Galapagos NV ADR (GLPG)

$37.62 +1.74 (4.85%)
Market Cap 2.48B
Revenue (ttm) 298.28M
Net Income (ttm) 80.16M
EPS (ttm) N/A
PE Ratio 0.00
Forward PE N/A
Profit Margin 26.87%
Debt to Equity Ratio 0.00
Volume 604,000
Avg Vol 259,924
Day's Range N/A - N/A
Shares Out 65.90M
Stochastic %K 97%
Beta 0.28
Analysts Hold
Price Target $28.70

Company Profile

Galapagos NV, a biotechnology company, develops medicines focusing on oncology and immunology primarily in the United States and Europe. The company's pipeline products comprise GLPG3667 that has completed phase 1b trial; GLPG5101, a CD19 CAR-T product candidate manufactured at point-of-care, currently in Phase1/2 trial in relapsed/refractory non-hodgkin lymphoma; GLPG5201, a CD19 CAR-T product candidates manufactured at point-of-care, currently in phase 1/2 trial in replapsed/refractory chronic...

Industry: Biotechnology
Sector: Healthcare
Phone: 32 1 534 29 00
Fax: 32 1 534 29 01
Address:
Generaal De Wittelaan L11 A3, Mechelen, Belgium
twincam
twincam Oct. 2 at 11:51 PM
$GLPG 🚨 Galapagos (GLPG) confirmed it has received non-binding offers for its cell therapy unit. Binding bids due in weeks, with a decision expected by Nov 5. Analysts still sit around $26–32 PT, but a $1.5–2B sale could imply upside toward $55–70
0 · Reply
EarlyEntryNoob
EarlyEntryNoob Oct. 2 at 5:25 PM
$GLPG 0.1270 is definitely the number they have chosen. Chart shows it, LvL2 shows it. So the question is how many do they want before letting it go?
0 · Reply
US_Bull
US_Bull Oct. 2 at 2:08 PM
$ADAP $GLPG EcoR1 owns a big chunk of GLPG and ADAP and founder is a Director on the Board of GLPLG.
0 · Reply
US_Bull
US_Bull Oct. 2 at 2:07 PM
$GLPG $ADAP I wonder if today's news will have an impact on us. So we sold the rights of our cell-based products to USWorldmeds and they partner with Galapagos to further develop the non-commercialized product as of yet.
0 · Reply
AStrokeOfLuck
AStrokeOfLuck Oct. 1 at 8:49 PM
$GLPG
0 · Reply
highnihilism
highnihilism Sep. 30 at 12:56 PM
$TSLW Roundhill $TSLA Weekly ETF: 14 trades, $12.6K vs $6K avg (2.25x). $12.5K calls / $0.07K puts. $OLPX Olaplex Holdings: 8 trades, $12.5K vs $5K avg (2.50x). $12.5K calls / $0 puts. $SNV Synovus Financial: 173 trades, $50.8K vs $252K avg (0.20x). $12.5K calls / $38.4K puts. $GLPG Galapagos NV: 8 trades, $12.5K vs $72K avg (0.17x). $12.5K calls / $0 puts.
0 · Reply
NVDAMillionaire
NVDAMillionaire Sep. 29 at 8:54 AM
$GLPG Brilliant piece that captures GLPG's situation perfectly. So if you want to update your understanding of GLPG or get to know GLPG better, this is essential reading. https://beyondspx.com/quote/GLPG/analysis/galapagos-charts-a-new-course-cell-therapy-innovation-fuels-oncology-ambition-nasdaq-glpg
0 · Reply
AZ89
AZ89 Sep. 21 at 1:14 AM
$ADAP @US_Bull @LezGoh and other longs so how does US WorldMeds play into all of this? Because ADAP sold some assets to them does this affect their deal with $GLPG? Thanks
1 · Reply
Market_Luther_Kang
Market_Luther_Kang Sep. 6 at 3:53 PM
$GLPG did more research and it seems they're looking to sell their cell therapy pipeline which is a good reason why it's stuck in limbo. I think they'll find a buyer within a year. Pretty efficacious lead asset with RMAT designation - its essentially de-risked. I hope that cash-flush Pfizer picks it up because they desperately need something + they've the size and capital to make this work. Good time to accumulate shares of Galapagos. Fingers crossed they make a great acquisition after selling their pipeline.
0 · Reply
Market_Luther_Kang
Market_Luther_Kang Sep. 3 at 3:01 AM
$GLPG checked out the efficacy on their lead asset from the phase 2 readout and I'm scratching my head on why this is so undervalued. I know they messed up terribly in the past and had to revamp the entire pipeline but it's looking solid here. Lot of potential so is there something I'm missing? Either way, it's worth the gamble so I'll be adding here.
0 · Reply
Latest News on GLPG
Biotechnology firm Galapagos receives offers for cell-therapy business

