Recent News
On October 21, 2025 Galapagos announced its intention to wind down its cell therapy business and to consider strategic transactions using available cash, noting the plan would affect sites in Europe, the U.S. and China and roughly 365 employees. On November 5, 2025 the company released nine‑month 2025 results and a business update that recorded a €204.8 million impairment tied to the cell therapy unit, reported a cash and financial investments balance of about €3.05 billion, and reiterated expectations to end 2025 with roughly €2.975–€3.025 billion in cash; management signaled a repositioning toward transformational business development. On October 21, 2025 an analyst upgrade moved the firm’s broker recommendation higher following the announced strategic changes.
Technical Analysis
ADX at 17.09 indicates no established trend; directional strength lacks conviction and limits breakout follow-through versus the valuation gap noted below.
DI+ shows a peak‑and‑reversal and therefore signals bearish pressure, while DI‑ also shows a peak‑and‑reversal signaling bullish pressure; with ADX below 20 these opposing DI signals produce weak net directional momentum rather than a sustained trend.
MACD registers a dip‑and‑reversal and currently sits above its signal line (MACD 0.31 vs signal 0.26), which constitutes a bullish momentum signal supportive of near‑term upside against the valuation backdrop.
MRO at 19.18 registers as positive and peak‑and‑reversal; because MRO sits above zero, the price currently stands above WMDST’s target and faces increased potential for downward pressure if momentum fades.
RSI at 53.6 and increasing indicates mild bullish momentum without overbought conditions; short‑term momentum aligns with the MACD crossover but lacks ADX confirmation.
Price trades above short, medium and long averages (price $33.11 vs 20‑day $32.83, 50‑day $31.76, 200‑day $30.37) and the 12‑day EMA shows an increasing trend, which supports near‑term upside toward analyst targets; the SuperTrend lower band sits near $31.60 and offers a technical support reference.
Fundamental Analysis
Total revenue totaled $71,161,000 for the period; revenue growth reads 8.996% on the headline metric while the reported year‑over‑year change shows -138.868%; treat those sequential metrics as reported contrasts rather than reconciled adjustments. Research and development spending reached $73,882,000, driving operating losses and an operating margin of -58.56%.
EBIT stands at $2,419,000, producing an EBIT margin of 3.40%, which sits above the industry peer mean of -119.67% and below the industry peer median of 36.65% using the available peer comparisons. QoQ change in EBIT margin shows a -102.20% move and YoY change shows -104.20%.
Net income totaled a loss of $202,111,000 and earnings per share came in at -$0.18 versus an estimate of -$0.28, producing an EPS surprise of +35.71% (EPS beat of $0.10). Forward EPS sits at $0.078 and forward PE reads -122.01 on the provided forward earnings metric.
Balance sheet strength stands out: cash and short‑term investments amount to $3.05 billion and the quick ratio equals 856.35% (quick ratio 8.56353), with a cash ratio of 832.09% (cash ratio 8.32085). Total debt remains minimal at $7,502,000, producing a debt‑to‑equity ratio of 0.307% and a debt‑to‑EBITDA of 3.10.
Free cash flow totaled -$65,457,000 and free cash flow yield reads -3.07%, with free cash growth down 42.04% YoY; operating cash flow registered -$62,607,000, reflecting ongoing cash burn linked to R&D and restructuring. Cash conversion cycle stands at -1,652 days driven by very large days‑payables outstanding (2,266.8 days), indicating material timing differences between payables and receivables/inventory.
