or greater improvement in three out of five other disease-activity measures. ACR50 and ACR70 reflect the same, for 50% and 70% response rates, respectively ADPKD Autosomal dominant polycystic kidney disease, a disease where typically both kidneys become enlarged with fluid-filled cysts, leading to kidney failure. Other organs may be affected as well ADS American Depositary Share; Galapagos has a Level 3 ADS listed on Nasdaq with ticker symbol GLPG and CUSIP number 36315X101. One ADS is equivalent to one ordinary share in Galapagos NV AFM Dutch Authority for the Financial Markets ATALANTA-1 Phase 1/2 study in relapsed/refractory non-Hodgkin lymphoma (rrNHL) with CD19/ 4-1BB CAR-T candidate, GLPG5101, manufactured at point-of-care Anemia Condition in which the patient has an inadequate number of red blood cells to carry oxygen to the body's tissues Anti-TNF Tumor necrosis factor. An anti-TNF drug acts by modulation of TNF 246 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp249.jpg)

OTHER INFORMATION Antibody A blood protein produced in response to and counteracting a specific antigen. Antibodies combine chemically with substances which the body recognizes as alien, such as bacteria, viruses, and foreign substances Assays Laboratory tests to determine characteristics Attrition rate The historical success rate for drug discovery and development, based on publicly known development paths. Statistically seen, investment in at least 12 target-based programsisrequiredtoensurethatatleastoneofthesewillreachaPhase3study.Most newdrugR&DprogramsarediscontinuedbeforereachingPhase3becausetheyarenot successful enough to be approved Axial spondyloarthritis (AxSpA) Axial spondyloarthritis (axSpA) is a type of arthritis. It mostly causes pain and swelling in the spine and the joints that connect the bottom of the spine to the pelvis (sacroiliac joint). Other joints can be affected as well. It is a systemic disease, which means it may affect other body parts and organs. The disease tends to run in families BCMA B cell maturation antigen (BCMA) is a member of the tumor necrosis factor receptor superfamily that plays an important role in regulating B-cell proliferation and survival. BCMA is central to the survival of multiple myeloma cells BID dosing Twice-daily dosing (bis in die) Bioavailability Assessment of the amount of product candidate that reaches a body's systemic circulation after (oral) administration Biological Biological therapeutics, also referred to as Biologicals, are those class of medicines which are grown and then purified from large-scale cell cultures of bacteria or yeast, or plant or animal cells. Biologicals are a diverse group of medicines which includes vaccines, growth factors, immune modulators, monoclonal antibodies, as well as products derived from human blood and plasma. What distinguishes biologicals from other medicines is that these are generally proteins purified from living culture systems or from blood, whereas other medicines are considered as 'small molecules' and are either made synthetically or purified from plants 247 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp250.jpg)

OTHER INFORMATION Biomarker Substanceusedasanindicatorofabiologicalprocess,particularlytodeterminewhether a product candidate has a biological effect Bispecific antibody An antibody that binds to two different antigens Black & Scholes model A mathematical description of financial markets and derivative investment instruments that is widely used in the pricing of European options and subscription rights Bridging trial Clinical trial performed to "bridge" or extrapolate one dataset to that for another situation, i.e. to extrapolate data from one population to another for the same drug candidate, or to move from IV to subcutaneous dosing CALOSOMA Phase 1 program with GLPG3970 in psoriasis CAR-T Chimeric antigen receptor T cells (also known as CAR-T cells) are T cells that have been genetically engineered to produce an artificial T cell receptor for use in immunotherapy CD19 CD19isaproteinfoundonthesurfaceofB-cells,atypeofwhitebloodcell.SinceCD19is ahallmarkofB-cells,theproteinhasbeenusedtodiagnosecancersthatarisefromthis type of cell—notably B-cell lymphomas CDAI Crohn's Disease Activity Index, evaluating patients on eight different factors, each of which has a pre-defined weight as a way to quantify the impact of CD CDAI remission IntheFITZROYtrial,thepercentageofpatientswithCDwhoshowedareductionofCDAI score to <150 CFTR Cysticfibrosistransmembraneconductanceregulator(CFTR)isamembraneproteinand chloridechannelinvertebratesthatisencodedbytheCFTRgene.Itishypothesizedthat inhibition of the CFTR channel might reduce cyst growth and enlargement for patients with ADPKD. GLPG2737 is a CFTR inhibitor 248 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp251.jpg)

OTHER INFORMATION CHIT1/AMCase Chitotriosidase (CHIT1) is a protein coding gene, and AMCase is an inactive acidic mamalian chitinase. CHIT1 is predominantly involved in macrophage activation. Inhibition of chitinase activity translates into a potential therapeutic benefit in lung diseaseslikeIPF,asshowninpreclinicalmodels.GLPG4716isaCHIT1/AMCaseinhibitor targeting a key pathway in tissue remodeling CHMP Committee for Medicinal Products for Human Use is the European Medicines Agency's (EMA) committee responsible for human medicines and plays a vital role in the authorization of medicines in the European Union (EU) CIR CIR or research credit. Under the CIR, the French government refunds up to 30% of the annual investment in French R&D operations, over a period of three years. Galapagos benefits from the CIR through its operations in Romainville, just outside Paris CRP C-reactiveproteinisaproteinfoundintheblood,thelevelsofwhichriseinresponseto inflammation Cash position Current financial investments and cash and cash equivalents Cell therapy Cell therapy aims to treat diseases by restoring or altering certain sets of cells or by using cells to carry a therapy through the body. With cell therapy, cells are cultivated or modifiedoutsidethebodybeforebeinginjectedintothepatient.Thecellsmayoriginate from the patient (autologous cells) or a donor (allogeneic cells) Chitinase Chitinase is an enzyme that degrades chitin, involved in the human innate immunity. Inhibition of chitinase activity translates into a potential therapeutic benefit in lung diseases like IPF, as shown in preclinical models Chronic Lymphocytic Leukemia (CLL) Chronic lymphocytic leukemia is the most common leukemia in adults. It is a type of cancer that starts in cells that become certain white blood cells (called lymphocytes) in thebonemarrow.Thecancer(leukemia)cellsoriginateinthebonemarrowandmigrate to the bloodstream 249 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp252.jpg)

OTHER INFORMATION Clinical Proof of Concept (PoC) Point in the drug development process where the product candidate demonstrates for the first time a response in a therapeutic setting Complete Response Letter (CRL) A letter send by the FDA to indicate that the review cycle for an application is complete and the application is not ready for approval in its present form Complete Response Rate (CRR) Term used for the absence of all detectable cancer after the treatment is completed Compound A chemical substance, often a small molecule with drug-like properties Contract research organization (CRO) Organization which provides drug discovery and development services to the pharmaceutical, biotechnology and medical devices industry Corticosteroids Any of a group of steroid hormones produced in the adrenal cortex or made synthetically. They have various metabolic functions and some are used to treat inflammation Crohn's disease (CD) An IBD involving inflammation of the small and large intestines, leading to pain, bleeding, and ultimately in some cases surgical removal of parts of the bowel Cryopreservation Process where biological material—cells, tissues, or organs—are frozen to preserve the material for an extended period of time Cytokine A category of small proteins which play important roles in signaling in processes in the body Cytokine release syndrome (CRS) Condition that develops when your immune system responds too aggressively to infection or after certain types of immunotherapy, such as CAR-T-cell therapy DARWIN Phase 2 program for filgotinib in RA. DARWIN 1 explored three doses, in twice-daily and once-daily administration, for up to 24 weeks in RA patients with insufficient response 250 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp253.jpg)

OTHER INFORMATION to methotrexate (MTX) and who remained on their stable background treatment with MTX. DARWIN 2 explored three once-daily doses for up to 24 weeks in RA patients with insufficient response to methotrexate (MTX) and who washed out of their treatment withMTX.DARWIN1and2weredouble-blind,placebo-controlledtrialswhichrecruited approximately900patientsgloballyandforwhichresultswerereportedin2015.DARWIN 3isalongtermextensiontrialinwhichallpatientsareon200mgfilgotinib,exceptforU.S. males who are on 100mg. The Week 156 results from DARWIN 3 were reported in 2019 DAS28 (CRP) DAS28 is an RA Disease Activity Score based on a calculation that uses tender and swollen joint counts of 28 defined joints, the physician's global health assessment and a serum marker for inflammation, such as C- reactive protein. DAS28 (CRP) includes the C-reactiveproteinscorecalculation:scoresrangefrom2.0 to10.0, withscoresbelow2.6 being considered remission DDI study Drug-drug interaction study. This type of study will assess if there is a change in the action or side effects of a drug caused by concomitant administration with another drug DIVERGENCE Phase 2 programs with filgotinib in Crohn's disease. DIVERGENCE 1 was an exploratory study in small bowel CD and DIVERGENCE 2 in fistulizing CD DIVERSITY Phase 3 program evaluating filgotinib in CD DMARDs Disease modifying anti rheumatic drugs; these drugs address the disease itself rather than just the symptoms Deep venous thrombosis (DVT) The formation of one or more blood clots in one of the body's large veins, most commonly in the lower limbs. The blood clots can travel to the lung and cause a pulmonary embolism Dermatomyositis (DM) Dermatomyositisisarareinflammatorydisease.Commonsymptomsincludedistinctive skin rash, and inflammatory myopathy, or inflamed muscles, causing muscle weakness Development All activities required to bring a new drug to the market. This includes preclinical and clinical development research, chemical and pharmaceutical development and regulatory filings of product candidates 251 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp254.jpg)

OTHER INFORMATION Discovery Process by which new medicines are discovered and/or designed. At Galapagos, this is thedepartmentthatoverseestargetanddrugdiscoveryresearchthroughtonomination of preclinical candidates Disease-modifying Addresses the disease itself, modifying the disease progression, not just the symptoms of the disease Dose-range finding study Phase2clinicalstudyexploringthebalancebetweenefficacyandsafetyamongvarious doses of treatment in patients. Results are used to determine doses for later studies Double-blind Termtocharacterizeaclinicaltrialinwhichneitherthephysiciannorthepatientknows if the patient is taking placebo or the treatment being evaluated EC European Commission EMA European Medicines Agency, in charge of European market authorization of new medications EUPLAGIA-1 EUPLAGIA-1 Phase 1/2 study with point-of-care manufactured CD19 CAR-T candidate, GLPG5201, in patients with replapsed/ refractory chronic lymphocytic leukemia (rrCLL) and small lymphocytic lymphoma (rrSLL), with or without Richter's transformation (RT) Efficacy Effectiveness for intended use End-to-end A process that takes a system or service from beginning to end and delivers a complete functional solution, usually without strong reliance on third parties Endoscopy Anon-surgicalprocedureinvolvinguseofanendoscopetoexamineapersonsdigestive tract 252 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp255.jpg)

OTHER INFORMATION FDA The U.S. Food and Drug Administration is an agency responsible for protecting and promotingpublichealthandinchargeofAmericanmarketapprovalofnewmedications FIH First-in-human clinical trial, usually conducted in healthy volunteers with the aim to assess the safety, tolerability and pharmacokinetics of the product candidate FILOSOPHY Phase 4 program evaluating filgotinib in RA FINCH Phase 3 program evaluating filgotinib in RA FITZROY Adouble-blind,placebocontrolledPhase2trialwithfilgotinibin177CDpatientsforup to 20 weeks. Full results were published in The Lancet in 2016 FORM 20-F Form 20-F is an SECfilingsubmitted to the US Securities and ExchangeCommission FSMA TheBelgianmarketauthority:FinancialServicesandMarketsAuthority,or Autoriteitvoor Financiële Diensten en Markten FTE Full-time equivalent; a way to measure an employee's involvement in a project. For example,anFTEof1.0 meansthattheequivalentworkofonefull-timeworkerwasused on the project Fast Track A designation by the FDA of an investigational drug for expedited review to facilitate development of drugs which treat a serious or life-threatening condition and fill an unmet medical need Fee-for-service Paymentsystemwheretheserviceproviderispaidaspecificamountforeachprocedure or service performed 253 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp256.jpg)

OTHER INFORMATION Filgotinib Formerly known as GLPG0634, commercial name is Jyseleca®. Small molecule preferentialJAK1inhibitor,approvedinRAandUCinEuropeandJapan.Phase4studies are ongoing in both RA and UC Fistulizing CD Fistulaeareinflammatorytractsthatmostoftenoccurbetweenthedistalcolonandthe perianal region. Fistulae are one of the most severe sequelae of luminal CD and the lifetime risk of occurrence is close to 50% of those with active CD Futility analysis Analysisofthelikelihoodofatrialtomeetitsprimaryendpoint,basedonasubsetofthe total information to be gathered. The term 'futility' is used to refer to the low likelihood of a clinical trial to achieve its objectives. In particular, stopping a clinical trial when the interim results suggest that it is unlikely to achieve statistical significance can save resources that could be used on more promising research G&A expenses General & administrative expenses GLPG0555 A JAK1 inhibitor in Phase 1b. Development was stopped in July 2022 GLPG0634 Molecule number currently known as filgotinib and Jyseleca® GLPG2737 A compound evaluated in Phase 2 in ADPKD. This compound is part of the CF collaboration with AbbVie but Galapagos retained rights outside of CF GLPG3121 A compound in Phase 1 targeting JAK1/TYK2 directed toward inflammation (IBD). Development was stopped in July 2022 GLPG3667 A TYK2 kinase inhibitor discovered by us, topline results from the Phase 1b in psoriasis reported in July 2021 GLPG3970 ASIK2/3inhibitorevaluatedinmultiplePhase2proof-of-conceptstudies.Toplineresults fromthestudiesinUC,psoriasisandRAwerereportedinJuly2021.Thecompoundwas discontinued in March 2022 254 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp257.jpg)

OTHER INFORMATION GLPG4399 ASIK3inhibitorinPhase1directedtowardinflammation.Thedevelopentwashaltedin 2022 GLPG4586 A compound with undisclosed mode of action in preclinical phase directed toward fibrosis and inlicensed from Fibrocor. The Development was stopped in July 2022 GLPG4605 A SIK2/3 inhibitor in the preclinical phase, currently directed toward fibrosis. The developent was halted in 2022 GLPG4716 AchitinaseinhibitorinlicensedfromMolecure(previouslyOncoArendi).Therightstothe molecule have been returned to Molecure in July 2022 GLPG5101 A second generation anti-CD19/4-1BB CAR-T product candidate currently in Phase 1/2 study in rrNHL GLPG5201 A second generation anti-CD19/4-1BB CAR-T product candidate currently in Phase 1/2 study in rrCLL/SLL with or wthout RT GLPG5301 A BCMA CAR-T product candidate Genome An organism's complete set of genetic information needed to build that organism and allow it to grow and develop IBD InflammatoryBowelDisease.Thisisageneraltermforanautoimmunediseaseaffecting thebowel,includingCDandUC.CDaffectsthesmallandlargeintestine,whileUCaffects the large intestine. Both diseases involve inflammation of the intestinal wall, leading to pain, bleeding, and ultimately, in some cases, surgical removal of part of the bowel IPF Idiopathic pulmonary fibrosis. A chronic and ultimately fatal disease characterized by a progressive decline in lung function. Pulmonary fibrosis involves scarring of lung tissue and is the cause of shortness of breath. Fibrosis is usually associated with a poor 255 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp258.jpg)

OTHER INFORMATION prognosis.Theterm"idiopathic"isusedbecausethecauseofpulmonaryfibrosisisstill unknown Immune effector cell-associated neurotoxicity syndrome (ICAN) Clinical and neuropsychiatric syndrome that can occur in the days to weeks following administration of certain types of immunotherapy, especially immune effector cell (IEC) and T cell engaging therapy Immunology The study of the immune system and is a very important branch of the medical and biologicalsciences.Theimmunesystemprotectshumansfrominfectionthroughvarious lines of defence. If the immune system is not functioning as it should, it can result in disease, such as autoimmunity, allergy and cancer In vitro Studies performed with cells outside their natural context, for example in a laboratory In vivo Studies performed with animals in a laboratory setting In-/out-licensing Receiving/granting permission from/to another company or institution to use a brand name, patent, or other proprietary right, in exchange for a fee and/or royalty Intellectual property Creations of the mind that have commercial value and are protected or protectable, including by patents, trademarks or copyrights Intersegment Occurring between the different operations of a company Investigational New Drug (IND) Application United States Federal law requires a pharmaceutical company to obtain an exemption toshipanexperimentaldrugacrossstatelines,usuallytoclinicalinvestigators,beforea marketing application for the drug has been approved. The IND is the means by which the sponsor obtains this exemption, allowing them to perform clinical studies JAK Janus kinases (JAK) are critical components of signaling mechanisms utilized by a number of cytokines and growth factors, including those that are elevated in RA. Filgotinib is a preferential JAK1 inhibitor 256 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp259.jpg)

OTHER INFORMATION Jyseleca® Jyseleca® is the brand name for filgotinib LDL Low-density lipoprotein. LDL contributes to heart disease at high levels Leukapheresis Laboratory procedure in which white blood cells are separated from a sample of blood Lipoprotein Lipoproteinsaresubstancesmadeofproteinandfatthatcarrycholesterolthroughyour bloodstream.Therearetwomaintypesofcholesterol:High-densitylipoprotein(HDL),or "good" cholesterol and Low-density lipoprotein (LDL), or "bad" cholesterol Liver enzymes Inflamedorinjuredlivercellssecretehigherthannormalamountsofcertainchemicals, including liver enzymes, into the bloodstream Lymphocyte Type of white blood cell that is part of the immune system MACE Major adverse cardiovascular events; a composite endpoint frequently used in cardiovascular research MANGROVE Phase 2 program with GLPG2737 in autosomal dominant polycystic kidney disease MANTA A Phase 2 semen parameter trial with filgotinib in male patients with CD or UC MANTA-RAy Phase 2 semen parameter trial with filgotinib in male patients with RA, PsA, or AS MHLW Japanese Ministry of Health, Labor and Welfare (MHLW), in charge of Japanese market authorization of new medications MHRA Medicines and Healthcare products Regulatory Agency in Great Britain 257 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp260.jpg)

OTHER INFORMATION MTX Methotrexate; a first-line therapy for inflammatory diseases Mayo Score MayoScoreisaDiseaseActivityScoreforulcerativecolitis.Itisacompositeofsubscores from four categories, including stool frequency, rectal bleeding, findings of flexible proctosigmoidoscopy or colonoscopy, and physician's global assessment, with a total score ranging from 0 to 12 Milestone Major achievement in a project or program; in our alliances, this is usually associated with a payment Molecule collections Chemical libraries, usually consisting of drug-like small molecules that are designed to interactwithspecifictargetclasses.Thesecollectionscanbescreenedagainstatargetto generate initial "hits" in a drug discovery program Multiple myeloma (MM) Multiple myeloma (MM) is typically characterized by the neoplastic proliferation of plasma cells producing a monoclonal immunoglobulin. The plasma cells proliferate in thebonemarrowandcanresultinextensiveskeletaldestructionwithosteolyticlesions, osteopenia, and/or pathologic fractures. NDA New Drug Application NICE The National Institute for Health and Care Excellence; an independent public body that provides national guidance and advice to improve health and social care in the UK NK cells Natural killer cells, type of white blood cell with granules of enzymes which can attack tumors or viruses Non-Hodgkin's lymphoma (NHL) Non-Hodgkin'slymphomaisatypeofcancerthatbeginsinthelymphaticsystem,which is part of the body's germ-fighting immune system. In non-Hodgkin's lymphoma, white blood cells called lymphocytes grow abnormally and form tumors throughout the body 258 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp261.jpg)

OTHER INFORMATION Objective Response Rate (ORR) The response rate is the percentage of patients on whom a therapy has some defined effect; for example, the cancer shrinks or disappears after treatment. When used as a clinical endpoint for trials of cancer treatments, this is often called the objective response rate Oncology Field of medicine that deal with the diagnosis, treatment, prevention, and early detection of cancer Oral dosing Administrationofmedicinebythemouth,eitherasasolutionorsolid(capsule,pill)form Osteoarthritis (OA) The most common form of arthritis, usually occurring after middle age, marked by chronic breakdown of cartilage in the joints leading to pain, stiffness, and swelling Outsourcing Contracting work to a third party PAPILIO-1 Phase 1/2 study with GLPG5301 in patients with relapsed/refractory multiple myeloma PASI Psoriasis Area and Severity Index; an index used to express the severity of psoriasis. It combines the severity (erythema, induration and desquamation) and percentage of affected area PRAC Pharmacovigilance Risk Assessment Committee of the European Medicines Agency, responsible for assessing all aspects of risk management of human medicines PROTAC Proteolysis targeting chimera, a special small molecule capable of removing unwanted proteins that play a role in disease processes Pharmacokinetics (PK) Study of what a body does to a drug; the fate of a substance delivered to a body. This includes absorption, distribution to the tissues, metabolism and excretion. These processes determine the blood concentration of the drug and its metabolite(s) as a function of time from dosing 259 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp262.jpg)

OTHER INFORMATION Phase 1 Firststageofclinicaltestingofaninvestigationaldrugdesignedtoassessthesafetyand tolerability,pharmacokineticsofadrug,usuallyperformedinasmallnumberofhealthy human volunteers Phase 2 Second stage of clinical testing, usually performed in no more than several hundred patients, in order to determine efficacy, tolerability and the dose to use Phase 3 Large clinical trials, usually conducted in several hundred to several thousand patients to gain a definitive understanding of the efficacy and tolerability of the candidate treatment; serves as the principal basis for regulatory approval Pivotal trials Registrational clinical trials Placebo Asubstancehavingnopharmacologicaleffectbutadministeredasacontrolintestinga biologically active preparation Point-of-care Drug treatment is provided close to or near the patient Preclinical Stageofdrugresearchdevelopment,undertakenpriortotheadministrationofthedrug tohumans.Consistsof invitro and invivo screening,pharmacokinetics,toxicology,and chemical upscaling Preclinical candidate (PCC) Anewmoleculeandpotentialdrugthatmeetschemicalandbiologicalcriteriatobegin the development process Product candidate Substance that has satisfied the requirements of early preclinical testing and has been selected for development, starting with formal preclinical safety evaluation followed by clinical testing for the treatment of a certain disorder in humans Proof-of-concept (POC) Aclinicaltrialinwhichfirstevidenceforefficacyofacandidatedrugisgathered.Aproof-of-concepttrialisusuallywithasmallnumberofpatientsandforshortdurationtogeta first impression of drug activity 260 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp263.jpg)

OTHER INFORMATION Proof-of-concept study Phase 2 patient study in which activity as well as safety in patients is evaluated, usually for a new mechanism of action QD dosing Once-daily dosing (qd from the Latin quaque die) R&D operations Research and development operations; unit responsible for discovery and developing new product candidates for internal pipeline or as part of risk/reward sharing alliances with partners Refractory "Refractory" refers to a patient with cancer that is/has become resistant to, or does not respond to, treatment Relapsed "Relapsed" refers to a patient with cancer that develops cancer again after a period of improvement Rheumatoid arthritis (RA) A chronic, systemic inflammatory disease that causes joint inflammation, and usually leads to cartilage destruction, bone erosion and disability Richter's transformation Richter's Transformation (RT) is an uncommon clinicopathological condition observed in patients with CLL. It is characterized by the sudden transformation of the CLL into a significantly more aggressive form of large cell lymphoma, and occurs in approximately 2-10% of all CLL patients. S&M expenses Sales and marketing expenses SEA TURTLE Phase 2 program with GLPG3970 in ulcerative colitis SEC Securities and Exchange Commission in the US SELECTION Phase 3 program evaluating filgotinib in UC patients. Full results were published in The Lancet in 2021 261 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp264.jpg)

OTHER INFORMATION SES-CD scores Simple endoscopic score for CD, involving review of five pre-defined bowel segments, assigning values from 0 (unaffected) to 3 (highly affected) SIK Salt-inducible kinase Small bowel CD (SBCD) CD causes chronic inflammation and erosion of the intestines. It can affect different regions of gastrointestinal tract including the stomach and small and large intestines. WhileisolatedSBCDisanuncommonpresentationofCD,involvementofsomeportion of the small bowel, particularly the ileum, is common Small cell lymphocyte leukemia (SLL) Small cell lymphocyte leukemia is a type of B-cell non-Hodgkin lymphoma, where the SLL cancer is located in lymp nodes and/or the spleen Statin Statinsareaclassoflipid-loweringmedicationsthatreduceillnessandmortalityinthose who are at high risk of cardiovascular disease. They are the most common cholesterol-lowering drugs. Low-density lipoprotein (LDL) carriers of cholesterol play a key role in the development of atherosclerosis and coronary heart disease via the mechanisms described by the lipid hypothesis Systemic lupus erythematosus (SLE) An autoimmune disease, with systemic manifestations including skin rash, erosion of joints or even kidney failure TEAE TreatmentEmergentAdverseEvent,isanyeventnotpresentpriortotheinitiationofthe treatments or any event already present that worsens in either intensity or frequency following exposure to the treatments TYK Tyrosine kinase is an enzyme that can transfer a phosphate group from ATP to the tyrosineresiduesofspecificproteinsinsideacell.Itfunctionsasan"on"or"off"switchin many cellular functions. Tyrosine kinases belong to a larger class of enzymes known as protein kinases which also attach phosphates to other amino acids such as serine and threonine. GLPG3667 is a reversible and selective TYK2 kinase domain inhibitor Target Proteinthathasbeenshowntoplayaroleinadiseaseprocessandthatformsthebasis of a therapeutic intervention or discovery of a medicine 262 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp265.jpg)

OTHER INFORMATION Target discovery Identificationandvalidationofproteinsthathavebeenshowntoplayaroleinadisease process Technology access fee License payment made in return for access to specific technology (e.g. compound or virus collections) Topical corticosteroids Corticosteroids which are administered through the skin using an ointment Ulcerative colitis (UC) UCisanIBDcausingchronicinflammationoftheliningofthecolonandrectum(unlike CD with inflammation throughout the gastrointestinal tract) Venous thrombotic events (VTE) Whenabloodclotbreakslooseandtravelsintheblood.TheabbreviationDVT/PErefers to a VTE where a deep veinthrombosis(DVT) has moved to the lungs (PE or pulmonary embolism) 263 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp266.jpg)

OTHER INFORMATION Financial calendar 25April 2023 Annual Shareholders' Meeting in Mechelen, Belgium 04May 2023 First quarter 2023 results 03August 2023 First half year 2023 results 02November 2023 Third quarter 2023 results 22February 2024 Full year 2023 results 264 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp267.jpg)

