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2016-10-27

Galapagos NV: Robust progress in Q3 2016

* Financial results of the first nine months: * Group revenues increased by
€17.8 M to €65.0 M * Operating loss reduced by €14.8 M to €48.5 M * End of
third quarter cash €938.8 M
* Progress in R&D: * Start FINCH Phase 3 program with filgotinib in
rheumatoid arthritis (RA) * Successful completion of regulatory
consultations for filgotinib in inflammatory bowel disease (IBD) *
Endoscopic improvements with filgotinib consistent with clinical remission
rates in Crohn's disease (CD) * Improvements in FEV1 with GLPG1837 in
cystic fibrosis (CF) patients (S1251N, SAPHIRA 2) * MorphoSys and Galapagos
start first-in-patient dosing of IL-17C antibody MOR106 in atopic
dermatitis

Webcast presentation tomorrow 28 October at 14.00 CET/8 AM ET,
www.glpg.com, +32 2 400 6926, code 2352766

Mechelen, Belgium; 27 October 2016, Galapagos NV (Euronext&NASDAQ: GLPG)
announces significant progress in R&D in the first nine months while reporting
financial results in line with management guidance. These unaudited results
of the first nine months
are further detailed in an online Q3 2016 Report published on the Galapagos
website,
www.glpg.com.

"This quarter, we are again encouraged by the progress made in our R&D
programs. The FINCH Phase 3 program in RA is recruiting. By year end, Gilead
is expected to have in total three major late stage clinical programs dosing
patients with filgotinib, with more Phase 2 studies targeting other
inflammatory diseases expected in 2017. The endoscopy and histopathology data
reported from the FITZROY study with filgotinib in Crohn's disease at UEG
Week set a high bar for Crohn's clinical research going forward. We are
excited about the progress made in our cystic fibrosis program, keeping us on
track to potentially have a triple combination therapy in Class II patient
studies by mid-year 2017," said Onno van de Stolpe, CEO. "In the background,
our research teams continue to discover new targets and molecules, propelling
them forward toward patients, as we go for our ambitious goal of delivering
three novel target based Proofs-of-Concept in patients every year."

"The financial results for the first nine months of 2016 were fully in line
with our expectations, leaving us with a solid cash position of €939 million
on 30 September. Our revenues increased by 38% compared to the same period in
2015. We reiterate our cash burn guidance for the full year within the range
of €100-120 million, excluding payments from Gilead for filgotinib," said
Bart Filius, CFO.

Key figures Q3 Report 2016 (unaudited)

(€ millions, except basic income/loss per share)

----------------------------------------------------------------------------------------------------------------------------
| 30 September 2016 Group Total 30 September 2015 Group Total |
| Revenues 65.0 47.2 |
| R&D expenditure (96.7) (96.9) |
| G&A and S&M expenses (16.8) (13.6) |
| Operating loss (48.5) (63.3) |
| Fair value re-measurement of share subscription agreement1 57.5 |
| Other net financial result (0.9) 0.4 |
| Taxes (0.1) 1.4 |
| Net result 8.1 (61.4) |
| Basic income/loss (-) per share (€) 0.18 (1.78) |
| Diluted income/loss (-) per share (€) 0.17 (1.78) |
| Cash, Cash equivalents and Restricted cash 938.83 374.42 |
----------------------------------------------------------------------------------------------------------------------------
Notes:
1) reflects non-cash financial asset adjustment resulting from the Gilead
subscription agreement, which offsets the negative €30.6 million non-cash
adjustment
booked in Q4 2015
2) including €7.9 million of restricted cash
3) including €8.0 million of restricted cash

Q3 Report 2016

A detailed Q3 Report for 2016 is available atwww.glpg.com/financial-reports.
Printed versions of the report can be requested viair@glpg.com.