Oct 1, 2025, 4:12 PM EDT - 3 days ago

Biotechnology firm Galapagos receives offers for cell-therapy business

Galapagos Provides Update on Strategic Alternatives for Its Cell Therapy Business

Oct 1, 2025, 4:01 PM EDT - 3 days ago

Galapagos Provides Update on Strategic Alternatives for Its Cell Therapy Business

Galapagos Creates New Subscription Right Plan

Aug 7, 2025, 4:01 PM EDT - 2 months ago

Galapagos Creates New Subscription Right Plan

Galapagos NV Announces U.S. FDA Regenerative Medicine Advanced Therapy (RMAT) Designation Granted to GLPG5101 for the Treatment of Relapsed/Refractory Mantle Cell Lymphoma

Aug 6, 2025, 1:30 AM EDT - 2 months ago

Galapagos NV Announces U.S. FDA Regenerative Medicine Advanced Therapy (RMAT) Designation Granted to GLPG5101 for the Treatment of Relapsed/Refractory Mantle Cell Lymphoma

Galapagos Bolster Leadership Team with Seasoned Life Sciences Executives to Accelerate Business Transformation

Jul 23, 2025, 4:03 PM EDT - 2 months ago

Galapagos Bolster Leadership Team with Seasoned Life Sciences Executives to Accelerate Business Transformation

Galapagos Welcomes Seasoned Pharmaceutical Executives Dawn Svoronos and Jane Griffiths to Its Board of Directors

Jul 23, 2025, 4:02 PM EDT - 2 months ago

Galapagos Welcomes Seasoned Pharmaceutical Executives Dawn Svoronos and Jane Griffiths to Its Board of Directors

Galapagos Reports Half-Year 2025 Financial Results and Provides Second Quarter Business Update

Jul 23, 2025, 4:01 PM EDT - 2 months ago

Galapagos Reports Half-Year 2025 Financial Results and Provides Second Quarter Business Update

Galapagos Appoints Aaron Cox as Chief Financial Officer

Jun 23, 2025, 1:30 AM EDT - 3 months ago

Galapagos Appoints Aaron Cox as Chief Financial Officer

Galapagos Presented New Data at ICML 2025 From Cohort 3 of ATALANTA-1 in Relapsed/Refractory Indolent NHL Patients, Demonstrating High Complete Response and MRD Negativity Rates With CAR-T Candidate GLPG5101

Jun 18, 2025, 4:01 PM EDT - 3 months ago

Galapagos Presented New Data at ICML 2025 From Cohort 3 of ATALANTA-1 in Relapsed/Refractory Indolent NHL Patients, Demonstrating High Complete Response and MRD Negativity Rates With CAR-T Candidate GLPG5101

Galapagos to Present New ATALANTA-1 CAR-T Data at EHA 2025, Highlighting Low Toxicity and Rapid, Decentralized Delivery of Fresh, Early-Memory-Enriched GLPG5101 in R/R NHL

Jun 12, 2025, 4:01 PM EDT - 4 months ago

Galapagos to Present New ATALANTA-1 CAR-T Data at EHA 2025, Highlighting Low Toxicity and Rapid, Decentralized Delivery of Fresh, Early-Memory-Enriched GLPG5101 in R/R NHL

Galapagos Announces Strategic Update on Proposed Separation, Executive Leadership Transition and Board Changes

May 13, 2025, 1:36 AM EDT - 5 months ago

Galapagos Announces Strategic Update on Proposed Separation, Executive Leadership Transition and Board Changes