OTHER INFORMATION Appendix tables – EU taxonomy Proportion of turnover from products or services associated with Taxonomy-aligned economic –2022 DNSH criteria ('Does Not Substantial contribution criteria Significantly Harm') Biodiversity Biodiversity Climate Climate Taxo-Climate Climate Taxo- nomy-Proportion Minimum nomy- aligned Water and Absolute change change Water and change change marine Circular aligned pro-marine Circular and and pro- portion Cate- portion of gory Cate- ecosystems adaptation ecosystems safeguards of mitigation turnover turnover mitigation adaptation resources economy Pollution resources economy Pollution of turn- (en- gory Code(s) turn- over, abling (transi-over, year activity tional year N N-1 or) activity) Economic activities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) In thousands of € % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T A. TAXONOMY-ELIGIBLE ACTIVITIES Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) N/A Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) N/A Total (A.1 + A.2) N/A B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Turnover of Taxonomy-non-eligible activities (B) 505,280 100% Total (A + B) 505,280100% (1) We disclose the tables in accordance with Annex II of Article 8 Climate Delegated Act and Article 2 of the Complementary Climate Delegated Act, although Galapagos concluded that our core economic activities qualify as taxonomy-non-eligible activities (concurrently resulting in the absence of any taxonomy-eligible activities) and nil alignment with the environmental objectives listed under the EU Taxonomy Regulation; hence we consider the informational value of this tables minimal. In addition, Galapagos does not perform any fossil gas and nuclear energy related activities, as covered by the Complementary Climate Delegated Act. 265 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp268.jpg)

OTHER INFORMATION Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – 2022 DNSH criteria ('Does Not Substantial contribution criteria Significantly Harm') Biodiversity Biodiversity Climate Climate Climate Climate Taxo- Minimum Taxo- nomy-Proportion change Water and change change Water and Circular nomy- aligned change Circular marine marine aligned pro- Cate-Absolute and and pro- portion gory Cate- ecosystems adaptation ecosystems safeguards mitigation adaptation resources mitigation resources economy Pollution portion of (en- gory economy Pollution Code(s) of CapEx, abling (transi-CapEx, year activity tional year N N-1 or) activity) Economic activities (2) CapEx (3) of CapEx (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) In thousands of € % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) N/A CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) N/A A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) N/A CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) N/A Total (A.1 + A.2) N/A B. TAXONOMY-NON-ELIGIBLE ACTIVITIES CapEx of Taxonomy-non-eligible activities (B) 170,015 100% Total (A + B) 170,015100% 266 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp269.jpg)

OTHER INFORMATION Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – 2022 DNSH criteria ('Does Not Substantial contribution criteria Significantly Harm') Biodiversity Biodiversity Climate Climate Climate Climate Taxo- Minimum Taxo- nomy-Proportion change Water and change change Water and Circular nomy- aligned change Circular marine marine and and aligned pro- Cate- Absolute pro- portion gory Cate- ecosystems adaptation ecosystems safeguards mitigation adaptation resources mitigation resources economy Pollution portion of (en- gory economy Pollution Code(s) of OpEx, abling (transi-OpEx, year activity tional year N N-1 or) activity) Economic activities (2) OpEx (3) of OpEx (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) In thousands of € % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) N/A OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) N/A A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) N/A OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) N/A Total (A.1 + A.2) N/A B. TAXONOMY-NON-ELIGIBLE ACTIVITIES OpEx of Taxonomy-non-eligible activities (B) 515,083 100% Total (A + B) 515,083100% 267 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp270.jpg)

OTHER INFORMATION Nuclear and fossil gas related activities Row Nuclear energy related activities The undertaking carries out, funds or has exposures to research, development, demonstration and 1. deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. NO The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including 2. for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. NO The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the 3. purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. NO Fossil gas related activities The undertaking carries out, funds or has exposures to construction or operation of 4. electricity generation facilities that produce electricity using fossil gaseous fuels. NO The undertaking carries out, funds or has exposures to construction, refurbishment, 5. and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. NO The undertaking carries out, funds or has exposures to construction, refurbishment 6. and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. NO 268 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp271.jpg)

OTHER INFORMATION Taxonomy-aligned economic activities (denominator) Amount and proportion (the information is to be presented in monetary amounts and as percentages) Climate change Climate change mitigation adaptation CCM+CCA (CCM) (CCA) Row Economic activities Amount % Amount % Amount % Amount and proportion of taxonomy-aligned economic activity referred to in 1. Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KP — — —Amount and proportion of taxonomy-aligned economic activity referred to in 2. Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of taxonomy-aligned economic activity referred to in 3. Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of taxonomy-aligned economic activity referred to in 4. Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of taxonomy-aligned economic activity referred to in 5. Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of taxonomy-aligned economic activity referred to in 6. Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — Amount and proportion of other taxonomy-aligned economic activities 7. not referred to in rows 1 to 6 above in the denominator of the applicable KPI — — — 8. Total applicable KPI — — — 269 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp272.jpg)

OTHER INFORMATION Taxonomy-aligned economic activities (numerator) Amount and proportion (the information is to be presented in monetary amounts and as percentages) Climate change Climate change mitigation adaptation CCM+CCA (CCM) (CCA) Row Economic activities Amount % Amount % Amount % Amount and proportion of taxonomy-aligned economic activity referred to in 1. Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the nominator of the applicable KP — — —Amount and proportion of taxonomy-aligned economic activity referred to in 2. Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the nominator of the applicable KPI — — —Amount and proportion of taxonomy-aligned economic activity referred to in 3. Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the nominator of the applicable KPI — — —Amount and proportion of taxonomy-aligned economic activity referred to in 4. Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the nominator of the applicable KPI — — —Amount and proportion of taxonomy-aligned economic activity referred to in 5. Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the nominator of the applicable KPI — — —Amount and proportion of taxonomy-aligned economic activity referred to in 6. Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the nominator of the applicable KPI — — — Amount and proportion of other taxonomy-aligned economic activities 7. not referred to in rows 1 to 6 above in the nominator of the applicable KPI — — —Total amount and proportion of 8. taxonomy-aligned economic activities in the numerator of the applicable KPI — — — 270 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp273.jpg)

OTHER INFORMATION Taxonomy-eligible but not taxonomy-aligned economic activities Amount and proportion (the information is to be presented in monetary amounts and as percentages) Climate change Climate change mitigation adaptation CCM+CCA (CCM) (CCA) Row Economic activities Amount % Amount % Amount % Amount and proportion of taxonomy-eligible but non taxonomy-aligned economic activity referred to in Section 1. 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KP — — —Amount and proportion of taxonomy-eligible but non taxonomy-aligned economic activity referred to in Section 2. 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of taxonomy-eligible but non taxonomy-aligned economic activity referred to in Section 3. 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of taxonomy-eligible but non taxonomy-aligned economic activity referred to in Section 4. 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of taxonomy-eligible but non taxonomy-aligned economic activity referred to in Section 5. 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of taxonomy-eligible but non taxonomy-aligned economic activity referred to in Section 6. 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — Amount and proportion of other taxonomy-eligible but not taxonomy-7. aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI — — —Total amount and proportion of taxonomy eligible but not taxonomy-8. aligned economic activities in the denominator of the applicable KPI — — — 271 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp274.jpg)

OTHER INFORMATION Taxonomy non-eligible economic activities Turnover CapEx OpEx Amount Percentage Amount Percentage Amount Percentage In In In thousands thousands thousands Row Economic activities of € % of € % of € % Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in 1. accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in 2. accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in 3. accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in 4. accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in 5. accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — —Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in 6. accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — Amount and proportion of other taxonomy-non-eligible economic 7. activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 505,280 100% 170,015 100% 515,083 100% Total amount and proportion of taxonomy-non-eligible economic 8. activities in the denominator of the applicable KPI 505,280 100% 170,015 100% 515,083 100% 272 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp275.jpg)

OTHER INFORMATION Colophon Concept, design and online programming nexxar GmbH, Vienna – Online annual reports and online sustainability reports www.nexxar.com Photography Frank van Delft Private photographs Video Deep Thought Productions Cocoon® Platform footage courtesy of Lonza Magazine Copy Evelyn Fox Copy deadline: 23March 2023 This report is also available in Dutch and available for download in the Downloads section of this report or at www.glpg.com 273 Galapagos NV Annual Report 2022

------

![LOGO](g828657dsp276.jpg)

OTHER INFORMATION Contact Sofie Van Gijsel Sandra Cauwenberghs Head of Investor Relations Director of Investor Relations Galapagos NV Galapagos NV Generaal De Wittelaan L11 A3 Generaal De Wittelaan L11 A3 2800 Mechelen, Belgium 2800 Mechelen, Belgium Tel. +1 781 296 1143 Tel. +32 15 34 29 00 Email: ir@glpg.com Email: ir@glpg.com Marieke Vermeersch Elisa Chenailler Head of Corporate Communication Corporate Communications Manager Galapagos NV Galapagos NV Generaal De Wittelaan L11 A3 Aeschengraben 27 2800 Mechelen, Belgium 4051 Basel, Switzerland Tel. +32 479 49 06 03 Tel. +41 79 853 33 54 Email: communications@glpg.com Email: communications@glpg.com 274 Galapagos NV Annual Report 2022

## Exhibit 99.3

**Exhibit 99.3** 

23 March 2023

Subject: Galapagos AGM 2023

**Dear shareholders and holders of subscription rights,** 

In 2022, Galapagos (the "Company") embarked on a new chapter under the leadership of Dr. Paul Stoffels\*, who was appointed as CEO, effective 1 April 2022. As approved at our Shareholders' Meetings in April 2022, we implemented a one-tier governance structure and Dr. Paul Stoffels was appointed as a member of the Board of Directors ("Board") of the Company, and the Board subsequently appointed Dr. Paul Stoffels as its Chair. The Board believes that the one-tier governance structure and the combined Chair/CEO role allows Galapagos to fully leverage the leadership of Dr. Paul Stoffels and to efficiently set and implement the Company's direction and strategy, including for business development opportunities.

**On the appointment of a Lead Non-Executive Director** 

During the Company's discussions with certain shareholders about its new structure in advance of the 2022 Shareholders' Meetings, many shareholders expressed alignment with the Company's new structure and strategy but desired assurances that Board oversight would remain independent. To ensure appropriate oversight of the CEO and management on behalf of the Company's shareholders, the Board decided to appoint a Lead Non-Executive Director ("LNED") if and as long as the CEO serves as Chair.

The role and responsibility of the LNED is to ensure the independence of the Board from the Chair/CEO and executive management, to act as the principal liaison between the non-executive members of the Board and the Chair/CEO and to support the Chair/CEO. The LNED has the authority to call meetings of the non-executive directors at any time and is also automatically the Vice-Chair of the Board. A detailed summary of the roles and responsibilities of the LNED is included in our Corporate Governance Charter which is available on our <u>website</u>.

On 21 March 2023, the Board appointed Jérôme Contamine as new LNED, replacing Dr. Rajesh Parekh who was appointed by the Board as LNED in 2022 to ensure a smooth transition to Dr. Paul Stoffels as the new Chair. Mr. Contamine has been anon-executive independent member of the Company's Board since 26 April 2022. Mr. Contamine served as Chief Financial Officer of Sanofi for more than nine years, from 2009 until 2018, and prior to Sanofi, Mr. Contamine held roles such as CFO and performed operating functions and auditor functions at other companies and organizations. With Mr. Contamine's deep expertise overseeing the Company's strategy and operations, the Board is convinced that he is very well positioned to safeguard and oversee the independence of the Board on behalf of the Company's shareholders.

![LOGO](g828657dsp001a.jpg)

------

**On our Remuneration Policy** 

On 26 April 2022, the shareholders approved an amended version of the Company's Remuneration Policy. Related remuneration decisions for the 2022 fiscal year were taken in accordance with the approved Remuneration Policy.

While our Remuneration Policy is approved for a period of four years, we noted that a number of shareholders did not support the proposal. We intend to review our Remuneration Policy and disclosure approach based on evolving best practices as well as feedback received from certain shareholders during an extensive listening tour in 2022. We will continue to consult with our shareholders, and we aim to present the outcomes of this review as part of the materials brought to our shareholders at the Annual Shareholders' Meeting to be held in 2024.

We thank our shareholders for their continued feedback and support and look forward to continuing our dialogue as we roll out our corporate strategy, including Environmental, Social and Governance ("ESG") related aspects.

Respectfully,

The Board of Directors

*\*Throughout this letter, "Dr. Paul Stoffels" should be read as "Dr. Paul Stoffels, acting via Stoffels IMC BV"* 

**Forward-looking statements** 

*This letter includes forward-looking statements. Such forward-looking statements are not guarantees of future results or events. When used in this letter, the words "will," "believes," "ensure," "intend," "implement," "become," "efficiently," "very," "well," "safeguard" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding the appointment of Dr. Paul Stoffels\* as combined Chair/CEO, the appointment of Jérôme Contamine as Lead Non-Executive Director, and the review of our Renumeration Policy and the possible outcomes thereof. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from those referred to in the forward-looking statements and, therefore, the reader should not place undue reliance on them. These risks, uncertainties and other factors include, without limitation: the risk that we may not be able to realize the expected benefits from the appointment of the Chair/CEO, the Lead Non-Executive Director and the review of our Remuneration Policy. For a discussion of other risks and uncertainties and other important factors, any of which could cause our actual results, performance or achievements to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in our most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (SEC), as supplemented and/or modified by any other filings and reports that we have made or will make with the SEC in the future. These forward-looking statements speak only as of the date hereof, and we make no commitment to update any forward-looking statements in this document, unless specifically required by law or regulation.*![LOGO](g828657dsp002.jpg)

---

| | |
|:---|:---|
| ![LOGO](g828657dsp02.jpg) | 2.0 |

---

## Exhibit 99.4

**Exhibit 99.4**![LOGO](g828657snap301-302jpg.jpg)

*Free translation from Dutch* 

*For information purposes only* 

**GALAPAGOS NV** 

Limited liability company

Generaal De Wittelaan L11 A3, 2800 Mechelen,

Belgium Company Number: 0466.460.429

RLE Antwerp - division Mechelen

**Invitation to the Annual Shareholders' Meeting to be held on 25 April 2023** 

The Board of Directors of Galapagos NV (hereinafter the "**Company**", or "**Galapagos**") has the honor to invite the shareholders, holders of subscription rights, directors, and statutory auditor of the Company to the annual shareholders' meeting (hereinafter the "**Annual Shareholders' Meeting**") of the Company that will be held on Tuesday 25 April 2023, at 2:00 p.m. (Belgian time) at the registered office of the Company (Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium).

There is no attendance quorum requirement for the deliberation and voting on the agenda items referred to in the below agenda of the Annual Shareholders' Meeting.

**Agenda and proposed resolutions** 

The agenda and proposed resolutions of the Annual Shareholders' Meeting of the Company, which, as the case may be, can be amended at the meeting on behalf of the Board of Directors, are as follows:

**1.** Acknowledgement and discussion of (a) the annual report of the Board of Directors in relation to
the non-consolidated and consolidated annual accounts of the Company for the financial year ended on 31 December 2022, and (b) the report of the statutory auditor in relation to the non-consolidated annual accounts of the Company for the financial year ended on 31 December 2022

**2.** Acknowledgement and approval of the non-consolidated annual
accounts of the Company for the financial year ended on 31 December 2022, and approval of the allocation of the annual result as proposed by the Board of Directors

**<u>Proposed resolution</u>**: The shareholders' meeting resolves to approve the non-consolidated annual accounts of the Company for the financial year ended on 31 December 2022, and the allocation of the annual result as proposed by the Board of Directors.

**3.** Acknowledgement and discussion of the report of the statutory auditor relating to the consolidated
annual accounts of the Company for the financial year ended on 31 December 2022

**4.** Acknowledgement and discussion of the consolidated annual accounts of the Company for the financial year
ended on 31 December 2022

**5.** Acknowledgement and approval of the remuneration report

**<u>Proposed resolution</u>**: The shareholders' meeting resolves to approve the remuneration report included in the annual report of the Board of Directors for the financial year ended on 31 December 2022.

**6.** Release from liability to be granted to the members of the Board of Directors, the members of the former
Supervisory Board, and the statutory auditor for the performance of their respective mandates during the financial year ended on 31 December 2022

**<u>Proposed resolution</u>**: The shareholders' meeting resolves, by a separate vote, to release each member of the Board of Directors, each member of the former Supervisory Board, and the statutory auditor from any liability arising from the performance of their respective mandates during the financial year ended on 31 December 2022.

------

Galapagos NV \| AGM 25 April 2023 \| Convening Notice Page 1 of 5

------

![LOGO](g828657snap301-302jpg.jpg)

*Free translation from Dutch*

*For information purposes only*

**7.** Remuneration of the statutory auditor for the financial year ended on 31 December 2022

**<u>Proposed resolution</u>**: The shareholders' meeting resolves to approve the increase of the annual remuneration of the statutory auditor from €769,610 (VAT and expenses exclusive), as approved by the ordinary shareholders' meeting of 28 April 2020, to €1,127,098 (VAT and expenses exclusive) for the audit of the non-consolidated and consolidated accounts for the financial year ended on 31 December 2022. This increase mainly results from the fact that the scope of the audit activities performed by the statutory auditor was broadened as a result of Galapagos' commercial activities ramping up in 2022, as well as the acquisitions made.

**8.** Appointment of statutory auditor

**<u>Proposed resolution</u>:** In accordance with the recommendation of the Audit Committee and upon proposal of the Board of Directors, the shareholders' meeting resolves (a) to appoint BDO Bedrijfsrevisoren BV, with its registered office at Da Vincilaan 9/E.6, 1930 Zaventem, and registered with the Crossroads Enterprise Database (RPR Brussels, Dutch-speaking division) under the number 0431.088.289, permanently represented by Ellen Lombaerts, as statutory auditor of the Company for a period of 3 years, and (b) to determine the annual remuneration of BDO Bedrijfsrevisoren BV for its mandate as statutory auditor of the Company at €852,000 (if any, VAT exclusive) per year. Such mandate will expire immediately after the annual shareholders' meeting to be held in 2026 which will have decided upon the Company's annual accounts for the financial year to be ended on 31 December 2025.

**9.** Re-appointment of Mr. Peter Guenter as independent director

**<u>Proposed resolution</u>**: Upon proposal of the Board of Directors, and in accordance with the advice of the Nomination Committee, the shareholders' meeting resolves (a) to re-appoint Mr. Peter Guenter as an independent member of the Board of Directors of the Company, for a period of 4 years, effective as of today, ending immediately after the annual shareholders' meeting to be held in 2027, and (b) to confirm his mandate as an independent member of the Board of Directors since (i) Mr. Peter Guenter meets the independence criteria set forth in article 7:87 of the Belgian Companies and Associations Code, and article 3.5 of the Belgian Corporate Governance Code 2020, and (ii) Mr. Peter Guenter has explicitly declared not to have (and the Board of Directors is not aware of) any connections with the Company or a major shareholder, which would interfere with his independence. The shareholders' meeting also resolves that the mandate of Mr. Peter Guenter is remunerated as provided for non-executive members of the Board of Directors in (a) the Remuneration Policy, approved by the ordinary shareholders' meeting of 26 April 2022, and (b) the minutes of the ordinary shareholders' meeting of 28 April 2020.

**10.** Re-appointment of Mr. Daniel O'Day as director

**<u>Proposed resolution</u>**: Upon proposal of the Board of Directors, and in accordance with the advice of the Nomination Committee, the shareholders' meeting resolves to re-appoint Mr. Daniel O'Day as a non-independent member of the Board of Directors of the Company, for a period of 4 years, effective as of today, ending immediately after the annual shareholders' meeting to be held in 2027. The shareholders' meeting of the Company also resolves that the mandate of Mr. Daniel O'Day as director of the Company will not be remunerated.

**11.** Re-appointment of Dr. Linda Higgins as director

**<u>Proposed resolution</u>**: Upon proposal of the Board of Directors, and in accordance with the advice of the Nomination Committee, the shareholders' meeting resolves to re-appoint Dr. Linda Higgins as a non-independent member of the Board of Directors of the Company, for a period of 4 years, effective as of today, ending immediately after the annual shareholders' meeting to be held in 2027. The shareholders' meeting of the Company also resolves that the mandate of Dr. Linda Higgins as director of the Company will not be remunerated.

------

Galapagos NV \| AGM 25 April 2023 \| Convening Notice Page 2 of 5

------

![LOGO](g828657snap301-302jpg.jpg)

*Free translation from Dutch*

*For information purposes only*

**Registration and admission formalities** 

To be admitted to the Annual Shareholders' Meeting, the holders of securities issued by the Company must comply with (a) article 7:134 of the Belgian Companies and Associations Code, and (b) article 23 of the Company's articles of association, as well as complete the formalities and make the notifications further described below.

Only shareholders are entitled to vote at the Annual Shareholders' Meeting. The holders of subscription rights issued by the Company can, in accordance with article 7:135 of the Belgian Companies and Associations Code, only attend the Annual Shareholders' Meeting with an advisory vote. Article 23 of the Company's articles of association determines the formalities that these security holders must complete to be admitted to the Annual Shareholder' Meeting.

---

| | |
|:---|:---|
| **1** | **Holders of registered shares and subscription rights**  |

---

The holders of registered shares and subscription rights issued by the Company are entitled to participate in, and, in the case of shares, to vote at, the Annual Shareholders' Meeting, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• their shares or subscription rights are recorded in their name in the register of registered shares or
subscription rights, respectively, at midnight (24:00) (Belgian time) on **11 April 2023** (hereinafter the "**Record Date** "), irrespective of the number of shares or subscription rights that they hold on the date
of the Annual Shareholders' Meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they notify the Company in writing of (a) their intention to participate in the Annual Shareholders'
Meeting, and (b) the number of securities for which they wish to participate in the Annual Shareholders' Meeting, by means of the signed form that must be received by the Company at midnight (24:00) (Belgian Time) **at the latest on 19 April 2023**. This form is available on the Company's website (<u>www.glpg.com/shareholders-meetings</u>).

This form must be submitted to Galapagos by e-mail (<u>shareholders@glpg.com</u>) or by post (Galapagos NV, attn.: Ms. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium).

---

| | |
|:---|:---|
| **2** | **Holders of dematerialized shares**  |

---

The holders of dematerialized shares are entitled to participate in, and to vote at, the Annual Shareholders' Meeting, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• their shares are recorded in their name in the accounts of a recognized account holder, or settlement
institution, at midnight (24:00) (Belgian time) on **11 April 2023** (hereinafter the "**Record Date** "), irrespective of the number of shares that they hold on the date of the Annual Shareholders' Meeting;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at midnight (24:00) (Belgian time) **at the latest on 19 April 2023**, they provide the Company with, or
arrange for the Company to be provided with, a certificate (issued by a recognized account holder, or a settlement institution) which is certifying the number of dematerialized shares recorded in the relevant shareholder's accounts on the
Record Date in respect of which the relevant shareholder has indicated his/her intention to participate in the Annual Shareholders' Meeting.

This certificate must be submitted to Galapagos by e-mail (<u>shareholders@glpg.com</u>) or by post (Galapagos NV, attn.: Ms. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium).

------

Galapagos NV \| AGM 25 April 2023 \| Convening Notice Page 3 of 5

------

![LOGO](g828657snap301-302jpg.jpg)

*Free translation from Dutch*

*For information purposes only*

Only persons who are a shareholder of the Company on the Record Date and have indicated their intention to participate in the Annual Shareholders' Meeting as set out above, will be entitled to participate in, and vote at, the Annual Shareholders' meeting. The shares are not blocked as a result of the above-mentioned process. As a result, shareholders are free to dispose of their shares after the Record Date.

**Proxy** 

In accordance with article 24 of the Company's articles of association, shareholders having complied with the registration and admission formalities set out above, may be represented at the Annual Shareholders' Meeting by the General Counsel of the Company, with power of substitution, in her capacity as proxy holder, provided that the proxy does contain specific voting instructions for each item on the agenda of the Annual Shareholders' Meeting.

Shareholders who so wish to be represented by proxy, should use the proxy form (with voting instructions) made available on the Company's website (<u>www.glpg.com/shareholders-meetings</u>). The signed proxy form must be submitted to Galapagos by e-mail (<u>shareholders@glpg.com</u>) or by post (Galapagos NV, attn.: Ms. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium), and must reach Galapagos by no later than 19 April 2023.

**Voting by letter** 

In accordance with article 7:146 of Belgian Companies and Associations Code, and article 24 of the Company's articles of association, shareholders having complied with the registration and admission formalities set out above, are allowed to vote by letter - prior to the Annual Shareholders' Meeting - by means of a form made available on the Company's website (<u>www.glpg.com/shareholders-meetings</u>).

The signed form must be submitted to Galapagos by e-mail (<u>shareholders@glpg.com</u>) or by post (Galapagos NV, attn.: Ms. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium), and must reach Galapagos by no later than 19 April 2023.

**Right to ask questions** 

In accordance with article 7:139 of the Belgian Companies and Associations Code, and article 28 of the articles of association of the Company, shareholders and holders of subscription rights issued by the Company, are entitled, whether during the Annual Shareholders' Meeting or in writing before the meeting, to ask questions to (a) the members of the Board of Directors with respect to its report, or the agenda items, and (b) the statutory auditor with respect to its report.

Questions asked in writing, will only be answered if the relevant shareholder, or holder of subscription rights, has fulfilled the registration and admission formalities set out above, and if the written question has been received by the Company at the latest on 19 April 2023. Any written questions must be submitted to Galapagos by e-mail (<u>shareholders@glpg.com</u>) or by post (Galapagos NV, attn.: Ms. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium).

**Right to add agenda items** 

In accordance with article 7:130 of the Belgian Companies and Associations Code, and article 22 of the articles of association of the Company, one or more shareholders who alone or together possess at least 3% of the share capital of the Company, and provided that the applicable legal restrictions have been complied with, may request for additional items to be added to the agenda of the Annual Shareholders' Meeting, and submit proposed resolutions in relation to existing agenda items or new items to be added to the agenda. Such request, along with proof of ownership of the required participation, and, as the case may be, the text of the items to be dealt with and related proposed resolutions, must be submitted to Galapagos by e-mail (<u>shareholders@glpg.com</u>) or by post (Galapagos NV, attn.: Ms. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium), and must reach Galapagos by no later than 3 April 2023. As the case may be, the Company will publish a modified agenda for the Annual Shareholders' Meeting at the latest on 10 April 2023.

------

Galapagos NV \| AGM 25 April 2023 \| Convening Notice Page 4 of 5

------

![LOGO](g828657snap301-302jpg.jpg)

*Free translation from Dutch*

*For information purposes only*

**Availability of documents** 

The documentation relating to the Annual Shareholders' Meeting, or that must be made available pursuant to the applicable laws, as well as the total number of shares and voting rights at the date hereof, are made available on the Company's website (<u>www.glpg.com/shareholders-meetings</u>). Any hard copies of this documentation can be obtained at no cost by e-mail (<u>shareholders@glpg.com</u>) or by post (Galapagos NV, attn.: Ms. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium).

Please address any requests for more information to the Legal department of Galapagos (+32 15 342 900). Correspondence can be sent by e-mail (<u>shareholders@glpg.com</u>) or by post (Galapagos NV, attn.: Ms. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium).

**Miscellaneous** 

To facilitate an expedient registration, the participants are requested to be present at least 15 minutes prior to the start of the Annual Shareholders' Meeting.

The convening notice for the Annual Shareholders' Meeting is drafted in Dutch and English, it being however understood that (i) the English version of the convening notice is only a free translation for information purposes, and (ii) in case of an inconsistency between the Dutch and English version of the convening notice, the Dutch version will at all times prevail.

