Intrinsic value of Galapagos ADR - GLPG

Previous Close

$107.23

  Intrinsic Value

$23.93

stock screener

  Rating & Target

str. sell

-78%

Previous close

$107.23

 
Intrinsic value

$23.93

 
Up/down potential

-78%

 
Rating

str. sell

We calculate the intrinsic value of GLPG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.30
  16.07
  14.96
  13.97
  13.07
  12.26
  11.54
  10.88
  10.29
  9.77
  9.29
  8.86
  8.47
  8.13
  7.81
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.79
  5.72
  5.64
  5.58
Revenue, $m
  219
  255
  293
  334
  377
  423
  472
  524
  578
  634
  693
  754
  818
  885
  954
  1,026
  1,100
  1,178
  1,259
  1,342
  1,430
  1,520
  1,615
  1,713
  1,816
  1,922
  2,034
  2,150
  2,271
  2,398
Variable operating expenses, $m
  236
  273
  314
  358
  405
  454
  507
  562
  620
  680
  743
  809
  877
  949
  1,023
  1,100
  1,180
  1,263
  1,350
  1,440
  1,533
  1,630
  1,732
  1,837
  1,947
  2,061
  2,181
  2,306
  2,436
  2,572
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  236
  273
  314
  358
  405
  454
  507
  562
  620
  680
  743
  809
  877
  949
  1,023
  1,100
  1,180
  1,263
  1,350
  1,440
  1,533
  1,630
  1,732
  1,837
  1,947
  2,061
  2,181
  2,306
  2,436
  2,572
Operating income, $m
  -16
  -19
  -21
  -24
  -28
  -31
  -34
  -38
  -42
  -46
  -50
  -55
  -59
  -64
  -69
  -74
  -80
  -85
  -91
  -97
  -103
  -110
  -117
  -124
  -131
  -139
  -147
  -156
  -164
  -174
EBITDA, $m
  -14
  -16
  -18
  -21
  -23
  -26
  -29
  -32
  -36
  -39
  -43
  -47
  -51
  -55
  -59
  -63
  -68
  -73
  -78
  -83
  -88
  -94
  -100
  -106
  -112
  -119
  -126
  -133
  -140
  -148
Interest expense (income), $m
  0
  0
  3
  6
  10
  14
  18
  22
  27
  32
  37
  42
  48
  54
  60
  66
  73
  80
  87
  94
  102
  110
  118
  127
  136
  145
  155
  165
  175
  187
  198
Earnings before tax, $m
  -16
  -22
  -28
  -34
  -42
  -49
  -57
  -65
  -74
  -83
  -93
  -103
  -113
  -124
  -135
  -147
  -159
  -172
  -185
  -199
  -213
  -228
  -244
  -260
  -276
  -294
  -312
  -331
  -351
  -372
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -16
  -22
  -28
  -34
  -42
  -49
  -57
  -65
  -74
  -83
  -93
  -103
  -113
  -124
  -135
  -147
  -159
  -172
  -185
  -199
  -213
  -228
  -244
  -260
  -276
  -294
  -312
  -331
  -351
  -372

