Quarterly ResultMay 6, 2026, 05:23 PM
Galapagos Q1 Net Profit €14.5M; Rebrands to Lakefront; Gilead Deal Progresses
AI Summary
Galapagos NV reported a net profit of €14.5 million for Q1 2026, a substantial improvement from a €153.4 million net loss in Q1 2025, despite total net revenues declining 91% to €6.5 million. The company announced its rebranding to Lakefront Biotherapeutics, effective May 8, 2026, and provided an update on its collaboration agreement with Gilead to advance Ouro Medicines' T cell engager, gamgertamig, expected to close in Q2 2026. Galapagos also confirmed its cell therapy wind-down is on schedule, with estimated 2026 cash costs of €125 million to €175 million, and expects year-end 2026 cash and financial investments to be approximately €2 billion.
Key Highlights
- Galapagos NV to rebrand as Lakefront Biotherapeutics (LKFT) effective May 8, 2026.
- Collaboration with Gilead for Ouro Medicines' T cell engager expected to close Q2 2026.
- Q1 2026 net profit €14.5M, a significant turnaround from €153.4M net loss YoY.
- Total net revenues Q1 2026 decreased 91% to €6.5M YoY.
- R&D expenses Q1 2026 decreased 83% to €31.0M YoY.
- Galapagos and Gilead to equally split $1.675 billion upfront payment for Ouro.
- Year-end 2026 cash and financial investments expected around €2 billion.
- Cell therapy wind-down on schedule, with €125M-€175M cash costs in 2026.