Evolution of remuneration and company performance

The directors' remuneration overview contains for each individual management board and supervisory board member 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

The first row shows the cash remuneration of each management board member, being the annual base salary, cash bonus and (if any) exceptional bonus

The second row shows the total remuneration of each management board member, 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 2020 the exercise price of the Subscription Right Plan 2020 is compared with the average share price as quoted on Euronext Brussels and Amsterdam during the financial year 2020

Management board member from 1 January 2017. The total remuneration for FY 2017, as set out on the second row for FY 2017, includes Dr. Walid Abi-Saab's hiring grant of subscription rights under Warrant Plan 2016 (B)

Management board member from 1 January 2020

The first row shows the total cash remuneration of each supervisory board member, consisting of the board fees

The second row shows the total remuneration of each supervisory board member, including equity-based remuneration such as SRs granted during the year. As from 1 January 2020, Galapagos no longer grants any SRs to supervisory board members

Supervisory board member from 30 April 2019

Supervisory board member from 28 April 2020

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 year ended 31 December 2020, €420,090 thousands for the year ended 31 December 2019 and €316,222 thousands for the year ended 31 December 2018

Cash position on 31 December 2020 includes €7,884 thousands of cash held in Fidelta and classified as assets held for sale in our 2020 consolidated financial statements

The number of employees per 31 December includes employees and insourced personnel (external contractors)

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 2020 year-end process, the actual annual figures for employees had not been finalized by the date of this report. Therefore, 2020 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