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  432
  501
  576
  657
  742
  834
  930
  1,031
  1,137
  1,248
  1,364
  1,485
  1,611
  1,741
  1,878
  2,019
  2,166
  2,319
  2,477
  2,642
  2,814
  2,993
  3,179
  3,372
  3,574
  3,784
  4,003
  4,232
  4,471
  4,720
Adjusted assets (=assets-cash), $m
  432
  501
  576
  657
  742
  834
  930
  1,031
  1,137
  1,248
  1,364
  1,485
  1,611
  1,741
  1,878
  2,019
  2,166
  2,319
  2,477
  2,642
  2,814
  2,993
  3,179
  3,372
  3,574
  3,784
  4,003
  4,232
  4,471
  4,720
Revenue / Adjusted assets
  0.507
  0.509
  0.509
  0.508
  0.508
  0.507
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
Average production assets, $m
  23
  27
  31
  35
  40
  45
  50
  56
  61
  67
  73
  80
  87
  94
  101
  109
  117
  125
  133
  142
  152
  161
  171
  182
  192
  204
  216
  228
  241
  254
Working capital, $m
  -66
  -76
  -88
  -100
  -113
  -127
  -142
  -157
  -173
  -190
  -208
  -226
  -245
  -265
  -286
  -308
  -330
  -353
  -378
  -403
  -429
  -456
  -484
  -514
  -545
  -577
  -610
  -645
  -681
  -719
Total debt, $m
  57
  119
  186
  258
  335
  416
  502
  592
  687
  787
  890
  998
  1,111
  1,228
  1,349
  1,476
  1,607
  1,744
  1,886
  2,033
  2,187
  2,346
  2,512
  2,686
  2,866
  3,054
  3,250
  3,454
  3,668
  3,891
Total liabilities, $m
  386
  448
  515
  587
  664
  745
  831
  922
  1,016
  1,116
  1,219
  1,327
  1,440
  1,557
  1,679
  1,805
  1,936
  2,073
  2,215
  2,362
  2,516
  2,675
  2,842
  3,015
  3,195
  3,383
  3,579
  3,784
  3,997
  4,220
Total equity, $m
  46
  53
  61
  70
  79
  88
  99
  109
  121
  132
  145
  157
  171
  185
  199
  214
  230
  246
  263
  280
  298
  317
  337
  357
  379
  401
  424
  449
  474
  500
Total liabilities and equity, $m
  432
  501
  576
  657
  743
  833
  930
  1,031
  1,137
  1,248
  1,364
  1,484
  1,611
  1,742
  1,878
  2,019
  2,166
  2,319
  2,478
  2,642
  2,814
  2,992
  3,179
  3,372
  3,574
  3,784
  4,003
  4,233
  4,471
  4,720
Debt-to-equity ratio
  1.240
  2.240
  3.040
  3.710
  4.250
  4.710
  5.090
  5.420
  5.700
  5.950
  6.160
  6.340
  6.510
  6.650
  6.780
  6.900
  7.000
  7.090
  7.180
  7.260
  7.330
  7.400
  7.460
  7.510
  7.570
  7.610
  7.660
  7.700
  7.740
  7.780
Adjusted equity ratio
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -16
  -22
  -28
  -34
  -42
  -49
  -57
  -65
  -74
  -83
  -93
  -103
  -113
  -124
  -135
  -147
  -159
  -172
  -185
  -199
  -213
  -228
  -244
  -260
  -276
  -294
  -312
  -331
  -351
  -372
Depreciation, amort., depletion, $m
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
Funds from operations, $m
  -14
  -19
  -25
  -31
  -37
  -44
  -52
  -59
  -68
  -76
  -85
  -95
  -104
  -115
  -125
  -136
  -148
  -160
  -172
  -185
  -198
  -212
  -226
  -242
  -257
  -274
  -291
  -308
  -327
  -346
Change in working capital, $m
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
Cash from operations, $m
  -4
  -8
  -13
  -18
  -24
  -30
  -37
  -44
  -52
  -59
  -68
  -76
  -85
  -95
  -105
  -115
  -125
  -136
  -148
  -160
  -172
  -185
  -198
  -212
  -226
  -242
  -257
  -273
  -290
  -308
Maintenance CAPEX, $m
  -2
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
New CAPEX, $m
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
Cash from investing activities, $m
  -5
  -6
  -7
  -7
  -9
  -9
  -9
  -10
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -37
Free cash flow, $m
  -9
  -14
  -20
  -26
  -32
  -39
  -47
  -55
  -63
  -71
  -81
  -90
  -100
  -110
  -121
  -132
  -144
  -156
  -169
  -182
  -195
  -210
  -224
  -240
  -255
  -272
  -289
  -307
  -326
  -346
Issuance/(repayment) of debt, $m
  57
  62
  67
  72
  77
  81
  86
  90
  95
  99
  104
  108
  112
  117
  122
  126
  131
  137
  142
  148
  153
  160
  166
  173
  180
  188
  196
  205
  214
  223
Issuance/(repurchase) of shares, $m
  23
  29
  36
  43
  51
  59
  67
  76
  85
  95
  105
  115
  126
  138
  150
  162
  175
  188
  202
  217
  231
  247
  263
  280
  298
  316
  335
  355
  376
  398
Cash from financing (excl. dividends), $m  
  80
  91
  103
  115
  128
  140
  153
  166
  180
  194
  209
  223
  238
  255
  272
  288
  306
  325
  344
  365
  384
  407
  429
  453
  478
  504
  531
  560
  590
  621
Total cash flow (excl. dividends), $m
  70
  77
  83
  89
  95
  101
  106
  112
  117
  123
  128
  133
  139
  144
  150
  156
  162
  169
  175
  182
  189
  197
  205
  214
  223
  232
  242
  253
  264
  275
Retained Cash Flow (-), $m
  -23
  -29
  -36
  -43
  -51
  -59
  -67
  -76
  -85
  -95
  -105
  -115
  -126
  -138
  -150
  -162
  -175
  -188
  -202
  -217
  -231
  -247
  -263
  -280
  -298
  -316
  -335
  -355
  -376
  -398
Prev. year cash balance distribution, $m
  1,176
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  20
  23
  27
  31
  35
  40
  45
  50
  56
  61
  67
  73
  80
  87
  94
  101
  109
  117
  125
  133
  142
  152
  161
  171
  182
  192
  204
  216
  228
  241
Cash available for distribution, $m
  1,224
  48
  47
  46
  44
  42
  39
  36
  32
  28
  23
  18
  12
  7
  0
  -6
  -13
  -20
  -27
  -34
  -42
  -50
  -58
  -67
  -75
  -84
  -93
  -103
  -113
  -123
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,173
  44
  41
  38
  34
  31
  27
  22
  18
  15
  11
  8
  5
  2
  0
  -2
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -3
  -3
  -2
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  88.1
  76.8
  66.4
  57.1
  48.9
  41.7
  35.5
  30.1
  25.5
  21.6
  18.2
  15.4
  13.0
  10.9
  9.2
  7.7
  6.5
  5.5
  4.6
  3.9
  3.2
  2.7
  2.3
  1.9
  1.6
  1.3
  1.1
  0.9
  0.8
  0.7