Conference
call and webcast presentation

Galapagos will conduct a conference call open to the public tomorrow (28
October 2016) at 14:00 Central European Time (CET), which will also be
webcast. To participate in the conference call, please call one of the
following numbers ten minutes prior to commencement:

CODE: 2352766

----------------------------------
| USA: +1 719 325 2213 |
| UK: +44 20 7026 5967 |
| Netherlands: +31 20 703 8261 |
| France: +33 1 76 77 22 57 |
| Belgium: +32 2 400 6926 |
----------------------------------
A question and answer session will follow the presentation of the results. Go
towww.glpg.comto access the live audio webcast. The archived webcast will
also be available for replay shortly after the close of the call.

About Galapagos

Galapagos (Euronext&NASDAQ: GLPG) is a clinical-stage biotechnology company
specialized in the discovery and development of small molecule medicines with
novel modes of action. Our pipeline comprises Phase 3, 2, 1, pre-clinical,
and discovery programs in cystic fibrosis, inflammation, fibrosis,
osteoarthritis and other indications. We have discovered and developed
filgotinib: in collaboration with Gilead we aim to bring this JAK1-selective
inhibitor for inflammatory indications to patients all over the world.
Galapagos is focused on the development and commercialization of novel
medicines that will improve people's lives. The Galapagos group, including
fee-for-service subsidiary Fidelta, has approximately 480 employees,
operating from its Mechelen, Belgium headquarters and facilities in The
Netherlands, France, and Croatia. More information atwww.glpg.com.

Contacts

------------------------------------------------------------
| Investors: Media: |
| Elizabeth Goodwin Evelyn Fox |
| VP IR&Corporate Director Communications |
| |
|Communications |
|+1 781 460 1784 +31 6 53 591 999 |
| |
| communications@glpg.com |
| Paul van der Horst |
|Director Business Development&IR |
|+31 6 53 725 199 |
| ir@glpg.com |
------------------------------------------------------------
Forward-looking statements

This release may contain forward-looking statements, including, among other
things, statements regarding the guidance from management (including guidance
regarding the expected cash burn during financial year 2016), financial
results, timing and/or results of clinical trials, and interaction with
regulators. Galapagos cautions the reader that forward-looking statements are
not guarantees of future performance. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which might cause
the actual results, financial condition and liquidity, performance or
achievements of Galapagos, or industry results, to be materially different
from any historic or future results, financial conditions and liquidity,
performance or achievements expressed or implied by such forward-looking
statements. In addition, even if Galapagos' results, performance, financial
condition and liquidity, and the development of the industry in which it
operates are consistent with such forward-looking statements, they may not be
predictive of results or developments in future periods. Among the factors
that may result in differences are that
Galapagos' expectations regarding its 2016 revenues and financial results and
2016 operating expenses may be incorrect (including because one or more of
its assumptions underlying its revenue or expense expectations may not be
realized), Galapagos' expectations regarding its development programs may be
incorrect, the inherent uncertainties associated with competitive
developments, clinical trial and product development activities and
regulatory approval requirements (including that data from Galapagos' ongoing
clinical research programs may not support registration or further
development of its product candidates due to safety, efficacy or other
reasons), Galapagos' reliance on collaborations with third parties, and
estimating the commercial potential of its development programs. A further
list and description of these risks, uncertainties and other risks can be
found in Galapagos' Securities and Exchange Commission (SEC) filings and
reports, including in Galapagos' most recent annual report on form 20-F filed
with the SEC and other filings and reports filed by Galapagos with the SEC.
Given these uncertainties, the reader is advised not to place any undue
reliance on such forward-looking statements. These forward-looking statements
speak only as of the date of publication of this document. Galapagos
expressly disclaims any obligation to update any such forward-looking
statements in this document to reflect any change in its expectations with
regard thereto or any change in events, conditions or circumstances on which
any such statement is based or that may affect the likelihood that actual
results will differ from those set forth in the forward-looking statements,
unless specifically required by law or regulation.

Galapagos Q3 results 2016
http://hugin.info/133350/R/2052203/768011.pdf

---------------------------------------

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Galapagos NV via Globenewswire

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