 First half-year 2020 financial results: Group revenues and other income of 224.6 million Operating loss of 130.8 million Net loss of 165.6 million Cash and current financial investments on 30 June 2020 of 5.6 billion Positive CHMP opinion for filgotinib in rheumatoid arthritis RA Positive SELECTION Phase 3 results for filgotinib in ulcerative colitis UC Commercial readiness for potential European approval of filgotinib in RA in Q3 On track to report topline results from three patient trials later this yearWebcast presentation tomorrow, 7 August 2020, at 14.00 CET 8 AM ET, 32 2 404 0659, code 8997710Mechelen, Belgium; 6 August 2020, 22.01 CET; regulated information Galapagos NV Euronext NASDAQ: GLPG announces its unaudited H1 results and key events, which are further detailed in its H1 2020 report available on the Galapagos website, During the past six months, we made substantial progress despite the global pandemic. We ended the period with important achievements, including a positive opinion from the European Medicines Agencys Committee for Medicinal Products for Human Use CHMPi for our investigational rheumatoid arthritis RA drug filgotinib and positive topline data for the SELECTION Phase 3 program in ulcerative colitis UC. We added two preclinical candidates to our early stage pipeline and completed preparation for a number of new clinical trials, building further on our innovative pipeline for future growth, said Onno van de Stolpe, CEO of Galapagos. Bart Filius, COO and CFO added, We ended the first half of 2020 with a strong cash balance, positioning us well to further grow our pipeline and deliver on operational excellence for the anticipated commercial launch of filgotinib. We maintain our 2020 operational cash burn guidance of 400-430 million.Key figures first half-year report 2020 unaudited millions, except basic diluted loss per share 30 June 2020 group total 30 June 2019 group total Revenues and other income 224.6 108.5 RD expenditure 265.9 177.6 SMii expenses 26.9 5.6 GAiii expenses 62.6 22.9 Operating loss 130.8 97.6 Fair value re-measurement of warrants 21.1 - Net other financial result 13.0 1.8 Taxes 0.7 0.1 Net result for the period 165.6 95.9 Basic and diluted loss per share 2.55 1.76 Current financial investments and cash and cash equivalents 5,566.5 1,147.9 Revenues and other incomeRevenues and other income for the first half-year of 2020 increased to 224.6 million compared to 108.5 million in the first half-year of 2019. The impact of the Gilead collaboration on our revenues is 187.7 million and consists of i the access and option rights to our drug discovery platform 112.7 million, and ii the filgotinib revenue recognition 75.0 million.As a result of the upfront payment received from Gilead in the third quarter of 2019, our deferred income on 30 June 2020 includes 2.1 billion allocated to our drug discovery platform that will be recognized linearly over 10 years, and 0.7 billion allocated to filgotinib 2015 filgotinib contract and recent revised collaboration combined that will be recognized over a period of 4 to 5 years. ResultsWe realized a net loss of 165.6 million for the first half-year of 2020, compared to a net loss of 95.9 million for the first half-year of 2019. We reported an operating loss amounting to 130.8 million for the first half-year of 2020, compared to an operating loss of 97.6 million for the first half-year of 2019.Our RD expenditure in the first half-year of 2020 amounted to 265.9 million, compared to 177.6 million for the first half-year of 2019. This planned increase was mainly due to an increase in subcontracting costs primarily related to our filgotinib program, our Toledo program and other clinical programs. Furthermore, personnel costs increased explained by a planned headcount increase following the growth in our RD investments, and increased cost of the subscription right plans. This factor, and the increased cost of the commercial launch of filgotinib in Europe, contributed to the increase in our SM and GA expenses, which were respectively 26.9 million and 62.6 million in the first half-year of 2020, compared to respectively 5.6 million and 22.9 million in the first half-year of 2019.We reported a non-cash fair value loss from the re-measurement of initial warrant B issued to Gilead, amounting to 21.1 million, as result of the increased implied volatility of the Galapagos share price. Net other financial loss in the first half-year of 2020 amounted to 13.0 million, compared to net other financial income of 1.8 million for the first half-year of 2019, which was primarily attributable to a negative change in fair value of