Lakefront Biotherapeutics NV (LKFT) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Galapagos year end 2025 financial results conference call.

您好，感謝您的耐心等待。歡迎參加 Galapagos 2025 年終財務業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand a conference over to your speaker today, Glenn Schulman, Head of Investor Relations. Please go ahead.

（操作人員指示）請注意，今天的會議正在錄音。現在我謹將今天的主講人交給投資人關係主管格倫‧舒爾曼先生。請繼續。

Good day everyone. This is Glenn Schulman, Head of Investor Relations, and I'd like to thank you all for joining us today as we report Galapagos' full year 2025 financial results and fourth quarter business update. Last evening, we issued a press release outlining these results. This release, along with today's presentation, can be found on the Galapagos Investor website at www.glpg.com.

大家好。我是投資者關係主管格倫舒爾曼，感謝各位今天與我們一起見證 Galapagos 公司 2025 年全年財務業績和第四季度業務更新。昨晚，我們發布了一份新聞稿，概述了這些結果。本次新聞稿以及今天的簡報可在 Galapagos Investor 網站 www.glpg.com 上找到。

Before we begin, I would like to remind everyone that we will be making forward-looking statements. These forward-looking statements include remarks concerning future developments of our company and our pipeline and possible changes in the industry and competitive environment.

在開始之前，我想提醒大家，我們將發表一些前瞻性聲明。這些前瞻性聲明包括有關我們公司和產品線未來發展以及行業和競爭環境可能發生的變化的評論。

These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies, and prospects which are based on the information currently available to us and on assumptions we have made. Actual results may differ materially from those indicated by these statements and are accurate only as of the date of this recording, February 24, 2026.

這些前瞻性聲明反映了我們目前對我們的計劃、意圖、預期、策略和前景的看法，這些看法是基於我們目前可獲得的資訊和我們所做的假設。實際結果可能與這些聲明所指出的結果有重大差異，並且僅截至本錄音日期（2026 年 2 月 24 日）為止準確無誤。

Galapagos is not under any obligation to update statements regarding the future or to conform to these statements in relation to actual results unless required by law. You are cautioned not to place any undue reliance on these statements.

除非法律另有規定，否則 Galapagos 沒有義務更新有關未來的聲明，也沒有義務使這些聲明與實際結果相符。請注意，不要過度依賴這些說法。

Joining us on today's call from the executive team are Henry Gosebruch, Chief Executive Officer; Aaron Cox, Chief Financial Officer; Sooin Kwon, Chief Business Officer; and Dan Grossman, Chief Strategy Officer of the company, all of whom will be available during the Q&A session.

今天參加電話會議的執行團隊成員有：執行長 Henry Gosebruch；財務長 Aaron Cox；首席商務官 Sooin Kwon；以及公司首席策略長 Dan Grossman，他們都將在問答環節中與大家互動。

With all of that, let me now turn the call over to Henry Gosebruch, CEO of Galapagos.

綜上所述，現在讓我把電話交給 Galapagos 的執行長 Henry Gosebruch。

Thank you, Glenn, and thank you all for joining us today. Galapagos had a transformative 2025, focused on turning the page from cell therapy, implementing a new strategic direction, and laying a strong foundation for long-term value creation.

謝謝格倫，也謝謝各位今天蒞臨現場。Galapagos 在 2025 年迎來了變革，專注於擺脫細胞療法，實施新的策略方向，並為長期價值創造奠定堅實的基礎。

We are entering this new chapter with approximately EUR3 billion in cash at year end 2025 in a strong position to pursue transformative business development opportunities with significant strategic flexibility.

到 2025 年底，我們將擁有約 30 億歐元的現金，進入新的篇章，這使我們能夠以強大的實力和顯著的戰略靈活性，尋求變革性的業務發展機會。

The new team is in place to execute on the strategic vision. We have been very deliberate in assembling the right leadership team to execute the strategy, and I could not be more pleased with the level of talent we've been able to attract to Galapagos.

新團隊已到位，將負責執行策略願景。我們經過深思熟慮，組建了一支合適的領導團隊來執行這項策略，我對我們能夠吸引到 Galapagos 的人才水平感到無比滿意。

We've assembled a management team with world-class business development expertise in a shared mission of leveraging our unique position to create significant shareholder value. Collectively, our team has executed hundreds of transactions in the life sciences sector, and it's working well together with the goal of creating value for our shareholders.

