24. Deferred income

Notes to the consolidated financial statements
 CSR report
Galapagos NV • Annual Report 2019

The table below illustrates the deferred income captions in the balance sheet as at 31 December 2019 and 2018.

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31 December

(thousands of €)

2019

2018

(*)

This amount comprises an issuance liability for subsequent warrant B of €16,184 thousand

Deferred income related to contracts

 

 

Gilead collaboration agreement for filgotinib

780,261

145,798

Gilead collaboration agreement for drug discovery platform (*)

2,220,013

–

AbbVie collaboration for CF

–

3,223

Deferred income related to contracts in our fee-for-service segment

362

471

Other deferred income (grants)

10

309

Total deferred income (long term & current)

3,000,646

149,801

The movement in the non-current and current deferred income is detailed in the table below.

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(thousands of €)

Total

Gilead collaboration agreement for filgotinib

Gilead collaboration agreement for GLPG 1690

Gilead collaboration agreement for drug discovery platform(2)

AbbVie collaboration agreement for CF

Servier collaboration agreement for osteoarthritis

Deferred income related to contracts in our fee-for-service segment

Other

(1)

Following the contract amendment, the revenue recognized for filgotinib for the year ended 31 December 2019 included a negative catch-up effect resulting from the decrease in the percentage of completion applied to previously received upfront and milestones for that program.

(2)

The upfront received and the outstanding balance at 31 December 2019 comprise the issuance liabilities for the warrants and the upfront payment allocated to the drug discovery platform. Other movements include the derecognition of warrant issuance liabilities through the share premium account.

On 1 Januari 2018

219,892

213,981

–

–

–

5,362

248

301

 

 

 

 

 

 

 

 

 

Reclassified from equity following adoption of IFRS 15

83,220

43,832

 

 

44,749

(5,362)

 

 

 

 

 

 

 

 

 

 

 

Upfront received

38,874

 

 

 

38,874

 

 

 

Milestones received

20,965

12,417

 

 

8,548

 

 

 

 

 

 

 

 

 

 

 

 

Revenue recognition of upfront

(148,985)

(96,809)

 

 

(52,176)

 

 

 

Revenue recognition of milestones

(64,394)

(27,623)

 

 

(36,771)

 

 

 

 

 

 

 

 

 

 

 

 

Other movements

230

 

 

 

 

 

223

7

 

 

 

 

 

 

 

 

 

On 31 December 2018

149,801

145,798

–

–

3,224

–

471

308

 

 

 

 

 

 

 

 

 

Upfront received and impact of initial valuation of share subscription

3,655,416

641,663

666,967

2,346,787

 

 

 

 

Milestones received

49,727

27,317

 

 

22,410

 

 

 

Significant financing component

6,900

6,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue recognition of upfront

(1,009,663)

(260,207)

(666,967)

(80,918)

(1,570)

 

 

 

Revenue recognition of milestones

(51,156)

(27,092)

 

 

(24,064)

 

 

 

Catch-up effect on closing date(1)

245,883

245,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other movements

(46,262)

 

 

(45,856)

 

 

(109)

(297)

 

 

 

 

 

 

 

 

 

On 31 December 2019

3,000,646

780,261

–

2,220,013

–

–

362

10

We refer to note 6 for a detail of the allocation of the transaction price paid by Gilead.