The natural persons who intend to attend the Annual Shareholders' Meeting in their capacity as holder of securities, proxy holders, or representatives of a legal entity, must provide evidence of their identity in order to be granted access to the meeting. In addition, the representatives of legal entities must hand over all documents establishing their capacity as corporate representative or attorney-in-fact. These documents will be verified immediately before the start of the Annual Shareholders' Meeting.

**Data protection** 

The Company is responsible for the processing of personal data it receives from, or collects about, holders of securities issued by the Company and proxy holders in the context of shareholders' meetings. The processing of such data will be carried out for the purposes of the organization and conduct of the relevant shareholders' meeting, including (without limitation) the convening notices, registrations, attendance and voting, as well as for maintaining lists or registers of security holders, and the analysis of the investor and security holder base of the Company. These data include, amongst others, identification data, the number and nature of securities of any holder of securities issued by the Company, proxies and voting instructions. These data may also be transferred to third parties for the purposes of assistance or services to the Company in connection with the foregoing. The processing of the above data will be carried out, *mutatis mutandis*, in accordance with the Company's Privacy Statement, available on the Company's website (<u>www.glpg.com/privacy-notice</u>). The Company draws the attention of the holders of securities issued by the Company and proxy holders to the description of the rights they may have as data subjects, such as, among others, the right to access, the right to rectify and the right to object to processing, which are further outlined in the section 'Your rights as a data subject' of the aforementioned Privacy Statement. All this does not affect the rules that apply in connection with the registration and participation to the shareholders' meeting. To exercise rights as a data subject, as well as for all other information regarding the processing of personal data by or on behalf of the Company, the Company can be contacted by e-mail at <u>dpo@glpg.com</u>.

*On behalf of the Board of Directors* 

------

Galapagos NV \| AGM 25 April 2023 \| Convening Notice Page 5 of 5

## Exhibit 99.5

**Exhibit 99.5** 

---

| | |
|:---|:---|
| **Gewone Algemene Vergadering van 25 april 2023**<br> **Annual Shareholders' Meeting of 25 April 2023** | ![LOGO](g828657snap301-302jpg.jpg)  |

---

---

| | |
|:---|:---|
| **Volmacht**<br> (enkel te gebruiken door aandeelhouders) | **Proxy**<br> (to be used by shareholders only) |

---

De ondergetekende: The undersigned: <br> *(Naam en adres / Name and address)*

---

| | |
|:---|:---|
| hierin optredend als lastgever,<br>eigenaar van het volgende aantal aandelen in **Galapagos NV** (naamloze vennootschap naar Belgisch recht, met zetel te Generaal De Wittelaan L11 A3, 2800 Mechelen, België en ingeschreven in het Rechtspersonenregister (RPR Antwerpen, afdeling Mechelen) onder het nummer 0466.460.429) (de "**Vennootschap**"): | herein acting as grantor of a proxy,<br>owner of the following number of shares in **Galapagos NV** (public limited liability company organized under the laws of Belgium, with registered office at Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium and registered with the Register of Legal Entities (RLE Antwerp, division Mechelen) under the number 0466.460.429) (the "**Company**"): |

---

*(Aantal aandelen / Number of shares)*

stelt hiermee aan tot zijn / haar bijzondere volmachtdrager, met recht van indeplaatsstelling: herewith appoints as his / her special proxy holder, with power of substitution:

Valeria Cnossen, General Counsel van/of Galapagos NV, p/a Generaal De Wittelaan L11 A3, 2800 Mechelen, België/Belgium <br> *(Naam en adres van de gevolmachtigde / Name and address of the proxy holder)*

---

| | |
|:---|:---|
| hierna de "**volmachtdrager**", | hereinafter the "**proxy holder**", |
| aan wie hij / zij volmacht geeft tot bijwoning van, en uitoefening van de stemrechten op, de Gewone Algemene Vergadering van de Vennootschap, die zal worden gehouden op dinsdag 25 april 2023, om 14.00 uur (Belgische tijd) en op de zetel van de Vennootschap, alsook elke andere Algemene Vergadering met dezelfde agenda die daarna zou worden bijeengeroepen als gevolg van verdaging of uitstel, in naam en voor rekening van de ondergetekende, met als bedoeling om de hierna uiteengezette agenda in overweging te nemen en, voor dit doel, deel te nemen aan de beraadslaging, te stemmen ofwel zich te onthouden, alle aanwezigheidslijsten, notulen of enig andere stukken te ondertekenen, woonplaats te kiezen, subdelegatie te geven, en meer in het algemeen te doen wat nuttig of nodig wordt geacht door de volmachtdrager voor de uitvoering van deze volmacht. | to whom he / she gives power of attorney to attend, as well as to exercise voting rights, at the Annual Shareholders' Meeting of the Company, to be held on Tuesday 25 April 2023, at 2.00 p.m (Belgian time) and at the registered office of the Company, as well as at any other Shareholders' Meeting with the same agenda that may be convened subsequently as a result of adjournment or delay, in the name of and on behalf of the undersigned, for the purpose of considering the agenda set forth below and, for this purpose, to participate in the deliberation, to vote or abstain, to sign all attendance lists, minutes or any other documents, to elect domicile, to sub-delegate authority, and more generally to do anything the proxy holder deems useful or necessary for the exercise of this proxy. |
| *Ingeval dat, overeenkomstig artikel 7:130 van het Wetboek van Vennootschappen en Verenigingen nieuw te behandelen onderwerpen op de agenda zijn opgenomen nadat onderhavige volmacht ter kennis van de Vennootschap is gebracht, zal de volmachtdrager ook over deze nieuwe agendapunten kunnen stemmen voor zover de volmachtdrager daarbij geen ander belang dan het belang van ondergetekende aandeelhouder nastreeft. De volmachtformulieren die de Vennootschap bereiken voorafgaand aan de publicatie van de gewijzigde agenda, blijven geldig voor de agendapunten waarop de volmachten betrekking hebben, doch evenwel onder voorbehoud van de toepasselijke wetgeving.* | *If, pursuant to article 7:130 of the Code of Companies and Associations, new items to be dealt with are included in the agenda after the present proxy form has been submitted to the Company, the proxy holder shall be entitled to vote on such new agenda items insofar as the proxy holder, by doing so, does not pursue another interest than the interest of the undersigned shareholder. Proxies that reach the Company prior to the publication of the amended agenda remains valid for the agenda items to which the proxies apply, subject, however, to applicable law.* |
| *Deze volmacht is geen verzoek tot verlening van volmacht overeenkomstig de bepalingen van artikelen 7:144 of 7:145 van het Wetboek van Vennootschappen en Verenigingen.* | *This proxy does not constitute a proxy solicitation in accordance with the provisions of articles 7:144 or 7:145 of the Companies and Associations Code.* |

---

------

Galapagos NV \| Volmacht AV 25 april 2023 \| Proxy AGM 25 April 2023 P. 1 \| 5

------

---

| | |
|:---|:---|
| **Gewone Algemene Vergadering van 25 april 2023**<br> **Annual Shareholders' Meeting of 25 April 2023** | ![LOGO](g828657snap301-302jpg.jpg) |

---

---

| | |
|:---|:---|
| *Deze volmacht dient handgeschreven of elektronisch te worden ondertekend. Indien gebruik wordt gemaakt van de mogelijkheid om dit formulier elektronisch te tekenen, dient het te gaan om een elektronische handtekening in de zin van artikel 3.10 van Verordening (EU) Nr. 910/2014 van het Europees Parlement en de Raad van 23 juli 2014 betreffende elektronische identificatie en vertrouwensdiensten voor elektronische transacties in de interne markt en tot intrekking van Richtlijn 1999/93/EG, zoals gewijzigd, hetzij een gekwalificeerde elektronische handtekening in de zin van artikel 3.12 van dezelfde Verordening.* | *This proxy should be signed either in handwriting or electronically. If the opportunity to sign this proxy form electronically is made use of, it must be an electronic signature within the meaning of article 3.10 of Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC, as amended, or a qualified electronic signature within the meaning of article 3.12 of the same Regulation.* |
| **Agenda** | **Agenda** |
| 1.Kennisname en bespreking van (a) het jaarverslag van de Raad van Bestuur betreffende de statutaire en geconsolideerde jaarrekening van de Vennootschap over het boekjaar afgesloten op 31 december 2022, en (b) het verslag van de commissaris betreffende de statutaire jaarrekening van de Vennootschap over het boekjaar afgesloten op 31 december 2022 | 1.Acknowledgement and discussion of (a) the annual report of the Board of Directors in relation to the non-consolidated and consolidated annual accounts of the Company for the financial year ended on 31 December 2022, and (b) the report of the statutory auditor in relation to the non-consolidated annual accounts of the Company for the financial year ended on 31 December 2022 |
| 2.Kennisname en goedkeuring van de statutaire jaarrekening van de Vennootschap over het boekjaar afgesloten op 31 december 2022, alsook goedkeuring van de door de Raad van Bestuur voorgestelde bestemming van het jaarresultaat | 2.Acknowledgement and approval of the non-consolidated annual accounts of the Company for the financial year ended on 31 December 2022, and approval of the allocation of the annual result as proposed by the Board of Directors |
| ***<u>Voorstel van besluit</u>****: De algemene vergadering besluit de statutaire jaarrekening van de Vennootschap over het boekjaar afgesloten op 31 december 2022, alsook de door de Raad van Bestuur voorgestelde bestemming van het jaarresultaat goed te keuren.* | ***<u>Proposed resolution</u>****:* *****The shareholders' meeting resolves to approve the non-consolidated annual accounts of the Company for the financial year ended on 31 December 2022, and the allocation of the annual result as proposed by the Board of Directors.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 2 - Steminstructie:** | **Agenda item 2 - Voting instruction:** | **Agenda item 2 - Voting instruction:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 3.Kennisname en bespreking van het verslag van de commissaris betreffende de geconsolideerde jaarrekening van de Vennootschap over het boekjaar afgesloten op 31 december 2022 | 3.Acknowledgement and discussion of the report of the statutory auditor relating to the consolidated annual accounts of the Company for the financial year ended on 31 December 2022 |
| 4.Kennisname en bespreking van de geconsolideerde jaarrekening van de Vennootschap over het boekjaar afgesloten op 31 december 2022 | 4.Acknowledgement and discussion of the consolidated annual accounts of the Company for the financial year ended on 31 December 2022 |
| 5.Kennisname en goedkeuring van het remuneratieverslag | 5.Acknowledgement and approval of the remuneration report |
| ***<u>Voorstel van besluit</u>****: De algemene vergadering besluit om het remuneratieverslag opgenomen in het jaarverslag van de Raad van Bestuur over het boekjaar afgesloten op 31 december 2022, goed te keuren.* | ***<u>Proposed resolution</u>****: The shareholders' meeting resolves to approve the remuneration report included in the annual report of the Board of Directors for the financial year ended on 31 December 2022.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 5 - Steminstructie:** | **Agenda item 5 - Voting instruction:** | **Agenda item 5 - Voting instruction:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 6.Kwijting aan de leden van de Raad van Bestuur, de leden van de voormalige Raad van Toezicht en de commissaris voor de uitoefening van hun respectieve mandaten tijdens het boekjaar afgesloten op 31 december 2022 | 6.Release from liability to be granted to the members of the Board of Directors, the members of the former Supervisory Board, and the statutory auditor for the performance of their respective mandates during the financial year ended on 31 December 2022 |
| ***<u>Voorstel van besluit</u>****: De algemene vergadering besluit, bij afzonderlijke stemming, om kwijting van aansprakelijkheid te geven aan elk lid van de Raad van Bestuur, aan elk lid van de voormalige Raad van Toezicht en aan de commissaris voor de uitoefening van hun respectieve mandaten tijdens het boekjaar afgesloten op 31 december 2022.* | ***<u>Proposed resolution</u>:*** *The shareholders' meeting resolves, by a separate vote, to release each member of the Board of Directors, each member of the former Supervisory Board, and the statutory auditor from any liability arising from the performance of their respective mandates during the financial year ended on 31 December 2022.* |

---

------

Galapagos NV \| Volmacht AV 25 april 2023 \| Proxy AGM 25 April 2023 P. 2 \| 5

------

---

| | |
|:---|:---|
| **Gewone Algemene Vergadering van 25 april 2023**<br> **Annual Shareholders' Meeting of 25 April 2023** | ![LOGO](g828657snap301-302jpg.jpg) |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 6 - Steminstructie:** | **Agenda item 6 - Voting instruction:** | **Agenda item 6 - Voting instruction:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 7.Bezoldiging van de commissaris voor het boekjaar afgesloten op 31 december 2022 | 7.Remuneration of the statutory auditor for the financial year ended on 31 December 202 |
| ***<u>Voorstel van besluit</u>*** ***<u>:</u>*** *De algemene vergadering besluit om de verhoging van de jaarlijkse bezoldiging van de commissaris van €769.610 (BTW en onkosten exclusief), zoals goedgekeurd door de gewone algemene vergadering van 28 april 2020, tot €1.127.098 (BTW en onkosten exclusief) voor de audit van de statutaire en geconsolideerde jaarrekening over het boekjaar afgesloten op 31 december 2022 goed te keuren. Deze stijging is voornamelijk het gevolg van het feit dat de omvang van de audit activiteiten uitgevoerd door de commissaris zijn verruimd als gevolg van het opvoeren van de commerciële activiteiten van Galapagos in 2022, alsook de gedane overnames.* | ***<u>Proposed resolution</u>****: The shareholders' meeting resolves to approve the increase of the annual remuneration of the statutory auditor from €769,610 (VAT and expenses exclusive), as approved by the ordinary shareholders' meeting of 28 April 2020, to €1,127,098 (VAT and expenses exclusive) for the audit of the non-consolidated and consolidated accounts for the financial year ended on 31 December 2022. This increase mainly results from the fact that the scope of the audit activities performed by the statutory auditor was broadened as a result of Galapagos' commercial activities ramping up in 2022, as well as the acquisitions made.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 7 - Steminstructie:** | **Agenda item 7 - Voting instruction:** | **Agenda item 7 - Voting instruction:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 8.Benoeming van de commissaris | 8.Appointment of statutory auditor |
| ***<u>Voorstel van besluit</u>*** ***:*** *In overeenstemming met de aanbeveling van het Auditcomité en op voorstel van de Raad van Bestuur, besluit de algemene vergadering om (a) BDO Bedrijfsrevisoren BV, met haar zetel te Da Vincilaan 9/E.6, 1930 Zaventem en geregistreerd in de Kruispuntbank van Ondernemingen (RPR Brussel, Nederlandstalige afdeling) onder het nummer 0431.088.289, vast vertegenwoordigd door Ellen Lombaerts, te benoemen als commissaris van de Vennootschap voor een termijn van 3 jaar, en (b) de jaarlijkse vergoeding van BDO Bedrijfsrevisoren BV voor haar mandaat als commissaris van de Vennootschap te bepalen op €852.000 (exclusief BTW, indien relevant) per jaar. Dergelijk mandaat zal onmiddellijk verstrijken na de gewone algemene vergadering die in 2026 zal worden gehouden, en die zal hebben beslist omtrent de jaarrekening van de Vennootschap over het boekjaar af te sluiten op 31 december 2025.* | ***<u>Proposed resolution</u>*** ***:*** *In accordance with the recommendation of the Audit Committee and upon proposal of the Board of Directors, the shareholders' meeting resolves (a) to appoint BDO Bedrijfsrevisoren BV, with its registered office at Da Vincilaan 9/E.6, 1930 Zaventem, and registered with the Crossroads Enterprise Database (RPR Brussels, Dutch-speaking division) under the number 0431.088.289, permanently represented by Ellen Lombaerts, as statutory auditor of the Company for a period of 3 years, and (b) to determine the annual remuneration of BDO Bedrijfsrevisoren BV for its mandate as statutory auditor of the Company at €852,000 (if any, VAT exclusive) per year. Such mandate will expire immediately after the annual shareholders' meeting to be held in 2026 which will have decided upon the Company's annual accounts for the financial year to be ended on 31 December 2025.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 8 - Steminstructie:** | **Agenda item 8 - Voting instruction:** | **Agenda item 8 - Voting instruction:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 9.Herbenoeming van dhr. Peter Guenter als onafhankelijk bestuurder | 9.Re-appointment of Mr. Peter Guenter as independent director |
| ***<u>Voorstel van besluit</u>****:* *****Op voorstel van de Raad van Bestuur en in overeenstemming met het advies van het Benoemingscomité, besluit de algemene vergadering om (a) dhr. Peter Guenter te herbenoemen als onafhankelijk lid van de Raad van Bestuur van de Vennootschap, voor een periode van 4 jaar vanaf heden, die een einde zal nemen onmiddellijk na de gewone algemene vergadering te houden in 2027, en (b) zijn mandaat als* | ***<u>Proposed resolution</u>****:* *****Upon proposal of the Board of Directors, and in accordance with the advice of the Nomination Committee, the shareholders' meeting resolves (a) to re-appoint Mr. Peter Guenter as an independent member of the Board of Directors of the Company, for a period of 4 years, effective as of today, ending immediately after the annual shareholders' meeting to be held in 2027, and (b) to confirm his* |

---

------

Galapagos NV \| Volmacht AV 25 april 2023 \| Proxy AGM 25 April 2023 P. 3 \| 5

------

---

| | |
|:---|:---|
| **Gewone Algemene Vergadering van 25 april 2023**<br> **Annual Shareholders' Meeting of 25 April 2023** | ![LOGO](g828657snap301-302jpg.jpg) |

---

---

| | |
|:---|:---|
| *onafhankelijk lid van de Raad van Bestuur te bevestigen doordat (i) dhr. Peter Guenter beantwoordt aan de onafhankelijkheidscriteria uiteengezet in artikel 7:87 van het Wetboek van Vennootschappen en Verenigingen en bepaling 3.5 van de Belgische Corporate Governance Code 2020, en (ii) dhr. Peter Guenter uitdrukkelijk heeft verklaard geen (en de Raad van Bestuur evenmin kennis heeft van) banden te hebben met de Vennootschap of een belangrijke aandeelhouder, die zijn onafhankelijkheid in het gedrang zou kunnen brengen. De algemene vergadering besluit bovendien dat het mandaat van dhr. Peter Guenter bezoldigd zal zijn, zoals voorzien voor niet-uitvoerende leden van de Raad van Bestuur in (a) het Remuneratiebeleid goedgekeurd door de gewone algemene vergadering van 26 april 2022, en (b) de notulen van de gewone algemene vergadering van 28 april 2020.* | *mandate as an independent member of the Board of Directors since (i) Mr. Peter Guenter meets the independence criteria set forth in article 7:87 of the Belgian Companies and Associations Code, and article 3.5 of the Belgian Corporate Governance Code 2020, and (ii) Mr. Peter Guenter has explicitly declared not to have (and the Board of Directors is not aware of) any connections with the Company or a major shareholder, which would interfere with his independence. The shareholders' meeting also resolves that the mandate of Mr. Peter Guenter is remunerated as provided for non-executive members of the Board of Directors in (a) the Remuneration Policy, approved by the ordinary shareholders' meeting of 26 April 2022, and (b) the minutes of the ordinary shareholders' meeting of 28 April 2020.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 9 - Steminstructie:** | **Agenda item 9 - Voting instruction:** | **Agenda item 9 - Voting instruction:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 10. Herbenoeming van dhr. Daniel O'Day als bestuurder | 10. Re-appointment of Mr. Daniel O'Day as director |
| ***<u>Voorstel van besluit</u>*** ***:*** *Op voorstel van de Raad van Bestuur en in overeenstemming met het advies van het Benoemingscomité, besluit de algemene vergadering om dhr. Daniel O'Day te herbenoemen als niet-onafhankelijk lid van de Raad van Bestuur van de Vennootschap, voor een periode van 4 jaar vanaf heden, die een einde zal nemen onmiddellijk na de gewone algemene vergadering te houden in 2027. De algemene vergadering besluit bovendien dat het mandaat van dhr. Daniel O'Day als bestuurder van de Vennootschap niet bezoldigd zal zijn.* | ***<u>Proposed resolution</u>****: Upon proposal of the Board of Directors, and in accordance with the advice of the Nomination Committee, the shareholders' meeting resolves to re-appoint Mr. Daniel O'Day as a non-independent member of the Board of Directors of the Company, for a period of 4 years, effective as of today, ending immediately after the annual shareholders' meeting to be held in 2027. The shareholders' meeting of the Company also resolves that the mandate of Mr. Daniel O'Day as director of the Company will not be remunerated.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 10 - Steminstructie:** | **Agenda item 10 - Voting instruction:** | **Agenda item 10 - Voting instruction:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 11. Herbenoeming van Dr. Linda Higgins als bestuurder | 11. Re-appointment of Dr. Linda Higgins as director |
| ***<u>Voorstel van besluit</u>*** ***:*** *Op voorstel van de Raad van Bestuur en in overeenstemming met het advies van het Benoemingscomité, besluit de algemene vergadering om Dr. Linda Higgins te herbenoemen als niet-onafhankelijk lid van de Raad van Bestuur van de Vennootschap, voor een periode van 4 jaar vanaf heden, die een einde zal nemen onmiddellijk na de gewone algemene vergadering te houden in 2027. De algemene vergadering besluit bovendien dat het mandaat van Dr. Linda Higgins als bestuurder van de Vennootschap niet bezoldigd zal zijn.* | ***<u>Proposed resolution</u>****: Upon proposal of the Board of Directors, and in accordance with the advice of the Nomination Committee, the shareholders' meeting resolves to re-appoint Dr. Linda Higgins as a non-independent member of the Board of Directors of the Company, for a period of 4 years, effective as of today, ending immediately after the annual shareholders' meeting to be held in 2027. The shareholders' meeting of the Company also resolves that the mandate of Dr. Linda Higgins as director of the Company will not be remunerated.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 11 - Steminstructie:** | **Agenda item 11 - Voting instruction:** | **Agenda item 11 - Voting instruction:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| **De ondergetekende is er uitdrukkelijk mee akkoord dat:**<br>(i) bij afwezigheid van steminstructies voor enig agendapunt, ofwel in het geval dat er, om welke reden dan ook, enige onduidelijkheid inzake de steminstructies zou ontstaan, de volmachtdrager altijd "voor" het voorstel tot besluit zal stemmen voor deze punten waarvoor geen of een onduidelijke steminstructie is gegeven, en dat dit een specifieke steminstructie geacht zal zijn in de zin van artikel 7:143 §4 2° van het Wetboek van Vennootschappen en Verenigingen; | **The undersigned expressly agrees that:**<br>(i) in the absence of voting instructions for any agenda item, or if, for any reason whatsoever, any uncertainty would arise with regards to the voting instructions, the proxy holder will always vote "in favor" of the proposal for such items for which no or an unclear voting instruction is given, and that this will be deemed to be a specific voting instruction in the sense of article 7:143 §4 2° of the Companies and Associations Code; |

---

------

Galapagos NV \| Volmacht AV 25 april 2023 \| Proxy AGM 25 April 2023 P. 4 \| 5

------

---

| | |
|:---|:---|
| **Gewone Algemene Vergadering van 25 april 2023**<br> **Annual Shareholders' Meeting of 25 April 2023** | ![LOGO](g828657snap301-302jpg.jpg) |

---

---

| | |
|:---|:---|
| (ii) de volmachtdrager een lid van het personeel van Galapagos NV (of een met haar verbonden vennootschap) is, en heeft bijgevolg een potentieel belangenconflict zoals bepaald in artikel 7:143, §4 van het Wetboek van Vennootschappen en Verenigingen; en<br>(iii) de Engelse versie van deze volmacht slechts een vrije vertaling voor informatiedoeleinden betreft, en dat de Nederlandstalige versie altijd voorrang heeft op de Engelse versie.<br>De onderhavige volmacht zal eveneens gelden als aanmelding in de zin van artikel 7:134 van het Wetboek van Vennootschappen en Verenigingen. | (ii) the proxyholder is a member of the personnel of Galapagos NV (or any of its affiliated companies), and therefore has a potential conflict of interest as provided for in article 7:143, §4 of the Companies and Associations Code; and<br>(iii) the English version of this proxy is a free translation for information purposes only, and that the Dutch version shall at all times prevail over the English translation.<br>This proxy shall also serve as notification within the meaning of article 7:134 of the Companies and Associations Code. |

---

---

| | |
|:---|:---|
| **Goed voor volmacht:** | **Good for proxy:** |

---

---

| |
|:---|
| *(Datum / Date)* |
| *(Naam / Name)* |
| *(Handtekening / Signature)* |

---

---

| | |
|:---|:---|
| Het ondertekend volmachtformulier dient Galapagos NV te bereiken **uiterlijk op 19 april 2023**. Deze moet worden bezorgd per e-mail (<u>shareholders@glpg.com</u>) of met de post (Galapagos NV, t.a.v. mw. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, België). | The signed proxy form must reach Galapagos NV **on 19 April 2023 at the latest**. It should be submitted by e-mail (<u>shareholders@glpg.com</u>) or by post (Galapagos NV, attn. Ms. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium). |
| **Aandeelhouders die zich wensen te laten vertegenwoordigen, moeten ook aan de registratie- en toelatingsvoorwaarden voldoen, zoals beschreven in de oproeping tot de Gewone Algemene Vergadering.** | **Shareholders who wish to be represented by proxy, must also comply with the registration and admission formalities set out in the convening notice to the Annual Shareholders' Meeting.** |

---

------

Galapagos NV \| Volmacht AV 25 april 2023 \| Proxy AGM 25 April 2023 P. 5 \| 5

## Exhibit 99.6

**Exhibit 99.6** 

*Free translation from original Dutch filed version for information purposes only* F-cap 1

**ANNUAL ACCOUNTS AND OTHER DOCUMENTS TO BE FILED IN** 

**ACCORDANCE WITH THE BELGIAN COMPANIES AND** 

**ASSOCIATIONS CODE** 

**IDENTIFICATION DETAILS (at the filing date)** 

NAME: **Galapagos**

---

| | | | |
|:---|:---|:---|:---|
| Legal form <sup>1</sup> : **Public limited company** | Legal form <sup>1</sup> : **Public limited company** | Legal form <sup>1</sup> : **Public limited company** | Legal form <sup>1</sup> : **Public limited company** |
| Address: **Generaal De Wittelaan** | Address: **Generaal De Wittelaan** | Address: **Generaal De Wittelaan** |  |
| Postal code: **2800** | Town: **Mechelen** |  | N°. **L11 , box A3** |
| Country: **Belgium** | Country: **Belgium** |  |  |
| Register of legal persons—commercial court: **Antwerp, division Mechelen** | Register of legal persons—commercial court: **Antwerp, division Mechelen** | Register of legal persons—commercial court: **Antwerp, division Mechelen** |  |
| Website <sup>2</sup>: | Website <sup>2</sup>: | Website <sup>2</sup>: |  |
| E-mail address <sup>2</sup> : | E-mail address <sup>2</sup> : | E-mail address <sup>2</sup> : |  |
|  |  | Company registration number | **0466.460.429** |

---

DATE **29-09-2022** of filing the most recent document mentioning the date of publication of the deed of incorporation and of the deed of amendment of the articles of association.