我們組建了一支擁有世界一流業務發展專業知識的管理團隊，共同致力於利用我們獨特的地位為股東創造重大價值。我們的團隊在生命科學領域中累積了數百筆交易，為了給股東創造價值，大家齊心協力，合作愉快。

We have also evolved our board composition, welcoming five new directors who bring the deep transaction, capital allocation, and operating experiences needed for this next phase of growth. Our objective is not incremental rebuilding. But a fundamental reshaping of the company around programs we believe are capable of delivering meaningful patient impact and sustainable shareholder returns.

我們也調整了董事會組成，迎來了五位新董事，他們帶來了下一階段成長所需的深厚交易、資本配置和營運經驗。我們的目標不是漸進式重建。但我們將對公司進行根本性的重組，圍繞著我們認為能夠為患者帶來有意義的影響和可持續的股東回報的項目。

We are aggressively evaluating opportunities across our focus areas and maintaining a broad dialogue with companies and innovators globally. We are encouraged by the level of potential transactions we have in our deal pipeline. And our opportunity to become a unique player in the biotech deal ecosystem and carve out niches where we can be competitively differentiated.

我們正在積極評估各個重點領域的機遇，並與全球企業和創新者保持廣泛對話。我們目前交易項目中的潛在交易數量令人鼓舞。我們有機會成為生物技術交易生態系統中的獨特參與者，並開闢出能讓我們具有競爭優勢的市場區隔。

At the same time, we are disciplined and selective, we will allocate our capital carefully and thoughtfully with clear financial metrics in mind. Our focus remains on clinically de-risk opportunities in areas where we are able to bring unique insights that represent competitive advantage.

同時，我們秉持嚴謹的紀律和選擇性，會根據明確的財務指標，謹慎周全地分配資金。我們仍然專注於在臨床上降低風險的機會，在這些領域，我們能夠帶來獨特的見解，從而獲得競爭優勢。

Lastly, our collaboration with Gilead remains a key strategic advantage and potential competitive differentiation. We are working very closely with Gilead and continue to have active and constructive dialogue as we evaluate opportunities. Their global development and commercialization expertise combined with our capital base, agility, and deal-making skills creates a powerful platform as we shape this next phase of growth for Galapagos.

最後，我們與吉利德的合作仍然是一項關鍵的策略優勢和潛在的競爭優勢。我們與吉利德公司保持著非常密切的合作，並在評估各種機會的過程中，繼續進行積極而富有建設性的對話。他們在全球開發和商業化方面的專業知識，加上我們的資本基礎、敏捷性和交易技巧，為我們塑造 Galapagos 的下一個成長階段創造了一個強大的平台。

Let me briefly provide an update on our legacy R&D acid TYK2 or GLPG3667. In December, we announced topline Phase 2 results for GLPG3667 in patients with dermatomyositis and systemic lupus erythematosus or SLE.

讓我簡單介紹一下我們傳統的研發酸 TYK2 或 GLPG3667 的最新情況。去年 12 月，我們公佈了 GLPG3667 在治療皮肌炎和系統性紅斑狼瘡（SLE）患者中 II 期臨床試驗的主要結果。

GLPG3667 met the primary endpoint in the dermatomyositis study demonstrating a statistically significant clinical benefit and meaningful improvements on secondary measures of disease activity compared to placebo.

GLPG3667 在皮肌炎研究中達到了主要終點，與安慰劑相比，在統計學上顯示出顯著的臨床益處，並在疾病活動的次要指標上顯示出有意義的改善。

We are currently evaluating all strategic options for this program, including pursuing potential partnerships with other [I & I] players to accelerate the development of GLPG3667.

我們目前正在評估該計劃的所有策略選擇，包括尋求與其他[I & I]參與者建立潛在的合作夥伴關係，以加速GLPG3667的開發。

In conclusion, Galapagos is well positioned for the future. Our year-end cash position of approximately EUR3 billion our strong business development and capital allocation experience provides the strategic flexibility to pursue business development opportunities while maintaining a disciplined focus on value creation.

