Going concern statement

To date, we have incurred significant operating losses, which are reflected in the balance sheet showing €109.2 million accumulated losses as at 31 December 2019. We realized a consolidated net profit of €149.8 million for the year ended 31 December 2019. The board of directors has examined the financial statements and accounting policies. Based on conservative assumptions, we believe that our existing current financial investments and cash and cash equivalents of €5,780.8 million at 31 December 2019 will enable us to fund our operating expenses and capital expenditure requirements for the coming years (and at least for the next 12 months). 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 favorable outlook of developments of our drug discovery and development activities, the board of directors is of the opinion that it can submit the financial statements on a going concern basis. Whilst our current financial investments and cash and cash equivalents are sufficient for the coming years (and at least for the next 12 months), the board of directors points out that if the R&D activities continue to go well, we may seek additional funding to support the continuing development of our products or to be able to execute other business opportunities.