| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 80 | 2.9x | 17.4x | Top tier | |
Growth | 99 | 259.4% | 7.1% | Top tier | |
Quality | 96 | 14.2% | 4.5% | Top tier | |
Safety | 98 | — | 2.6x | Top tier | |
Capital Return | 35 | 0.00% | 0.18% | Bottom tier | |
Momentum | 44 | -19.1% | 1.3% | Around median | |
Sentiment | 98 | — | 3 | Top tier |
The floor: what the company is worth if growth stopped today
10-year US Treasury yield 5.31% as of 2026-10-05. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Lakefront Biotherapeutics N.V. is a biotechnology company reshaping its portfolio around autoimmune disease therapies, after changing its name from Galapagos and beginning trading under the ticker LKFT on 2026-05-08. Its operating thesis centers on gamgertamig, an investigational dual-targeting BCMA/CD3 therapy designed to deplete B cells, alongside three preclinical programs under the Ouro Medicines agreement with Gilead. Existing revenue comes from sales of Jyseleca inventory to Alfasigma and collaboration revenue related to Gilead royalties, while the company seeks to build future value through drug development and additional disciplined business development transactions.
In Q1 fiscal year 2026 (2026-05-07), management described the business as being in a transitional phase in which the contribution from legacy deferred revenue declined, and operating revenue became a mix of Jyseleca inventory sales and collaboration royalties. The last 12 months through 2026-06-30 recorded revenue of €990.6 million and net income of €596.6 million. In fiscal year 2025, revenue was €1.1 billion, gross margin was 97.3%, and net income was €320.9 million, compared with revenue of €275.6 million, gross margin of 87.4%, and net income of €74.1 million in fiscal year 2024, highlighting the strength of the latest figures while comparability remains affected by the nature of collaboration revenue.
The next phase depends heavily on advancing gamgertamig from early data involving more than 60 patients across five autoimmune diseases to registrational studies that could begin in 2027. Management says the program demonstrated rapid and durable complete responses with limited cytokine release syndrome under the current dosing schedule, and it received Fast Track and Orphan Drug designations in the United States for the treatment of ITP and AHA. At the same time, the amended flexibility in the Gilead agreement gives the company broader capacity to develop the portfolio, with management emphasizing that it will not rush into a second business development transaction.
Automated analysis for informational purposes only — not investment advice.
Last 12 months to 2026-06-30
When: 2026-11-11
Last-12-month revenue at the €990.6 million threshold
Last-12-month net income at the €596.6 million threshold
When: 2027
Initiation of at least one registrational study for gamgertamig
The no-growth value method yields $74 at a discount rate of 8.8%, measuring the value that remains if current after-tax operating profit stays constant forever and growth stops. Analyst targets yield a median of $36 within a range of $26 to $45, representing a low-confidence indicative value that prices in their expectations for growth and clinical development. The two methods differ clearly, as the no-growth value of $74 exceeds the analyst target median of $36 because the former is based on the sustainability of current operating profit, while the latter reflects analyst expectations and clinical portfolio risks. Analyst targets tend by nature to be optimistic, while the cash flow model generally tends to be conservative, and the 10-year U.S. Treasury yield of 5.18% as of 2026-09-24 was used in the models. The average consensus target is $35.5, but Morgan Stanley lowered its target on 2026-08-11 to $26 from $30, while the valuation pillar in the EL7 score ranks 73 out of 687 within the industry.
Figures in the text are as of 2026-09-27; the live price is shown at the top of the page.
The company began trading as Lakefront Biotherapeutics under the ticker LKFT on 2026-05-08, and gamgertamig became the centerpiece of the new portfolio. Available data included more than 60 patients across five autoimmune diseases, while management sees a potential opportunity in more than 20 indications. The key test will be advancing the program to registrational studies in 2027 with a dose that achieves deep, time-limited B-cell depletion.
gamgertamig binds BCMA and CD3 and uses a low-activity CD3-binding arm intended to reduce cytokine release syndrome while preserving strong BCMA binding. According to management, data from more than 60 patients demonstrated deep B-cell depletion and rapid, durable responses across five indications. However, this remains a potential advantage that must be proven in registrational studies that could begin in 2027 amid several competing assets in the same class.
The main risks are related to cytokine release syndrome and infections resulting from prolonged B-cell and plasma-cell depletion. Management explained during the Q1 fiscal year 2026 call (2026-05-07) that dose and duration selection will target deep but relatively short depletion to reduce infections and the need for intravenous immunoglobulin. Current experience in more than 60 patients demonstrated limited cytokine release syndrome under the dosing schedule used, but safety has not yet been established on a broader scale.
Revenue was €990.6 million and net income was €596.6 million during the last 12 months through 2026-06-30. In fiscal year 2025, the company recorded revenue of €1.1 billion, a gross margin of 97.3%, and net income of €320.9 million. By comparison, fiscal year 2024 figures were revenue of €275.6 million, a gross margin of 87.4%, and net income of €74.1 million, making the sustainability of the increase an important focus for subsequent reports.
The analyst consensus is Buy, with an average target of $35.5 and targets ranging from $26 to $45. The median target used in the valuation methodology is $36, but it is classified as low confidence because of the dispersion in estimates. On 2026-08-11, Morgan Stanley lowered its target to $26 from $30, with one downgrade and no upgrades recorded during the past 90 days.