總之，加拉巴哥群島已為未來做好了充分準備。我們年末現金儲備約為 30 億歐元，我們強大的業務發展和資本配置經驗為我們提供了戰略靈活性，使我們能夠在保持對價值創造的嚴格關注的同時，尋求業務發展機會。

With that overview, I would like to now turn the call over to Aaron Cox, our CFO to review our full year 2025 financial results and 2026 guidance. Aaron?

綜上所述，我現在想把電話交給我們的財務長 Aaron Cox，讓他回顧我們 2025 年全年的財務表現和 2026 年的績效指引。亞倫？

Thanks, Henry and hello everyone. In the press release issued last night, we detailed our full year 2025 results, provided an update on fourth quarter performance, and shared our 2026 guidance.

謝謝亨利，大家好。在昨晚發布的新聞稿中，我們詳細介紹了 2025 年全年業績，更新了第四季度業績，並分享了 2026 年的業績指引。

Total operating profit from continuing operations amounted to EUR295.1 million in 2025 compared to an operating loss of EUR188.3 million in 2024. This operating profit was primarily due to the release in revenue of the remaining deferred income balance of EUR1,069 million associated with the exclusive access rights granted to Gilead under the OLCA.

2025 年持續經營業務的總營業利潤為 2.951 億歐元，而 2024 年的營業虧損為 1.883 億歐元。該營業利潤主要源於根據《藥品授權和專利授權法案》(OLCA) 授予吉利德的獨家使用權所對應的剩餘遞延收入餘額 10.69 億歐元的釋放。

As a reminder, in conjunction with this transaction in 2019, Galapagos recognized a contract liability of approximately EUR2.3 billion which was to be recognized as revenue on a straight-line basis over the 10-year term of the agreement.

提醒一下，在 2019 年的這項交易中，加拉巴哥確認了約 23 億歐元的合約負債，該負債將在協議的 10 年期限內以直線法確認為收入。

Following the 2025 OLCA amendments, the intention to wind down and related events in 2025, as of December 31, it was assessed that there were no remaining obligations that would justify this specific contract liability to be maintained in our IFRS financial statements. We do not expect any cash tax impact in 2025 related to this recognition of revenue.

根據 2025 年 OLCA 修訂案、2025 年的清算意向及相關事項，截至 12 月 31 日，經評估，已無任何剩餘義務足以證明在我們的 IFRS 財務報表中保留此項特定合約負債是合理的。我們預計2025年不會因確認這筆收入而產生任何現金稅影響。

Importantly, while the OLCA still remains in force, we expect that any future business development transaction will be completed under terms that would be different than the existing terms of the OLCA.

重要的是，雖然 OLCA 仍然有效，但我們預計任何未來的業務發展交易都將按照與 OLCA 現有條款不同的條款完成。

Now turning to expenses, operating expenses were negatively impacted for a total of EUR399.8 million by the decision to wind down the cell therapy activities with an impact of EUR275 million consisting of an impairment of the cell therapy activities of EUR228.1 million.

現在來看支出，由於決定逐步停止細胞治療活動，營運支出總共受到 3.998 億歐元的負面影響，其中 2.75 億歐元的影響包括細胞治療活動減損 2.281 億歐元。

Severance costs of EUR33.3 million, costs for early termination of collaborations of EUR16.3 million. Deal cost of EUR10.1 million, EUR1.5 million for additional accelerated non-cash cost recognition for subscription right plans, and EUR7.5 million of other costs, partly offset by a positive fair value adjustment of the contingent consideration payable of EUR21.8 million.

遣散費 3,330 萬歐元，提前終止合作的費用 1,630 萬歐元。交易成本為 1,010 萬歐元，認購權計畫的額外加速非現金成本確認為 150 萬歐元，其他成本為 750 萬歐元，部分被應付或有對價 2,180 萬歐元的正向公允價值調整所抵銷。

Additionally, the executed strategic reorganization related to the small molecule business announced in 2025 for EUR124.8 million. Financial investments in cash and cash equivalents totaled EUR2,998 million on December 31, 2025 as compared to EUR3,317.8 million on December 31, 2024.

此外，還執行了與小分子業務相關的策略重組，該重組於 2025 年宣布，金額為 1.248 億歐元。截至 2025 年 12 月 31 日，現金及現金等價物的金融投資總額為 29.98 億歐元，而截至 2024 年 12 月 31 日，該總額為 33.178 億歐元。

Our cash and cash equivalents and current financial investments included $2,159 million held in US dollars versus $726.9 million on December 31, 2024. These US dollars were translated to euros at an exchange rate of 1.175.

