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Galapagos NV Income Statement 2025-2011 | GLPG
Brief overview of financial performance at Galapagos NV
The conclusions below are based on five years of reported results. Revenue at Galapagos NV moved from 478 million euros in 2020 to 1.1 billion euros in 2025. The five-year change reached +132.7%, while CAGR stood at 18.4%. The pace indicates confident and sustained business growth.
EBITDA was −179 million euros at the beginning and 351 million euros at the end of the period (+296.4%). EBITDA expanded faster than the top line. The EBITDA share of revenue changed from −37.4% to 31.5%. The business generated more EBITDA from each unit of revenue.
The final result was −305 million euros initially and 321 million euros in the final year. The trajectory reversed from a loss to positive earnings.
Market value was 6.8 billion euros at the start and 1.9 billion euros at the end. Financial performance is stronger than the share-price trend.
Financial takeaway
The results present an uneven picture without one dominant signal. Key strengths include improving net profitability, positive operating leverage and sales growth. The main areas of concern are a weaker market valuation. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.
Annual Income Statement Galapagos NV
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
1.91 B | 1.57 B | 2.12 B | 2.82 B | 4.42 B | 6.79 B | 12.8 M | 5.35 B | 5.85 B | 60.7 B | 1.75 B | 618 M | 702 M | 653 M | - |
Shares |
65.9 M | 65.9 M | 65.9 M | 65.7 M | 65.5 M | 65.1 M | 57.6 K | 52.1 M | 49.5 M | 944 M | 35.7 M | 30.1 M | 28.8 M | 26.5 M | - |
Historical Prices |
28.9 | 23.8 | 32.2 | 42.9 | 67.5 | 104 | 223 | 103 | 118 | 65.1 | 48.9 | 20.5 | 24.3 | 24.1 | - |
Net Income |
321 M | 74.1 M | 212 M | -218 M | -103 M | -305 M | 150 M | -29.2 M | -116 M | 54.2 M | -118 M | 33.2 M | -8.08 M | -5.72 M | -33.1 M |
Revenue |
1.11 B | 276 M | 240 M | 241 M | 234 M | 478 M | 835 M | 289 M | 127 M | 152 M | 39.6 M | 69.4 M | 138 M | 136 M | 95.9 M |
Cost of Revenue |
29.7 M | 34.9 M | - | 12.1 M | 1.63 M | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
- | - | - | - | - | - | 896 M | 318 M | 156 M | 152 M | -90.2 M | -41.7 M | 96.4 M | 88.1 M | -29.1 M |
Operating Income |
295 M | -188 M | -88.3 M | -131 M | -166 M | -179 M | 369 M | -47.1 M | -89.8 M | -11.5 M | -89.4 M | - | - | - | - |
Interest Expense |
1.03 M | 911 K | 1.77 M | 6.88 M | 11.6 M | 9.39 M | 1.27 M | 780 K | 936 K | 47 K | 46 K | - | - | - | - |
EBITDA |
351 M | -143 M | -44.6 M | -65.5 M | -166 M | -179 M | 369 M | -47.1 M | -89.8 M | 57.3 M | -86 M | -31.3 M | -8.18 M | -749 K | -20.8 M |
Operating Expenses |
- | - | - | - | - | 709 M | 526 M | 363 M | 246 M | 1.44 M | 167 M | 168 M | 227 M | 205 M | 3.84 M |
General and Administrative Expenses |
147 M | 117 M | 128 M | 135 M | 141 M | 95.7 M | -49.1 M | -31.5 M | -21.6 M | -20 M | 19.1 M | 13.9 M | 24.5 M | 23.2 M | 23.1 M |
All numbers in EUR currency
Quarterly Income Statement Galapagos NV
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
65.9 M | 65.9 M | 65.9 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income |
321 M | 74.1 M | 212 M | - | - | - | - | - | - | -64.3 M | - | - | - | -115 M | - | - | - | -47.2 M | - | - | - | -21.8 M | - | - | - | -35.6 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
1.11 B | 276 M | 240 M | - | - | - | - | - | - | 140 M | - | - | - | 99.6 M | - | - | - | 58.7 M | - | - | - | 49.7 M | - | - | - | 26.9 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
29.7 M | 34.9 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
295 M | -188 M | -88.3 M | - | - | - | - | - | - | -46.8 M | - | - | - | -88.2 M | - | - | - | -44.4 M | - | - | - | -33.8 M | - | - | - | -21.7 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Interest Expense |
1.03 M | 911 K | 1.77 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
351 M | -143 M | -44.6 M | - | - | - | - | - | - | -46.8 M | - | - | - | -88.2 M | - | - | - | -44.4 M | - | - | - | -33.8 M | - | - | - | -21.7 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Expenses |
- | - | - | - | - | - | - | - | - | 200 M | - | - | - | 202 M | - | - | - | 112 M | - | - | - | 90.8 M | - | - | - | 54.8 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
147 M | 117 M | 128 M | - | - | - | - | - | - | 46.4 M | - | - | - | 37.3 M | - | - | - | 13.7 M | - | - | - | 8.5 M | - | - | - | 6.33 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in EUR currency
The income statement is one of the three key financial reports of a company Galapagos NV (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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