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Belgian clinical-stage biotech (formerly Galapagos) developing immunology drugs, led by a BCMA/CD3 T-cell engager, with cell therapy being wound down.
Belgian clinical-stage biotech (formerly Galapagos) developing immunology drugs, led by a BCMA/CD3 T-cell engager, with cell therapy being wound down.
Has no product sales after selling its approved drug filgotinib to Alfasigma in 2024, so it lives off a large cash balance. It is rebuilding around autoimmune treatments: it took on Ouro Medicines' T-cell engager together with Gilead, its major shareholder, and is winding down cell-therapy operations. Renamed from Galapagos in 2026.
Moat: narrow (IP / patents). Rights to a clinical-stage T-cell engager plus a large cash buffer; no approved products.
Headquarters: Mechelen, Belgium · Founded: 1999 · Employees: 452
Size Lakefront Biotherapeutics (LKFT.AS) is a Netherlands Health Care company (Biotechnology) with a market value of $2.19B, the 40th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €29.62 on 6 Nov 2026.
Performance Over six months the shares gained 24.6%, against +7.0% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 259.4% over the last twelve months (peer median +14.5%); the operating margin is 59.6% (peer median -13.6%).
Capital Return on invested capital runs 37.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €991M | €1.11B | €276M | €240M | €241M |
| Revenue growth | — | +304% | +15% | -1% | — |
| Gross profit | €965M | €1.03B | €192M | €204M | €211M |
| EBITDA | n/a | €522M | -€179M | -€91.9M | -€102M |
| Net income | €597M | €321M | €74.1M | €212M | -€218M |
| Free cash flow | -€161M | -€211M | -€307M | -€410M | -€525M |
| Capital expenditure | €4.61M | €13.9M | €82.1M | €19.3M | €36.9M |
| Total debt | €6.36M | €6.92M | €11.7M | €9.60M | €21.9M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Lakefront Biotherapeutics LKFT.AS | $2.19B | +25% | +259% | 60% | n/a | n/a |
| argenx SE Sponsored ADR ARGX | $57.5B | +19% | +71% | 29% | 10.0× | 10.9% |
| Novartis NOVN.SW | $298B | +15% | -4% | 30% | 6.3× | 1.7% |
| Amgen AMGN | $249B | +40% | +9% | 36% | 7.4× | 1.8% |
| Regeneron Pharmaceuticals REGN | $93.5B | +27% | +19% | 30% | 5.2× | -2.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LKFT.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.4% | +1.3% | 6th highest of 21 |
| 6-month return | +24.6% | +7.0% | 8th highest of 21 |
| Distance from 52-week high | -3.6% | -27.0% | 4th highest of 21 |
| Revenue growth (TTM) | +259.4% | +14.5% | 3rd highest of 15 |
| Operating margin | 59.6% | -13.6% | highest of 14 |
| ROIC minus cost of capital | +37.5 pp | -8.7 pp | 3rd highest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lakefront Biotherapeutics LKFT.AS | Netherlands | $2.19B | +25% | +259% | 60% | n/a | n/a | n/a |
| Recursion Pharmaceuticals RXRX | United States | $2.19B | +6% | +56% | -725% | 25.1× | n/a | n/a |
| Aurinia Pharmaceuticals AUPH | United States | $2.21B | +8% | +21% | 45% | 5.5× | 5.1% | +41.4% |
| Immunome IMNM | United States | $2.21B | -17% | -100% | n/a | n/a | n/a | n/a |
| SKBS 302440.KS | South Korea | $2.22B | -11% | +23% | -25% | 4.5× | n/a | n/a |
| Vera Therapeutics VERA | United States | $2.15B | -18% | n/a | n/a | n/a | n/a | n/a |
| Sinocelltech 688520.SS | China | $2.25B | -23% | -40% | -75% | 15.6× | n/a | n/a |
| Vimian VIMIAN.ST | Sweden | $2.26B | +41% | +8% | 19% | 4.9× | 12.5% | +44.5% |
| Hitgen 688222.SS | China | $2.12B | +23% | +42% | 27% | 19.1× | 38.7% | +16.8% |
| Shenzhen Kangtai Biological Products 300601.SZ | China | $2.11B | -9% | -9% | 6% | 5.6× | 25.3% | +3.4% |
| Septerna SEPN | United States | $2.28B | +105% | +13,520% | -57% | 19.5× | 18.7% | n/a |
| Hemab Therapeutics COAG | United States | $2.29B | +95% | n/a | n/a | n/a | n/a | n/a |
| Zealand Pharma A/S ZEAL.CO | Denmark | $2.32B | -32% | -49% | 51% | 0.3× | n/a | n/a |
| Vir Biotechnology VIR | United States | $2.07B | +34% | +1,496% | -92% | 5.4× | n/a | n/a |
| Replimune REPL | United States | $2.05B | +547% | n/a | n/a | n/a | n/a | n/a |
| Celldex Therapeutics CLDX | United States | $2.35B | -12% | -97% | -206,220% | 10,375.3× | n/a | n/a |
| Trevi Therapeutics TRVI | United States | $2.04B | -1% | n/a | n/a | n/a | n/a | n/a |
| First Tracks Biotherapeutics TRAX | United States | $2.01B | +145% | n/a | n/a | n/a | n/a | n/a |
| GemPharmatech 688046.SS | China | $2.01B | +59% | +25% | 22% | 13.3× | 35.7% | +24.8% |
| BGI Genomics 300676.SZ | China | $2.39B | -4% | 0% | -14% | 3.7× | n/a | n/a |
| Pharvaris PHVS | United States | $2.41B | +14% | n/a | n/a | n/a | n/a | n/a |