NACFC investor meeting. Dr Katja Conrath, Therapeutic Head CF Dr Piet Wigerinck, CSO NACFC November 2017 Copyright 2017 Galapagos NV

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1 NACFC investor meeting Dr Katja Conrath, Therapeutic Head CF Dr Piet Wigerinck, CSO NACFC November 2017 Copyright 2017 Galapagos NV

2 Disclaimer This presentation contains forward-looking statements, including (without limitation) statements concerning the progress of our clinical pipeline, the slides captioned Strategy: triple combo in CF Clinical pipeline Deep CF portfolio 2451: well tolerated in Ph1 2222: well tolerated in Ph1 2737: well tolerated in Ph1 3067: Ph1 ongoing and CF patient studies, statements regarding the development of the triple combination therapy CF program, statements regarding the expected timing, design and readouts of ongoing and planned clinical trials in the CF program, and expectations regarding the commercial potential of our product candidates and the buildup an development of commercial operations. When used in this presentation, the words anticipate, believe, can, could, estimate, expect, intend, is designed to, may, might, will, plan, potential, possible, predict, objective, should, and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which might cause the actual results, financial condition, performance or achievements of Galapagos, or industry results, to be materially different from any future results, financial conditions, performance or achievements expressed or implied by such forward-looking statements. Among the factors that may result in differences are the inherent uncertainties associated with competitive developments, clinical trial and product development activities, regulatory approval requirements (including that data from the company's development programs may not support registration or further development of its compounds due to safety, efficacy or other reasons), reliance on third parties (including Galapagos collaboration partner AbbVie) and estimating the commercial potential of its product candidates. 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 Galapagos most recent Form 20-F filing, and subsequent reports filed by Galapagos with the SEC. Given these uncertainties, you are advised not to place any undue reliance on such forward-looking statements. All statements contained herein speak only as of the release date of this document. Galapagos expressly disclaims any obligation to update any statement in this document to reflect any change or future development with respect thereto, any future results, or any change in events, conditions and/or circumstances on which any such statement is based, unless specifically required by law or regulation. 2

3 Strategy: triple combo in CF Aim for triple combination therapy for 90% of CF patients Create portfolio of potentiators & correctors Gain additional patient experience off the critical path Follow up with multiple triple combinations 3

4 Clinical pipeline Promising pipeline next to filgotinib Area Pre-clinical Ph 1 Ph 2 Ph 3 IPF Undisclosed CF CF CF st triple 2 nd triple 3 rd triple Autotaxin 1690 GPR OA ADAMTS Atopic derm 2534 IL-17C MOR106 Inflammation Pain 3535 partnered 4

5 Deep CF portfolio Preclinical Ph1 Ph2 Potentiator 2451 Potentiator 3067 C1 corrector 2222 C1 corrector 2851 C2 corrector 2737 C2 corrector

6 Tonight s topics New insights into mechanism of action of GLPG CFTR modulators Reporting on clinical development Future development 6

7 Clinical data: mono-dual-triple studies Correlation to CFTR restoration % WT CFTR 100 Healthy G551D F508del/F508del F508del/ min function VX-770=Potentiator VX-661 = Corrector VX-440 = Corrector Clinical Improvement ppfev1 change Phase II/III CTs Healthy VX-770 VX-770 VX-661 VX VX % No significant clinical benefit 2.6% VX VX VX-440 ~13.5% VX VX-661 No significant clinical benefit VX VX VX % Sources for Vertex data: Ramsey, 2011, NEJM; Clancy, 2012, Thorax; Wainwright, 2015, NEJM; Vertex press release 18 July 2017, Vertex PR 15 Aug 2015, Vertex IR event NACFC

8 2737 & 3221 synergy in triple combo Band C Band B NACFC - Poster 46 8

9 2737 & 3221 synergy in triple combo DMSO DMSO NACFC - Poster 198 9

10 2 5 (In te n s ity ) 2 5 (In te n s ity ) A S L W e ig h t (m g ) 2 5 (In te n s ity ) 3221 synergy in triple combo ASL CB ASL height 2 5 Vehicle 0.5 s e c Pot 0.5 s e c Pot Pot 0.5 s e c NACFC - Poster

11 VX770 GLPG P TMD1 Potentiator MoA insights extracellular GLPG P TMD1 TMD2 cytoplasm ICL2 mutants E267K GLPG P VX770 NBD1 NBD2 NACFC - Poster VX-770 protects an ICL2 proteolytic spot

12 Rescued 2222 MoA insights extracellular 2222 TMD1 TMD2 cytoplasm NBD1 NBD2 12 PDB ID 5uak

13 No Rescue C2 MoA insights extracellular TMD1 TMD2 Active early during folding cytoplasm NBD1 NBD2 No rescue NBD1 13 PDB ID 5uak No need for NBD2

14 C2 MoA insights C2 TMD1 2737? TMD2 extracellular C2 binds after 2222 is bound to CFTR Active early during folding cytoplasm C2? No rescue NBD1 NACFC - Poster 46 NBD1 14 PDB ID 5uak NBD2 No need for NBD2

15 GLPG corrector & potentiators on rare mutations Nasal cells c.3700a>g homozygous patients NACFC - Poster 167 GLPG correctors & potentiators can rescue rare mutations 15

16 Potent corrector 2222 HBE assay with homozygous F508del patient cells Ieq (µa/cm 2 ) AUC (µa/cm 2 ) Log[ 2222] tezacaftor+ ivacaftor

