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Annual Report 2025

R&D Pipeline

Competitive environment

We operate in a highly innovative industry characterized by pioneering advances in the understanding of disease biology, rapidly changing technologies, strong intellectual property barriers to entry, and many companies involved in the discovery, development and commercialization of novel medicines. We compete with a broad range of biopharmaceutical companies that focus their research, development, and business development activities on serious diseases, including our current business development focus areas in the fields of oncology, and immunology and inflammation (I&I). For more information on industry trends and risks, we refer to the Risk Management section of this report.

R&D Pipeline

Executing on Our Transformation Strategy

On October 21, 2025, we announced our intention to wind down our cell therapy activities and pursue new transformational business development transactions using our available cash resources. This intention followed a comprehensive review of strategic alternatives, including a potential divestiture, conducted during 2025.

Following completion of the required consultations with the works councils in Belgium and the Netherlands, the Board announced in January 2026 its decision to initiate the wind-down of the cell therapy activities. This step marks the transition from strategic evaluation to execution and is intended to enhance operational efficiency while enabling us to focus our resources on building a pipeline of novel therapeutics through strategic business development transactions, under the leadership of our new management team. For more information about the wind-down of our cell therapy business, please see the section titled Oncology.

The following sections present our key R&D achievements in immunology and oncology during 2025. While the oncology cell therapy portfolio is being wound down following the Board’s decision in January 2026, these achievements reflect the scientific progress and execution delivered during the 2025 reporting period.

Cell therapy
Cell therapy aims to treat diseases by restoring or altering certain sets of cells or by using cells to carry a therapy through the body. With cell therapy, cells are cultivated or modified outside the body before being injected into the patient. The cells may originate from the patient (autologous cells) or a donor (allogeneic cells)
Discovery
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
Immunology
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
Intellectual property
Creations of the mind that have commercial value and are protected or protectable, including by patents, trademarks or copyrights
Oncology
Field of medicine that deal with the diagnosis, treatment, prevention, and early detection of cancer