Galapagos: Targeting High Unmet Medical Need Of MCL Focus With GLPG5101

Apr 25, 2025, 6:16 PM EDT - 5 months ago

Galapagos: Targeting High Unmet Medical Need Of MCL Focus With GLPG5101

Galapagos NV (GLPG) Q1 2025 Earnings Call Transcript

Apr 24, 2025, 11:34 AM EDT - 5 months ago

Galapagos NV (GLPG) Q1 2025 Earnings Call Transcript

Galapagos Reports First Quarter 2025 Financial Results, Recent Business Highlights and Near-Term Catalysts

Apr 23, 2025, 4:01 PM EDT - 5 months ago

Galapagos Reports First Quarter 2025 Financial Results, Recent Business Highlights and Near-Term Catalysts

Galapagos Announces Departure of Thad Huston, CFO and COO, as of August 1, 2025

Apr 15, 2025, 1:30 AM EDT - 6 months ago

Galapagos Announces Departure of Thad Huston, CFO and COO, as of August 1, 2025

Galapagos Publishes 2024 Annual Report and Announces Annual Shareholders' Meeting

Mar 27, 2025, 4:01 PM EDT - 6 months ago

Galapagos Publishes 2024 Annual Report and Announces Annual Shareholders' Meeting

Galapagos to Present at Upcoming Investor Conferences

Feb 24, 2025, 4:01 PM EST - 7 months ago

Galapagos to Present at Upcoming Investor Conferences

Disount To Net Cash For A Promising CAR-T Company

Feb 20, 2025, 7:13 AM EST - 8 months ago

Disount To Net Cash For A Promising CAR-T Company

Galapagos receives transparency notification and 13D filing from Tang Capital

Feb 17, 2025, 4:01 PM EST - 8 months ago

Galapagos receives transparency notification and 13D filing from Tang Capital

Galapagos NV (GLPG) Q4 2024 Earnings Call Transcript

Feb 13, 2025, 1:26 PM EST - 8 months ago

Galapagos NV (GLPG) Q4 2024 Earnings Call Transcript

Galapagos Reports Full Year 2024 Results and Provides Fourth Quarter Business Update

Feb 12, 2025, 4:01 PM EST - 8 months ago

Galapagos Reports Full Year 2024 Results and Provides Fourth Quarter Business Update

Galapagos To Spin Off Innovative Medicines Business

Jan 21, 2025, 12:08 PM EST - 9 months ago

Galapagos To Spin Off Innovative Medicines Business

Galapagos to Unlock Shareholder Value by Declaring its Intent to Separate into Two Publicly Traded Entities

Jan 8, 2025, 1:30 AM EST - 9 months ago

Galapagos to Unlock Shareholder Value by Declaring its Intent to Separate into Two Publicly Traded Entities

Galapagos to Present at the 43rd Annual J.P. Morgan Healthcare Conference

Jan 7, 2025, 4:01 PM EST - 9 months ago

Galapagos to Present at the 43rd Annual J.P. Morgan Healthcare Conference

Galapagos Announces Encouraging New Results from Ongoing Phase 1/2 Study of CD19 CAR T-Cell Therapy, GLPG5101, in Patients with Relapsed/Refractory Non-Hodgkin Lymphoma

Dec 7, 2024, 12:30 PM EST - 10 months ago

Galapagos Announces Encouraging New Results from Ongoing Phase 1/2 Study of CD19 CAR T-Cell Therapy, GLPG5101, in Patients with Relapsed/Refractory Non-Hodgkin Lymphoma

Galapagos to Present Results of Pioneering Innovation in Cancer Cell Therapy at ASH 2024

Nov 5, 2024, 4:01 PM EST - 11 months ago

Galapagos to Present Results of Pioneering Innovation in Cancer Cell Therapy at ASH 2024

Galapagos NV (GLPG) Q3 2024 Earnings Call Transcript

Oct 31, 2024, 3:50 PM EDT - 1 year ago

Galapagos NV (GLPG) Q3 2024 Earnings Call Transcript

Galapagos Reports Third Quarter 2024 Financial Results and Provides Business Update

Oct 30, 2024, 4:01 PM EDT - 1 year ago

Galapagos Reports Third Quarter 2024 Financial Results and Provides Business Update

Galapagos welcomes Oleg Nodelman to its Board of Directors to support strategic growth

Oct 7, 2024, 1:00 AM EDT - 1 year ago

Galapagos welcomes Oleg Nodelman to its Board of Directors to support strategic growth

