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Remuneration for Executive Committee members

Peer groups

A peer group and benchmarking exercise for Executive Committee roles was completed between late 2022 and early 2023 in light of our strategic transformation and revised R&D strategy, focused on immunology and oncology with the aim to transform patient outcomes through life-changing science and innovation. Galapagos is at a pivotal juncture resetting its strategic path and building an oncology franchise where attracting and retaining highly specialized expertise in an international labor market is essential to succeed.

Both European and U.S. peer groups were found appropriate given the talent pool for the Executive Committee extends to both Europe and the U.S., with the majority of our competitors based in the U.S. The peer groups listed below consist of publicly listed biotechnology and pharmaceutical companies, selected considering size, international growth ambitions and, to the extent possible, business model, lifecycle stage and therapeutic areas. These benchmarks support the Board, upon recommendation of the Remuneration Committee, in its decision-making, also taking into account Galapagos’ strategic context and requirements, company performance, individual performance and skills as well as broader workforce considerations. The Remuneration Committee looks at each Executive Committee member's home market as the primary reference point with consideration also given the internal talent market in which they operate, have operated or could operate. The Remuneration Committee strives to take a balanced and responsible approach, in particular with long-term incentives where competitive practice on quantum and structure can vary significantly between the U.S. and elsewhere.

European peers

U.S. peers

Genmab A/S

United Therapeutics Corp

Argenx SE

Neurocrine Biosciences Inc

Jazz Pharmaceuticals PLC

Sarepta Therapeutics Inc

Ipsen SA

Exelixis Inc

Swedish Orphan Biovitrum AB

Ionis Pharmaceuticals Inc

Ascendis Pharma A/S

Vir Biotechnology Inc

Alkermes Plc

Amicus Therapeutics Inc

Idorsia Ltd

SAGE Therapeutics Inc

Immunocore Holdings PLC

Ligand Pharmaceuticals Inc

MorphoSys AG

Kymera Therapeutics Inc

Uniqure NV

Ironwood Pharmaceuticals Inc


Agios Pharmaceuticals Inc


Nektar Therapeutics


FibroGen Inc

Finally, the BEL20 (the benchmark stock market index of Euronext Brussels) general industry peer group (excluding financial services companies) is considered to ensure there is an understanding of the local Belgian listed market given the location of our headquarters. However, given the international nature of our executive leadership and specific sector considerations, it is not the only reference to inform our pay policy.

2023 remuneration summary

In accordance with our Remuneration Policy, the remuneration of the members of the Executive Committee for the exercise of their mandate during the financial year ending 31 December 2023 was as set out in the following table:

Executive Committee

Fixed remuneration

Variable remuneration


Proportion of fixed and variable remuneration

Base salary

Other compo­nents(1)


Annual bonus(2)

Multi-year variable

Vested RSUs(3)

Granted SRs(4)

Stoffels IMC BV, permanently represented by Dr. Paul Stoffels








Fixed: 38%
Variable: 62%

Other ExCom members(5)








Fixed: 42%
Variable: 58%


Other components are the value of the benefits and perquisites awarded, such as a company car, tax advisory services, and health and disability insurance.


The one-year variable is the annual cash bonus awarded to each Executive Committee member in respect of 2023 and paid in April 2024.


During financial year 2023, RSUs vested under RSU plans 2019.II, 2020.I, 2020.II, 2021.I, 2021.II, 2021.IV, 2022.I and 2022.II and pay-outs occurred accordingly.


The value of the subscription rights ("SRs") granted during the financial year 2023 is calculated by comparing the exercise price with the average share price of the share as quoted on Euronext Brussels and Amsterdam during the financial year 2023.


Pursuant to the applicable Belgian legislation for the one-tier governance system, we hereby disclose the remuneration of the other Executive Committee members on an aggregated basis. This includes remuneration paid to Bart Filius until 30 June 2023 and to Thad Huston as of 1 July 2023.

Fixed remuneration

Base salaries

Base salary is set to reflect responsibilities, relevant experience and competence, and market rates for equivalent positions. The Board, upon recommendation of the Remuneration Committee, decided that for the financial year 2023 each member of the Executive Committee received the base salary, identified individually for the CEO and in aggregate for other members of the Executive Committee in the total remuneration table above. In particular, the base salary for the CEO remained unchanged in 2023.