我們的現金及現金等價物和流動金融投資包括以美元計價的 21.59 億美元，而截至 2024 年 12 月 31 日為 7.269 億美元。這些美元以1.175的匯率兌換成歐元。

Since year end, we have converted more euros to US dollars and now hold approximately 72% of our cash in US dollars and 28% in euros. We expect to continue increasing the portion of cash in US dollars as the year progresses.

自年底以來，我們已將更多歐元兌換成美元，目前我們約有 72% 的現金以美元形式持有，28% 以歐元形式持有。我們預計隨著時間的推移，以美元計價的現金比例將繼續增加。

Turning now to our guidance for 2026. As part of the transformation to the new Galapagos, we announced our intention to wind down our cell therapy activities last fall, and we are now executing on this process following the works council processes that were completed last month.

現在讓我們來看看我們對 2026 年的指導。作為向新 Galapagos 轉型的一部分，我們在去年秋季宣布了逐步停止細胞治療業務的計劃，現在，在上個月完成職工委員會流程後，我們正在執行這項流程。

Given the progress we've made on this execution, I can now share that we expect the cell therapy wind down to be substantially completed by the end of the third quarter of 2026.

鑑於我們在該執行方面取得的進展，我現在可以宣布，我們預計細胞療法的逐步停止將在 2026 年第三季末基本完成。

In connection with the wind down of the cell therapy activities, we expect an operating cash outflow of up to EUR50 million in Q1 2026, as well as a one-time restructuring cash impact of EUR125 million to EUR175 million in 2026. This reflects a EUR25 million reduction compared to the prior guidance range of EUR150 million to EUR200 million.

由於細胞治療業務的逐步結束，我們預計 2026 年第一季將出現高達 5,000 萬歐元的經營現金流出，以及 2026 年一次性重組現金影響 1.25 億歐元至 1.75 億歐元。與先前1.5億歐元至2億歐元的預期範圍相比，這相當於減少了2,500萬歐元。

In addition, we anticipate cash costs of approximately EUR35 million to EUR40 million for the final implementation of the restructuring announced in January 2025.

此外，我們預計，為最終實施 2025 年 1 月宣布的重組計劃，現金成本約為 3,500 萬至 4,000 萬歐元。

Costs related to the ongoing TYK2 program, including completion of the Phase 2 clinical trials in DM and SLE, as well as ongoing support to advance the program toward Phase 3 development, are expected to be up to EUR40 million in 2026.

與正在進行的 TYK2 專案相關的成本，包括完成 DM 和 SLE 的 2 期臨床試驗，以及為推進該專案進入 3 期開發而提供的持續支持，預計到 2026 年將高達 4000 萬歐元。

Away from the spend items, we continue to expect meaningful cash flow to come from interest income, royalties, and tax credits. As a result, we expect to be cash flow neutral to positive by the end of 2026. We also anticipate we will have approximately EUR2.775 billion to EUR2.85 billion in cash equivalents, and financial investments at December 31, 2026, excluding any business development activities or currency fluctuations.

除支出項目外，我們仍然期望利息收入、特許權使用費和稅收抵免能帶來可觀的現金流。因此，我們預計到 2026 年底，現金流將保持中性或為正。我們也預計，截至 2026 年 12 月 31 日，我們將擁有約 27.75 億歐元至 28.5 億歐元的現金等價物和金融投資，不包括任何業務發展活動或貨幣波動。

Now let me turn it back to Henry to wrap up.

現在讓我把話題轉回亨利來做個總結。

Thanks, Aaron. In closing, 2026 will be a pivotal year for Galapagos as we focus on building long-term value through transformative business development, leveraging our strong balance sheet, our dealmaking expertise, and our unique collaboration with Gilead.

謝謝你，亞倫。最後，2026 年將是 Galapagos 的關鍵一年，我們將專注於透過變革性的業務發展來創造長期價值，充分利用我們強大的資產負債表、交易專長以及與吉利德的獨特合作。

Our shares remain at a significant discount to the cash figures Aaron just reviewed. We will be focused on closing the gap through execution on our business development plan, thoughtful capital allocation, and engagement with shareholders to rebuild trust and confidence.