Excellos Selected as Decentralized Manufacturing Unit to Support Galapagos' CAR-T Cell Therapy Clinical Study Close to Cancer Treatment Centers in the San Diego Area

Oct 1, 2024, 6:00 AM EDT - 1 year ago

Excellos Selected as Decentralized Manufacturing Unit to Support Galapagos' CAR-T Cell Therapy Clinical Study Close to Cancer Treatment Centers in the San Diego Area

Galapagos receives transparency notification from EcoR1 Capital

Sep 30, 2024, 4:01 PM EDT - 1 year ago

Galapagos receives transparency notification from EcoR1 Capital

Galapagos receives transparency notification from FMR LLC

Sep 3, 2024, 4:01 PM EDT - 1 year ago

Galapagos receives transparency notification from FMR LLC

Galapagos: CAR-T Biotech To Change Landscape With GLPG5101 And Beyond

Aug 23, 2024, 3:49 PM EDT - 1 year ago

Galapagos: CAR-T Biotech To Change Landscape With GLPG5101 And Beyond

Galapagos announces FDA clearance of IND application for Phase 1/2 ATALANTA-1 study of CD19 CAR-T, GLPG5101, in relapsed/refractory non-Hodgkin lymphoma

Aug 23, 2024, 1:00 AM EDT - 1 year ago

Galapagos announces FDA clearance of IND application for Phase 1/2 ATALANTA-1 study of CD19 CAR-T, GLPG5101, in relapsed/refractory non-Hodgkin lymphoma

Galapagos NV (GLPG) Q2 2024 Earnings Call Transcript

Aug 2, 2024, 1:25 PM EDT - 1 year ago

Galapagos NV (GLPG) Q2 2024 Earnings Call Transcript

BridGene Biosciences Expands Strategic Collaboration with Galapagos to Develop Selective Oral SMARCA2 PROTAC in Precision Oncology

Aug 1, 2024, 4:01 PM EDT - 1 year ago

BridGene Biosciences Expands Strategic Collaboration with Galapagos to Develop Selective Oral SMARCA2 PROTAC in Precision Oncology

Galapagos reports half-year 2024 financial results and provides second quarter business update

Aug 1, 2024, 4:01 PM EDT - 1 year ago

Galapagos reports half-year 2024 financial results and provides second quarter business update

Galapagos presents encouraging new data for CD19 CAR-T candidate GLPG5101 in non-Hodgkin lymphoma at EHA 2024

Jun 14, 2024, 4:01 PM EDT - 1 year ago

Galapagos presents encouraging new data for CD19 CAR-T candidate GLPG5101 in non-Hodgkin lymphoma at EHA 2024

Galapagos and Adaptimmune sign clinical collaboration agreement with an option to exclusively license Adaptimmune's TCR T-cell therapy candidate, uza-cel, in head & neck cancer and potential future solid tumor indications

May 30, 2024, 4:01 PM EDT - 1 year ago

Galapagos and Adaptimmune sign clinical collaboration agreement with an option to exclusively license Adaptimmune's TCR T-cell therapy candidate, uza-cel, in head & neck cancer and potential future solid tumor indications

ADAP

Adaptimmune and Galapagos Sign Clinical Collaboration Agreement with an Option to Exclusively License Adaptimmune's TCR T-cell Therapy Candidate, uza-cel, in Head & Neck Cancer and Potential Future Solid Tumor Indications

May 30, 2024, 4:01 PM EDT - 1 year ago

Adaptimmune and Galapagos Sign Clinical Collaboration Agreement with an Option to Exclusively License Adaptimmune's TCR T-cell Therapy Candidate, uza-cel, in Head & Neck Cancer and Potential Future Solid Tumor Indications

ADAP

Galapagos creates new subscription right plans

May 16, 2024, 4:01 PM EDT - 1 year ago

Galapagos creates new subscription right plans

Galapagos and Blood Centers of America announce strategic collaboration to accelerate Galapagos' decentralized CAR-T manufacturing network in the U.S.

May 15, 2024, 4:01 PM EDT - 1 year ago

Galapagos and Blood Centers of America announce strategic collaboration to accelerate Galapagos' decentralized CAR-T manufacturing network in the U.S.