17 Cohort B Cohort A FLAMINGO 2222 monotherapy in homozygous F508del patients up to 4 wks 4 wks up to 2 wks 2222, oral, D1 or D2 once daily (n=20) Screening Placebo (n=5) 2222, oral, D3 or D4 once daily (n=20) Followup Placebo (n=5) Comparable to study of VX-661 In F508del homozygous Donaldson 2017 Adult CF patients with homozygous F508del mutation 24 sites: US, UK, Belgium, Netherlands, Serbia, Spain Primary endpoints: safety and tolerability Secondary endpoints: sweat chloride, FEV1, CFQ-R and PK Study recruited in 4 months 17

18 Potent C1 corrector HBE assay: ivacaftor in F508del/Class III cells CFTR activity Effect of 2222 on F508del allele 2222 ivacaftor ivacaftor 18

19 ALBATROSS 2222 in ivacaftor-treated Class III patients up to 4 wks 4 wks up to 2 wks Screening 2222, oral, 300 mg once daily (n=14) 2222, oral, 150 mg once daily (n=14) Placebo (n=7) Follow-up Ivacaftor 150 mg twice daily Comparable to study of VX-661 on top of Kalydeco PR May2014, Donaldson 2017 Adult CF patients with F508del/Class III mutation Patients remain on stable dose of ivacaftor 27 sites: Australia, Belgium, Czech Rep, Germany, Ireland, UK Primary endpoints: safety & tolerability Secondary endpoints: sweat chloride, FEV1, CFQ-R Study recruited in 5 months 19

20 Potent C2 corrector Add on Orkambi F508del HBE data AUC (µa/cm 2 ) AUC (µa/cm 2 ) Log[ 2737] Orkambi Orkambi

21 PELICAN 2737 in Orkambi-treated F508del/F508del patients up to 4 wks 4 wks up to 3 wks Screening 2737, oral (n=12) Placebo (n=6) Follow-up Orkambi (400 mg Lumacaftor, 250 mg ivacaftor twice daily) Adult CF patients homozygous for F508del mutation Patients remain on stable dose of Orkambi 10 sites in Germany Primary endpoints: safety & tolerability Secondary endpoints: sweat chloride, FEV1, CFQ-R Study underway 21

22 CF triple combinations HBE assay with homozygous F508del cells AUC (µa/cm 2 ) tezacaftor+ ivacaftor '2451+'2222 '2451+' '2737 '3067+'2222+'2737 '3067+'2222+'

23 2451: well tolerated in Ph1 Randomized, double blind, placebo-controlled healthy volunteer study SAD completed MAD doses up to 14 days: completed dual with 2222, up to 14 days: completed Well tolerated over dose range studied in healthy volunteers PK supports once daily dosing regimens for future development Active metabolite with half-life of ~approx. 1 month detected extended period of follow-up included Next steps: regulatory meeting for triple in Q3, followed by filing in Q4 triple in F508del homozygous & heterozygous patients NACFC - Poster

24 Plasma cnc (ng/ml) Plasma conc. M31 (ng/ml) 2451 Phase 1 14 day PK profiles 1000 GLPG metabolite M Time (hours) Time (hours) 2451 loading dose 35 mg (Day 1) followed by 1.5 mg q.d. till Day 14 NACFC - Poster

25 2451 plasma cnc. (ng/ml) 2222 plasma cnc. (ng/ml) 2451 Phase 1 14 day PK profiles 1000 GLPG GLPG Time (hours) Time (hours) 2451 and 2222 PK is unchanged when dosed as combination NACFC - Poster

26 2222: well tolerated in Ph1 Randomized, double blind, placebo-controlled healthy volunteer study SAD doses mg MAD doses mg qd. for 14 days combo with 2451 in healthy volunteers done Well tolerated over dose range studied in healthy volunteers PK supports once daily dosing regimens for future development Favorable & rapid absorption in this study NACFC - Poster

27 2222: Patient exposures 2222 plasma levels after single oral dose in CF subjects 2222 Exposure similar in HV or CF subjects 2222 plasma concentration (ng/ml) mg 300mg 2222 plasma concentration (ng/ml) hours hours NACFC - Poster

28 2737: well tolerated in Ph1 Randomized, double blind, placebo-controlled healthy volunteer study SAD completed MAD for 14 days completed single dose in patients: completed Well tolerated over dose range studied in healthy volunteers PK supports once daily dosing regimens for future development Favorable & rapid absorption Next step: start Ph2 study add-on to Orkambi NACFC - Poster

29 2737 plasma conc. (ng/ml) MAD in healthy Volunteers Time (hours) 2737 PK: 14 days dosing of 25 mg q.d. NACFC - Poster

30 3067 Ph1 ongoing Ph1 healthy volunteers SAD: completed MAD: completed dual: completed triple: planned in Q4 17 Patient studies bioavailability completed dual study: planned for Q4 17 triple: planned in Q1 18 NACFC - Poster 36 30

31 3067: Dual combi in HV 3067 plasma concentration (ng/ml) plasma concentration (ng/ml) Time (hours) Time (hours) NACFC - Poster 36 31

32 CF patient studies Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ALBATROSS FLAMINGO Orkambi homozygous Cl II hetero & homozygous Cl II Mono therapy Dual therapy Triple therapy