我們的股價仍然比 Aaron 剛剛查看的現金數字有相當大的折扣。我們將專注於透過執行業務發展計劃、周全的資本配置以及與股東的溝通來彌合差距，從而重建信任和信心。

We are encouraged by the momentum we've built so far as we reshape Galapagos with a clear strategy in place. With a disciplined approach to capital allocation, we remain focused on pursuing the right opportunities to build a pipeline of novel therapeutics designed to deliver meaningful benefits for patients in a sustainable value for shareholders.

我們有明確的策略，正在重塑加拉巴哥群島，目前已取得了令人鼓舞的進展。我們秉持嚴謹的資本配置方法，始終專注於尋求合適的機遇，建立創新療法產品線，旨在為患者帶來切實利益，並為股東創造永續價值。

We are still early in this new chapter of our company, but we are off to a strong start, and we are excited about the future ahead. So with that, thank you all for your attention, and we will now open it up for your questions. Operator?

公司新篇章的開端尚處於初期，但我們取得了強勁的開端，對未來充滿期待。那麼，感謝大家的關注，現在我們將開放提問環節。操作員？

(Opearor Instructions) Brian Abrahams, RBC Capital Markets.

（操作說明）布萊恩·亞伯拉罕，加拿大皇家銀行資本市場。

Hey, good morning. Thanks for taking my question. Just as you continue to progress on business development, just kind of curious if anything has evolved, in terms of what you might be looking for, and then, is there any deadline or any sort of change that we might expect based on the Gilead agreement if you're not able to identify assets to bring in by a certain time point? Thanks.

嘿，早安。謝謝您回答我的問題。鑑於您在業務發展方面不斷取得進展，我很好奇您在尋求什麼方面是否有任何變化，以及，如果您在某個時間點之前無法確定要引進的資產，根據吉利德的協議，我們是否可以預期會有任何截止日期或任何變化？謝謝。

Yeah, hey, Brian, it's Henry. I'll take those questions. So, no, our strategy is really consistent with what we've been talking about since last fall in terms of focusing on de-risk late stage clinical assets, not exclusively, but primarily in the INI and oncology space.

嗨，布萊恩，我是亨利。我會回答這些問題。所以，不，我們的策略與我們自去年秋季以來一直在談論的重點是降低後期臨床資產風險的策略是一致的，雖然不完全如此，但主要集中在 INI 和腫瘤領域。

And, I'd say we continue to see a lot of good opportunity there, and as we said in the prepared remarks, we're focusing on opportunities where we think we can bring unique insight, unique competitive advantage.

而且，我認為我們仍然看到那裡有很多很好的機會，正如我們在準備好的演講稿中所說，我們專注於那些我們認為可以帶來獨特見解和獨特競爭優勢的機會。

But I think there's again a lot of opportunity and we're working through our deal funnel and remain confident that there's a lot of attractive opportunity for us.

但我認為仍然有很多機會，我們正在推進交易流程，並且仍然相信有很多有吸引力的機會等著我們。

With respect to your second question, as we said previously, we're not going to set a deadline for a specific deal. Again, we'll remain patient, disciplined, again, we do have some good activity going on, but it's more important to do the right deal than to do a deal by a certain period of time.

關於你的第二個問題，正如我們之前所說，我們不會為具體交易設定截止日期。我們會繼續保持耐心和自律，我們確實有一些不錯的進展，但達成正確的交易比在特定時間內達成交易更重要。

The OLCA does expire. Now it doesn't expire for about three years and change. So ultimately that is a deadline, but certainly we're focused on getting an important transaction, transformative transaction done ahead of that ultimate expiration of OLCA.

OLCA 確實會過期。現在它的有效期限大約有三年多。所以最終這是一個截止日期，但我們當然專注於在 OLCA 最終到期之前完成一項重要的、具有變革意義的交易。

Got it. And if something does not happen before then?

知道了。如果在那之前什麼事都沒發生呢？

Well, if something does not happen by then, despite, working really hard on trying to make it happen, then, OLCA would expire. And we would go on without the OLCA in place. Thanks.

如果到那時，儘管我們非常努力地嘗試促成某件事，但這件事仍然沒有發生，那麼《俄勒岡州勞工和就業法案》(OLCA) 將會失效。即使沒有《俄勒岡州勞工管制法案》(OLCA)，我們也會繼續下去。謝謝。

Phil Nadeau, TD Cowen.