Pension and other components

In addition, the members of the Executive Committee are provided with various benefits in line with our Remuneration Policy such as a retirement plan, insurance programs (including life insurance, disability and health), company cars and the provision of certain tax services. The pension and other components of the remuneration of each Executive Committee member are summarized in the total remuneration table above.

Short-term variable remuneration

Upon recommendation of the Remuneration Committee, the Board of Directors determined an overall achievement of 90% (out of a maximum of 100%) against the 2023 corporate objectives. In arriving at this determination, the Board considered performance against objectives set (highlights of which are set out in the table below), management of unforeseen developments as well as achievements towards the long-term strategic goals of Galapagos' transformation into a pure-play R&D biotechnology company, entering into the new therapeutic area of oncology with a streamlined organization set up for future growth. As part of this transformation, Galapagos' research and discovery capabilities and employees based in Romainville, France, were transferred to NovAliX, and the Company signed a Share and Asset Purchase Agreement with Alfasigma for the transfer of the Jyseleca® business. The latter transaction closed in January 2024. The Jyseleca® divestiture, streamlining of the operations and transitioning of Galapagos into a pure-play R&D biotechnology company were considered key value-drivers and accomplishments for the Company. 

2023 Corporate Objectives
(each equally weighted)





Cash Burn

  • Deliver on cash burn guidance announced in FY results


We remained disciplined in our spending and delivered on our cash burn guidance of €380-420 million for 2023 (full year 2023 cash burn: €415 million). We also laid the foundation for a sustainable and R&D focused capital allocation through the Jyseleca® divestiture and streamlining of the remaining organization.

Quality and Compliance objectives were met across the board, as we continue to further strengthen our capabilities and systems.

From a people perspective, we made good progress in staffing our oncology therapeutic area, attracting expertise talent. The expansion of our U.S. footprint proceeded as planned, which is an important step to attract future talent.

We significantly ramped up our ESG activities by defining an overall ESG strategy for Galapagos together with an implementation plan. We are on track to meet regulatory requirements for the Corporate Sustainability Reporting Directive (EU).

Quality & compliance

  • Being inspection ready related to file submission
  • Maintaining active operating licences without critical observations
  • Achieving training compliance targets
  • No material weakness SOx



  • Hire and retain senior leadership capabilities in core therapeutic areas of oncology and immunology
  • Support the growth in oncology per strategic workforce plan
  • Set-up U.S. organization footprint including clinical development & regulatory capabilities



  • Confirm the ESG strategy & start executing on this
  • Prepare for regulatory requirements (CSRD)









Maximize Jyseleca®

  • €140-160 million net sales guidance
  • Reliable supply


We successfully managed the supply of Jyseleca® to patients across Europe, and over 21,000 patients across Europe currently benefit from the drug.

However, Jyseleca® revenues did not meet expectations. This was driven mainly by a general JAKi class slowdown in the European market following the Article 20 label update. Full year 2023 Jyseleca® revenues came in at €112 million, below our original guidance and within the restated guidance at H1 2023 of €100-120 million.

As a consequence of the market dynamics, we took deliberate action to conduct a strategic review of Jyseleca® mid 2023 and pivoted to a divestiture of the business in H2 2023, with an agreement being signed before year-end and closing in January 2024 (see more under Business Development).








Advance our immunology portfolio

  • Conduct multiple Phase 1/2 trials
  • Conduct multiple discovery programs and deliver preclinical leads
  • Advance CAR-T programs in immunology


We started recruitment into the DM and SLE Phase 2 trials with our TYK2 inhibitor GLPG3667 and are progressing both studies successfully .

While we have not yet nominated preclinical product candidates, we have several preclinical immunology programs running in discovery.

We decided not to advance our CAR-T program with GLPG5101 in rSLE (or other immunology indications) into the clinic.








Build a pipeline of best-in-class oncology therapies

  • Start CAR-T NHL & CLL expansion cohorts, start MM CAR-T Phase 1/2 trial in MM in Europe
  • File INDs for CD19 and MM
  • Regulatory progress for the oncology programs
  • Build out point-of-care manufacturing network in EU
  • Start-up & roll-out of US sites for point-of-care manufacturing network
  • Initiate multiple other discovery programs and deliver preclinical leads


We progressed our Phase 1/2 CAR-T studies with GLPG5101 in NHL and with GLPG5201 in CLL/RT and reported encouraging preliminary safety and efficacy data at ASH in December. We also started a Phase 1/2 CAR-T study with GLPG5301 in MM. As a result, we now have three clinical studies running on our point-of-care manufacturing platform.