Galapagos NV (GLPG) Q1 2024 Earnings Call Transcript

May 4, 2024, 11:51 AM EDT - 1 year ago

Galapagos NV (GLPG) Q1 2024 Earnings Call Transcript

Galapagos reports first quarter 2024 financial results

May 2, 2024, 4:01 PM EDT - 1 year ago

Galapagos reports first quarter 2024 financial results

Galapagos' shareholders adopt all resolutions proposed by the Board of Directors at the Annual and Extraordinary Shareholders Meetings 2024

Apr 30, 2024, 4:01 PM EDT - 1 year ago

Galapagos' shareholders adopt all resolutions proposed by the Board of Directors at the Annual and Extraordinary Shareholders Meetings 2024

Galapagos showcases innovative approach in hematological cancer care with clinical and translational data presentations at EBMT congress 2024

Apr 4, 2024, 4:01 PM EDT - 1 year ago

Galapagos showcases innovative approach in hematological cancer care with clinical and translational data presentations at EBMT congress 2024

Galapagos publishes 2023 annual report and announces Annual and Extraordinary Shareholders' Meetings

Mar 28, 2024, 4:01 PM EDT - 1 year ago

Galapagos publishes 2023 annual report and announces Annual and Extraordinary Shareholders' Meetings

Galapagos appoints Andrew Dickinson as Non-Executive Non-Independent Director to its Board

Mar 26, 2024, 4:01 PM EDT - 1 year ago

Galapagos appoints Andrew Dickinson as Non-Executive Non-Independent Director to its Board