------

This filing concerns <sup>3</sup>:

☒ the ANNUAL accounts in **EURO (2 decimals)**<sup>4</sup> approved by the general meeting of **25-04-2023**

☒ the OTHER DOCUMENTS

regarding

the financial year covering the period from **01-01-2022** to **31-12-2022**

the preceding period of the annual accounts from **01-01-2021** to **31-12-2021**

The amounts for the preceding period are **/** are not <sup>5</sup> identical to the ones previously published.

------

Total number of pages filed: **57** Numbers of the sections of the standard model form not filed because they serve no useful purpose: 6.1, 6.2.1, 6.2.4, 6.17, 7, 8, 9, 11, 12, 13, 14, 15

---

| | |
|:---|:---|
| Signature<br> (name and position)<br> **Stoffels IMC BV, represented by Dr. Paul Stoffels**<br> **Director** | Signature<br> (name and position)<br> **Jérôme Contamine**<br> **Director** |

---

------

1 Where appropriate, "in liquidation" is stated after the legal form.

2 Optional mention.

3 Tick the appropriate box(es).

---

| | |
|:---|:---|
| 4 | If necessary, change to currency in which the amounts are expressed.  |

---

5 Strike out what does not apply.

**1/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 2.1</u>

**LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS AND** 

**DECLARATION REGARDING A COMPLIMENTARY REVIEW OR** 

**CORRECTION ASSIGNMENT** 

**LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS** 

COMPLETE LIST with surname, first names, profession, place of residence (address, number, postal code and town) and position within the company

**Stoffels IMC BV 0780.918.294** 

Generaal De Wittelaan L11, box A3, 2800 Mechelen, Belgium

Mandate: Director, start: 26-04-2022, end: 28-04-2026

Represented by:

1 Stoffels Paul

---

| |
|:---|
| **Parekh Raj** |
| Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium |
| Mandate: Director, start: 28-04-2021, end: 29-04-2025 |
| **Kerr Mary** |
| Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium |
| Mandate: Director, start: 28-04-2020, end: 23-04-2024 |
| **Rowe Howard** |
| Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium |
| Mandate: Director, start: 24-04-2018, end: 26-04-2022 |
| **Bosley Katrine** |
| Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium |
| Mandate: Director, start: 28-04-2021, end: 26-04-2022 |
| **Guenter Peter** |
| Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium |
| Mandate: Director, start: 30-04-2019, end: 25-04-2023 |

---

**O'Day Daniel** 

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 22-10-2019, end: 25-04-2023

**Higgins Linda** 

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 22-10-2019, end: 25-04-2023

**Svanberg Elisabeth** 

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 28-04-2020, end: 23-04-2024

**Baker Dan** 

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 26-04-2022, end: 28-04-2026

**2/57** 

------

Nr.   <u>0466.460.429</u>       <u>F-cap 2.1</u>

LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS (continued from previous page)

**Contamine Jérôme** 

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 26-04-2022, end: 28-04-2026

**Deloitte Bedrijfsrevisoren BV 0429.053.863** 

Gateway Building—Luchthaven Nationaal 1, box J, 1930 Zaventem, Belgium

Membership number: B00025

Mandate: Auditor, start: 28-04-2020, end: 25-04-2023

Represented by:

1 Houthaeve Nico

Gateway Building - Luchthaven Nationaal 1 , box J 1930 Zaventem Belgium

Bedrijfsrevisor, Membership number : A02260

**3/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 2.2</u>

**DECLARATION REGARDING A COMPLIMENTARY REVIEW OR CORRECTION ASSIGNMENT** 

The managing board declares that not a single audit or correction assignment has been given to a person not authorized to do so by law, pursuant to articles 34 and 37 of the law of 22 April 1999 concerning accounting and tax professions.

The annual accounts were / were not \* audited or corrected by an external accountant or by a company auditor who is not the statutory auditor.

If affirmative, should be mentioned hereafter: surname, first names, profession and address of each external accountant or company auditor and their membership number at their Institute, as well as the nature of their assignment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Bookkeeping of the company \*\*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Preparing the annual accounts \*\*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Auditing the annual accounts and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Correcting the annual accounts.

If the tasks mentioned under A or B are executed by certified accountants or certified bookkeepers - tax experts, the following information can be mentioned hereafter: surname, first names, profession and address of each certified accountant or certified bookkeeper-tax expert and their membership number at the Institute of Accounting professionals and Tax Experts, as well as the nature of their assignment.

Surname, first names, profession and address Membership number Nature of the assignment &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A, B, C and/or D)

------

\* Strike out what does not apply.

\*\* Optional mention.

**4/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 3.1</u>

**ANNUAL ACCOUNTS** 

**BALANCE SHEET AFTER APPROPRIATION** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Notes | Codes | Period | Preceding period |
|  **ASSETS** |  |  |  |  |
|  **FORMATION EXPENSES** | 6.1 | 20 |  |  |
|  **FIXED ASSETS** |  | 21/28 | 287.678.343,32 | 107.304.404,99 |
|  **Intangible fixed assets** | 6.2 | 21 | 18.165.368,92 | 48.289.584,03 |
|  **Tangible fixed assets** | 6.3 | 22/27 | 17.595.160,96 | 15.697.365,57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land and buildings |  | 22 | 1.795.863,63 | 2.642.251,91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant, machinery and equipment |  | 23 | 13.524.236,50 | 9.528.856,07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Furniture and vehicles |  | 24 | 1.761.885,33 | 2.056.360,20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing and other similar rights |  | 25 | 000 | 000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other tangible fixed assets |  | 26 | 000 | 000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets under construction and advance payments |  | 27 | 513.17550 | 1.469.897,39 |
|  **Financial fixed assets** | 6.4 /<br> 6.5.1 | 28 | 251.917.813,44 | 43.317.455,39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Companies | 6.15 | 280/1 | 247.851.398,60 | 41.892.808,95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participating interests |  | 280 | 154.642.557,95 | 41.892.808,95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts receivable |  | 281 | 93.208.840,65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other companies linked by participating interests | 6.15 | 282/3 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participating interests |  | 282 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts receivable |  | 283 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial fixed assets |  | 284/8 | 4.066.413,84 | 1.424.645,44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares |  | 284 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts receivable and cash guarantees |  | 285/8 | 4.066.413,84 | 1.424.645,44 |

---

**5/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 3.1</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Notes | Codes | Period | Preceding period |
|  **CURRENT ASSETS** |  | 29/58 | 4.406.769.755,85 | 5.013.128.331,17 |
|  **Amounts receivable after more than one year** | **Amounts receivable after more than one year** | 29 | 87.847.046,48 | 92.500.048,60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade debtors |  | 290 | 000 | 000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts receivable |  | 291 | 87.847.046,48 | 92.500.048,60 |
|  **Stocks and contracts in progress** |  | 3 | 52.665.394,63 | 20.360.570,40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks |  | 30/36 | 52.665.394,63 | 20.360.570,40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raw materials and consumables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raw materials and consumables | 30/31 | 39.071.495,63 | 14.350.538,85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Work in progress |  | 32 | 5.790.624,30 | 1.376.208,24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finished goods |  | 33 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods purchased for resale |  | 34 | 7.803.274,70 | 4.633.823,31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immovable property intended for sale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immovable property intended for sale | 35 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments |  | 36 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contracts in progress |  | 37 |  |  |
|  **Amounts receivable within one year** |  | 40/41 | 154.703.979,26 | 209.445.490,09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade debtors |  | 40 | 72.294.845,49 | 92.851.469,32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts receivable |  | 41 | 82.409.133,77 | 116.594.020,77 |
|  **Current investents** | 6.5.1 / 6.6 | 50/53 | 3.635.944.614,15 | 3.477.317.279,55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Own shares |  | 50 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments |  | 51/53 | 3.635.944.614,15 | 3.477.317.279,55 |
|  **Cash at bank and in hand** |  | 54/58 | 455.142.600,34 | 1.203.980.494,83 |
|  **Accruals and deferred income** | 6.6 | 490/1 | 20.466.120,99 | 9.524.447,70 |
|  **TOTAL ASSETS** |  | 20/58 | 4.694.448.099,17 | 5.120.432.736,16 |

---

**6/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 3.2</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Notes | Codes | Period | Preceding period |
|  **EQUITY AND LIABILITIES** |  |  |  |  |
|  **EQUITY** |  | 10/15 | 2.508.639.933,58 | 2.639.924.301,22 |
|  **Contributions** | 6.7.1 | 10/11 | 3.015.856.524,50 | 3.009.161.167,90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital |  | 10 | 356.111.899,01 | 354.582.005,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued capital |  | 100 | 356.111.899,01 | 354.582.005,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uncalled capital<sup>6</sup> |  | 101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyond capital |  | 11 | 2.659.744.625,49 | 2.654.579.162,79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share premium account |  | 1100/10 | 2.659.744.625,49 | 2.654.579.162,79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 1109/19 |  |  |
|  **Revaluation surpluses** |  | 12 |  |  |
|  **Reserves** |  | 13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves not available |  | 130/1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal reserve |  | 130 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves not available statutorily |  | 1311 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of own shares |  | 1312 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial support |  | 1313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 1319 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Untaxed reserves |  | 132 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available reserves |  | 133 |  |  |
|  **Accumulated profits (losses)** | (+)/(-) | 14 | -507.216.590,92 | -369.236.866,68 |
|  **Capital subsidies** |  | 15 |  |  |
|  **Advance to shareholders on the distribution of net assets <sup>7</sup>** | **Advance to shareholders on the distribution of net assets <sup>7</sup>** | **19** |  |  |
|  **PROVISIONS AND DEFERRED TAXES** | **PROVISIONS AND DEFERRED TAXES** | 16 | 9.751.646,72 | 8.885.432,84 |
|  **Provisions for liabilities and charges** |  | 160/5 | 9.751.646,72 | 8.885.432,84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pensions and similar obligations |  | 160 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes |  | 161 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Major repairs and maintenance |  | 162 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental obligations |  | 163 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities and charges | 6.8 | 164/5 | 9.751.646,72 | 8.885.432,84 |
|  **Deferred taxes** |  | 168 |  |  |

---

------

<sup>6</sup> Amount to be deducted from the issued capital. 

<sup>7</sup> Amount to be dedu<sub></sub>cted from the other compo<sub></sub>nents of equity. 

**7/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 3.2</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Notes | Codes | Period | Preceding period |
|  **AMOUNTS PAYABLE** |  | 17/49 | 2.176.056.518,87 | 2.471.623.002,10 |
|  **Amounts payable after more than one year** | 6.9 | 17 |  | 1.500.000,00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial debts |  | 170/4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated loans |  | 170 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsubordinated debentures |  | 171 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing and other similar obligations |  | 172 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit institutions |  | 173 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 174 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade debts |  | 175 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suppliers |  | 1750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bills of exchange payable |  | 1751 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments on contracts in progress |  | 176 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts payable |  | 178/9 |  | 1.500.000,00 |
|  **Amounts payable within one year** | 6.9 | 42/48 | 300.241.235,39 | 240.616.552,18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of amounts payable after more than one year falling due within one year |  | 42 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial debts |  | 43 |  | 652.24854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit institutions |  | 430/8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 439 |  | 652.24854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade debts |  | 44 | 67.168.085,94 | 149.436.470,22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suppliers |  | 440/4 | 67.168.085,94 | 149.436.470,22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bills of exchange payable |  | 441 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments on contracts in progress |  | 46 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes, remuneration and social security | 6.9 | 45 | 25.642.149,30 | 16.705.137,72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes |  | 450/3 | 2.045.671,99 | 1.634.221,76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remuneration and social security |  | 454/9 | 23.596.477,31 | 15.070.915,96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts payable |  | 47/48 | 207.431.000,15 | 73.822.695,70 |
|  **Accruals and deferred income** | 6.9 | 492/3 | 1.875.815.283,48 | 2.229.506.449,92 |
|  **TOTAL LIABILITIES** |  | 10/49 | 4.694.448.099,17 | 5.120.432.736,16 |

---

------

<sup>6</sup> Amount to be deducted from the issued capital. 

<sup>7</sup> Amount to be<sub></sub> de<sub></sub>ducte<sub></sub>d <sub></sub>from the other component<sub></sub>s of equity.<sub></sub> 

**8/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 4</u>

**PROFIT AND LOSS ACCOUNT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Notes | Codes | Period | Preceding period |
|  **Operating income** |  | 70/76A | 785.283.036,65 | 916.045.607,30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turnover | 6.10 | 70 | 418.495.174,45 | 503.389.557,93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks of finished goods and work and contracts in progress: increase (decrease) |  | 71 | 4.414.416,06 | 1.376.208,24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Produced fixed assets |  | 72 | 349.507.630,25 | 392.744.362,35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | 6.10 | 74 | 12.846.815,89 | 18.535.478,78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-recurring operating income | 6.12 | 76A | 19.00000 |  |
|  **Operating charges** |  | 60/66A | 1.016.944.469,75 | 1.107.719.288,17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods for resale, raw materials and consumables |  | 60 | 19.860.033,19 | 13.057.606,20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 600/8 | 47.750.441,36 | 31.687.042,95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks: decrease (increase) |  | 609 | -27.890.408,17 | 18.629.436,75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services and other goods |  | 61 | 420.835.394,77 | 500.011.877,25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remuneration, social security and pensions | 6.10 | 62 | 77.772.120,25 | 70.359.917,83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortisations of and other amounts written down on formation expenses, intangible and tangible fixed assets |  | 630 | 357.368.023,96 | 401.835.300,64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts written down on stocks, contracts in progress and trade debtors: additions (write-backs) (+)/(-) | 6.10 | 631/4 | 1.239.142,18 | 7.91889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for liabilities and charges: appropriations (uses and write-backs) (+)/(-) | 6.10 | 635/8 | 866.21388 | -2.325.058,70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating charges | 6.10 | 640/8 | 102.149.120,04 | 120.703.732,63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating charges reported as assets under restructuring costs |  | 649 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-recurring operating charges | 6.12 | 66A | 36.854.421,48 | 4.067.993,43 |
|  **Operating profit (loss)** |  | 9901 | -231.661.433,10 | -191.673.680,87 |

---

**9/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 4</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Notes | Codes | Period | Preceding period |
|  **Financial income** |  | 75/76B | 135.553.985,24 | 119.235.560,98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring financial income |  | 75 | 135.553.985,24 | 85.764.548,98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from financial fixed assets |  | 750 | 10.500.604,22 | 58294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from current assets |  | 751 | 22.459.253,19 | 3.047.683,63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial income | 6.11 | 752/9 | 102.594.127,83 | 82.716.282,41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-recurring financial income | 6.12 | 76B | 000 | 33.471.012,00 |
|  **Financial charges** | 6.11 | 65/66B | 60.963.867,63 | 40.455.192,40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring financial charges |  | 65 | 60.963.867,63 | 28.125.050,74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt charges |  | 650 | 11.085.226,07 | 14.508.804,19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts written down on current assets other than stocks, contracts in progress and trade debtors: additions (write-backs) | (+)/(-) | 651 | 000 | 6.403.525,27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial charges |  | 652/9 | 49.878.641,56 | 7.212.721,28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-recurring financial charges | 6.12 | 66B | 000 | 12.330.141,66 |
|  **Profit (Loss) for the period before taxes** | (+)/(-) | 9903 | -157.071.315,49 | -112.893.312,29 |
|  **Transfer from deferred taxes** |  | 780 |  |  |
|  **Transfer to deferred taxes** |  | 680 |  |  |
|  **Income taxes on the result** | (+)/(-) 6.13 | 67/77 | -19.091.591,25 | -20.155.885,92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes |  | 670/3 | 196.79656 | 700.11166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment of income taxes and write-back of tax provisions |  | 77 | 19.288.387,81 | 20.855.997,58 |
|  **Profit (Loss) of the period** | (+)/(-) | 9904 | -137.979.724,24 | -92.737.426,37 |
|  **Transfer from untaxed reserves** |  | 789 |  |  |
|  **Transfer to untaxed reserves** |  | 689 |  |  |
|  **Profit (Loss) of the period available for appropriation** | (+)/(-) | 9905 | -137.979.724,24 | -92.737.426,37 |

---

**10/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 5</u>

**APPROPRIATION ACCOUNT** 

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **Profit (Loss) to be appropriated** | 9906 | -507.216.590,92 | -369.236.866,68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit (Loss) of the period available for appropriation | (9905) | -137.979.724,24 | -92.737.426,37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit (Loss) of the preceding period brought forward | 14P | -369.236.866,68 | -276.499.440,31 |
|  **Transfers from equity** | 791/2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; from contributions | 791 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; from reserves | 792 |  |  |
|  **Appropriations to equity** | 691/2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to contributions | 691 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to legal reserve | 6920 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to other reserves | 6921 |  |  |
|  **Profit (loss) to be carried forward** | (14) | -507.216.590,92 | -369.236.866,68 |
|  **Shareholders' contribution in respect of losses** | 794 |  |  |
|  **Profit to be distributed** | 694/7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation for contributions | 694 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors or managers | 695 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employees | 696 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other beneficiaries | 697 |  |  |

---

**11/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.2.2</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **RESEARCH COSTS MADE IN A PERIOD THAT STARTED BEFORE 1 JANUARY 2016** |  |  |  |
|  **Acquisition value at the end of the period** | 8055P | xxxxxxxxxxxxxxx | 392.970.251,41 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, including produced fixed assets | 8025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and disposals | 8035 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8045 |  |  |
|  **Acquisition value at the end of the period** | 8055 | 392.970.251,41 |  |
|  **Amortisations and amounts written down at the end of the period** | 8125P | xxxxxxxxxxxxxxx | 392.970.251,41 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8075 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 8085 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8095 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled owing to sales and disposals | 8105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8115 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8125 | 392.970.251,41 |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | 81312 | 000 |  |
|  |  | Codes | Period |
|  **RESEARCH COSTS MADE IN A PERIOD THAT STARTED AFTER 31 DECEMBER 2015** |  |  |  |
|  **Acquisition value at the end of the period** |  | 8056 | 2.211.375.028,18 |
|  **Amortisations and amounts written down at the end of the period** |  | 8126 | 2.211.375.028,18 |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** |  | 81313 | 000 |

---

**12/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.2.3</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **CONCESSIONS, PATENTS LICENSES, KNOW-HOW, BRANDS AND SIMILAR RIGHTS** |  |  |  |
|  **Acquisition value at the end of the period** | 8052P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx | 930.540.095,44 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, including produced fixed assets | 8022 | 359.619.814,09 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and disposals | 8032 | 36.852.270,40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8042 |  |  |
|  **Acquisition value at the end of the period** | 8052 | 1.253.307.639,13 |  |
|  **Amortisations and amounts written down at the end of the period** | 8122P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx | 882.250.511,41 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8072 | 353.623.889,76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 8082 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8092 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled owing to sales and disposals | 8102 | 732.13096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8112 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8122 | 1.235.142.270,21 |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | 211 | 18.165.368,92 |  |

---

**13/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.2.5</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **ADVANCE PAYMENTS** |  |  |  |
|  **Acquisition value at the end of the period** | 8054P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx | 000 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, including produced fixed assets | 8024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and disposals | 8034 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8044 |  |  |
|  **Acquisition value at the end of the period** | 8054 | 000 |  |
|  **Amortisations and amounts written down at the end of the period** | 8124P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8074 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 8084 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8094 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled owing to sales and disposals | 8104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8114 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8124 |  |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | 213 | 000 |  |

---

**14/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.3.1</u>

**STATEMENT OF TANGIBLE FIXED ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **LAND AND BUILDINGS** |  |  |  |
|  **Acquisition value at the end of the period** | 8191P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx | 5.408.825,29 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, including produced fixed assets | 8161 | 459.25662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and disposals | 8171 | 461.52383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8181 |  |  |
|  **Acquisition value at the end of the period** | 8191 | 5.406.558,08 |  |
|  **Revaluation surpluses at the end of the period** | 8251P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8211 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8221 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled | 8231 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8241 |  |  |
|  **Revaluation surpluses at the end of the period** | 8251 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8321P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx | 2.766.573,38 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8271 | 1.039.300,55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 8281 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8291 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled owing to sales and disposals | 8301 | 195.17948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8311 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8321 | 3.610.694,45 |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | (22) | 1.795.863,63 |  |

---

**15/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.3.2</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **PLANT, MACHINERY AND EQUIPMENT** |  |  |  |
|  **Acquisition value at the end of the period** | 8192P | xxxxxxxxxxxxxxx | 20.999.579,68 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, including produced fixed assets | 8162 | 6.031.645,04 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and disposals | 8172 | 28.32857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8182 |  |  |
|  **Acquisition value at the end of the period** | 8192 | 27.002.896,15 |  |
|  **Revaluation surpluses at the end of the period** | 8252P | xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8212 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8222 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled | 8232 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8242 |  |  |
|  **Revaluation surpluses at the end of the period** | 8252 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8322P | xxxxxxxxxxxxxxx | 11.470.723,61 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8272 | 2.015.641,25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 8282 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8292 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled owing to sales and disposals | 8302 | 7.70521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8312 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8322 | 13.478.659,65 |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | (23) | 13.524.236,50 |  |

---

**16/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.3.3</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **FURNITURE AND VEHICLES** |  |  |  |
|  **Acquisition value at the end of the period** | 8193P | xxxxxxxxxxxxxxx | 3.458.047,35 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, including produced fixed assets | 8163 | 408.07970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and disposals | 8173 | 408.68181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8183 |  |  |
|  **Acquisition value at the end of the period** | 8193 | 3.457.445,24 |  |
|  **Revaluation surpluses at the end of the period** | 8253P | xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8213 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8223 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled | 8233 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8243 |  |  |
|  **Revaluation surpluses at the end of the period** | 8253 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8323P | xxxxxxxxxxxxxxx | 1.401.687,15 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8273 | 689.19240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 8283 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8293 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled owing to sales and disposals | 8303 | 395.31964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8313 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8323 | 1.695.559,91 |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | (24) | 1.761.885,33 |  |

---

**17/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.3.4</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **LEASING AND OTHER SIMILAR RIGHTS** |  |  |  |
|  **Acquisition value at the end of the period** | 8194P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx | 251.10819 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, including produced fixed assets | 8164 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and disposals | 8174 | 251.10819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8184 |  |  |
|  **Acquisition value at the end of the period** | 8194 | 000 |  |
|  **Revaluation surpluses at the end of the period** | 8254P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8214 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8224 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled | 8234 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8244 |  |  |
|  **Revaluation surpluses at the end of the period** | 8254 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8324P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx | 251.10819 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8274 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 8284 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8294 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled owing to sales and disposals | 8304 | 251.10819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8314 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8324 | 000 |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | (25) | 000 |  |
|  **Of which** |  |  |  |
|  **Land and buildings** | 250 |  |  |
|  **Plant, machinery and equipment** | 251 |  |  |
|  **Furniture and vehicles** | 252 |  |  |

---

**18/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.3.5</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **OTHER TANGIBLE FIXED ASSETS** |  |  |  |
|  **Acquisition value at the end of the period** | 8195P | xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, including produced fixed assets | 8165 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and disposals | 8175 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8185 |  |  |
|  **Acquisition value at the end of the period** | 8195 |  |  |
|  **Revaluation surpluses at the end of the period** | 8255P | xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8215 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8225 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled | 8235 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8245 |  |  |
|  **Revaluation surpluses at the end of the period** | 8255 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8325P | xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8275 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 8285 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8295 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled owing to sales and disposals | 8305 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8315 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8325 |  |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | (26) | 000 |  |

---

**19/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.3.6</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **ASSETS UNDER CONSTRUCTION AND ADVANCE PAYMENTS** |  |  |  |
|  **Acquisition value at the end of the period** | 8196P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx | 1.469.897,39 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, including produced fixed assets | 8166 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and disposals | 8176 | 956.72189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8186 |  |  |
|  **Acquisition value at the end of the period** | 8196 | 513.17550 |  |
|  **Revaluation surpluses at the end of the period** | 8256P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8216 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8226 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled | 8236 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8246 |  |  |
|  **Revaluation surpluses at the end of the period** | 8256 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8326P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8276 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 8286 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8296 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled owing to sales and disposals | 8306 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8316 |  |  |
|  **Amortisations and amounts written down at the end of the period** | 8326 |  |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | (27) | 513.17550 |  |

---

**20/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.4.1</u>

**STATEMENT OF FINANCIAL FIXED ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **AFFILIATED COMPANIES - PARTICIPATING INTERESTS AND SHARES** |  |  |  |
|  **Acquisition value at the end of the period** | 8391P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx | 55.951.485,95 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions | 8361 | 112.749.749,00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and disposals | 8371 | 000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8381 |  |  |
|  **Acquisition value at the end of the period** | 8391 | 168.701.234,95 |  |
|  **Revaluation surpluses at the end of the period** | 8451P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8411 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8421 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled | 8431 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8441 |  |  |
|  **Revaluation surpluses at the end of the period** | 8451 |  |  |
|  **Amounts written down at the end of the period** | 8521P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx | 14.058.677,00 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8471 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 8481 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8491 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled owing to sales and disposals | 8501 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8511 |  |  |
|  **Amounts written down at the end of the period** | 8521 | 14.058.677,00 |  |
|  **Uncalled amounts at the end of the period** | 8551P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx |  |
|  **Movements during the period** | 8541 |  |  |
|  **Uncalled amounts at the end of the period** | 8551 |  |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | (280) | 154.642.557,95 |  |
|  **AFFILIATED COMPANIES - AMOUNTS RECEIVABLE** |  |  |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | 281P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriations | 8581 | 93.208.840,65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments | 8591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts written down | 8601 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts written back | 8611 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange differences | 8621 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other movements | 8631 |  |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | (281) | 93.208.840,65 |  |
|  **ACCUMULATED AMOUNTS WRITTEN DOWN ON AMOUNTS** |  |  |  |
|  **RECEIVABLE AT END OF THE PERIOD** | 8651 |  |  |

