Belgian biotech company Galapagos, headquartered in Mechelen, experienced a 15% increase in revenue in 2024, reaching €275.6 million, according to its annual results, published on Wednesday evening.
However, expenses also rose significantly.
The company invested €335.5 million in research and development, up from €241.3 million in 2023, while sales, marketing, general, and administrative costs increased slightly from €134 million in 2023 to €134.4 million in 2024.
Consequently, the total operating loss from continuing operations climbed to €188.3 million compared to €88.3 million in 2023.
On 8 January, Galapagos announced that it would split into two publicly-listed companies.
From the €3.3 billion in liquid assets that Galapagos held at the end of 2024, about €2.45 billion will be allocated to establish a new spin-off company, which will focus on building a pipeline of innovative drugs through acquisitions.
Galapagos will retain around €500 million and concentrate on cell therapy for oncology.