Galapagos NV is a Belgium-based biotechnology company. The Company's activities are divided into two operating divisions: Research and Development (R & D) and Services. The R & D division is engaged in the discovery and development of small molecules. The Services division, offers target-to-drug discovery products and services to pharmaceutical and biotechnology companies and to patient foundations, encompassing target discovery and validation, screening and drug discovery through to delivery of pre-clinical candidates. As of December 31, 2011, Galapagos NV was, through its subsidiaries, active in Belgium, France, Switzerland, the Netherlands, the United Kingdom, Germany, the United States and Croatia. In April 2014, it sold BioFocus and Argenta service division operations to Charles River Laboratories International.

FINANCIAL RATIOS  of  Galapagos ADR (GLPG)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

GLPG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GLPG stock intrinsic value calculation we used $187 million for the last fiscal year's total revenue generated by Galapagos ADR. The default revenue input number comes from 2017 income statement of Galapagos ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GLPG stock valuation model: a) initial revenue growth rate of 17.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for GLPG is calculated based on our internal credit rating of Galapagos ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Galapagos ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GLPG stock the variable cost ratio is equal to 107.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GLPG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Galapagos ADR.

Corporate tax rate of 27% is the nominal tax rate for Galapagos ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GLPG stock is equal to 10.6%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GLPG are equal to 10.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Galapagos ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GLPG is equal to -30%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1215 million for Galapagos ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 49 million for Galapagos ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Galapagos ADR at the current share price and the inputted number of shares is $5.3 billion.