菲爾·納多，TD·考恩。

Good morning. Thanks for taking our question. Our questions on GLPG3667. In the past you've suggested that the bar to moving that forward internally and investing in it further would be rather high. We're curious to get an update on your thoughts there. I know you said you're pursuing all possible avenues of moving that forward. But how does management we developing that internally and investing in it versus out licensing? Thanks.

早安.感謝您回答我們的問題。我們關於 GLPG3667 的問題。你過去曾表示，要推動該專案在內部發展並進行進一步投資，門檻會相當高。我們很想了解您對此有何看法。我知道你說過你正在盡一切可能推進此事。但是，管理階層是如何看待內部研發和投資，而不是對外授權的呢？謝謝。

Yeah, so I would say, those comments also stand, we have a high bar frankly we have a high bar not just for 3667 but for any asset be it, internal or external we really look at it with the same unbiased lens.

是的，所以我想說，這些評論仍然有效，坦白說，我們的標準很高，不僅對 3667 資產，而且對任何資產，無論是內部資產還是外部資產，我們都以同樣公正的視角來審視。

Now with respect to, where we are, again it's still early, we -- as get the top-line data just before the holiday, data is still coming in. So we don't have the full package in place we are in the process of talking to partners.

就目前的情況而言，現在還為時過早，我們在假期前才獲得初步數據，數據仍在陸續到來。所以我們還沒有完整的方案，我們正在與合作夥伴洽談中。

Again, given that we don't have the full infrastructure required to really take this into Phase 3, it makes sense to see where some of the players are that have that, and maybe in working with a partner we can do more, do it faster, do more capital efficient and ultimately create more value. S

鑑於我們還沒有真正進入第三階段所需的全部基礎設施，因此，看看哪些參與者擁有這些基礎設施是有意義的，也許透過與合作夥伴合作，我們可以做得更多、更快、更有效地利用資本，並最終創造更大的價值。S

o we're focused on looking at that. We're focused on getting our arms around the data that's still trickling in. But again, the bars -- exactly the same bar that we've always set for ourselves.

所以，我們正集中精力研究這個問題。我們正集中精力掌握仍在緩慢流入的數據。但話說回來，這些標準——正是我們一直以來為自己設定的標準。

That's very helpful. Thank you.

那很有幫助。謝謝。

(Operator Instructions) Sean McCutcheon, Raymond James.

（操作說明）肖恩·麥卡琴，雷蒙德·詹姆斯。

Hi guys, thanks for the question. Can you speak to your current view on capital allocation, specifically as it relates to the pool of capital you aim to put forth for acquisitions for [BD]? And how much you need to reserve for operating expenses going forward and how the Gilead partnership informs deal sizing and optionality on that front. Thanks.

大家好，感謝你們的提問。您能否談談您目前對資本配置的看法，特別是關於您計劃用於收購的資本池方面的看法？[BD]？以及您需要預留多少資金用於未來的營運支出，以及與吉利德的合作關係如何影響這方面的交易規模和選擇權。謝謝。

Yeah, and it's Henry thanks for the question. So look at a high level I mean some of these -- some of what I'm going to say is pretty obvious, but we have EUR3 billion in capital, and as you point out that capital needs to account both for any consideration to a par or acquisition target and of course our development expenses we would have in any transaction now when you say sort of how does the relationship with Gilead inform our capital allocation.

是的，我是亨利，謝謝你的提問。所以，從宏觀層面來看，我的意思是，其中一些——我要說的有些內容顯而易見，但我們有 30 億歐元的資本，正如你所指出的，這筆資本需要考慮任何對價或收購目標，當然還有我們在任何交易中都會產生的研發費用。現在，當你問與吉利德的關係如何影響我們的資本配置時，情況就不同了。

As we said on calls previously, the dialogue with Gilead is quite strong. It's very constructive. They continue to indicate openness to contribute in both deal terms, meaning, paying some of the upfront consideration, as well as taking on some of the development spend operations.

正如我們之前在電話會議中所說，與吉利德的對話非常順利。這很有建設性。他們繼續表示願意在交易的兩個方面做出貢獻，這意味著支付一部分前期對價，並承擔部分開發支出營運費用。

So ultimately in working with Gilead, we can go beyond the EUR3 billion we have. And I think that's one of the features we think is very attractive in working with Gilead. So as we think through it. We don't just think about our pool of capital, we also think about what in working with Gilead can we add to the pie. And therefore kind of go beyond what we could do on our own. I don't know if that's where you were going with your question or if you want to clarify maybe what I didn't answer.