---

**21/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.4.2</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Codes | Period | Preceding period |
|  **COMPANIES LINKED BY PARTICIPATING INTERESTS - PARTICIPATING INTERESTS AND SHARES** |  |  |  |  |
|  **Acquisition value at the end of the period** |  | 8392P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx | 100 |
|  **Movements during the period** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions |  | 8362 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and disposals |  | 8372 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | (+)/(-) | 8382 |  |  |
|  **Acquisition value at the end of the period** |  | 8392 | 100 |  |
|  **Revaluation surpluses at the end of the period** |  | 8452P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded |  | 8412 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties |  | 8422 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled |  | 8432 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | (+)/(-) | 8442 |  |  |
|  **Revaluation surpluses at the end of the period** |  | 8452 |  |  |
|  **Amounts written down at the end of the period** |  | 8522P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded |  | 8472 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back |  | 8482 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties |  | 8492 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled owing to sales and disposals |  | 8502 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | (+)/(-) | 8512 |  |  |
|  **Amounts written down at the end of the period** |  | 8522 |  |  |
|  **Uncalled amounts at the end of the period** |  | 8552P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx |  |
|  **Movements during the period** | (+)/(-) | 8542 |  |  |
|  **Uncalled amounts at the end of the period** |  | 8552 |  |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** |  | (282) | 100 |  |
|  **COMPANIES LINKED BY PARTICIPATING INTERESTS - AMOUNTS RECEIVABLE** | **COMPANIES LINKED BY PARTICIPATING INTERESTS - AMOUNTS RECEIVABLE** |  |  |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** |  | 283P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriations |  | 8582 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments |  | 8592 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts written down |  | 8602 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts written back |  | 8612 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange differences | (+)/(-) | 8622 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other movements | (+)/(-) | 8632 |  |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** |  | (283) |  |  |
|  **ACCUMULATED AMOUNTS WRITTEN DOWN ON AMOUNTS RECEIVABLE AT END OF THE PERIOD** |  | 8652 |  |  |

---

**22/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.4.3</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **OTHER COMPANIES - PARTICIPATING INTERESTS AND SHARES** |  |  |  |
|  **Acquisition value at the end of the period** | 8393P | xxxxxxxxxxxxxxx | 2.670.464,66 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions | 8363 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and disposals | 8373 | 2.670.464,66 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from one heading to another | 8383 |  |  |
|  **Acquisition value at the end of the period** | 8393 | 000 |  |
|  **Revaluation surpluses at the end of the period** | 8453P | xxxxxxxxxxxxxxx |  |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8413 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8423 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled | 8433 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8443 |  |  |
|  **Revaluation surpluses at the end of the period** | 8453 |  |  |
|  **Amounts written down at the end of the period** | 8523P | xxxxxxxxxxxxxxx | 2.670.464,66 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 8473 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 8483 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions from third parties | 8493 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled owing to sales and disposals | 8503 | 2.670.464,66 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferred from one heading to another | 8513 |  |  |
|  **Amounts written down at the end of the period** | 8523 | 000 |  |
|  **Uncalled amounts at the end of the period** | 8553P | xxxxxxxxxxxxxxx |  |
|  **Movements during the period** | 8543 |  |  |
|  **Uncalled amounts at the end of the period** | 8553 |  |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | (284) |  |  |
|  **OTHER COMPANIES - AMOUNTS RECEIVABLE** |  |  |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | 285/8P | xxxxxxxxxxxxxxx | 1.424.645,44 |
|  **Movements during the period** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriations | 8583 | 2.500.000,00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments | 8593 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts written down | 8603 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts written back | 8613 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange differences | 8623 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other movements | 8633 | 141.76840 |  |
|  **NET BOOK VALUE AT THE END OF THE PERIOD** | (285/8) | 4.066.413,84 |  |
|  **ACCUMULATED AMOUNTS WRITTEN DOWN ON AMOUNTS** |  |  |  |
|  **RECEIVABLE AT END OF THE PERIOD** | 8653 |  |  |

---

**23/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.5.1</u>

**PARTICIPATING INTERESTS INFORMATION** 

**PARTICIPATING INTERESTS AND OTHER RIGHTS IN OTHER COMPANIES** 

The following list mentions the companies in which the company holds a participating interest (recorded in headings 280 and 282 of assets), as well as the companies in which the company holds rights (recorded in headings 284 and 51/53 of assets) for an amount of at least 10% of the capital, the equity or a class of shares of the company.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Rights held | Rights held | Rights held | Rights held | Data extracted from the most recent annual accounts | Data extracted from the most recent annual accounts | Data extracted from the most recent annual accounts | Data extracted from the most recent annual accounts |
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Nature | Directly | Directly | Subs-<br>idiaries | Annual<br>accounts as<br>per | Cur- | Equity | Net result |
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Nature |  |  |  | Annual<br>accounts as<br>per |  |  |  |
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Nature | Number | % | % | Annual<br>accounts as<br>per | rency<br>code | (+) or (-) <br>*(in units)* | (+) or (-) <br>*(in units)* |
|  **Galapagos BV** <br> Foreign company<br> Zernikedreef 16<br> 2333 CL Leiden<br> Netherlands<br> 807938397B01 | Registered<br> shares |  |  |  | 31-12-2022 | EUR | 2.616.058 | -9.677.425 |
|  **Galapagos Biotech Limited**<br> Foreign company<br> Salisbury House, Station<br> CB1 2LA Cambridgeshire<br> United Kingdom<br> 203017668 |  | 200 | 10000 | 000 | 31-12-2022 | GBP | 11.897.352 | 1.618 |
|  | Registered<br> shares | 84.700.014 | 10000 | 000 |  |  |  |  |
|  **Galapagos SASU**<br> Foreign company<br> Avenue Gaston Roussel 102<br> 93230 Romainville<br> France<br> 27440348480 | Registered<br> shares |  |  |  | 31-12-2022 | EUR | 152.358.200 | 16.082.808 |
|  **Galapagos GmbH** <br> Foreign company<br> Aeschenvorstadt 71<br> 4051 Basel<br> Switzerland<br> CHE388581566 | Registered<br> shares | 51.199 | 10000 | 000 | 31-12-2022 | CHF | 6.477.494 | 1.773.722 |
|  **Galapagos Real Estate Belgium**<br> Private limited company<br> Generaal De Wittelaan L11 , box A3<br> 2800 Mechelen<br> Belgium<br> 0714.965.620 | Registered<br> shares | 200 | 10000 | 000 | 31-12-2022 | EUR | 190.478 | -449.845 |
|  **Galapagos Biopharma Belgium BV**<br> Private limited company<br> Generaal De Wittelaan L11 , box A3<br> 2800 Mechelen<br> Belgium<br> 0727.786.248 |  | 1.120 | 10000 | 000 | 31-12-2022 | EUR | 704.100 | 210.444 |
|  | Registered<br> shares | 500.000 | 10000 | 000 |  |  |  |  |

---

**24/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.5.1</u>

**PARTICIPATING INTERESTS INFORMATION** 

**PARTICIPATING INTERESTS AND OTHER RIGHTS IN OTHER COMPANIES** 

The following list mentions the companies in which the company holds a participating interest (recorded in headings 280 and 282 of assets), as well as the companies in which the company holds rights (recorded in headings 284 and 51/53 of assets) for an amount of at least 10% of the capital, the equity or a class of shares of the company.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Rights held | Rights held | Rights held | Rights held | Data extracted from the most recent annual accounts | Data extracted from the most recent annual accounts | Data extracted from the most recent annual accounts | Data extracted from the most recent annual accounts |
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Nature | Directly | Directly | Subs-<br>idiaries | Annual<br>accounts<br>as per | Cur- | Equity | Net result |
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Nature |  |  |  | Annual<br>accounts<br>as per |  |  |  |
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Nature | Number | % | % | Annual<br>accounts<br>as per | rency<br>code | (+) or (-) <br>*(in units)* | (+) or (-) <br>*(in units)* |
|  **Galapagos Biopharma Netherlands** |  |  |  |  | 31-12-2022 | EUR | 660.687 | 147.996 |
|  Foreign company<br> Zernike dreef 16<br> 2333 CL Leiden<br> Netherlands<br> NL860020368B | Registered<br> shares | 500.000 | 10000 | 000 |  |  |  |  |
|  **Galapagos Biopharma Spain S.L.U** |  |  |  |  | 31-12-2022 | EUR | 2.471.683 | -474.030 |
|  Foreign company<br> Cuatro Torres - Paseo de la Castellana<br> 28046 Madrid<br> Spain ESB67445429 | Registered<br>shares | 3.000 | 10000 | 000 |  |  |  |  |
|  **Galapagos Biopharma Italy S.r.l.** |  |  |  |  |  |  |  |  |
|  Foreign company<br> Via Montenapoleone 29<br> 20121 Milan<br> Italy<br> IT1097290096 | Registered<br> shares | 50.000 | 10000 | 000 | 31-12-2022 | EUR | 17.012 | 113.498 |
|  **Galapagos Biopharma Germany** |  |  |  |  | 31-12-2022 | EUR | 1.702.095 | 1.218.862 |
|  Foreign company<br> Theresienhoehe 30<br> 80339 Munchen<br> Germany<br> DE326847734 | Registered<br> shares | 25.000 | 10000 | 000 |  |  |  |  |
|  **Galapagos Real Estate Netherlands** |  |  |  |  | 31-12-2022 | EUR | 6.316.526 | -4.363.772 |
|  Foreign company<br> Zernike dreef 16<br> 2333 CL Leiden<br> Netherlands<br> 860584859B01 | Registered<br> shares | 10.000.000 | 10000 | 000 |  |  |  |  |
|  **Galapagos Biopharma Denmark ApS**<br> Foreign company<br> Sundkrogsgade , Harbour House 21<br> 2100 Copenhagen<br> Denmark<br> 42447242 | Registered<br> shares | 40.000 | 10000 | 000 | 31-12-2022 | DKK | 1.883.638 | 1.445.386 |

---

**25/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.5.1</u>

**PARTICIPATING INTERESTS INFORMATION** 

**PARTICIPATING INTERESTS AND OTHER RIGHTS IN OTHER COMPANIES** 

The following list mentions the companies in which the company holds a participating interest (recorded in headings 280 and 282 of assets), as well as the companies in which the company holds rights (recorded in headings 284 and 51/53 of assets) for an amount of at least 10% of the capital, the equity or a class of shares of the company.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Rights held | Rights held | Rights held | Rights held | Data extracted from the most recent annual accounts | Data extracted from the most recent annual accounts | Data extracted from the most recent annual accounts | Data extracted from the most recent annual accounts |
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Nature | Directly | Directly | Subs-<br>idiaries | Annual<br>accounts<br>as per | Cur- | Equity | Net result |
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Nature |  |  |  | Annual<br>accounts<br>as per |  |  |  |
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Nature | Number | % | % | Annual<br>accounts<br>as per | rency<br>code | (+) or (-) <br>*(in units)* | (+) or (-) <br>*(in units)* |
|  **Galapagos Biopharma Sweden AB** |  |  |  |  |  |  |  |  |
|  Foreign company<br> Vasagatan 7<br> 10123 Stockholm<br> Sweden<br> 559311454801 | Registered<br> shares | 25.000 | 10000 | 000 | 31-12-2022 | SEK | 2.738.807 | 2.332.521 |
|  **Galapagos Biopharma Finland Oy** |  |  |  |  |  |  |  |  |
|  Foreign company<br> Bulevardi , 6th floor 1<br> 00100 Helsinki<br> Finland<br> 32201288 | Registered<br> shares | 1 | 10000 | 000 | 31-12-2022 | EUR | 72.004 | 62.181 |
|  **Galapagos Biopharma Ireland Ltd** |  |  |  |  | 31-12-2022 | EUR | 28.533 | 24.026 |
|  Foreign company<br> Block 3 Harcourt Centre, Harcourt Road<br> D02A339 Dublin<br> Ireland<br> 3791298BH | Registered<br>shares | 1 | 10000 | 000 |  |  |  |  |
|  **Galapagos Biopharma Norway AS** |  |  |  |  | 31-12-2022 | NOK | 469.649 | 394.447 |
|  Foreign company<br> Munkedamsveien 59B<br> 0270 Oslo<br> Norway<br> 927480654 | Registered<br> shares | 30.000 | 10000 | 000 |  |  |  |  |
|  **Galapagos Biopharma Austria Gmbh** |  |  |  |  |  |  |  |  |
|  Foreign company<br> Schottenring 25<br> 1010 Vienna<br> Austria<br> U77339907 | Registered<br> shares | 1 | 10000 | 000 | 31-12-2022 | EUR | 435.343 | 352.988 |
|  **Cellpoint BV** |  |  |  |  | 31-12-2021 | EUR | -624.005 | -36.122.337 |
|  Private company with limited liability<br> De Limes 7<br> 2342 Oestgeest<br> Netherlands | Registered<br> shares | 210.375 | 10000 | 000 |  |  |  |  |

---

**26/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.5.1</u>

**PARTICIPATING INTERESTS INFORMATION** 

**PARTICIPATING INTERESTS AND OTHER RIGHTS IN OTHER COMPANIES** 

The following list mentions the companies in which the company holds a participating interest (recorded in headings 280 and 282 of assets), as well as the companies in which the company holds rights (recorded in headings 284 and 51/53 of assets) for an amount of at least 10% of the capital, the equity or a class of shares of the company.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Rights held | Rights held | Rights held | Rights held | Data extracted from the most recent annual accounts | Data extracted from the most recent annual accounts | Data extracted from the most recent annual accounts | Data extracted from the most recent annual accounts |
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Nature | Directly | Directly | Subs-<br>idiaries | Annual<br>accounts<br>as per | Cur- | Equity | Net<br>result |
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Nature |  |  |  | Annual<br>accounts<br>as per |  |  |  |
| NAME, full address of the REGISTERED<br> OFFICE and, for an entity governed by<br> Belgian law, the COMPANY<br> REGISTRATION NUMBER | Nature | Number | % | % | Annual<br>accounts<br>as per | rency<br>code | (+) or (-) <br>*(in units)* | (+) or (-) <br>*(in units)* |

---

**27/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.5.2</u>

**LIST OF COMPANIES FOR WHICH THE COMPANY HAS UNLIMITED LIABILITY IN THE CAPACITY OF UNLIMITED LIABLE PARTNER OR MEMBER** 

The annual accounts of each company for which the company has unlimited liability, are being enclosed to and published with these annual accounts, unless the second column contains the reason why this is not the case; this mention is made by referring to the applicable code (A, B, C or D) defined below.

The annual accounts of the mentioned company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. are published by the company by filing them at the National Bank of Belgium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. are actually published by the company in a different member country of the European Union, pursuant to article
16 of directive (EU) 2017/1132;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. are being inserted by complete or proportional consolidation into the consolidated annual accounts of the
company, drawn up, verified and published in accordance with the stipulations of the Belgian Companies and Associations Code concerning the consolidated annual accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. concern a limited partnership (société simple/maatschap).

---

| | |
|:---|:---|
| NAME, full address of the REGISTERED OFFICE, LEGAL FORM<br> and, for an entity governed by Belgian law,<br> the COMPANY REGISTRATION NUMBER | Potential<br>code |
|  **Galapagos BV**<br> Foreign company<br> Zernikedreef 16<br> 2333 Leiden<br> Netherlands | C |
|  **Galapagos Biopharma Netherlands B.V.**<br> Foreign company<br> Zernike dreef 16<br> 2333 CL Leiden<br> Netherlands | C |
|  **Galapagos Real Estate Netherlands B.V.**<br> Foreign company<br> Zernike dreef 16<br> 2333 CL Leiden<br> Netherlands | C |

---

**28/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.6</u>

**CURRENT INVESTMENTS AND ACCRUALS AND DEFERRED INCOME** 

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **CURRENT INVESTMENTS - OTHER INVESTMENTS** |  |  |  |
|  **Shares and investments other than fixed income investments** | 51 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares - Book value increased with the uncalled amount | 8681 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares - Uncalled amount | 8682 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precious metals and works of art | 8683 |  |  |
|  **Fixed-income securities** | 52 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income securities issued by credit institutions | 8684 |  |  |
|  **Term accounts with credit institutions** | 53 | 1.593.596.193,52 | 1.282.508.402,57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a remaining term or notice |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; up to one month | 8686 | 55.000.000,00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; between one month and one year | 8687 | 1.488.596.193,52 | 1.282.508.402,57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; over one year | 8688 | 50.000.000,00 |  |
|  **Other investments not mentioned above** | 8689 | 2.042.348.420,63 | 2.194.808.876,98 |
|  |  |  | Period |
|  **ACCRUALS AND DEFERRED INCOME** |  |  |  |
|  **Allocation of account 490/1 of assets if the amount is significant** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred charges |  |  | 9.755.400,27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  |  | 10.236.175,45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued subsidies |  |  | 474.54527 |

---

**29/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.7.1</u>

**STATEMENT OF CAPITAL AND SHAREHOLDERS' STURCTURE** 

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **STATEMENT OF CAPITAL** |  |  |  |
|  **Capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued capital at the end of the period | 100P | XXXXXXXXXXXXXX | 354.582.005,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued capital at the end of the period | (100) | 356.111.899,01 |  |
|  | Codes | Period | Number of shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modifications during the period |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warranties - March 18th 2022 |  | 2.159.600,00 | 95.500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warranties - June 20th 2022 |  | 1.459.506,60 | 80.920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warranties - September 27th 2022 |  | 3.076.250,00 | 107.000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Composition of the capital Share types |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares without nominal value |  | 356.111.899,01 | 65.835.511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered shares | 8702 | XXXXXXXXXXXXXX | 5.846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares dematerialized | 8703 | XXXXXXXXXXXXXX | 65.829.665 |
|  | Codes | Uncalled amount | Called up amount, unpaid |
|  **Unpaid capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uncalled capital | (101) |  | XXXXXXXXXXXXXX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Called up capital, unpaid | 8712 | XXXXXXXXXXXXXX |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders that still need to pay up in full |  |  |  |
|  |  | Codes | Period |
|  **Own shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Held by the company itself |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of capital held |  | 8721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares |  | 8722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Held by a subsidiary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of capital held |  | 8731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares |  | 8732 |  |
|  **Commitments to issuing shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owing to the exercise of conversion rights |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of outstanding convertible loans |  | 8740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of capital to be subscribed |  | 8741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corresponding maximum number of shares to be issued |  | 8742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owing to the exercise of subscription rights |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of outstanding subscription rights |  | 8745 | 10.810.857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of capital to be subscribed |  | 8746 | 58.477.176,80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corresponding maximum number of shares to be issued |  | 8747 | 10.810.857 |
|  **Authorised capital not issued** |  | 8751 | 24.889.284,17 |

---

**30/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.7.1</u>

---

| | | |
|:---|:---|:---|
|  | Codes | Period |
|  **Shares issued, non-representing capital** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares | 8761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of voting rights attached thereto | 8762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocation by shareholder |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares held by the company itself | 8771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares held by its subsidiaries | 8781 |  |
|  |  | Period |
|  **ADDITIONAL NOTES REGARDING CONTRIBUTIONS (INCLUDING CONTRIBUTIONS IN THE FORM OF SERVICES OR KNOW-HOW)** | **ADDITIONAL NOTES REGARDING CONTRIBUTIONS (INCLUDING CONTRIBUTIONS IN THE FORM OF SERVICES OR KNOW-HOW)** |  |

---

**31/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.7.2</u>

**SHAREHOLDERS' STRUCTURE OF THE COMPANY AT YEAR-END CLOSING DATE** 

As reflected in the notifications received by the company pursuant to article 7:225 of the Belgian Companies and Associations Code, article 14 fourth paragraph of the law of 2 May 2007 on the publication of major holdings and article 5 of the Royal Decree of 21 August 2008 on further rules for certain multilateral trading facilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; NAME of the person(s) who hold rights of the company, together with<br> the ADDRESS (of the registered office, in the case of a legal person) and<br> the COMPANY REGISTRATION NUMBER, in the case of a company<br> governed by Belgian law | <br> Rights held | <br> Rights held | <br> Rights held | <br> Rights held |
| &nbsp;&nbsp;&nbsp; NAME of the person(s) who hold rights of the company, together with<br> the ADDRESS (of the registered office, in the case of a legal person) and<br> the COMPANY REGISTRATION NUMBER, in the case of a company<br> governed by Belgian law | Nature | <br> Number of voting rights | <br> Number of voting rights | % |
| &nbsp;&nbsp;&nbsp; NAME of the person(s) who hold rights of the company, together with<br> the ADDRESS (of the registered office, in the case of a legal person) and<br> the COMPANY REGISTRATION NUMBER, in the case of a company<br> governed by Belgian law | Nature | <br> Attached to<br>securities | <br> Not attached to<br>securities | % |
| &nbsp;&nbsp;&nbsp; Gilead Therapeutics A1 Unlimited Company<br> 70 Sir John Rogerson's Quay, Dublin 2, Ireland | Dematerialized shares | 16.707.477 |  | 25,38% |
| &nbsp;&nbsp;&nbsp; Van Herk Investments B.V.<br> Lichtenauerlaan 30, 3062 ME Rotterdam, NL | Dematerialized shares | 4.635.672 |  | 7,04% |
| &nbsp;&nbsp;&nbsp; EcoR1 Capital LLC<br> 357 Tehema Street, Suite 3, San Francisco, CA 94103, United States of America | Dematerialized shares | 3.407.246 |  | 5,18% |
| &nbsp;&nbsp;&nbsp; FMR LLC<br> The Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware, 19801 | Dematerialized shares | 3.884.633 |  | 5,93% |

---

Total shares 65.835.511,00

**32/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.8</u>

**PROVISIONS FOR OTHER LIABILITIES AND CHARGES** 

---

| | | |
|:---|:---|:---|
|  | Period | Period |
|  **ALLOCATION OF ACCOUNT 164/5 OF LIABILITIES IF THE AMOUNT IS SIGNIFICANT** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for bonusses |  | 7.772.319,83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax recovery mechanism |  | 1.979.326,89 |

---

**33/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.9</u>

**STATEMENT OF AMOUNTS PAYABLE AND ACCRUALS AND DEFERRED INCOME (LIABILITIES)** 

---

| | | |
|:---|:---|:---|
|  | Codes | Period |
|  **BREAKDOWN OF AMOUNTS PAYABLE WITH AN ORIGINAL TERM OF MORE THAN ONE YEAR, ACCORDING TO THEIR RESIDUAL MATURITY** |  |  |
|  **Current portion of amounts payable after more than one year falling due within one year** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial debts | 8801 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated loans | 8811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsubordinated debentures | 8821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing and other similar obligations | 8831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit institutions | 8841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans | 8851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade debts | 8861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suppliers | 8871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bills of exchange payable | 8881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments on contracts in progress | 8891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts payable | 8901 |  |
|  **Total current portion of amounts payable after more than one year falling due within one year** | (42) |  |
|  **Amounts payable with a remaining term of more than one year, yet less than 5 years** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial debts | 8802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated loans | 8812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsubordinated debentures | 8822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing and other similar obligations | 8832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit institutions | 8842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans | 8852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade debts | 8862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suppliers | 8872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bills of exchange payable | 8882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments on contracts in progress | 8892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts payable | 8902 |  |
|  **Total amounts payable with a remaining term of more than one year, yet less than 5 years** | 8912 |  |
|  **Amounts payable with a remaining term of more than 5 years** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial debts | 8803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated loans | 8813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsubordinated debentures | 8823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing and other similar obligations | 8833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit institutions | 8843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans | 8853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade debts | 8863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suppliers | 8873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bills of exchange payable | 8883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments on contracts in progress | 8893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts payable | 8903 |  |
|  **Amounts payable with a remaining term of more than 5 years** | 8913 |  |

---

**34/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.9</u>

---

| | | |
|:---|:---|:---|
|  | Codes | Period |
|  **AMOUNTS PAYABLE GUARANTEED** *(included in accounts 17 and 42/48 of liabilities)* |  |  |
|  **Amounts payable guaranteed by the Belgian government agencies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial debts | 8921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated loans | 8931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsubordinated debentures | 8941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing and other similar obligations | 8951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit institutions | 8961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans | 8971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade debts | 8981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suppliers | 8991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bills of exchange payable | 9001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments on contracts in progress | 9011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remuneration and social security | 9021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts payable | 9051 |  |
|  **Total of the amounts payable guaranteed by the Belgian government agencies** | 9061 |  |
|  **Amounts payable guaranteed by real securities given or irrevocably promised by the company on its own assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial debts | 8922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated loans | 8932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsubordinated debentures | 8942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing and other similar obligations | 8952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit institutions | 8962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans | 8972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade debts | 8982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suppliers | 8992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bills of exchange payable | 9002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments on contracts in progress | 9012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes, remuneration and social security | 9022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes | 9032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remuneration and social security | 9042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts payable | 9052 |  |
|  **Total amounts payable guaranteed by real securities given or irrevocably promised by the company on its own assets** | 9062 |  |
|  | Codes | Period |
|  **TAXES, REMUNERATION AND SOCIAL SECURITY** |  |  |
|  **Taxes** *(headings 450/3 and 178/9 of liabilities)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding tax debts | 9072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accruing taxes payable | 9073 | 2.045.671,99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated taxes payable | 450 |  |
|  **Remuneration and social security** *(headings 454/9 and 178/9 of liabilities)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts due to the National Social Security Office | 9076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts payable in respect of remuneration and social security | 9077 | 23.596.477,31 |

---

**35/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.9</u>

---

| | |
|:---|:---|
|  | Period |
|  **ACCRUALS AND DEFERRED INCOME** |  |
|  **Allocation of heading 492/3 of liabilities if the amount is significant** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued charges | 658.11753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income | 1.872.434.570,78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred subsidies | 401.98589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax credit | 2.320.609,28 |

---

**36/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.10</u>

**OPERATING RESULTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **OPERATING INCOME** |  |  |  |
|  **Net turnover** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocation by categories of activity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development |  | 418.495.174,45 | 504.765.766,17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocation by geographical market |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US - United States |  | 355.933.790,09 | 455.996.790,43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FR - France |  | 1.061.116,70 | 617.82268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DE - Germany |  | 000 | 73.37017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LU - Luxemburg |  | 000 | 20160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BS - Bahama's |  | 32.218.165,73 | 45.945.880,60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BE - Belgium |  | 17.377.286,89 | 1.314.477,90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL - The Netherlands |  | 497.51184 | 132.99559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ES - Spain |  | 513.16604 | 16.77971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB - United Kingdom |  | 1.475.413,00 | 205.41330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IE - Ireland |  | 437.79823 | 48.75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT - Italy |  | 1.246.643,07 | 413.28419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT - Austria |  | 2.471.940,10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CH - Switserland |  | 55.83867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fi - Finland |  | 264.84347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SE - Sweden |  | 2.745.974,24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No - Norway |  | 2.195.686,38 |  |
|  **Other operating income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating subsidies and compensatory amounts received from public authorities | 740 | 1.804.326,65 | 7.334.059,77 |
|  **OPERATING CHARGES** |  |  |  |
|  **Employees for whom the company submitted a DIMONA declaration or who are recorded in the general personnel register** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total number at the closing date | 9086 | 442 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of employees calculated in full-time equivalents | 9087 | 4326 | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of actual hours worked | 9088 | 720.120 | 821.185 |
|  **Personnel costs** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remuneration and direct social benefits | 620 | 59.050.615,07 | 51.904.175,20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employers' contribution for social security | 621 | 12.402.667,84 | 12.065.178,06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employers' premiums for extra statutory insurance | 622 | 2.558.185,67 | 3.157.632,49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other personnel costs | 623 | 3.760.651,67 | 3.232.932,08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement and survivors' pensions | 624 |  |  |