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COMPANY NEWS

▶ [$$] Novartis, MorphoSys and Galapagos Shares Rise on Drug Deal   [Jul-19-18 08:33AM  The Wall Street Journal]
▶ Vertex Pops As Rival Disappoints In Cystic Fibrosis And AbbVie Opts Out   [Jun-29-18 04:52PM  Investor's Business Daily]
▶ Galapagos increases share capital through warrant exercises   [Jun-20-18 04:02PM  GlobeNewswire]
▶ Transparency notification   [Jun-14-18 04:02PM  GlobeNewswire]
▶ Who Owns Galapagos NV (AMS:GLPG)?   [May-26-18 06:41AM  Simply Wall St.]
▶ How Should You Think About Galapagos NVs (AMS:GLPG) Risks?   [May-18-18 07:26AM  Simply Wall St.]
▶ Vertex Slips As FDA Delays Cystic Fibrosis Drug But There's A Silver Lining   [Apr-27-18 04:01PM  Investor's Business Daily]
▶ Galapagos reports first quarter 2018 results   [Apr-25-18 04:02PM  GlobeNewswire]
▶ Galapagos creates new warrant plan   [Apr-19-18 04:02PM  GlobeNewswire]
▶ 3 Top Healthcare Stocks to Buy in April   [Apr-13-18 06:31PM  Motley Fool]
▶ Galapagos announces ISABELA Phase 3 program in IPF   [Apr-12-18 04:02PM  GlobeNewswire]
▶ Is Galapagos NV (AMS:GLPG) A Financially Strong Company?   [Mar-28-18 04:08AM  Simply Wall St.]
▶ Galapagos increases share capital through warrant exercises   [Mar-20-18 05:02PM  GlobeNewswire]
▶ Galapagos delivered in 2017   [Feb-22-18 04:02PM  GlobeNewswire]
▶ 3 Promising Stocks to Buy in 2018   [Jan-26-18 07:45AM  Motley Fool]
▶ Update on progress in cystic fibrosis programs   [Jan-02-18 04:02PM  GlobeNewswire]
▶ ETFs with exposure to Galapagos NV : December 19, 2017   [Dec-19-17 01:07PM  Capital Cube]
▶ Transparency notification   [Dec-18-17 01:31AM  GlobeNewswire]
▶ Galapagos Cozies Up Closer to Gilead Sciences   [Dec-15-17 07:00PM  Motley Fool]
▶ Gilead & Galapagos: Let's Just Be Friends   [04:10PM  Barrons.com]
▶ Don't Count on Gilead Buying Galapagos   [01:07PM  Bloomberg]
▶ Transparency notification   [Dec-11-17 04:02PM  GlobeNewswire]
▶ Galapagos to enter NASDAQ Biotech Index   [01:31AM  GlobeNewswire]
▶ ETFs with exposure to Galapagos NV : December 7, 2017   [Dec-07-17 01:52PM  Capital Cube]
▶ Galapagos increases share capital through warrant exercises   [Nov-23-17 04:02PM  GlobeNewswire]
▶ ETFs with exposure to Galapagos NV : November 6, 2017   [Nov-06-17 11:41AM  Capital Cube]
▶ Vertex Pops As Analyst Questions Whether Rival Has 'Viable Drug'   [Nov-03-17 05:06PM  Investor's Business Daily]
▶ Galapagos moving forward in CF programs at NACFC 2017   [Nov-02-17 02:32AM  GlobeNewswire]
▶ ETFs with exposure to Galapagos NV : October 5, 2017   [Oct-05-17 11:03AM  Capital Cube]
▶ Galapagos Pops After Eczema Drug Shows Promise Vs. Regeneron   [Sep-27-17 04:03PM  Investor's Business Daily]
▶ Galapagos increases share capital through warrant exercises   [Sep-21-17 04:01PM  GlobeNewswire]
▶ ETFs with exposure to Galapagos NV : September 19, 2017   [Sep-19-17 05:37PM  Capital Cube]
▶ Solid financials support R&D progress   [Jul-27-17 04:03PM  GlobeNewswire]
▶ Vertex Hits Record High On Results Of Cystic Fibrosis Trial   [Jul-19-17 04:22PM  Investor's Business Daily]
▶ Why You're Smart to Buy Vertex Pharmaceuticals Stock   [Jul-15-17 12:03PM  Motley Fool]
▶ Galapagos Is More Attractive--But Don't Buy It Just Yet   [Jul-07-17 10:14AM  Barrons.com]
▶ Galapagos increases share capital through warrant exercises   [Jun-20-17 04:01PM  GlobeNewswire]
▶ Galapagos creates new warrant plan   [May-17-17 04:01PM  GlobeNewswire]
▶ Seven abstracts on filgotinib accepted by EULAR 2017   [May-15-17 04:02PM  GlobeNewswire]
▶ 3 Top Biotech Stocks For May   [May-11-17 09:17AM  Motley Fool]
▶ ETFs with exposure to Galapagos NV : April 28, 2017   [Apr-28-17 03:53PM  Capital Cube]
▶ Galapagos reports first quarter 2017 results   [Apr-27-17 04:01PM  GlobeNewswire]
▶ Galapagos increases share capital through warrant exercises   [Apr-06-17 04:01PM  GlobeNewswire]
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