所以最終透過與吉利德合作，我們可以突破我們目前擁有的 30 億歐元。我認為這是我們認為與吉利德合作非常有吸引力的特點之一。所以當我們仔細思考時。我們不僅考慮我們的資金池，還考慮與吉利德合作能為這個蛋糕增加什麼。因此，我們能夠超越自身能力範圍。我不知道你是不是想問這個，或者你想澄清一下我沒有回答的問題。

No, I think that covers it. Thanks.

不，我想這樣就夠了。謝謝。

Good. Well, thank you.

好的。謝謝。

Thank you. There are no further questions at this time, so I'll hand the call back to Glenn for closing remarks.

謝謝。目前沒有其他問題了，我將把電話交還給格倫，讓他做總結發言。

Thanks, Mel. I think in the Q&A we do have one more or a couple more coming in, if possible, it'd be great to take, I think there's a question from KBC.

謝謝你，梅爾。我認為在問答環節中，我們可能還會收到一兩個問題，如果可以的話，我們很樂意回答，我想KBC也有一個問題。

[Mathias Goeminne], KBCS.

[Mathias Goeminne]，KBCS。

Hi, yeah, I'm Mathias, coming for Jacob. I had a question on the lower self-therapy wind down costs. Do you take -- do you maybe expect that to lower further in the future, or don't you see any possibility in that?

嗨，是的，我是馬蒂亞斯，我是來找雅各的。我有一個關於降低自我治療療程結束成本的問題。你認為－你預期未來價格會進一步下降嗎？還是你認為這完全沒有可能？

Yeah, Mathias -- thanks, it's Henry. Thanks for getting the question. And I'll let, Aaron, answer that.

是的，馬蒂亞斯——謝謝，我是亨利。感謝您提出這個問題。這個問題就讓亞倫來回答吧。

Yeah, thanks. We'll -- we're not providing, future guidance here, but we'll obviously update folks on how that cost envelope is progressing on future calls.

嗯，謝謝。我們——我們在這裡不提供未來的指導，但我們顯然會在未來的電話會議上向大家更新成本預算的進展。

But yes, we did lower the range from a previous range of 150 million to 200 million in terms of one-time restructuring cost. We lowered that range by 25 million, with this release and as we continue to progress through the wind down, we'll provide updated cost on future calls.

是的，我們確實將一次性重組成本的範圍從先前的 1.5 億至 2 億下調了。我們將價格區間下調了 2500 萬，隨著此次發布，以及我們繼續推進逐步退出計劃，我們將提供未來選擇權價格的更新資訊。

Okay, thanks.

好的，謝謝。

(Operator Instructions) Delphine Le Louet, Bernstein.

（操作員說明）Delphine Le Louet，伯恩斯坦。

Hello. Hi, good morning, everybody. I was wandering and coming back to the capital allocation and the decision you've been taking and especially regarding the cash and the cash allocation, the move from euro to dollar considering the fact that you didn't gain as much financial income as last year.

你好。大家早安。我一直在思考，最終還是回到了資本配置和你做出的決定上，特別是關於現金和現金配置，考慮到你今年的收入不如去年，從歐元轉向美元。

And so I was questioning about what was the rationale on the back of that, what was the exact timing for us to be clear. And shall we consider the breakup of let's say two-third US, one-third euro as being a picture for your next investment portfolio or for the picture we should have for your investment to come in the near future?

因此，我一直在質疑這樣做的理由是什麼，以及我們需要在什麼時間點才能明確這一點。那麼，我們是否應該將三分之二美元、三分之一歐元的貨幣組成視為您下一個投資組合的藍圖，或視為我們近期應該為您投資制定的藍圖呢？

Yeah, thanks, Delphine. So, mid last year we started transitioning more euros to dollars, and that was primarily based on where we expected our BD activity to be driven and also where our cost base is starting to move towards, which is more US based.

