Galapagos NV, soon to be renamed Lakefront Biotherapeutics, reported a dramatic 91.3% decline in revenue for Q1 2026 compared to the same period last year, falling to €6.5 million. This drop is primarily due to the absence of income from a previous agreement with Gilead.
Despite this, the company posted a net profit of €14.5 million, driven by favorable currency exchange gains and financial income. The firm announced a corporate transformation, including a name change and strategic initiatives.
CEO Henry Gosebruch emphasized the transformation: "We are assembling a world-class management team to drive new medicines and create shareholder value." Chief Clinical Advisor Eric Hedrick highlighted gamgertamig's potential, stating, "Its clinical profile offers a clear speed-to-market advantage in autoimmune therapies."
