Risk factors

Galapagos’ actual results and timing of certain events may differ materially from the results discussed, projected, anticipated, or indicated in any forward-looking statements included herein. Galapagos cautions you that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity, and the development of the industry in which it operates may differ materially from any such forward-looking statements. In addition, even if its results of operations, financial condition and liquidity, and the development of the industry in which it operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods.

Management refers to its description of risk factors in the 2014 Annual Report, pp. 26-32, as updated and supplemented by its description of risk factors in the prospectus filed with the U.S. Securities and Exchange Commission on 14 May 2015 (and included in the listing prospectus approved by the FSMA on 18 May 2015), pp. 11-51. In summary, the principal risks and uncertainties faced by the Group relate to: Galapagos’ financial position and need for additional capital; product development, regulatory approval and commercialization; Galapagos’ reliance on third parties; Galapagos’ competitive position; Galapagos’ intellectual property; Galapagos’ organization, structure and operation (including but not limited to certain risks related to its status as a U.S. publicly listed company following the public offering of its shares (in the form of ADSs) and listing on NASDAQ in May 2015) and market risks relating to the Galapagos shares and ADSs.

Management also refers to the description of the Group’s financial risk management given in the 2014 Annual Report, pp. 108-110, which remains valid.

Because Galapagos’ reporting currency is the euro, the operations and financial position of entities operating in other currencies needs to be translated into euros in the consolidation process. As there is an ongoing fluctuation between these foreign currencies and the euro, a negative impact might occur on the consolidated financial results.

Galapagos cautions readers not to place undue reliance on any forward-looking statements made by it, which speak only as of the date they are made. Galapagos disclaims any obligation, except as specifically required by law, to publicly update or revise any such statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.