current financial investments of 12.5 million.Cash positionCurrent financial investments and cash and cash equivalents totaled 5,566.5 million on 30 June 2020.A total net decrease of 214.3 million in cash and cash equivalents and current financial investments was recorded during the first half-year of 2020, compared to a net decrease of 142.9 million during the first half-year of 2019. This net decrease was composed of i 230.5 million of operational cash burniv, ii 23.3 million of cash proceeds from capital and share premium increase from exercise of subscription rights in the first half-year of 2020, and iii 7.1 million negative changes in fair value of current financial investments and unrealized positive exchange rate differences.Finally, our balance sheet on 30 June 2020 held a receivable from the French government Crédit dImpôt Recherchev and a receivable from the Belgian Government for RD incentives, for a total of both receivables of 116.6 million.Outlook 2020The remainder of the year will be a newsflow rich period for Galapagos. Following the positive CHMP opinion for filgotinib in RA, we anticipate the potential approval of filgotinib by the European Commission in 2020. We also expect decisions from the U.S. and Japanese authorities before year-end, and continue full steam ahead with the preparations for commercial launch in the Benelux and EU5, hand in hand with our co-commercialization partner Gilead. We anticipate that Gilead will start with the global Phase 3 program with filgotinib in ankylosing spondylitis AS in the second half of 2020.We expect to report topline results from three patient trials later in 2020. Within our fibrosis portfolio we anticipate reporting topline results from the PINTA Phase 2 trial with GLPG1205 in idiopathic pulmonary fibrosis IPF and, together with collaboration partner Gilead, from the NOVESA Phase 2a trial with ziritaxestat in systemic sclerosis SSc. Also in the second half of 2020, we and Servier expect to report topline results from the ROCCELLA Phase 2b trial of GLPG1972 in knee osteoarthritis OA, and upon successful completion of this trial, Gilead has the option to license development and commercialization rights in the U.S. for GLPG1972.With regard to Toledo, our novel program in inflammation, we still expect to launch several proof-of-concept patient trials with GLPG3970 in the second half of this year, with topline data expected in the first half year of 2021. Pending the successful start of these trials, we intend to share more information on the Toledo program, including the target and more preclinical data, before year-end.We retain our 2020 operational cash burn guidance of 400-430 million, which includes 205 million in potential milestone payments subject to regulatory approvals of filgotinib.First half-year report 2020Galapagos financial report for the first half-year ended 30 June 2020, including details of the unaudited consolidated results, is accessible via Conference call and webcast presentationGalapagos will conduct a conference call open to the public tomorrow, 7 August 2020, at 14:00 CET 8 AM ET, which will also be webcasted. To participate in the conference call, please call one of the following numbers ten minutes prior to commencement:CODE: 8997710USA: 1 323 794 2093 UK: 44 330 336 9105 Netherlands: 31 20 721 9251 France: 33 1 76 77 2274 Belgium: 32 2 404 0659 Or, select the click-to-join link and youll get connected automatically.A question and answer session will follow the presentation of the results. Go to to access the live audio webcast. The archived webcast will also be available for replay shortly after the close of the call.Financial calendar5 November 2020 Third quarter 2020 results webcast 6 November 2020 18 February 2021 Full year 2020 results webcast 19 February 2021 About Galapagos Galapagos Euronext NASDAQ: GLPG discovers and develops small molecule medicines with novel modes of action, three of which show promising patient results and are currently in late-stage development in multiple diseases. Our pipeline comprises discovery through Phase 3 programs in inflammation, fibrosis, osteoarthritis and other indications. Our ambition is to become a leading global biopharmaceutical company focused on the discovery, development and commercialization of innovative medicines. More information at and all other drug candidates mentioned in this press release are investigational; their efficacy and safety have not been fully evaluated by any regulatory authority.ContactInvestors: Elizabeth Goodwin VP Investor Relations 1 781 460 1784Sofie Van Gijsel Senior Director Investor Relations 32 485 19 14 15 irglpg. 