Returns remain negative: return on equity -8.26% and return on assets -5.52%. Revenue per share equals $1.08 and book value per share equals $37.13. WMDST values the stock as under‑valued given the combination of a strong cash base, material pipeline optionality, and current market pricing.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-05 |
| NEXT REPORT DATE: | 2026-02-04 |
| CASH FLOW | Begin Period Cash Flow | $ 71.7 M |
| Operating Cash Flow | $ -62.61 M | |
| Capital Expenditures | $ -2.85 M | |
| Change In Working Capital | $ -57.83 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -7.21 M | |
| End Period Cash Flow | $ 64.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 71.2 M | |
| Forward Revenue | $ -452.92 K | |
| COSTS | ||
| Cost Of Revenue | $ 10.8 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 73.9 M | |
| Total Operating Expenses | $ 112.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 60.3 M | |
| EBITDA | $ 2.4 M | |
| EBIT | $ 2.4 M | |
| Operating Income | $ -41.67 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | $ 9.3 M | |
| Income Before Tax | $ -221.49 M | |
| Tax Provision | $ -17.50 M | |
| Tax Rate | 7.901 % | |
| Net Income | $ -202.11 M | |
| Net Income From Continuing Operations | $ -202.11 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.28 | |
| EPS Actual | $ -0.18 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 35.714 % | |
| Forward EPS | $ 0.08 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.5 B | |
| Intangible Assets | $ 7.4 M | |
| Net Tangible Assets | $ 2.4 B | |
| Total Current Assets | $ 3.2 B | |
| Cash and Short-Term Investments | $ 3.1 B | |
| Cash | $ 64.5 M | |
| Net Receivables | $ 45.3 M | |
| Inventory | $ 22.9 M | |
| Long-Term Investments | $ 2.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 100.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 366.6 M | |
| Net Debt | — | |
| Total Debt | $ 7.5 M | |
| Total Liabilities | $ 1.1 B | |
| EQUITY | ||
| Total Equity | $ 2.4 B | |
| Retained Earnings | $ -577.74 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 37.13 | |
| Shares Outstanding | 65.897 M | |
| Revenue Per-Share | $ 1.08 | |
| VALUATION | Market Capitalization | $ 2.1 B |
| Enterprise Value | $ -908.09 M | |
| Enterprise Multiple | -375.399 | |
| Enterprise Multiple QoQ | -3682.549 % | |
| Enterprise Multiple YoY | -1363.603 % | |
| Enterprise Multiple IPRWA | high: 52.77 median: 24.843 mean: 3.626 low: -80.476 GLPG: -375.399 |
|
| EV/R | -12.761 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.435 | |
| Asset To Liability | 3.298 | |
| Debt To Capital | 0.003 | |
| Debt To Assets | 0.002 | |
| Debt To Assets QoQ | -3.167 % | |
| Debt To Assets YoY | 111.881 % | |
| Debt To Assets IPRWA | high: 1.045 mean: 0.213 median: 0.074 GLPG: 0.002 low: 0.0 |
|
| Debt To Equity | 0.003 | |
| Debt To Equity QoQ | -3.762 % | |
| Debt To Equity YoY | 107.432 % | |
| Debt To Equity IPRWA | high: 1.395 mean: 0.193 median: 0.093 GLPG: 0.003 low: -0.869 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.872 | |
| Price To Book QoQ | 13.972 % | |
| Price To Book YoY | 31.751 % | |
| Price To Book IPRWA | high: 17.968 mean: 6.978 median: 5.8 GLPG: 0.872 low: -8.555 |
|
| Price To Earnings (P/E) | -179.954 | |
| Price To Earnings QoQ | 489.495 % | |
| Price To Earnings YoY | 381.774 % | |
| Price To Earnings IPRWA | high: 56.753 mean: -3.812 median: -11.857 low: -93.179 GLPG: -179.954 |
|
| PE/G Ratio | 2.231 | |
| Price To Sales (P/S) | 29.996 | |
| Price To Sales QoQ | -3.219 % | |
| Price To Sales YoY | -5.28 % | |
| Price To Sales IPRWA | high: 1129.647 mean: 73.519 GLPG: 29.996 median: 25.506 low: 0.466 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -122.011 | |
| Forward PE/G | 1.513 | |
| Forward P/S | 1415.368 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -11.383 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.019 | |
| Asset Turnover Ratio QoQ | 16.637 % | |
| Asset Turnover Ratio YoY | 37.341 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 mean: 0.117 median: 0.107 GLPG: 0.019 low: -0.004 |
|
| Receivables Turnover | 1.412 | |
| Receivables Turnover Ratio QoQ | 15.284 % | |
| Receivables Turnover Ratio YoY | 24.35 % | |