謝謝你，德爾菲娜。因此，去年年中，我們開始將更多歐元轉換為美元，這主要是基於我們預期業務拓展活動將在哪裡進行，以及我們的成本基礎開始向哪裡轉移，即更多地以美國為基礎。

We provided a range on this call of 2.775 billion to 2.85 billion for the year and as I mentioned before, we'll update that as we go through the year in terms of continued transition to US dollars we did as you heard from my remarks, we do it expect to transition more to US dollars as the year progresses.

我們在本次電話會議上給出的年度預期範圍為 27.75 億美元至 28.5 億美元，正如我之前提到的，隨著我們繼續向美元過渡，我們將更新這一預期。正如你們從我的演講中聽到的，我們預計隨著時間的推移，我們將更多地向美元過渡。

But still keeping a portion in euros as we still have meaningful operating expenses in euro denomination over the year as we move to this wind down. We do see higher earnings rates, in terms of what we're receiving on our US dollars as you look at rates across the environment. You could estimate euros earning around 2% and US dollars earning around 4%.

但由於我們今年仍有相當一部分營運支出以歐元計價，因此在逐步結束業務的過程中，我們仍會保留部分歐元資金。從整體匯率環境來看，我們用美元兌換的收益確實更高了。你可以估計歐元收益率約為 2%，美元收益率約為 4%。

So while the exchange rate does move, we are seeing significant uptake in terms of the interest earned on the US dollars versus euros.

因此，儘管匯率有所波動，但我們看到美元兌歐元的利息收入顯著增加。

Oh, can I ask another one, or do I have to go back in the queue?

哦，我可以再問一個嗎？還是我必須重新排隊？

Go ahead, Delphine, go ahead.

德爾菲娜，你繼續，你繼續。

Yeah, thank you very much. I was wondering if you have or if you can communicate any expectation regarding your break in terms of operating income.

是的，非常感謝。我想知道您是否對您的假期期間的營業收入有任何預期，或者您是否可以告知我們您的預期。

You cut out a little bit. You're asking about what regarding operating income?

你刪減了一點。您問的是關於營業收入的哪方面？

Yeah, when do you expect to break even for the operating income?

是的，你們預計何時能達到營業收入收支平衡？

Yeah, we've indicated we expect to be cash flow neutral to positive by year end. Obviously as we work through the wind down and associated costs, those costs are going to be chunky kind of throughout the year. So, it's hard to predict exactly which quarter some of those costs are going to fall in, but we do expect to be cash flow neutral or positive by year end.

是的，我們已經表示預計到年底現金流將保持中性或為正。顯然，隨著我們逐步結束營運並承擔相關費用，這些費用將在全年持續產生較大金額。因此，很難準確預測其中一些成本會在哪​​個季度發生，但我們預計到年底現金流將保持中性或為正。

Okay. Got it.

好的。知道了。

(Operator Instructions)

（操作說明）

Nora Lazar, VUB.

Nora Lazar，VUB。

There are no further questions at this time, so please go ahead, Glenn, for closing remarks.

目前沒有其他問題了，格倫，請開始你的總結發言。

Thanks, Mil. Thanks everyone for taking the time to join us this morning on the call. Just a couple of upcoming activities on the Investor Relations front. The Galapagos team is going to be at the TD Cowen conference next week up in Boston, attending the Jeffries by the Beach conference in a couple of weeks. Kempen conference coming up in April 15, and the Bank of America conference in May.

謝謝你，米爾。感謝各位今天上午抽空參加我們的電話會議。以下是投資者關係即將開展的幾項活動。加拉巴哥隊下週將前往波士頓參加 TD Cowen 會議，幾週後還將參加 Jeffries by the Beach 會議。Kempen 會議將於 4 月 15 日舉行，美國銀行會議將於 5 月舉行。

Those interested in meeting with the team, please feel free to reach out to your sales contact at those respective institutions to schedule a meeting. Lastly, just want to mention that our annual report will be filed, near the end of March 26. So there'll be additional information coming out then. And if you need anything in the meantime, don't hesitate to reach out to me. Thank you all for your attention today and have a great week.

有興趣與團隊會面者，請隨時聯絡您在相關機構的銷售聯絡人安排會面。最後，我想提一下，我們的年度報告將在 3 月 26 日接近結束時提交。所以之後還會有更多資訊公佈。如果您在此期間有任何需要，請隨時與我聯繫。感謝大家今天的關注，祝大家一週愉快。

This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。發言人請稍候。