We made regulatory progress for our oncology programs. However, as the FDA requires that the data from the ongoing tech transfer to a first U.S. site are part of the filing package, we did not yet file the IND submissions in the U.S.

In 2023, we have been working on building out our point-of-care manufacturing network in Europe as well as the U.S. We currently have five centers open in three European countries (Belgium, The Netherlands, and France), and in 2023, we signed a contract with Landmark Bio out of Boston, our first U.S. site. We are in different stages of negotiations with a number of parties to open additional sites in the U.S. and in Europe.

While we have not yet nominated preclinical product candidates, we have multiple preclinical oncology programs running in Discovery, across modalities.




Business Development




Execute Business Development transactions

  • Execute an acquisition (in-licensing or M&A), in line with Board-approved strategy


Accelerating innovation and building our pipeline through strategic partnerships and M&A remains our focus. Throughout 2023, multiple clinical stage assets were reviewed in detail, and as we remain selective, disciplined, and science-driven in our pursuit of transformational medicines with best-in-class potential, we have not executed on any.

Several research collaborations were set up to accelerate our early-stage pipeline.

We executed an agreement to transfer the entire Jyseleca® business to Alfasigma, including the European and UK Marketing Authorizations, and the commercial, medical affairs, and development activities for Jyseleca®, as well as 400 positions in 14 European countries. This transaction secured continued access to the product to over 21,000 patients in Europe. We move forward with a streamlined portfolio and enhanced focus, enabling more R&D investment.







The Board considered a 90% corporate funding level for 2023 achievements. This is applicable to the wider Galapagos workforce for the corporate component of their bonus funding. The Board considered this level of funding for the CEO, upon recommendation of the Remuneration Committee, and for the other Executive Committee members, upon proposal of the CEO, together with the individual performance of Executive Committee members, in order to determine the individual annual bonus outcomes for 2023 set out in the total remuneration table above. These 2023 annual bonuses will be paid in April 2024. In addition, a number of RSUs corresponding to these bonuses will be granted to the current members of the Executive Committee as part of a 2024 RSU grant. Please see the Section “Long-term variable remuneration” for more information on RSUs.

Long-term variable remuneration

The total remuneration table above under Section “2023 remuneration summary” sets forth the following:

  • The value of the RSUs vested and paid out in 2023 for each member of the Executive Committee. During 2023, there were RSU vestings under eight different RSU plans: Plan 2019.II, Plan 2020.I, Plan 2020.II, Plan 2021.I, Plan 2021.II, Plan 2021.IV, Plan 2022.I, and Plan 2022.II. The pay-outs to the Executive Committee members occurred accordingly and the aggregate amounts are set forth in the total remuneration table above.
  • The value of the subscription rights granted during the financial year 2023 calculated by comparing the exercise price with the average share price of the share as quoted on Euronext Brussels and Amsterdam during the financial year 2023.

In determining the annual equity awards made to Executive Committee members in the financial year 2023, the Board considered a number of factors, including company performance, individual performance and ability to drive future value creation in the context of the current business transformation, the overall retention value of past equity awards and competitive levels of equity compensation for similarly positioned executives based on analysis of data from our disclosed peer groups.

As a result, the following equity awards were made to Executive Committee members in financial year 2023:

  • 325,000 Subscription rights under Subscription Right Plan 2023 BE, of which 50,000 were granted to the CEO
  • 21,970 RSUs under Plan 2023.I, of which 9,695 were granted to the CEO
  • 309,096 RSUs under Plan 2023.II, of which 129,276 were granted to the CEO

Further reference is made to the Equity components of the remuneration section, which contains, among others, a description of the 2023 grant of subscription rights and RSUs.

Process by which new medicines are discovered and/or designed. At Galapagos, this is the department that oversees target and drug discovery research through to nomination of preclinical candidates
The study of the immune system and is a very important branch of the medical and biological sciences. The immune system protects humans from infection through various lines of defence. If the immune system is not functioning as it should, it can result in disease, such as autoimmunity, allergy, and cancer
Jyseleca® is the brand name for filgotinib
Field of medicine that deal with the diagnosis, treatment, prevention, and early detection of cancer