---

**37/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.10</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **Provisions for pensions and similar obligations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriations (uses and write-backs) | 635 |  |  |
|  **Depreciations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On stock and contracts in progress |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 9110 | 1.239.142,18 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 9111 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On trade debtors |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 9112 |  | 7.91889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 9113 |  |  |
|  **Provisions for liabilities and charges** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriations | 9115 | 866.21388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uses and write-backs | 9116 |  | 2.325.058,70 |
|  **Other operating charges** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes related to operation | 640 | 4.041.672,91 | 6.001.666,49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 641/8 | 98.107.447,13 | 114.702.066,14 |
|  **Hired temporary staff and personnel placed at the company's disposal** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total number at the closing date | 9096 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number calculated in full-time equivalents | 9097 | 65 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of actual hours worked | 9098 | 3.238 | 3.181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costs to the company | 617 | 84.78653 | 77.81429 |

---

**38/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.11</u>

**FINANCIAL RESULTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **RECURRING FINANCIAL INCOME** |  |  |  |
|  **Other financial income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subsidies paid by public authorities, added to the profit and loss account |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital subsidies | 9125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest subsidies | 9126 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocation of other financial income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange differences realized | 754 | 13.265.513,23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized exchange gains |  |  | 3.492.091,49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial gains |  | 31.62318 | 2.226.830,77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized exchange gains |  | 89.296.991,42 | 76.997.360,15 |
|  **RECURRING FINANCIAL CHARGES** |  |  |  |
|  **Depreciation of loan issue expenses** | 6501 |  |  |
|  **Capitalised interests** | 6502 | 2.197.496,34 |  |
|  **Depreciations on current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded | 6510 |  | 6.403.525,27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written back | 6511 |  |  |
|  **Other financial charges** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of the discount borne by the company, as a result of negotiating amounts receivable | 653 | 12520 |  |
|  **Provisions of a financial nature** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriations | 6560 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uses and write-backs | 6561 |  |  |
|  **Allocation of other financial costs** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange differences realized | 654 | 9.927.653,76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results from the conversion of foreign currencies | 655 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized exchange losses |  | 37.714.314,79 | 6.519.022,90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank charges |  | 615.69171 | 680.91894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment differences |  | 1.70325 | 89073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial charges |  | 1.619.152,85 | 11.88871 |

---

**39/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.12</u>

**INCOME AND CHARGES OF EXCEPTIONAL SIZE OR FREQUENCY** 

---

| | | | |
|:---|:---|:---|:---|
| | Codes | Period | Preceding period |
|  **NON-RECURRING INCOME** | 76 | 19.00000 | 33.471.012,00 |
|  **Non-recurring operating income** | (76A) | 19.00000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-back of depreciation and of amounts written off intangible and tangible fixed assets | 760 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-back of provisions for extraordinary operating liabilities and charges | 7620 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital profits on disposal of intangible and tangible fixed assets | 7630 | 19.00000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-recurring operating income | 764/8 |  |  |
|  **Non-recurring financial income** | (76B) | 000 | 33.471.012,00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-back of amounts written down financial fixed assets | 761 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-back of provisions for extraordinary financial liabilities and charges | 7621 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital profits on disposal of financial fixed assets | 7631 |  | 33.471.012,00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-recurring financial income | 769 |  |  |
|  **NON-RECURRING CHARGES** | 66 | 36.854.421,48 | 16.398.135,09 |
|  **Non-recurring operating charges** | (66A) | 36.854.421,48 | 4.067.993,43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-recurring depreciation of and amounts written off formation expenses, intangible and tangible fixed assets | 660 | 35.566.301,65 | 634.64646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for extraordinary operating liabilities and charges: appropriations (uses) | 6620 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital losses on disposal of intangible and tangible fixed assets | 6630 | 288.11983 | 3.433.346,97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-recurring operating charges | 664/7 | 1.000.000,00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-recurring operating charges carried to assets as restructuring costs | 6690 |  |  |
|  **Non-recurring financial charges** | (66B) | 000 | 12.330.141,66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts written off financial fixed assets | 661 |  | 12.330.141,66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for extraordinary financial liabilities and charges - appropriations (uses) | 6621 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital losses on disposal of financial fixed assets | 6631 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-recurring financial charges | 668 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-recurring financial charges carried to assets as restructuring costs | 6691 |  |  |

---

**40/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.13</u>

**TAXES** 

---

| | | | |
|:---|:---|:---|:---|
|  | | Codes | Period |
|  **INCOME TAXES** |  |  |  |
|  **Income taxes on the result of the period** |  | 9134 | 177.90974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid and withholding taxes due or paid |  | 9135 | 162.08887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess of income tax prepayments and withholding taxes paid recorded under assets |  | 9136 | 162.08887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated additional taxes |  | 9137 | 177.90974 |
|  **Income taxes on the result of prior periods** |  | 9138 | 18.88682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional income taxes due or paid |  | 9139 | 18.88682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional income taxes estimated or provided for |  | 9140 |  |
|  **Major reasons for the differences between pre-tax profit, as it results from the annual accounts, and estimated taxable profit** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-deductible expenses |  |  | 5.365.343,54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit |  |  | -17.346.703,58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess depreciations |  |  | -59.904.601,05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exemption regional contributions |  |  | -1.804.326,65 |
|  |  |  | Period |
|  **Influence of non-recurring results on income taxes on the result of the period** |  |  |  |
|  |  | Codes | Period |
|  **Sources of deferred taxes** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred taxes representing assets |  | 9141 | 1.761.738.121,76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated tax losses deductible from future taxable profits |  | 9142 | 771.545.855,69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other deferred taxes representing assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment deduction |  |  | 966.34793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deduction for innovation income |  |  | 346.203.444,31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess depreciations |  |  | 624.333.425,30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBI |  |  | 18.689.048,54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred taxes representing liabilities |  | 9144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocation of deferred taxes representing liabilities |  |  |  |
|  | Codes | Period | Preceding period |
|  **VALUE-ADDED TAXES AND TAXES BORNE BY THIRD PARTIES** |  |  |  |
|  **Value-added taxes charged** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the company (deductible) | 9145 | 29.346.606,12 | 22.259.517,92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By the company | 9146 | 11.975.601,66 | 4.652.824,78 |
|  **Amounts withheld on behalf of third party by way of** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payroll withholding taxes | 9147 | 29.561.849,07 | 27.024.905,18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on investment income | 9148 |  |  |

---

**41/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.14</u>

**RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET** 

---

| | | |
|:---|:---|:---|
|  | Codes | Period |
|  **PERSONAL GUARANTEES PROVIDED OR IRREVOCABLY PROMISED BY THE COMPANY AS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES** | 9149 | 4.066.328,05 |
|  **Of which** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bills of exchange in circulation endorsed by the company | 9150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bills of exchange in circulation drawn or guaranteed by the company | 9151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum amount for which other debts or commitments of third parties are guaranteed by the company | 9153 | 4.066.328,05 |
|  **REAL GUARANTEES** |  |  |
|  **Real guarantees provided or irrevocably promised by the company on its own assets as security of debts and commitments of the company** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgages |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value of the immovable properties mortgaged | 91611 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of registration | 91621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For irrevocable mortgage mandates, the amount for which the agent can take registration | 91631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pledging of goodwill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum amount up to which the debt is secured and which is the subject of registration | 91711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For irrevocable mandates to pledge goodwill, the amount for which the agent can take the inscription | 91721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pledging of other assets or irrevocable mandates to pledge other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value of the immovable properties mortgaged | 91811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum amount up to which the debt is secured | 91821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantees provided or irrevocably promised on future assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of assets in question | 91911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum amount up to which the debt is secured | 91921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vendor's privilege |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value of sold goods | 92011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of the unpaid price | 92021 |  |

---

**42/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.14</u>

---

| | | |
|:---|:---|:---|
|  | Codes | Period |
|  **Real guarantees provided or irrevocably promised by the company on its own assets as security of debts and commitments of third parties** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgages |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value of the immovable properties mortgaged | 91612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of registration | 91622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For irrevocable mortgage mandates, the amount for which the agent can take registration | 91632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pledging of goodwill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum amount up to which the debt is secured and which is the subject of registration | 91712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For irrevocable mandates to pledge goodwill, the amount for which the agent can take the inscription | 91722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pledging of other assets or irrevocable mandates to pledge other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value of the immovable properties mortgaged | 91812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum amount up to which the debt is secured | 91822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantees provided or irrevocably promised on future assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of assets in question | 91912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum amount up to which the debt is secured | 91922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vendor's privilege |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value of sold goods | 92012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of the unpaid price | 92022 |  |
|  | Codes | Period |
|  **GOODS AND VALUES, NOT REFLECTED IN THE BALANCE SHEET, HELD BY THIRD PARTIES IN THEIR OWN NAME BUT FOR THE BENEFIT AND AT THE RISK OF THE COMPANY** |  |  |
|  **SUBSTANTIAL COMMITMENTS TO ACQUIRE FIXED ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments to the purchase of tangible and intangible assets |  | 418.98398 |
|  **SUBSTANTIAL COMMITMENTS TO DISPOSE OF FIXED ASSETS** |  |  |
|  **FORWARD TRANSACTIONS** |  |  |
|  **Goods purchased (to be received)** | 9213 |  |
|  **Goods sold (to be delivered)** | 9214 |  |
|  **Currencies purchased (to be received)** | 9215 |  |
|  **Currencies sold (to be delivered)** | 9216 |  |
|  |  | Period |
|  **COMMITMENTS RELATING TO TECHNICAL GUARANTEES IN RESPECT OF SALES OR SERVICES** |  |  |
|  |  | Period |
|  **AMOUNT, NATURE AND FORM CONCERNING LITIGATION AND OTHER IMPORTANT COMMITMENTS** | **AMOUNT, NATURE AND FORM CONCERNING LITIGATION AND OTHER IMPORTANT COMMITMENTS** |  |

---

**43/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.14</u>

**SETTLEMENT REGARDING THE COMPLEMENTARY RETIREMENT OR SURVIVORS' PENSION FOR PERSONNEL AND BOARD MEMBERS** 

**Brief description** 

Galapagos NV has a group insurance and guaranteed income insurance in favor of their personnel and directors. Galapagos NV carries all costs related to these insurances. The amount of the premium contribution was 2.838 K EUR in 2022.

**Measures taken to cover the related charges** 

---

| | | |
|:---|:---|:---|
|  | Code | Period |
|  **PENSIONS FUNDED BY THE COMPANY ITSELF** |  |  |
|  **Estimated amount of the commitments resulting from past services** | 9220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methods of estimation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galapagos NV has a group insurance and guaranteed income insurance in favor of their personnel and directors. Galapagos NV carries all costs related to these insurances. The amount of the premium contribution was 2.838 K EUR in 2022. |  |  |
|  |  | Period |
|  **NATURE AND FINANCIAL IMPACT OF SIGNIFICANT EVENTS AFTER THE CLOSING DATE not reflected in the balance sheet or income statement** |  |  |
|  |  | Period |
|  **COMMITMENTS TO PURCHASE OR SALE AVAILABLE TO THE COMPANY AS ISSUER OF OPTIONS FOR SALE OR PURCHASE** |  |  |
|  |  | Period |
|  **NATURE, COMMERCIAL OBJECTIVE AND FINANCIAL CONSEQUENCES OF TRANSACTIONS NOT REFLECTED IN THE BALANCE SHEET** |  |  |
|  **If the risks and benefits resulting from such transactions are of any meaning and if publishing such risks and benefits is necessary to appreciate the financial situation of the company** |  |  |
|  |  | Period |
|  **OTHER RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET (including those that cannot be calculated)** |  |  |

---

**44/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.15</u>

**RELATIONSHIPS WITH AFFILIATED COMPANIES, ASSOCIATED COMPANIES AND OTHER COMPANIES LINKED BY PARTICIPATING INTERESTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **AFFILIATED COMPANIES** |  |  |  |
|  **Financial fixed assets** | (280/1) | 247.851.398,60 | 41.892.808,95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participating interests | (280) | 154.642.557,95 | 41.892.808,95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated amounts receivable | 9271 | 93.208.840,65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts receivable | 9281 |  |  |
|  **Amounts receivable** | 9291 | 64.503.785,72 | 97.835.332,02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over one year | 9301 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Within one year | 9311 | 64.503.785,72 | 97.835.332,02 |
|  **Current investments** | 9321 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares | 9331 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts receivable | 9341 |  |  |
|  **Amounts payable** | 9351 | 230.595.113,48 | 170.851.849,85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over one year | 9361 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Within one year | 9371 | 230.595.113,48 | 170.851.849,85 |
|  **Personal and real guarantees** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provided or irrevocably promised by the company as security for debts or commitments of affiliated companies | 9381 | 1.950.736,87 | 62.085.180,81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provided or irrevocably promised by affiliated companies as security for debts or commitments of the company | 9391 |  |  |
|  **Other significant financial commitments** | 9401 |  |  |
|  **Financial results** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from financial fixed assets | 9421 | 10.500.000,00 | 58294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from current assets | 9431 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial income | 9441 | 3.591.036,12 | 161.59965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt charges | 9461 |  | 000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial charges | 9471 |  |  |
|  **Disposal of fixed assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital profits realised | 9481 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital losses realised | 9491 |  |  |

---

**45/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.15</u>

**RELATIONSHIPS WITH AFFILIATED COMPANIES, ASSOCIATED COMPANIES AND OTHER COMPANIES LINKED BY PARTICIPATING INTERESTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | Codes | Period | Preceding period |
|  **ASSOCIATED COMPANIES** |  |  |  |
|  **Financial fixed assets** | 9253 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participating interests | 9263 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated amounts receivable | 9273 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts receivable | 9283 |  |  |
|  **Amounts receivable** | 9293 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over one year | 9303 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Within one year | 9313 |  |  |
|  **Amounts payable** | 9353 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over one year | 9363 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Within one year | 9373 |  |  |
|  **Personal and real guarantees** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provided or irrevocably promised by the company as security for debts or commitments of affiliated companies | 9383 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provided or irrevocably promised by affiliated companies as security for debts or commitments of the company | 9393 |  |  |
|  **Other significant financial commitments** | 9403 |  |  |
|  **COMPANIES LINKED BY PARTICIPATING INTERESTS** |  |  |  |
|  **Financial fixed assets** | 9252 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participating interests | 9262 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated amounts receivable | 9272 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other amounts receivable | 9282 |  |  |
|  **Amounts receivable** | 9292 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over one year | 9302 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Within one year | 9312 |  |  |
|  **Amounts payable** | 9352 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over one year | 9362 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Within one year | 9372 |  |  |

---

**46/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.15</u>

**RELATIONSHIPS WITH AFFILIATED COMPANIES, ASSOCIATED COMPANIES AND OTHER COMPANIES LINKED BY PARTICIPATING INTERESTS** 

---

| | |
|:---|:---|
|  | Period |
|  **TRANSACTIONS WITH AFFILIATED PARTIES BEYOND NORMAL MARKET CONDITIONS** |  |
|  **Mention of these transactions if they are significant, including the amount of the transactions, the nature of the link, and all information about the transactions that should be necessary to get a better understanding of the financial situation of the company** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to the absence of legal criteria that allow transactions with affiliated parties beyond normal market conditions to be enumerated, no transactions were included in F-cap 6.15. |  |

---

**47/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.16</u>

**FINANCIAL RELATIONSHIPS WITH** 

---

| | | |
|:---|:---|:---|
|  | Codes | Period |
|  **DIRECTORS AND MANAGERS, INDIVIDUALS OR LEGAL PERSONS WHO CONTROL THE COMPANY DIRECTLY OR INDIRECTLY WITHOUT BEING ASSOCIATED THEREWITH, OR OTHER COMPANIES CONTROLLED DIRECTLY OR INDIRECTLY BY THESE PERSONS** |  |  |
|  **Amounts receivable from these persons** | 9500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal conditions regarding amounts receivable, rate of interest, duration, any amounts repaid, cancelled or written off |  |  |
|  **Guarantees provided in their favour** | 9501 |  |
|  **Other significant commitments undertaken in their favour** | 9502 |  |
|  **Amount of direct and indirect remunerations and pensions, reflected in the income statement, as long as this disclosure does not concern exclusively or mainly, the situation of a single identifiable person** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To directors and managers | 9503 | 13.845.009,67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To former directors and former managers | 9504 |  |
|  | Codes | Period |
|  **THE AUDITOR(S) AND THE PERSONS WHOM HE (THEY) IS (ARE) COLLABORATING WITH** |  |  |
|  **Auditors' fees** | 9505 | 1.058.188,04 |
|  **Fees for exceptional services or special assignments executed within the company by the auditor** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other audit assignments | 95061 | 26.88474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax consultancy assignments | 95062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assignments beyond the audit | 95063 | 429.47189 |
|  **Fees for exceptional services or special assignments executed within the company by people the auditor(s) is (are collaborating with** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other audit assignments | 95081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax consultancy assignments | 95082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assignments beyond the audit | 95083 |  |

---

**Mentions related to article 3:64, § 2 and § 4 of the Belgian Companies and Associations Code** 

**48/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.18.1</u>

**DECLARATION WITH REGARD TO THE CONSOLIDATED ANNUAL ACCOUNTS** 

**INFORMATION TO DISCLOSE BY EACH COMPANY GOVERNED BY THE BELGIAN COMPANIES AND ASSOCIATIONS CODE ON THE CONSOLIDATED ANNUAL ACCOUNTS** 

**The company has prepared and published consolidated annual accounts and a consolidated annual report\*** 

Name, full address of the registered office and, if it concerns companies under Belgian law, the company registration number of the parent company(ies) and the indication if this (these) parent company(ies) prepares (prepare) and publishes (publish) consolidated annual accounts, in which the annual accounts are included by means of consolidation\*\*:

If the parent company(ies) is (are) (a) company(ies) governed by foreign law, the location where the abovementioned annual accounts are available\*\*:

------

\* Strike out what does not apply.

\*\* Where the annual accounts of the company are consolidated at different levels, the information should be given, on the one hand at the highest and on the other at the lowest level of companies of which the company is a subsidiary and for which consolidated accounts are prepared and published. 

**49/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.18.2</u>

**FINANCIAL RELATIONSHIPS OF THE GROUP THE COMPANY IS IN CHARGE OF IN BELGIUM WITH THE AUDITOR(S) AND THE PERSONS WITH WHOM HE (THEY) IS (ARE) LINKED** 

---

| | | |
|:---|:---|:---|
|  | Codes | Period |
|  **Mentions related to article 3:65, § 4 and § 5 of the Belgian Companies and Associations Code** |  |  |
|  **Fees to auditors according to the mandate at the group level led by the company publishing the information** | 9507 | 1.127.098,04 |
|  **Fees for exceptional services or special missions executed by the auditor(s) at this group** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other audit assignments | 95071 | 26.88474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax consultancy assignments | 95072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assignments beyond the audit | 95073 |  |
|  **Fees to people auditors are linked to according to the mandate at the group level led by the company publishing the information** | 9509 |  |
|  **Fees for exceptional services or special assignments executed at this group by people the auditor(s) is (are) linked to** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other audit assignments | 95091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax consultancy assignments | 95092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assignments beyond the audit | 95093 | 429.47189 |

---

**Mentions related to article 3:64, § 2 and § 4 of the Belgian Companies and Associations Code** 

**50/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.19</u>

**VALUATION RULES** 

The valuation rules were prepared in accordance with the provisions of Chapter II of the Royal Decree of January 30, 2001 related to corporate financial statements and are valid for evaluating all assets, receivables, payables and obligations of the company.

Any changes will be submitted in advance to the Board of Directors for approval.

The current rules have been established and the evaluation rules are being carried in view of the continuation of the company.

Summary of Valuation Rules:

1. Fixed assets

(a) Intangible assets

The company invests in research and development projects. Research and development expenses are, as of fiscal year 2010, recorded on the assets only to the extent that their cost does not exceed a prudent estimate of their value in use or their future return for the company and amortized over a 3-year period through fiscal year 2015. As from fiscal year 2016 research and development costs that do not qualify as part of a development phase are recorded on the assets and fully amortized in the same fiscal year (according to CBN Opinions 2016/16 and 2016/27).

Research and development in progress acquired through licensing agreements, business combinations, collaboration agreements or separate acquisitions are recognized as intangible assets if they are separately identifiable, controlled by us and can generate economic benefit. Since there is a consideration that for separately acquired research and development assets the probability criterion is met, upfront and success payments to third parties for products or drug candidates for which approval has not yet been received have been recognized as intangible assets. We consider these intangible fixed assets not yet available for use until the underlying asset is approved and commercially launched.

As from approval for commercialization of the underlying asset, depreciation is recorded and the asset will be depreciated over its useful life.

Licenses, patents and know-how are amortized on a straight-line basis over the useful life (usually between 5 and 20 years). Other intangible assets, including acquired intellectual property, are recorded at acquisition cost. These assets are depreciated on a straight-line basis over their estimated useful lives as soon as they are ready for their intended use. They are included in the assets to the extent that their net book value does not exceed a prudent estimate of their value in use or their future returns for the company.

(b) Tangible fixed assets

Property, plant and equipment are recorded at cost. Depreciation is on a straight-line basis, taking into account the economic life of the assets.

• Lab material: 5-10 years

• IT hardware and software: 3-5 years

• Furniture and rolling stock: 5-10 years

3. Trade receivables

Trade receivables are recorded at face value. Foreign currency receivables are translated at the exchange rate valid at the balance sheet date. Exchange differences are recognized in the income statement.

When collection becomes doubtful, a provision is made for doubtful debtors.

4. Stocks

Raw materials, auxiliary materials and trade goods are valued at acquisition cost.

Work in progress and finished goods are valued at cost.

Cost includes, in addition to direct production and material costs, a proportionate share of depreciation and amortization of assets that were used in the production process used.

Inventories are valued using the FIFO method. If the acquisition cost or cost exceeds the net realizable value, valuation at the lower net realizable value is applied. Net realizable value is equal to the estimated normal sales price, less estimated completion costs and estimated costs required to make the sale.

5. Cash investments and liquid assets

Deposits with financial institutions are valued at nominal value. Securities are valued at acquisition cost.

Additional costs are immediately charged to earnings. Write-downs are recorded if the realization value at the balance sheet date is less than the amount previously recorded.

Foreign currency balances are translated at the exchange rate valid at the balance sheet date. Exchange differences are recorded in the income statement.

6. Provisions for other risks and costs.

This included this year's provisions for restricted stock units following the 2018/16 CBN opinion and this reasoning was upheld for the deferred management bonus.

7. Revenue

Revenue to date consists primarily of success payments, license fees, and prepayments obtained from collaboration agreements. The Company also generates revenues from various research and development incentives and grants.

Cooperation agreements with the Company's commercial partners for activities related to research and development generally include non-refundable prepayments received; success payments, whose receipt depends on the achievement of certain clinical, regulatory or commercial milestones; license fees and royalties on selling.

In case of revenue recognition staggered over time, the unrecognized portion is recorded as revenue carried forward.

**51/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.19</u>

**VALUATION RULES** 

The revenue recognition policy can be summarized as follows:

(a) Prepayments received

Non-refundable prepayments received in connection with cooperative research agreements and development are spread and recognized over the relevant and desired period of the company's performance commitment. Payments and company involvement are contractually defined by phase. At the outset, Management makes a estimate of the duration of the company's involvement, as well as the costs related to the project. Prepayments are recognized over the expected period of engagement, either on a straight-line basis or based on costs incurred in the framework of the project if these costs can be reliably estimated. Periodically, the Company reviews the estimated time and cost for the project and adjusts the period over which revenue is spread.

(b) Success payments

A success payment is included in the transaction price only when there is a substantial likelihood that a material reversal of cumulative recognized revenue will not occur.

Success payments that are not irrevocable, substantial or proportionate, are recognized as revenue to be carried forward. Revenue from these activities can vary greatly from period to period due to the timing of the success payment.

(c) Licenses

Revenues arising from licenses limited in time are spread over the period covered by the license, which increases the obligation of the license reflects over that term, to update the content and ensure continuous updating.

Proceeds from perpetual licenses are recognized immediately upon sale to the extent that there are no further obligations.

(d) Royalty agreements

Royalty income is recognized when the Company can estimate the amount with reasonable certainty and a reasonable assurance of collectability exists. As a result, the company is generally going to recognize royalties in the period that the licensee reported the royalties to the company through royalty reports, i.e., the royalty income is normally recognized only retrospectively, after the period in which sales by the licensee have occurred. Under this accounting rule, revenues arising from royalties included in the reporting of the company are not based on an estimate by the company but are typically reported in the same period as the obtained payment from the licensee.

(e) Grants and R&D support measures.

Because the company participates extensively in research and development activities, the company also benefits from multiple subsidies and R&D support measures from certain government agencies. These subsidies and R&D support measures are generally used to partially reimburse approved research and development costs. They are therefore credited to the earnings, under other income (excluding tax credit for research and development costs), when the relevant expenditures have been made and reasonable certainty exists about the subsidies (to be) received and R&D support measures.

8. Continuity

To date, we have incurred significant operating losses, which is reflected in the balance sheet. However, we believe that our existing short-term financial investments, cash and cash equivalents at December 31, 2022 will enable us to fund our operating costs and capital expenditures for at least the next 12 months. The Board of Directors is also of the opinion that additional funding—if needed—can be obtained. Taking this into account, as well as the potential developments in our drug discovery and development activities, the Board of Directors believes that they can present the financial statements on a going concern basis. Although our short-term financial investments, cash and cash equivalents are sufficiently high for at least the next 12 months, the Board of Directors points out that if R&D activities go well, we will could seek additional funding to support the ongoing development of our products or to support other business opportunities.

**52/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 6.20</u>

**OTHER INFORMATION TO DISCLOSE** 

A comfort letter was provided to Galapagos Real Estate Belgium B.V.

