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Drug manufacturers · Healthcare · Reports in EUR
Lakefront Biotherapeutics reported revenue of EUR 1.1B in the fiscal year ended Dec 2025, up 303.5% from the year before. Operating income was EUR 295M, an operating margin of 26.5%, and net income was EUR 321M. Operating cash flow of −EUR 257M less capital expenditure of EUR 14M left free cash flow of −EUR 271M.
Ranks among the 82 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 234 | 241 | 240 | 276 | 1,112 |
| Cost of revenue | 1.6 | 12.1 | – | 34.9 | 29.7 |
| Gross profit | 233 | 229 | – | 241 | 1,083 |
| Research & development | 321 | 270 | 241 | 335 | 459 |
| Operating income | −172 | −131 | −88.3 | −188 | 295 |
| Interest expense | 11.6 | 6.9 | 1.8 | 0.9 | 1.0 |
| Pre-tax income | −119 | −70.8 | 5.6 | −3.1 | 301 |
| Income tax | 1.4 | 0.6 | 9.6 | −1.8 | −18.6 |
| Net income | −103 | −218 | 212 | 74.1 | 321 |
| Diluted EPS | −1.58 | −3.32 | 3.21 | 1.12 | 4.87 |
| Diluted shares | 65.5 | 65.7 | 65.9 | 65.9 | 65.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2,233 | 508 | 167 | 64.2 | 87.9 |
| Receivables | 111 | 40.4 | 28.4 | 47.5 | 20.7 |
| Inventory | 20.6 | 52.9 | 74.0 | 51.2 | 22.5 |
| Current assets | 4,862 | 4,237 | 3,862 | 3,339 | 3,079 |
| Net PP&E | 106 | 127 | 111 | 105 | 71.9 |
| Goodwill | – | 69.8 | 69.6 | 70.0 | – |
| Total assets | 5,193 | 4,734 | 4,357 | 4,136 | 3,407 |
| Payables | 138 | 149 | 135 | 98.9 | 105 |
| Current liabilities | 566 | 523 | 428 | 335 | 153 |
| Total liabilities | 2,550 | 2,208 | 1,562 | 1,239 | 171 |
| Shareholders' equity | 2,643 | 2,526 | 2,796 | 2,897 | 3,236 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −504 | −501 | −406 | −320 | −257 |
| Capital expenditure | 54.2 | 27.4 | 18.7 | 16.7 | 13.7 |
| Free cash flow | −558 | −528 | −425 | −337 | −271 |
| Stock-based compensation | 70.7 | 88.5 | 56.7 | 19.9 | 24.0 |
| Acquisitions | – | 115 | 7.0 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.9% | −0.6% | 15.0% | 303.5% |
| EPS growth (YoY) | – | – | – | −65.1% | 334.8% |
| Gross margin | 99.3% | 95.0% | – | 87.4% | 97.3% |
| Operating margin | −73.2% | −54.3% | −36.8% | −68.3% | 26.5% |
| Net margin | −44.0% | −90.4% | 88.3% | 26.9% | 28.9% |
| Return on equityBlank when equity is negative | −3.9% | −8.6% | 7.6% | 2.6% | 9.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −3.7% | −3.1% | −2.2% | −5.0% | 9.1% |
| Free cash flow margin | −238.1% | −218.8% | −177.2% | −122.2% | −24.4% |
| Cash conversion (CFO ÷ net income) | 4.88x | 2.30x | −1.92x | −4.32x | −0.80x |
| Receivable days | 173 | 61 | 43 | 63 | 7 |
| Inventory days | 4609 | 1599 | – | 536 | 276 |
| Payable days | 30836 | 4493 | – | 1035 | 1285 |
| Interest cover | −14.8x | −19.0x | −49.9x | −207x | 285x |
| Current ratio | 8.58x | 8.11x | 9.02x | 9.97x | 20.1x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.