It can depend on quite a few things. As @Sunday748 said, sometimes the glidepath angles between the two are not coincidental in real life. This can usually be gleaned by some observations, but a quick glance at the aerials, approach plates, and airport diagrams doesn’t reveal much except that the PAPI is nearly co-located (longitudinally) with the glideslope antenna in real life.
So if it’s that far off in the sim and it’s not mimicking a real-life situation, here’s what could be causing it:
Scenery elevation error: PAPI are simply an optical indicator - each individual light housing assembly (LHA) is split at a specific vertical angle to give a red or white indication. If the elevation where the PAPI is sited is incorrect but the glideslope antenna’s elevation is correct, there will be a mismatch. If this is the root cause in your case (causing four reds), that would mean the PAPI is sited too high compared to the glideslope. You can sort of check this (ignoring runway slope) by seeing if the runway 24 threshold sits at 1158’ MSL.
Longitudinal placement error: similarly, a PAPI set at a specific angle will give a higher or lower threshold crossing height (TCH) depending on where it is longitudinally sited down the runway. For a given angle, placement farther down the runway will give a higher TCH and a lower glidepath indication for a fixed height of the observer, and vice-versa. This can sometimes happen in the sim when it is set to a default location and not specifically placed where it is in real life (yes, it varies). Sometimes this is caused by temporary runway construction, used by the AI to render the airport at the time the aerial was taken (bespoke airports notwithstanding), which can place the PAPI in an unexpected location.
Angular error: this particular PAPI should be set to 3°, sometimes there’s an error in building the airport that can lead to this not being the case.
Navdata error: similarly to all of the above modalities, the PAPI might be correctly sited, but the glideslope antenna might have a positional error introduced by erroneous navdata - this can be a mix of longitudinal, angular, and/or elevation, any of which will cause a glideslope mismatch.
One thing that will help troubleshoot is two screenshots - one with the aircraft on the ILS glideslope while crossing the threshold, and the other with the aircraft on the correct PAPI glidepath while crossing the threshold. Instrumentation and PAPI both visible. Then we can check the placement of the PAPI to see if that’s the issue. Otherwise it might be the navdata. A third screenshot showing a closeup of the PAPI siting in relation to the runway markings could also be helpful.
Other helpful info: do you use stock navdata or Navigraph (etc)? Do you use stock airports, world updates, or a third-party airport scenery?
For more info, I have a long-standing bug report on this phenomenon.