**53/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 10</u>

**SOCIAL BALANCE SHEET** 

Numbers of the joint industrial committees competent for the company: 207

------

**STATEMENT OF THE PERSONS EMPLOYED** 

**EMPLOYEES FOR WHOM THE COMPANY SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL PERSONNEL REGISTER** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **During the period** | Codes | Total | 1. Men | 2. Women |
|  **Average number of employees** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full-time | 1001 | 3729 | 1652 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part-time | 1002 | 733 | 145 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total in full-time equivalents (FTE) | 1003 | 4326 | 1766 | 2560 |
|  **Number of actual hours worked** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full-time | 1011 | 620.760 | 278.424 | 342.336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part-time | 1012 | 99.360 | 19.142 | 80.218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1013 | 720.120 | 297.566 | 422.554 |
|  **Personnel costs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full-time | 1021 | 68.009.426,21 | 34.535.868,72 | 33.473.557,49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part-time | 1022 | 9.762.694,04 | 2.186.004,77 | 7.576.689,27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1023 | 77.772.120,25 | 36.721.873,49 | 41.050.246,76 |
|  **Benefits in addition to wages** | 1033 | 567.93327 | 232.74171 | 335.19156 |
| **During the preceding period** | Codes | P. Total | 1P. Men | 2P. Women |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of employees in FTE | 1003 | 4865 | 2009 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of actual hours worked | 1013 | 821.185 | 346.335 | 474.850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personnel costs | 1023 | 70.359.917,83 | 29.055.102,76 | 41.304.815,07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefits in addition to wages | 1033 | 644.89329 | 270.27612 | 374.61717 |

---

**54/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 10</u>

**EMPLOYEES FOR WHOM THE COMPANY SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL PERSONNEL REGISTER (continuation)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **At the closing date of the period** | Codes | 1. Full-time | 2. Part-time | 3. Total in full-time<br>equivalents |
|  **Number of employees** | 105 | 367 | 75 | 4281 |
|  **By nature of the employment contract** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract for an indefinite period | 110 | 367 | 75 | 4281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract for a definite period | 111 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract for the execution of a specifically assigned work | 112 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Replacement contract | 113 |  |  |  |
|  **According to gender and study level** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Men | 120 | 162 | 15 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; primary education | 1200 | 27 |  | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; secondary education | 1201 | 9 | 1 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; higher non-university education | 1202 | 21 | 5 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; university education | 1203 | 105 | 9 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Women | 121 | 205 | 60 | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; primary education | 1210 | 19 | 3 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; secondary education | 1211 | 5 | 2 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; higher non-university education | 1212 | 46 | 16 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; university education | 1213 | 135 | 39 | 1678 |
|  **By professional category** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management staff | 130 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salaried employees | 134 | 367 | 75 | 4281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hourly employees | 132 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 133 |  |  |  |

---

**HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE DISPOSAL OF THE COMPANY** 

---

| | | | |
|:---|:---|:---|:---|
| **During the period** | Codes | 1. Hired temporary staff | 2. Hired temporary<br>staff and personnel<br>placed at the<br>company's disposal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of persons employed | 150 | 65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of actual hours worked | 151 | 3.238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costs to the company | 152 | 84.78653 |  |

---

**55/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 10</u>

**LIST OF PERSONNEL MOVEMENTS DURING THE PERIOD** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Codes | 1. Full-time | 2. Part-time | 3. Total in full-time<br>equivalents |
|  **ENTRIES** |  |  |  |  |
|  **Number of employees for whom the company submitted a DIMONA declaration or who have been recorded in the general personnel register during the period** | 205 | 47 | 2 | 486 |
|  **By nature of the employment contract** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract for an indefinite period | 210 | 47 | 2 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract for a definite period | 211 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract for the execution of a specifically assigned work | 212 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Replacement contract | 213 |  |  |  |
|  | Codes | 1. Full-time | 2. Part-time | 3. Total in full-time<br>equivalents |
|  **DEPARTURES** |  |  |  |  |
|  **Number of employees whose contract-termination date has been included in the DIMONA declaration or in the general personnel register during the period** | 305 | 62 | 5 | 661 |
|  **By nature of the employment contract** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract for an indefinite period | 310 | 62 | 5 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract for a definite period | 311 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract for the execution of a specifically assigned work | 312 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Replacement contract | 313 |  |  |  |
|  **By reason of termination of contract** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement | 340 | 2 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unemployment with extra allowance from enterprise | 341 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dismissal | 342 | 8 | 1 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other reason | 343 | 52 | 4 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of which: the number of persons who continue to render services to the company at least halftime on a self-employment basis | 350 |  |  |  |

---

**56/57** 

------

N°.   <u>0466.460.429</u>       <u>F-cap 10</u>

**INFORMATION ON TRAINING PROVIDED TO EMPLOYEES DURING THE PERIOD** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Codes | Men | Codes | Women |
|  **Total of initiatives of formal professional training at the expense of the employer** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of employees involved | 5801 |  | 5811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of actual training hours | 5802 |  | 5812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net costs for the company | 5803 |  | 5813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which gross costs directly linked to training | 58031 |  | 58131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which contributions paid and payments to collective funds | 58032 |  | 58132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which grants and other financial advantages received (to deduct) | 58033 |  | 58133 |  |
|  **Total of initiatives of less formal or informal professional training at the expense of the employer** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of employees involved | 5821 | 177 | 5831 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of actual training hours | 5822 | 3.339 | 5832 | 6.228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net costs for the company | 5823 | 432.92754 | 5833 | 964.74692 |
|  **Total of initial initiatives of professional training at the expense of the employer** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of employees involved | 5841 |  | 5851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of actual training hours | 5842 |  | 5852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net costs for the company | 5843 |  | 5853 |  |

---

**57/57**

## Exhibit 99.7

**Exhibit 99.7**![LOGO](g828657dsp289.jpg)

![LOGO](g828657dsp289a.jpg)

Galapagos NV

Statutory auditor's report to the shareholders' meeting for the year ended 31 December 2022 – Annual accounts

The original text of this report is in Dutch

------

**Galapagos NV** \| 31 December 2022

Statutory auditor's report to the shareholders' meeting of Galapagos NV for the year ended 31 December 2022—Annual accounts

In the context of the statutory audit of the annual accounts of Galapagos NV (the "company"), we hereby submit our statutory audit report. This report includes our report on the annual accounts and the other legal and regulatory requirements. These parts should be considered as integral to the report.

We were appointed in our capacity as statutory auditor by the shareholders' meeting of 28 April 2020, in accordance with the proposal of the board of directors ("bestuursorgaan" / "organe d'administration") issued upon recommendation of the audit committee. Our mandate will expire on the date of the shareholders' meeting deliberating on the annual accounts for the year ending 31 December 2022. We have performed the statutory audit of the annual accounts of Galapagos NV for 23 consecutive periods.

**Report on the annual accounts** 

**Unqualified opinion** 

We have audited the annual accounts of the company, which comprises the balance sheet as at 31 December 2022 and the income statement for the year then ended, as well as the explanatory notes. The annual accounts show total assets of 4 694 448 (000) EUR and the income statement shows a loss for the year ended of 137 980 (000) EUR.

In our opinion, the annual accounts give a true and fair view of the company's net equity and financial position as of 31 December 2022 and of its results for the year then ended, in accordance with the financial reporting framework applicable in Belgium.

**Basis for the unqualified opinion** 

We conducted our audit in accordance with International Standards on Auditing (ISA), as applicable in Belgium. In addition, we have applied the International Standards on Auditing approved by the IAASB applicable to the current financial year, but not yet approved at national level. Our responsibilities under those standards are further described in the "Responsibilities of the statutory auditor for the audit of the annual accounts" section of our report. We have complied with all ethical requirements relevant to the statutory audit of the annual accounts in Belgium, including those regarding independence.

We have obtained from the board of directors and the company's officials the explanations and information necessary for performing our audit.

We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our opinion.

**Key audit matters** 

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts of the current period. These matters were addressed in the context of our audit of the annual accounts as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

------

**Galapagos NV** \| 31 December 2022

Determination of the estimated costs impacting the percentage of completion used for revenue recognition related to the filgotinib performance obligation under the Gilead license and collaboration agreement

------

**Key Audit Matter Description** 

Under the existing agreement with its collaboration partner for filgotinib, Gilead, (the "agreement") the company recognized revenue of 125,5 million EUR from upfront payments and milestone payments linked to the filgotinib performance obligation. Revenue was recognized using the cost-to-cost input method, which management believes best depicts the transfer of control to the customer, being Gilead. Under the cost-to-cost input method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the filgotinib performance obligation.

Significant management judgment is required in determining the total estimated costs required under the agreement and the period over which the company is expected to complete its performance obligation. This significant management judgment is the principal consideration for our conclusion that procedures relating to the determination of the estimated costs to complete the performance obligation, impacting the revenue recognition of the filgotinib performance obligation, is a key audit matter. This increased level of judgment by management led to a high degree of auditor judgment, complexity, and effort in performing procedures and in evaluating audit evidence related to management's assumptions related to the estimation of total costs to complete.

The company's disclosures about revenue recognition are included in C 6.10 of the statutory annual accounts. The valuation rules related to revenue are in C 6.19.

**How the Key Audit Matter Was Addressed in the Audit** 

Our audit procedures related to the determination of the estimated costs impacting the percentage of completion used for revenue recognition related to the filgotinib performance obligation under the license and collaboration agreement with Gilead included the following, among others:

• We evaluated and tested management's process for determining the estimate of total costs to complete the
performance obligation, which included evaluating the reasonableness of significant assumptions related to the estimate.

• We tested, on a sample basis, the accuracy and completeness of actual costs incurred to date.

• Our procedures on the reasonableness of the assumptions also included evaluating management's ability to
reasonably estimate costs to complete the performance obligation. Specifically, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluated the appropriateness of changes made during the period to management's estimates of total costs to
complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performed a comparison of management's prior period cost estimates to actual costs incurred and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluated the period over which management is expecting the company to complete its performance obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compared certain costs to third-party supporting evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Considered the impact of any subsequent events on management's assumptions.

------

**Galapagos NV** \| 31 December 2022

**Responsibilities of the board of directors for the preparation of the annual accounts** 

The board of directors is responsible for the preparation and fair presentation of the annual accounts in accordance with the financial reporting framework applicable in Belgium and for such internal control as the board of directors determines is necessary to enable the preparation of the annual accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts, the board of directors is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters to be considered for going concern and using the going concern basis of accounting unless the board of directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

**Responsibilities of the statutory auditor for the audit of the annual accounts** 

Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue a statutory auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.

During the performance of our audit, we comply with the legal, regulatory and normative framework as applicable to the audit of annual accounts in Belgium. The scope of the audit does not comprise any assurance regarding the future viability of the company nor regarding the efficiency or effectiveness demonstrated by the board of directors in the way that the company's business has been conducted or will be conducted.

As part of an audit in accordance with ISA, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from an error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control;

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the board of directors;

------

**Galapagos NV** \| 31 December 2022

• conclude on the appropriateness of the use of the going concern basis of accounting by the board of directors
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our statutory auditor's report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our statutory auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern;

• evaluate the overall presentation, structure and content of the annual accounts, and whether the annual accounts
represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independence, and we communicate with them about all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated to the audit committee, we determine those matters that were of most significance in the audit of the annual accounts of the current period and are therefore the key audit matters. We describe these matters in our report unless law or regulation precludes any public disclosure about the matter.

**Other legal and regulatory requirements** 

**Responsibilities of the board of directors** 

The board of directors is responsible for the preparation and the content of the directors' report on the annual accounts, the statement of non-financial information attached to the directors' report on the annual accounts and other matters disclosed in the annual report, for the documents to be filed according to the legal and regulatory requirements, for maintaining the company's accounting records in compliance with the legal and regulatory requirements applicable in Belgium, as well as for the company's compliance with the Code of companies and associations and the company's articles of association.

**Responsibilities of the statutory auditor** 

As part of our mandate and in accordance with the Belgian standard complementary to the International Standards on Auditing (ISA) as applicable in Belgium, our responsibility is to verify, in all material respects, the director's report on the annual accounts, the statement of non-financial information attached to the directors' report on the annual accounts and other matters disclosed in the annual report, those documents to be filed according to the legal and regulatory requirements and compliance with certain obligations referred to in the Code of companies and associations and the articles of association, as well as to report on these matters.

------

**Galapagos NV** \| 31 December 2022

**Aspects regarding the directors' report and other information disclosed in the annual report** 

In our opinion, after performing the specific procedures on the directors' report on the annual accounts, the directors' report on the annual accounts is consistent with the annual accounts for that same year and has been established in accordance with the requirements of article 3:5 and 3:6 of the Code of companies and associations.

In the context of our statutory audit of the annual accounts we are also responsible to consider, in particular based on information that we became aware of during the audit, if the directors' report on the annual accounts is free of material misstatement, either by information that is incorrectly stated or otherwise misleading. In the context of the procedures performed, we are not aware of such material misstatement.

The non-financial information as required by article 3:6, § 4 of the Code of companies and associations, has been disclosed in the directors' report that is part of the section on corporate social responsibility of the annual report (section "Sustainability report"). This non-financial information has been established by the company in accordance with the United Nations' Sustainable Development Goals ("SDG's"). In accordance with article 3:75, § 1, 6° of the Code of companies and associations we do not express any opinion on the question whether this non-financial information has been established in accordance with these SDG's.

**Statement on the social balance sheet** 

The social balance sheet, to be filed at the National Bank of Belgium in accordance with article 3:12, § 1, 8° of the Code of companies and associations, includes, both in form and in substance, all of the information required by this Code, including those relating to wages and training, and is free from any material inconsistencies with the information available to us in the context of our mission.

**Statements regarding independence** 

• Our audit firm and our network have not performed any prohibited services and our audit firm has remained
independent from the company during the performance of our mandate.

• The fees for the additional non-audit services compatible with the
statutory audit of the annual accounts, as defined in article 3:65 of the Code of companies and associations, have been properly disclosed and disaggregated in the notes to the annual accounts.

------

**Galapagos NV** \| 31 December 2022

**Other statements** 

• Without prejudice to certain formal aspects of minor importance, the accounting records are maintained in
accordance with the legal and regulatory requirements applicable in Belgium.

• The appropriation of results proposed to the general meeting is in accordance with the relevant legal and
regulatory requirements.

• We do not have to report any transactions undertaken or decisions taken which may be in violation of the
company's articles of association or the Code of companies and associations.

• This report is consistent with our additional report to the audit committee referred to in article 11 of
Regulation (EU) N° 537/2014.

• The board of directors has taken the decision as described in the section "Conflict of interests and related
parties" of the directors' report, with financial consequences as a result. In accordance with article 7:96 of the Code of companies and associations, the board of directors has informed the shareholders of the resolution passed by the
board of directors to amend the management agreement between Galapagos NV and Stoffels IMC BV, which is the management company of the chairman and CEO. We have assessed the financial consequences for the company relating to the decisions taken in
respect of the conflict of interest as described in the directors' report and we have nothing to report.

Signed at Zaventem, 23 March 2023.

**The statutory auditor**

<u> </u>

**Deloitte Bedrijfsrevisoren/Réviseurs d'Entreprises BV/SRL**

Represented by Nico Houthaeve

![LOGO](g828657dsp289.jpg)

Deloitte Bedrijfsrevisoren/Réviseurs d'Entreprises BV/SRL

Registered Office: Gateway building, Luchthaven Brussel Nationaal 1 J, B-1930 Zaventem

VAT BE 0429.053.863 - RPR Brussel/RPM Bruxelles - IBAN BE86 5523 2431 0050 - BIC GKCCBEBB

Member of Deloitte Touche Tohmatsu Limited

## Exhibit 99.8

**Exhibit 99.8** 

&nbsp;&nbsp;&nbsp; **Time Sensitive**<br> **Materials**<br>

**Depositary's Notice of** 

**Annual Shareholders' Meeting of Galapagos NV** 

---

| | |
|:---|:---|
| **ADSs:** | American Depositary Shares ("<u>ADSs</u>"). |
| **ADS CUSIP No.:** | 36315X101. |
| **Company:** | Galapagos NV, a company organized and existing under the laws of the Kingdom of Belgium (the "<u>Company</u>"). |
| **ADS Record Date:** | March 17, 2023 (close of business in New York). Date used to determine ADS Holders who are to receive these materials and who are eligible to give voting instructions to the Depositary upon the terms described herein. |
| **Share Record Date:** | April 11, 2023 (Midnight CET). Date on which ADS Holders are required under Belgian law to hold their interests in the shares of the Company in order to be eligible to vote at the Meeting. |
| **Meeting Specifics:** | Annual Shareholders' Meeting to be held at 2:00 P.M. (CET) on Tuesday, April 25, 2023, at the registered office of the Company located at Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium (the "Meeting"). |
| **Meeting Agendas:** | Documents related to the Annual Shareholders' Meeting Agenda items will be available on the Company's website at <u>http://www.glpg.com/shareholders-meetings</u>. |
| **ADS Voting Instructions Deadline:** | On or before 10:00 A.M. (New York City time) on April 17, 2023. |
| **Deposited Securities:** | Ordinary shares of the Company. |
| **ADS Ratio:** | One (1) Share to one (1) ADS. |
| **Depositary:** | Citibank, N.A. |
| **Custodian of**<br> **Deposited Securities:** | Citibank Europe plc. |
| **Deposit Agreement:** | Amended and Restated Deposit Agreement, dated as of May 4, 2015, by and among the Company, the Depositary and all Holders and Beneficial Owners of ADSs issued thereunder. |

---

To be counted, your Voting Instructions need to be received by the Depositary prior to

**10:00 A.M.** (New York City time) on

**April 17, 2023**.

**Only those holders of record of the ADS on March 17, 2023 and April 11, 2023 are** 

**entitled to vote in the Annual Shareholders' Meeting** 

------

The Company has announced that the Meeting will be held at the date, time and location identified above. **Documents related to the Annual Shareholders' Meeting Agenda items will be available on the Company's website at <u>http://www.glpg.com/shareholders-meetings</u>. The information with respect to the Meeting and the Voting Instructions contained herein and in any related materials may change after the date hereof as a result of a change in circumstances (e.g. an adjournment or cancellation of the Meeting, and change in manner of holding the Meeting). The Company intends to announce any changes and updates on its website at <u>http://www.glpg.com/shareholders-meetings</u>. We encourage you to check the referenced Company website for any updates to the information with respect to the Meeting and the Voting Instructions as it is not expected that any additional information will be distributed to you via mail or email.** 

Holders of ADSs wishing to give voting instructions to the Depositary must sign, complete and return the enclosed Voting Instructions prior to the ADS Voting Instructions Deadline in the enclosed pre-addressed envelope.

Subject to Belgian law, the Articles of Association of the Company, the provisions of or governing the Deposited Securities, the terms of the Deposit Agreement, Registered Holders (as defined below) and DTC Holders (as defined below), in each case as of the close of business on the ADS Record Date, will be entitled to instruct the Depositary as to the exercise of voting rights pertaining to the Deposited Securities represented by their ADSs. However, as mentioned above, the voting instructions of any such holder will be disregarded if the Depositary is unable to confirm such holder's continued ownership of the ADSs as of the Share Record Date.

**<u>DTC Holders</u>**

In order to vote their ADSs, owners of ADSs ("<u>DTC Holders</u>") holding their ADSs in a brokerage or custodian account through The Depository Trust Company ("DTC") as of the ADS Record Date must continue to own their ADSs as of the Share Record Date and must instruct their broker or custodian to give voting instructions to the Depositary and to confirm ownership of the ADSs to the Depositary. On the Share Record Date, the Depositary will verify the continued ownership of the ADSs by the instructing DTC Holders with the applicable brokers or custodians (through which the instructing DTC Holders provided voting instructions to the Depositary). Failure to confirm continued ownership of ADSs as of the Share Record Date will invalidate the voting instructions previously delivered.

**<u>Registered Holders</u>**

In order to vote their ADSs, Holders of ADSs registered in their name on the books of the Depositary ("<u>Registered Holders</u>") must timely deliver a Voting Instruction Form to the Depositary and continue to be the Registered Holders of their ADSs as of the Share Record Date. If a Registered Holder transfers or cancels ADSs at any time before the Share Record Date, any voting instructions delivered to the Depositary will be invalidated. On the Share Record Date, the Depositary will verify the continued registration on its books of the ADSs in the name of the instructing Registered Holders (who also held the ADSs as of the ADS Record Date) and will recognize as valid only the voting instructions that were timely received from Registered Holders as of the ADS Record Date who continue to be the Registered Holders as of the Share Record Date.

**Voting instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs, as of the ADS Record Date and as of the Share Record Date, of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, Articles of Association of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder's ADSs in accordance with such voting instructions. The Depositary agrees not to vote, cause to be voted or attempt to exercise the right to vote that attaches to any Deposited Securities, other than in accordance with valid voting instructions given or deemed given in compliance with the Deposit Agreement.** 

**Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall not be voted (except as otherwise described herein). Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder's ADSs, the Depositary will deem such Holder to have instructed the Depositary to vote in favor of the items set forth in such voting instructions.** 

The right of any Holder of ADSs to give instructions to the Depositary as to the exercise of voting rights or the right of any Holder of ADSs to vote withdrawn ordinary shares in person or by proxy may be limited if such ADS holder fails to (i) comply with the information requests, (ii) comply with ownership restrictions, (iii) meet reporting obligations, (iv) obtain regulatory approvals (if any), or (v) disclose their interest held in the Company, in each case as described in the Deposit Agreement.

Holders of ADSs who have delivered voting instructions agree that such voting instructions may, at the request of the Company, be disclosed by the Company, for purposes of compliance with Belgian law, in connection with the Meeting, whether prior, during or after such Meeting.

The information contained herein with respect to the Meeting has been provided by the Company. Citibank, N.A. is forwarding this information to you solely as Depositary and in accordance with the terms of the Deposit Agreement and disclaims any responsibility with respect to the accuracy of such information. Citibank, N.A. does not, and should not be deemed to, express any opinion with respect to the proposals to be considered at the Meeting. The rights and obligations of Holders and Beneficial Owners of ADSs, the Company and the Depositary are set forth in their entirety in the Deposit Agreement and summarized in the ADRs. If you wish to receive a copy of the Deposit Agreement, please contact the Depositary at the number set forth below.

***If you have any questions about the way in which Voting Instructions may be delivered to the Depositary, please contact Citibank, N.A. - ADR Shareholder Services at 1-877-CITI-ADR (1-877-248-4237).***

Citibank, N.A., as Depositary

## Exhibit 99.9

**Exhibit 99.9** 

------

**Annual Shareholders' Meeting** 

------

***The Voting Instructions must be signed, completed and received at the indicated address prior to***

***10:00 A.M. (New York City time) on April 17, 2023 for action to be taken.***

---

| | |
|:---|:---|
| **2023 VOTING INSTRUCTIONS** | **AMERICAN DEPOSITARY SHARES** |
| **Galapagos NV (the "Company")** | **Galapagos NV (the "Company")** |
| **ADS CUSIP No.:** | 36315X101. |
| **ADS Record Date:** | March 17, 2023 (close of business in New York). |
| **Share Record Date:** | April 11, 2023 (Midnight CET). |
| **Meeting Specifics:** | Annual Shareholders' Meeting to be held at 2:00 P.M. (CET) on Tuesday, April 25, 2023, at the registered office of the Company located at Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium (the "Meeting"). |
| **Meeting Agenda:** | Documents related to the Annual Shareholders' Meeting Agenda items will be available on the Company's website at <u>http://www.glpg.com/shareholders-meetings</u>. |
| **Depositary:** | Citibank, N.A. |
| **Deposit Agreement:** | Amended and Restated Deposit Agreement, dated as of May 4, 2015, by and among the Company, the Depositary and all Holders and Beneficial Owners of American Depositary Shares ("ADSs") issued thereunder. |
| **Deposited Securities:** | Ordinary shares of the Company. |
| **Custodian:** | Citibank Europe plc. |

---

The undersigned Holder of the ADSs identified above, as of the ADS Record Date, hereby authorizes and directs the Depositary to cause to be voted at the Meeting (and any adjournment or postponement thereof) the Deposited Securities represented by the ADSs in the manner indicated on the reverse side hereof. The undersigned recognizes that any sale, transfer or cancellation of ADSs before the Share Record Date will invalidate these voting instructions if the Depositary is unable to verify the continued ownership of ADSs as of the Share Record Date.

***Voting instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs, as of the ADS Record Date and as of the Share Record Date, of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, Articles of Association of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder's ADSs in accordance with such voting instructions. The Depositary agrees not to vote, cause to be voted or attempt to exercise the right to vote that attaches to any Deposited Securities, other than in accordance with valid voting instructions given or deemed given in compliance with the Deposit Agreement.***

***Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall not be voted (except as otherwise described herein). Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder's ADSs, the Depositary will deem such Holder to have instructed the Depositary to vote in favor of the items set forth in such voting instructions.***

The right of any holders of ADSs to give instructions to the Depositary as to the exercise of voting rights may be limited if such holder fails to comply with the requirements under Belgian law (which are summarized in Sections 3.4, 3.5, 3.6 and 3.7 of the Deposit Agreement).

In order to exercise voting rights, an owner who is not the registered holder of ADSs on the books of the Depositary will be required, subject to applicable provisions of the laws of Belgium, the Articles of Association of the Company and the Deposit Agreement, to have such ownership of ADSs, verified by the Depositary as of the Share Record Date.

Please indicate on the reverse side hereof how the Deposited Securities are to be voted.

The Voting Instructions must be marked, signed and returned on time in order to be counted.

By signing on the reverse side hereof, the undersigned represents to the Depositary and the Company that the undersigned is duly authorized to give the Voting Instructions contained therein.

------

**Annual Shareholders' Meeting Agenda and Proposed Resolutions** 

1. Acknowledgement and discussion of (a) the annual report of the Board of Directors in relation to the non-consolidated and consolidated annual accounts of the Company for the financial year ended on 31 December 2022, and (b) the report of the statutory auditor in relation to the non-consolidated annual accounts of the Company for the financial year ended on 31 December 2022. (\*)

2. Acknowledgement and approval of the non-consolidated annual accounts of
the Company for the financial year ended on 31 December 2022, and approval of the allocation of the annual result as proposed by the Board of Directors.

3. Acknowledgement and discussion of the report of the statutory auditor relating to the consolidated annual
accounts of the Company for the financial year ended on 31 December 2022. (\*)

4. Acknowledgement and discussion of the consolidated annual accounts of the Company for the financial year ended
on 31 December 2022. (\*)

5. Acknowledgement and approval of the remuneration report.

6. Release from liability to be granted to the members of the Board of Directors, the members of the former
Supervisory Board, and the statutory auditor for the performance of their respective mandates during the financial year ended on 31 December 2022.

7. Remuneration of the statutory auditor for the financial year ended on 31 December 2022.

8. Appointment of statutory auditor.

9. Re-appointment of Mr. Peter Guenter as independent director.

10. Re-appointment of Mr. Daniel O'Day as director. 11. Re-appointment of Dr. Linda Higgins as director.

---

| | |
|:---|:---|
| (\*) | These items will not be voted upon.  |

---

Please refer to the enclosed Convening Notice to read the full resolutions.

---

| | |
|:---|:---|
| A | **Resolutions** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For** | **Against** | **Abstain** |
| Resolution 2 | ☐ | ☐ | ☐ |
| Resolution 5 | ☐ | ☐ | ☐ |
| Resolution 6 | ☐ | ☐ | ☐ |
| Resolution 7 | ☐ | ☐ | ☐ |
| Resolution 8 | ☐ | ☐ | ☐ |
| Resolution 9 | ☐ | ☐ | ☐ |
| Resolution 10 | ☐ | ☐ | ☐ |
| Resolution 11 | ☐ | ☐ | ☐ |

---

---

| | |
|:---|:---|
| B | **Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.** |

---

If these Voting Instructions are signed and timely returned to the Depositary but no specific direction as to voting is marked above as to an issue, the undersigned shall be deemed to have directed the Depositary to vote in favor of such issue.

If these Voting Instructions are signed and timely returned to the Depositary but multiple specific directions as to voting are marked above as to an issue, the undersigned shall be deemed to have directed the Depositary to give an "ABSTAIN" Voting Instruction for such issue.