Galapagos: Pipeline Still Progressing Despite Financial Volatility

Mar 7, 2024, 11:30 AM EST - 1 year ago

Galapagos: Pipeline Still Progressing Despite Financial Volatility

Galapagos NV (GLPG) Q4 2023 Earnings Call Transcript

Feb 23, 2024, 10:23 AM EST - 1 year ago

Galapagos NV (GLPG) Q4 2023 Earnings Call Transcript

twincam
twincam Oct. 2 at 11:51 PM
$GLPG 🚨 Galapagos (GLPG) confirmed it has received non-binding offers for its cell therapy unit. Binding bids due in weeks, with a decision expected by Nov 5. Analysts still sit around $26–32 PT, but a $1.5–2B sale could imply upside toward $55–70
0 · Reply
EarlyEntryNoob
EarlyEntryNoob Oct. 2 at 5:25 PM
$GLPG 0.1270 is definitely the number they have chosen. Chart shows it, LvL2 shows it. So the question is how many do they want before letting it go?
0 · Reply
US_Bull
US_Bull Oct. 2 at 2:08 PM
$ADAP $GLPG EcoR1 owns a big chunk of GLPG and ADAP and founder is a Director on the Board of GLPLG.
0 · Reply
US_Bull
US_Bull Oct. 2 at 2:07 PM
$GLPG $ADAP I wonder if today's news will have an impact on us. So we sold the rights of our cell-based products to USWorldmeds and they partner with Galapagos to further develop the non-commercialized product as of yet.
0 · Reply
AStrokeOfLuck
AStrokeOfLuck Oct. 1 at 8:49 PM
$GLPG
0 · Reply
highnihilism
highnihilism Sep. 30 at 12:56 PM
$TSLW Roundhill $TSLA Weekly ETF: 14 trades, $12.6K vs $6K avg (2.25x). $12.5K calls / $0.07K puts. $OLPX Olaplex Holdings: 8 trades, $12.5K vs $5K avg (2.50x). $12.5K calls / $0 puts. $SNV Synovus Financial: 173 trades, $50.8K vs $252K avg (0.20x). $12.5K calls / $38.4K puts. $GLPG Galapagos NV: 8 trades, $12.5K vs $72K avg (0.17x). $12.5K calls / $0 puts.
0 · Reply
NVDAMillionaire
NVDAMillionaire Sep. 29 at 8:54 AM
$GLPG Brilliant piece that captures GLPG's situation perfectly. So if you want to update your understanding of GLPG or get to know GLPG better, this is essential reading. https://beyondspx.com/quote/GLPG/analysis/galapagos-charts-a-new-course-cell-therapy-innovation-fuels-oncology-ambition-nasdaq-glpg
0 · Reply
AZ89
AZ89 Sep. 21 at 1:14 AM
$ADAP @US_Bull @LezGoh and other longs so how does US WorldMeds play into all of this? Because ADAP sold some assets to them does this affect their deal with $GLPG? Thanks
1 · Reply
Market_Luther_Kang
Market_Luther_Kang Sep. 6 at 3:53 PM
$GLPG did more research and it seems they're looking to sell their cell therapy pipeline which is a good reason why it's stuck in limbo. I think they'll find a buyer within a year. Pretty efficacious lead asset with RMAT designation - its essentially de-risked. I hope that cash-flush Pfizer picks it up because they desperately need something + they've the size and capital to make this work. Good time to accumulate shares of Galapagos. Fingers crossed they make a great acquisition after selling their pipeline.
0 · Reply
Market_Luther_Kang
Market_Luther_Kang Sep. 3 at 3:01 AM
$GLPG checked out the efficacy on their lead asset from the phase 2 readout and I'm scratching my head on why this is so undervalued. I know they messed up terribly in the past and had to revamp the entire pipeline but it's looking solid here. Lot of potential so is there something I'm missing? Either way, it's worth the gamble so I'll be adding here.
0 · Reply
Doozio
Doozio Aug. 14 at 6:37 PM
$GLPG so they wud go MNDY Thursday 🐑 first before Roger starts rocking? 🐒🍌🧠⏰♾️
0 · Reply
Fidael
Fidael Aug. 6 at 6:36 PM
$GLPG Announces U.S. FDA Regenerative Medicine Advanced Therapy (RMAT) Designation Granted to GLPG5101 for the Treatment of Relapsed/Refractory Mantle Cell Lymphoma
0 · Reply
OnlyFibs
OnlyFibs Aug. 3 at 8:24 PM
$GLPG - pretty self explanatory, watching this accumulated volume its producing, gl! #hovdid
0 · Reply
TaxiBiotech_
TaxiBiotech_ Jul. 30 at 2:03 PM
🧵 1/ The first Q2/H1 2025 earnings from the BIOTECH 🧬 sector are out. Several European players lead the way, but a few US names are in the mix too. 💡For investors: Here’s a breakdown of revenue, cash, runway & upcoming clinical milestones. Let’s go 👇 DBV Technologies $DBVT 🇫🇷 • Q2 revenue: $1.47M • Cash: $103.2M (up from $32.5M in 2024) • Net loss Q2: –$41.9M • Higher R&D spend driven by COMFORT Toddlers trial Inventiva $IVA 🇫🇷 • H1 revenue: €4.5M (vs €0M in 2024) • H1 OpEx: €53.9M. R&D flat at €45.2M • Cash: €122M – runway into Q3 2026 📌 Preparing for key milestones but will need additional funding Idorsia $IDIA 🇨🇭 • H1 revenue: CHF 131M • Cash runway: into end‑2026 • QUVIVIQ (insomnia) drives sales: +145% YoY 🔜 Approaching profitability by late 2027 Galapagos $GLPG 🇧🇪 • H1 revenue: €140M (flat YoY) • H1 net loss: –€259M • Cash: €3.09B 🔁 Major restructuring underway: Innovative unit spin-off & 40% workforce cut
0 · Reply
Biotekman
Biotekman Jul. 25 at 10:37 PM
$GLPG No earnings call for this quarter???
0 · Reply
tranq19
tranq19 Jul. 24 at 7:39 PM
$ADAP $GLPG so I thought glpg might buy adap, now maybe big pharma buys both glpg cell therapy and adap 🤷
2 · Reply
Doozio
Doozio Jul. 23 at 9:48 AM
$GLPG it’s only obvious wen it’s obvious. As long as no faaatch bomb 🐒🍌🧠⏰♾️. Obviously
0 · Reply
Fidael
Fidael Jul. 19 at 3:43 PM
$GLPG nice upward movement lately, with their cash and outlook this remains undervalued
1 · Reply
Doozio
Doozio Jul. 4 at 5:08 PM
$GLPG out of 🐑⏰♾️ it’s bahhhhtoming during 🐒🍌🧠⏰♾️
0 · Reply
Biotekman
Biotekman Jun. 28 at 10:57 AM
$GLPG It could be fun if they announced using their cash to buy BTC 😁.
1 · Reply
lulz
lulz Jun. 27 at 6:12 PM
$GLPG 5 year chart is a beauty! Useless management
1 · Reply
filizius
filizius Jun. 27 at 5:36 AM
$GLPG
0 · Reply