| Receivables Turnover Ratio IPRWA | high: 6.279 mean: 1.452 GLPG: 1.412 median: 1.35 low: -0.057 |
|
| Inventory Turnover | 0.382 | |
| Inventory Turnover Ratio QoQ | 193.708 % | |
| Inventory Turnover Ratio YoY | 131724.138 % | |
| Inventory Turnover Ratio IPRWA | high: 2.722 mean: 0.599 GLPG: 0.382 median: 0.373 low: -0.015 |
|
| Days Sales Outstanding (DSO) | 64.647 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -1652.059 | |
| Cash Conversion Cycle Days QoQ | 139.707 % | |
| Cash Conversion Cycle Days YoY | 596.545 % | |
| Cash Conversion Cycle Days IPRWA | high: 1241.621 mean: 191.792 median: 189.366 GLPG: -1652.059 low: -1809.09 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.025 | |
| CapEx To Revenue | -0.04 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.4 B | |
| Net Invested Capital | $ 2.4 B | |
| Invested Capital | $ 2.4 B | |
| Net Tangible Assets | $ 2.4 B | |
| Net Working Capital | $ 2.8 B | |
| LIQUIDITY | ||
| Cash Ratio | 8.321 | |
| Current Ratio | 8.626 | |
| Current Ratio QoQ | 6.777 % | |
| Current Ratio YoY | -14.88 % | |
| Current Ratio IPRWA | high: 25.502 GLPG: 8.626 mean: 4.38 median: 3.195 low: 0.02 |
|
| Quick Ratio | 8.564 | |
| Quick Ratio QoQ | 7.114 % | |
| Quick Ratio YoY | -13.912 % | |
| Quick Ratio IPRWA | high: 13.391 GLPG: 8.564 mean: 2.773 median: 2.493 low: 0.02 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 3.101 | |
| Cost Of Debt | 1.121 % | |
| Interest Coverage Ratio | 24.938 | |
| Interest Coverage Ratio QoQ | -102.392 % | |
| Interest Coverage Ratio YoY | -135.776 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 mean: 39.945 GLPG: 24.938 median: 4.213 low: -1538.4 |
|
| Operating Cash Flow Ratio | -0.171 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 2266.824 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -8.022 % | |
| Revenue Growth | 8.996 % | |
| Revenue Growth QoQ | -169.612 % | |
| Revenue Growth YoY | -138.868 % | |
| Revenue Growth IPRWA | high: 301.849 % GLPG: 8.996 % mean: 7.84 % median: 4.118 % low: -259.856 % |
|
| Earnings Growth | -80.645 % | |
| Earnings Growth QoQ | -58.829 % | |
| Earnings Growth YoY | -87.593 % | |
| Earnings Growth IPRWA | high: 162.5 % median: -6.312 % mean: -13.027 % GLPG: -80.645 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | 84.759 % | |
| Gross Margin QoQ | -8.657 % | |
| Gross Margin YoY | -15.214 % | |
| Gross Margin IPRWA | high: 105.39 % GLPG: 84.759 % median: 83.975 % mean: 79.766 % low: -35.147 % |
|
| EBIT Margin | 3.399 % | |
| EBIT Margin QoQ | -102.195 % | |
| EBIT Margin YoY | -104.199 % | |
| EBIT Margin IPRWA | high: 3270.865 % median: 36.648 % GLPG: 3.399 % mean: -119.673 % low: -8139.786 % |
|
| Return On Sales (ROS) | -58.56 % | |
| Return On Sales QoQ | -32.957 % | |
| Return On Sales YoY | -27.656 % | |
| Return On Sales IPRWA | high: 573.037 % median: 26.431 % GLPG: -58.56 % mean: -113.809 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -65.46 M | |
| Free Cash Flow Yield | -3.067 % | |
| Free Cash Flow Yield QoQ | -45.046 % | |
| Free Cash Flow Yield YoY | -23.611 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % median: 0.768 % mean: 0.308 % GLPG: -3.067 % low: -58.703 % |
|
| Free Cash Growth | -42.041 % | |
| Free Cash Growth QoQ | -126.691 % | |
| Free Cash Growth YoY | -0.996 % | |
| Free Cash Growth IPRWA | high: 201.164 % mean: 25.737 % median: 22.832 % GLPG: -42.041 % low: -200.947 % |
|
| Free Cash To Net Income | 0.324 | |
| Cash Flow Margin | -300.223 % | |
| Cash Flow To Earnings | 0.31 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -5.515 % | |
| Return On Assets QoQ | 104.411 % | |
| Return On Assets YoY | 362.668 % | |
| Return On Assets IPRWA | high: 30.5 % median: -0.016 % mean: -2.265 % GLPG: -5.515 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | 0.077 % | |
| Return On Equity (ROE) | -0.083 | |
| Return On Equity QoQ | 106.5 % | |
| Return On Equity YoY | 368.785 % | |
| Return On Equity IPRWA | high: 0.948 median: -0.002 mean: -0.005 GLPG: -0.083 low: -1.385 |
|
| DuPont ROE | -7.942 % | |
| Return On Invested Capital (ROIC) | 0.091 % | |
| Return On Invested Capital QoQ | -103.011 % | |
| Return On Invested Capital YoY | -93.663 % | |
| Return On Invested Capital IPRWA | high: 31.965 % median: 4.45 % GLPG: 0.091 % mean: -0.087 % low: -73.241 % |
|