Please be sure to sign and date this Voting Instructions Card.

Please sign your name to the Voting Instructions exactly as printed. When signing in a fiduciary or representative capacity, give full title as such. Where more than one owner, each MUST sign. Voting Instructions executed by a corporation should be in full name by a duly authorized officer with full title as such.

---

| | | |
|:---|:---|:---|
| Signature 1 - Please keep signature within the line | Signature 2 - Please keep signature within the line | Date (mm/dd/yyyy) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; / / |

---

## Exhibit 99.10

**Exhibit 99.10** 

---

| | |
|:---|:---|
| **Gewone Algemene Vergadering van 25 april 2023**<br> **Annual Shareholders' Meeting of 25 April 2023** | ![LOGO](g828657snap301-302jpg.jpg) |

---

---

| | |
|:---|:---|
| **Kennisgeving van deelname**<br> (enkel te gebruiken door houders van aandelen op naam of inschrijvingsrechten) | **Notification of participation**<br> (to be used by holders of registered shares or subscription<br> rights only) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;De ondergetekende: | The undersigned: |
| *(Naam en adres / Name and address)* | *(Naam en adres / Name and address)* |

---

---

| | |
|:---|:---|
| heeft kennisgenomen van de agenda van de Gewone Algemene Vergadering van Galapagos NV (een naamloze vennootschap naar Belgisch recht, met zetel te Generaal De Wittelaan L11 A3, 2800 Mechelen, België en ingeschreven in het Rechtspersonenregister (Antwerpen, afdeling Mechelen) onder nummer 0466. 460.429) (de "**Vennootschap**"), | has taken note of the agenda of the Annual Shareholders' Meeting of Galapagos NV (a limited liability company organized under the laws of Belgium, with registered office at Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium and registered with the Register of Legal Entities (Antwerp, division Mechelen) under number 0466.460.429) (the "**Company**"), |
| die zal worden gehouden op dinsdag 25 april 2023, om 14.00 uur (Belgische tijd) en op de zetel van de Vennootschap, | to be held on Tuesday 25 April 2023, at 2.00 p.m. (Belgian time) and at the registered office of the Company, |
| en brengt de Vennootschap hierbij op de hoogte van zijn / haar voornemen om deel te nemen aan de bovenvermelde Gewone Algemene Vergadering, | and hereby notifies the Company of his / her intention to attend the aforementioned Annual Shareholders' Meeting, |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;met de volgende effecten: | &nbsp;&nbsp;&nbsp;&nbsp;met de volgende effecten: | with the following securities: | with the following securities: |
|  | aandelen op naam en/of |  | registered shares and/or |
|  | inschrijvingsrechten |  | subscription rights |
| *(Aantal)* |  | *(Number)* |  |

---

---

| |
|:---|
| *(Datum / Date)* |
| *(Naam / Name)* |
| *(Handtekening / Signature)* |

---

---

| | |
|:---|:---|
| De ondertekende kennisgeving dient **uiterlijk op 19 april 2023** bij Galapagos NV toe te komen. Deze moet worden bezorgd per e-mail (<u>shareholders@glpg.com</u>) of met de post (Galapagos NV, t.a.v. mw. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, België). | The signed notification must be received by Galapagos NV **on 19 April 2023 at the latest**. It should be submitted by e-mail (<u>shareholders@glpg.com</u>) or by post (Galapagos NV, attn. Ms. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium). |
| De ondergetekende gaat ermee akkoord dat de Engelse versie van deze kennisgeving slechts een vrije vertaling voor informatiedoeleinden betreft, en dat de Nederlandstalige versie altijd voorrang heeft op de Engelse versie. | The undersigned agrees that the English version of this notification is a free translation for information purposes only, and that the Dutch version shall at all times prevail over the English version. |
| **Aandeelhouders die willen stemmen per brief, of zich willen laten vertegenwoordigen, moeten eveneens voldoen aan de relevante voorwaarden zoals beschreven in de oproeping tot de Gewone Algemene Vergadering.** | **Shareholders who wish to vote by letter, or who wish to be represented by proxy, need also to comply with the relevant conditions as described in the convening notice to the Annual Shareholders' Meeting.** |

---

------

Galapagos NV \| Kennisgeving van deelname AV 25 april 2023 \| Attendance notification AGM 25 April 2023

P. 1 \| 1

## Exhibit 99.11

**Exhibit 99.11**![LOGO](g828657snap301-302jpg.jpg)

**GALAPAGOS NV** 

Naamloze vennootschap / *Limited liability company*

Generaal De Wittelaan L11 A3, 2800 Mechelen, België / *Belgium*

ondernemingsnummer / *company number* 0466.460.429

RPR Antwerpen, afdeling Mechelen / *RLE Antwerp, division Mechelen*

Op 23 maart 2023 bedraagt het totaal aantal aandelen en stemrechten van Galapagos NV

**65.897.071** 

On 23 March 2023, the total number of shares and voting rights of Galapagos NV amounts to

**65,897,071**

## Exhibit 99.12

**Exhibit 99.12** 

---

| | |
|:---|:---|
| **Gewone Algemene Vergadering van 25 april 2023**<br> **Annual Shareholders' Meeting of 25 April 2023** | ![LOGO](g828657snap301-302jpg.jpg) |

---

---

| | |
|:---|:---|
| **Stemmen per brief**<br> (enkel te gebruiken door aandeelhouders) | **Voting by letter**<br> (to be used by shareholders only) |

---

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;De ondergetekende: | The undersigned: |
| *(Naam en adres / Name and address)* | *(Naam en adres / Name and address)* |

---

---

| | |
|:---|:---|
| eigenaar van het volgende aantal aandelen in **Galapagos NV** (naamloze vennootschap naar Belgisch recht, met zetel te Generaal De Wittelaan L11 A3, 2800 Mechelen, België en ingeschreven in het Rechtspersonenregister (RPR Antwerpen, afdeling Mechelen) onder het nummer 0466.460.429) (de "**Vennootschap**"): | owner of the following number of shares in **Galapagos NV** (public limited liability company organized under the laws of Belgium, with registered office at Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium and registered with the Register of Legal Entities (RLE Antwerp, division Mechelen) under the number 0466.460.429) (the "**Company**"): |

---

---

| |
|:---|
| *(Aantal aandelen op naam / Number of registered shares)* |
| <br> *(Aantal gedematerialiseerde aandelen / Number of dematerialized shares)* |

---

---

| | |
|:---|:---|
| heeft kennisgenomen van de Gewone Algemene Vergadering van de Vennootschap, die zal worden gehouden op dinsdag 25 april 2023, om 14.00 uur (Belgische tijd) en op de zetel van de Vennootschap, | has taken note of the Annual Shareholders' Meeting of the Company, to be held on Tuesday 25 April 2023 at 2.00 p.m. (Belgian time) and at the registered office of the Company, |
| en brengt de Vennootschap hierbij op de hoogte van zijn / haar wens om aan deze Gewone Algemene Vergadering, alsmede aan elke andere Algemene Vergadering met dezelfde agenda die daarna zou worden bijeengeroepen als gevolg van uitstel of verdaging, deel te nemen door gebruik te maken van zijn / haar mogelijkheid om **te stemmen per brief** conform artikel 7:146 van het Wetboek van Vennootschappen en Verenigingen en artikel 24 van de Statuten van de Vennootschap, | and hereby notifies the Company of his / her intention to attend this Annual Shareholders' Meeting, as well as at any other Shareholders' Meeting with the same agenda that may be convened subsequently as a result of delay or adjournment, by use of his / her possibility **to vote by letter** in accordance with article 7:146 of the Code of Companies and Associations and article 24 of the Articles of Association of the Company, |
| waarbij hij / zij verklaart als volgt op onherroepelijke wijze te stemmen over de voorstellen tot besluit geplaatst op de agenda van de bovenvermelde Gewone Algemene Vergadering: | by which he / she declares that he / she irrevocably votes as follows on the proposed resolutions placed on the agenda of the aforementioned Annual Shareholders' Meeting: |
| *Indien, overeenkomstig artikel 7:130 van het Wetboek van Vennootschappen en Verenigingen nieuw te behandelen onderwerpen op de agenda zijn opgenomen nadat het onderhavig stemformulier ter kennis van de Vennootschap is gebracht, zal de Vennootschap gewijzigde formulieren voor stemming per brief ter beschikking stellen. De stemmen per brief die de Vennootschap bereiken vooraf aan de publicatie van een gewijzigde agenda of voorstellen van besluit, blijven geldig voor de agendapunten waarop de stemmen per brief betrekking hebben, doch evenwel onder voorbehoud van de toepasselijke wetgeving.* | *If, in accordance with Article 7:130 of the Companies and Associations Code, new subjects to be dealt with are included in the agenda after this voting form has been notified to the Company, the Company shall provide revised forms for voting by letter. The votes by letter that reach the Company prior to the publication of the amended agenda or proposed resolutions, remain valid for the agenda items to which the votes by letter apply, subject, however, to applicable law.* |
| *Bij gebreke aan een specifieke stemwijze voor een bepaald agendapunt, of indien, om welke reden ook, er onduidelijkheid zou bestaan over de meegedeelde stemwijze, zal de ondergetekende geacht worden geselecteerd te hebben "Voor".* | *If no specific manner of voting is given for a specific item on the agenda, or if, for whatever reason, there is a lack of clarity with regard to the indicated manner of voting, the undersigned shall be deemed to have selected "In favor".* |
| *Dit formulier dient handgeschreven of elektronisch te worden ondertekend. Indien gebruik wordt gemaakt van de mogelijkheid om dit formulier elektronisch te tekenen, dient het te gaan om een elektronische handtekening in de zin van artikel 3.10 van Verordening (EU) Nr. 910/2014 van het Europees Parlement en de Raad van 23 juli 2014 betreffende elektronische identificatie en vertrouwensdiensten voor elektronische transacties in de interne markt en tot intrekking van Richtlijn 1999/93/EG, zoals gewijzigd, hetzij een gekwalificeerde elektronische handtekening in de zin van artikel 3.12 van dezelfde Verordening.* | *This form should be signed either in handwriting or electronically. If the opportunity to sign this proxy form electronically is made use of, it must be an electronic signature within the meaning of article 3.10 of Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC, as amended, or a qualified electronic signature within the meaning of article 3.12 of the same Regulation.* |

---

------

Galapagos NV \| Formulier stemmen per brief AV 25 april 2023 \| Voting by letter form AGM 25 April 2023 P. 1 \| 5

------

---

| | |
|:---|:---|
| **Gewone Algemene Vergadering van 25 april 2023**<br> **Annual Shareholders' Meeting of 25 April 2023** | ![LOGO](g828657snap301-302jpg.jpg) |

---

---

| | |
|:---|:---|
| **Agenda** | **Agenda** |
| 1. Kennisname en bespreking van (a) het jaarverslag van de Raad van Bestuur betreffende de statutaire en geconsolideerde jaarrekening van de Vennootschap over het boekjaar afgesloten op 31 december 2022, en (b) het verslag van de commissaris betreffende de statutaire jaarrekening van de Vennootschap over het boekjaar afgesloten op 31 december 2022 | 1. Acknowledgement and discussion of (a) the annual report of the Board of Directors in relation to the non-consolidated and consolidated annual accounts of the Company for the financial year ended on 31 December 2022, and (b) the report of the statutory auditor in relation to the non-consolidated annual accounts of the Company for the financial year ended on 31 December 2022 |
| 2. Kennisname en goedkeuring van de statutaire jaarrekening van de Vennootschap over het boekjaar afgesloten op 31 december 2022, alsook goedkeuring van de door de Raad van Bestuur voorgestelde bestemming van het jaarresultaat | 2. Acknowledgement and approval of the non-consolidated annual accounts of the Company for the financial year ended on 31 December 2022, and approval of the allocation of the annual result as proposed by the Board of Directors |
| ***<u>Voorstel van besluit</u>****: De algemene vergadering besluit de statutaire jaarrekening van de Vennootschap over het boekjaar afgesloten op 31 december 2022, alsook de door de Raad van Bestuur voorgestelde bestemming van het jaarresultaat goed te keuren.* | ***<u>Proposed resolution</u>****:* *****The shareholders' meeting resolves to approve the non-consolidated annual accounts of the Company for the financial year ended on 31 December 2022, and the allocation of the annual result as proposed by the Board of Directors.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 2 - Stemwijze:** | **Agenda item 2 - Manner of voting:** | **Agenda item 2 - Manner of voting:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 3. Kennisname en bespreking van het verslag van de commissaris betreffende de geconsolideerde jaarrekening van de Vennootschap over het boekjaar afgesloten op 31 december 2022 | 3. Acknowledgement and discussion of the report of the statutory auditor relating to the consolidated annual accounts of the Company for the financial year ended on 31 December 2022 |
| 4. Kennisname en bespreking van de geconsolideerde jaarrekening van de Vennootschap over het boekjaar afgesloten op 31 december 2022 | 4. Acknowledgement and discussion of the consolidated annual accounts of the Company for the financial year ended on 31 December 2022 |
| 5. Kennisname en goedkeuring van het remuneratieverslag | 5. Acknowledgement and approval of the remuneration report |
| ***<u>Voorstel van besluit</u>****: De algemene vergadering besluit om het remuneratieverslag opgenomen in het jaarverslag van de Raad van Bestuur over het boekjaar afgesloten op 31 december 2022, goed te keuren.* | ***<u>Proposed resolution</u>****: The shareholders' meeting resolves to approve the remuneration report included in the annual report of the Board of Directors for the financial year ended on 31 December 2022.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 5 - Stemwijze:** | **Agenda item 5 - Manner of voting:** | **Agenda item 5 - Manner of voting:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 6. Kwijting aan de leden van de Raad van Bestuur, de leden van de voormalige Raad van Toezicht en de commissaris voor de uitoefening van hun respectieve mandaten tijdens het boekjaar afgesloten op 31 december 2022 | 6. Release from liability to be granted to the members of the Board of Directors, the members of the former Supervisory Board, and the statutory auditor for the performance of their respective mandates during the financial year ended on 31 December 2022 |

---

------

Galapagos NV \| Formulier stemmen per brief AV 25 april 2023 \| Voting by letter form AGM 25 April 2023 P. 2 \| 5

------

---

| | |
|:---|:---|
| **Gewone Algemene Vergadering van 25 april 2023**<br> **Annual Shareholders' Meeting of 25 April 2023** | ![LOGO](g828657snap301-302jpg.jpg) |

---

---

| | |
|:---|:---|
| ***Voorstel van besluit****: De algemene vergadering besluit, bij afzonderlijke stemming, om kwijting van aansprakelijkheid te geven aan elk lid van de Raad van Bestuur, aan elk lid van de voormalige Raad van Toezicht en aan de commissaris voor de uitoefening van hun respectieve mandaten tijdens het boekjaar afgesloten op 31 december 2022.* | ***Proposed resolution****: The shareholders' meeting resolves, by a separate vote, to release each member of the Board of Directors, each member of the former Supervisory Board, and the statutory auditor from any liability arising from the performance of their respective mandates during the financial year ended on 31 December 2022.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 6 - Stemwijze:** | **Agenda item 6 - Manner of voting:** | **Agenda item 6 - Manner of voting:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 7. Bezoldiging van de commissaris voor het boekjaar afgesloten op 31 december 2022 | 7. Remuneration of the statutory auditor for the financial year ended on 31 December 202 |
| ***<u>Voorstel van besluit</u>*** ***:*** *De algemene vergadering besluit om de verhoging van de jaarlijkse bezoldiging van de commissaris van €769.610 (BTW en onkosten exclusief), zoals goedgekeurd door de gewone algemene vergadering van 28 april 2020, tot €1.127.098 (BTW en onkosten exclusief) voor de audit van de statutaire en geconsolideerde jaarrekening over het boekjaar afgesloten op 31 december 2022 goed te keuren. Deze stijging is voornamelijk het gevolg van het feit dat de omvang van de audit activiteiten uitgevoerd door de commissaris zijn verruimd als gevolg van het opvoeren van de commerciële activiteiten van Galapagos in 2022, alsook de gedane overnames.* | ***<u>Proposed resolution</u>****: The shareholders' meeting resolves to approve the increase of the annual remuneration of the statutory auditor from €769,610 (VAT and expenses exclusive), as approved by the ordinary shareholders' meeting of 28 April 2020, to €1,127,098 (VAT and expenses exclusive) for the audit of the non-consolidated and consolidated accounts for the financial year ended on 31 December 2022. This increase mainly results from the fact that the scope of the audit activities performed by the statutory auditor was broadened as a result of Galapagos' commercial activities ramping up in 2022, as well as the acquisitions made.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 7 - Stemwijze:** | **Agenda item 7 - Manner of voting:** | **Agenda item 7 - Manner of voting:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 8. Benoeming van de commissaris | 8. Appointment of statutory auditor |
| ***<u>Voorstel van besluit</u>*** ***:*** *In overeenstemming met de aanbeveling van het Auditcomité en op voorstel van de Raad van Bestuur, besluit de algemene vergadering om (a) BDO Bedrijfsrevisoren BV, met haar zetel te Da Vincilaan 9/E.6, 1930 Zaventem en geregistreerd in de Kruispuntbank van Ondernemingen (RPR Brussel, Nederlandstalige afdeling) onder het nummer 0431.088.289, vast vertegenwoordigd door Ellen Lombaerts, te benoemen als commissaris van de Vennootschap voor een termijn van 3 jaar, en (b) de jaarlijkse vergoeding van BDO Bedrijfsrevisoren BV voor haar mandaat als commissaris van de Vennootschap te bepalen op €852.000 (exclusief BTW, indien relevant) per jaar. Dergelijk mandaat zal onmiddellijk verstrijken na de gewone algemene vergadering die in 2026 zal worden gehouden, en die zal hebben beslist omtrent de jaarrekening van de Vennootschap over het boekjaar af te sluiten op 31 december 2025.* | ***<u>Proposed resolution</u>*** ***:*** *In accordance with the recommendation of the Audit Committee and upon proposal of the Board of Directors, the shareholders' meeting resolves (a) to appoint BDO Bedrijfsrevisoren BV, with its registered office at Da Vincilaan 9/E.6, 1930 Zaventem, and registered with the Crossroads Enterprise Database (RPR Brussels, Dutch-speaking division) under the number 0431.088.289, permanently represented by Ellen Lombaerts, as statutory auditor of the Company for a period of 3 years, and (b) to determine the annual remuneration of BDO Bedrijfsrevisoren BV for its mandate as statutory auditor of the Company at €852,000 (if any, VAT exclusive) per year. Such mandate will expire immediately after the annual shareholders' meeting to be held in 2026 which will have decided upon the Company's annual accounts for the financial year to be ended on 31 December 2025.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 8 - Stemwijze:** | **Agenda item 8 - Manner of voting:** | **Agenda item 8 - Manner of voting:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 9. Herbenoeming van dhr. Peter Guenter als onafhankelijk bestuurder | 9. Re-appointment of Mr. Peter Guenter as independent director |
| ***<u>Voorstel van besluit</u>****:* *****Op voorstel van de Raad van Bestuur en in overeenstemming met het advies van het Benoemingscomité, besluit de algemene vergadering om (a) dhr. Peter Guenter te herbenoemen als onafhankelijk lid van de Raad van Bestuur van de Vennootschap, voor een periode van 4 jaar vanaf heden, die een einde zal nemen onmiddellijk na de gewone algemene* | ***<u>Proposed resolution</u>****:* *****Upon proposal of the Board of Directors, and in accordance with the advice of the Nomination Committee, the shareholders' meeting resolves (a) to re-appoint Mr. Peter Guenter as an independent member of the Board of Directors of the Company, for a period of 4 years, effective as of today, ending immediately after the annual* |

---

------

Galapagos NV \| Formulier stemmen per brief AV 25 april 2023 \| Voting by letter form AGM 25 April 2023 P. 3 \| 5

------

---

| | |
|:---|:---|
| **Gewone Algemene Vergadering van 25 april 2023**<br> **Annual Shareholders' Meeting of 25 April 2023** | ![LOGO](g828657snap301-302jpg.jpg) |

---

---

| | |
|:---|:---|
| *vergadering te houden in 2027, en (b) zijn mandaat als onafhankelijk lid van de Raad van Bestuur te bevestigen doordat (i) dhr. Peter Guenter beantwoordt aan de onafhankelijkheidscriteria uiteengezet in artikel 7:87 van het Wetboek van Vennootschappen en Verenigingen en bepaling 3.5 van de Belgische Corporate Governance Code 2020, en (ii) dhr. Peter Guenter uitdrukkelijk heeft verklaard geen (en de Raad van Bestuur evenmin kennis heeft van) banden te hebben met de Vennootschap of een belangrijke aandeelhouder, die zijn onafhankelijkheid in het gedrang zou kunnen brengen. De algemene vergadering besluit bovendien dat het mandaat van dhr. Peter Guenter bezoldigd zal zijn, zoals voorzien voor niet-uitvoerende leden van de Raad van Bestuur in (a) het Remuneratiebeleid goedgekeurd door de gewone algemene vergadering van 26 april 2022, en (b) de notulen van de gewone algemene vergadering van 28 april 2020.* | *shareholders' meeting to be held in 2027, and (b) to confirm his mandate as an independent member of the Board of Directors since (i) Mr. Peter Guenter meets the independence criteria set forth in article 7:87 of the Belgian Companies and Associations Code, and article 3.5 of the Belgian Corporate Governance Code 2020, and (ii) Mr. Peter Guenter has explicitly declared not to have (and the Board of Directors is not aware of) any connections with the Company or a major shareholder, which would interfere with his independence. The shareholders' meeting also resolves that the mandate of Mr. Peter Guenter is remunerated as provided for non-executive members of the Board of Directors in (a) the Remuneration Policy, approved by the ordinary shareholders' meeting of 26 April 2022, and (b) the minutes of the ordinary shareholders' meeting of 28 April 2020.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 9 - Stemwijze:** | **Agenda item 9 - Manner of voting:** | **Agenda item 9 - Manner of voting:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 10. Herbenoeming van dhr. Daniel O'Day als bestuurder | 10. Re-appointment of Mr. Daniel O'Day as director |
| ***<u>Voorstel van besluit</u>*** ***:*** *Op voorstel van de Raad van Bestuur en in overeenstemming met het advies van het Benoemingscomité, besluit de algemene vergadering om dhr. Daniel O'Day te herbenoemen als niet-onafhankelijk lid van de Raad van Bestuur van de Vennootschap, voor een periode van 4 jaar vanaf heden, die een einde zal nemen onmiddellijk na de gewone algemene vergadering te houden in 2027. De algemene vergadering besluit bovendien dat het mandaat van dhr. Daniel O'Day als bestuurder van de Vennootschap niet bezoldigd zal zijn.* | ***<u>Proposed resolution</u>****: Upon proposal of the Board of Directors, and in accordance with the advice of the Nomination Committee, the shareholders' meeting resolves to re-appoint Mr. Daniel O'Day as a non-independent member of the Board of Directors of the Company, for a period of 4 years, effective as of today, ending immediately after the annual shareholders' meeting to be held in 2027. The shareholders' meeting of the Company also resolves that the mandate of Mr. Daniel O'Day as director of the Company will not be remunerated.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 10 - Stemwijze:** | **Agenda item 10 - Manner of voting:** | **Agenda item 10 - Manner of voting:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

---

| | |
|:---|:---|
| 11. Herbenoeming van Dr. Linda Higgins als bestuurder | 11. Re-appointment of Dr. Linda Higgins as director |
| ***<u>Voorstel van besluit</u>*** ***:*** *Op voorstel van de Raad van Bestuur en in overeenstemming met het advies van het Benoemingscomité, besluit de algemene vergadering om Dr. Linda Higgins te herbenoemen als niet-onafhankelijk lid van de Raad van Bestuur van de Vennootschap, voor een periode van 4 jaar vanaf heden, die een einde zal nemen onmiddellijk na de gewone algemene vergadering te houden in 2027. De algemene vergadering besluit bovendien dat het mandaat van Dr. Linda Higgins als bestuurder van de Vennootschap niet bezoldigd zal zijn.* | ***<u>Proposed resolution</u>****: Upon proposal of the Board of Directors, and in accordance with the advice of the Nomination Committee, the shareholders' meeting resolves to re-appoint Dr. Linda Higgins as a non-independent member of the Board of Directors of the Company, for a period of 4 years, effective as of today, ending immediately after the annual shareholders' meeting to be held in 2027. The shareholders' meeting of the Company also resolves that the mandate of Dr. Linda Higgins as director of the Company will not be remunerated.* |

---

---

| | | |
|:---|:---|:---|
| **Agendapunt 11 - Stemwijze:** | **Agenda item 11 - Manner of voting:** | **Agenda item 11 - Manner of voting:** |
| ☐ | ☐ | ☐ |
| **Voor / In favor** | **Tegen / Against** | **Onthouding / Abstention** |

---

Onderhavig stemformulier geldt tevens als aanmelding in de zin van het artikel 7:134 van het Wetboek van Vennootschappen en Verenigingen. The present voting form shall also serve as notification within the meaning of the article 7:134 of the Code of Companies and Associations.

------

Galapagos NV \| Formulier stemmen per brief AV 25 april 2023 \| Voting by letter form AGM 25 April 2023 P. 4 \| 5

------

---

| | |
|:---|:---|
| **Gewone Algemene Vergadering van 25 april 2023**<br> **Annual Shareholders' Meeting of 25 April 2023** | ![LOGO](g828657snap301-302jpg.jpg) |

---

---

| | |
|:---|:---|
| De ondergetekende gaat ermee akkoord dat de Engelse versie van het onderhavige formulier slechts een vrije vertaling voor informatiedoeleinden betreft, en dat de Nederlandstalige versie altijd voorrang heeft op de Engelse versie. | The undersigned agrees that the English version of the present form is a free translation for information purposes only, and that the Dutch version shall always prevail over the English version. |

---

---

| |
|:---|
| *(Datum / Date)* |
| *(Naam / Name)* |
| *(Handtekening / Signature)* |

---

---

| | |
|:---|:---|
| Het ondertekende formulier dient **uiterlijk op 19 april 2023** Galapagos NV te bereiken. Deze dient te worden bezorgd per e-mail (<u>shareholders@glpg.com</u>) of met de post (Galapagos NV, t.a.v. mw. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, België). | The signed form must reach Galapagos NV **on 19 April 2023 at the latest**. It should be submitted by e-mail (<u>shareholders@glpg.com</u>) or by post (Galapagos NV, attn. Ms. Annelies Denecker, Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium). |
| **Aandeelhouders die wensen te stemmen per brief, moeten ook voldoen aan de registratie- en toelatingsvoorwaarden zoals beschreven in de oproeping tot de Gewone Algemene Vergadering.** | **Shareholders who wish to vote per letter, must also comply with the registration and admission formalities set out in the convening notice to the Annual Shareholders' Meeting.** |

---

------

Galapagos NV \| Formulier stemmen per brief AV 25 april 2023 \| Voting by letter form AGM 25 April 2023 P. 5 \| 5