Lakefront (GLPG) Q2 2026 earnings summary

Executive summary

• Completed acquisition of Ouro Medicines with Gilead, adding gamgertamig (a clinical-stage T-cell engager for autoimmune diseases) and three preclinical autoimmune programs to the pipeline.

• Initiated a €50 million share repurchase program and forecast at least €1.6 billion in capital for future strategic transactions after funding gamgertamig to first approval.

• Wind-down of cell therapy activities is on track, with focus shifting to immunology and inflammation portfolio.

• Strengthened leadership with new appointments, including a new Board Chair and Chief Medical Officer.

Financial highlights

• Net profit for the first half of 2026 was €16.6 million, compared to a net loss of €259.1 million in the same period last year.

• Total net revenues were €18.6 million, down from €140.3 million year-over-year, reflecting the end of revenue recognition for Gilead access rights.

• R&D expenses decreased sharply to €56.5 million from €278.0 million, mainly due to the wind-down of cell therapy and small molecule programs.

• Cash and financial investments totaled €2,239.5 million at June 30, 2026, down from €2,998.0 million at year-end 2025, primarily due to the Ouro acquisition.

• Operational cash burn for the period was €63.6 million.

Outlook and guidance

• Year-end 2026 cash and financial investments expected to be €1.975–2.050 billion, including the €50 million share buyback.

• At least €1.6 billion forecasted to remain for additional strategic transactions after funding gamgertamig to first approval.

• Plans to initiate pivotal studies for gamgertamig in 2027 and expand clinical development into additional autoimmune indications.

• Guidance assumes EUR/USD exchange rate of 1.175; subject to change with FX and business development activity.