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LGND

Ligand Pharmaceuticals Incorporated

LGND

Ligand Pharmaceuticals Incorporated • NASDAQ
$203.18 ▼ -1.45% (-2.98)
Market Cap $4.00 B
52w High $212.49
52w Low $93.58
Dividend Yield 0%
P/E 89.11
Volume 83.83K
Outstanding Shares 19.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $115.461M ▲ $35.71M ▼ $117.273M ▲ 101.569% ▲ $5.99 ▲ $149.232M ▲
Q2-2025 $47.627M ▲ $36.276M ▼ $4.847M ▲ 10.177% ▲ $0.25 ▲ $20.898M ▲
Q1-2025 $45.333M ▲ $76.7M ▲ $-42.451M ▼ -93.643% ▼ $-2.21 ▼ $-40.543M ▼
Q4-2024 $42.812M ▼ $49.612M ▲ $-31.088M ▼ -72.615% ▼ $-1.64 ▼ $-29.69M ▼
Q3-2024 $51.812M $36.174M $-7.172M -13.842% $-0.39 $3.396M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $664.522M ▲ $1.477B ▲ $526.601M ▲ $950.171M ▲
Q2-2025 $255.296M ▲ $948.604M ▲ $120.075M ▲ $828.529M ▲
Q1-2025 $208.901M ▼ $905.435M ▼ $109.901M ▼ $795.534M ▼
Q4-2024 $256.165M ▲ $941.774M ▼ $111.335M ▼ $830.439M ▼
Q3-2024 $219.643M $954.866M $113.688M $841.178M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $117.273M ▲ $13.161M ▼ $-334.422M ▼ $-10.25M ▼ $-67.669M ▼ $13.146M ▼
Q2-2025 $4.847M ▲ $15.797M ▲ $-10.667M ▼ $14.997M ▲ $19.68M ▲ $15.583M ▲
Q1-2025 $-42.451M ▼ $-25.516M ▼ $4.894M ▲ $-4.676M ▼ $-24.318M ▼ $-25.73M ▼
Q4-2024 $-31.088M ▼ $28.471M ▼ $-38.623M ▲ $20.388M ▼ $8.688M ▼ $27.759M ▲
Q3-2024 $-7.172M $36.53M $-46.507M $55.08M $45.48M $22.289M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Contract Revenue
Contract Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Evomela
Evomela
 $0 ▲$0 ▲$0 ▲$0 ▲
Financial Royalty Assets
Financial Royalty Assets
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Intangible Royalty Assets
Intangible Royalty Assets
 $70.00M ▲$20.00M ▼$30.00M ▲$40.00M ▲
Kyprolis
Kyprolis
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Material Sales Captisol
Material Sales Captisol
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Royalty
Royalty
 $80.00M ▲$30.00M ▼$40.00M ▲$50.00M ▲
Rylaze
Rylaze
 $0 ▲$0 ▲$0 ▲$0 ▲
Teriparatide Injection
Teriparatide Injection
 $0 ▲$0 ▲$0 ▲$0 ▲
Royalty Other
Royalty Other
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Ligand’s income statement shows a business with high underlying profitability but very uneven results. Revenue has been choppy, rising strongly a few years ago and then pulling back before recovering somewhat more recently. Gross margins remain very high, which fits a royalty and licensing model with relatively low direct costs. However, operating profit has narrowed and even dipped slightly into loss territory in the most recent year, suggesting higher operating expenses or lower milestone and royalty contributions. Net income and earnings per share swing sharply from year to year, reflecting deal activity, one‑time items, and the inherently lumpy nature of royalty and licensing revenue rather than a smooth growth story.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively clean. Over the last few years, total assets came down meaningfully, likely reflecting portfolio reshaping and the spin-off of assets, and have since started to build back up. Debt has been reduced to very low levels, which limits financial risk and interest burden. Equity remains the dominant source of funding, giving the company a solid capital base. Cash levels, while not large, are improving and appear adequate when combined with ongoing cash generation and low leverage, pointing to a generally sound financial footing.

Cash Flow

Cash Flow Cash flow is a clear strength. Ligand has produced positive operating cash flow every year in the period shown, even when accounting earnings were weak or volatile. Free cash flow closely tracks operating cash flow because the business requires very little capital spending, consistent with an “asset‑light” royalty and platform model. This steady, positive free cash flow provides flexibility to fund acquisitions, invest in new platforms, or return capital, although the absolute scale is moderate and can fluctuate with partner performance and deal timing.

Competitive Edge

Competitive Edge Ligand holds a differentiated competitive position built on a diversified royalty portfolio and enabling technologies rather than owning a large internal drug pipeline. Its main strength is breadth: royalties tied to many different drugs, partners, and therapeutic areas help spread risk. Longstanding relationships with major pharmaceutical companies and a track record of inclusion in approved drugs reinforce its reputation and make it a credible partner. At the same time, Ligand is dependent on the commercial success and development decisions of its partners, and it competes with other technology licensors, CDMOs, and financiers that also court these partners for royalty and platform deals.

Innovation and R&D

Innovation and R&D Innovation at Ligand is focused on platforms that help other companies’ drugs succeed rather than on building a traditional in‑house pipeline. Captisol is the core technology, enabling hard‑to‑formulate drugs to be delivered more effectively, while the NITRICIL platform adds a newer angle around controlled nitric oxide delivery. The company also “innovates” through deal-making, using its cash flow and balance sheet to acquire new royalty streams and technologies. The main opportunity lies in expanding the use of these platforms and in successful launches of partner products tied to them; the key risk is concentration in a few core technologies and the need for a steady flow of attractive new deals as existing assets mature or face patent expiry.

Summary

Overall, Ligand is a niche biopharma company with an asset‑light, royalty‑driven model that produces high margins and consistent free cash flow but lumpy earnings. Financially, it appears conservatively financed, with very low debt and a solid equity base, which reduces balance sheet risk. The business relies heavily on its ability to maintain and expand a portfolio of royalty and license agreements built around platforms like Captisol and NITRICIL. Future performance will largely hinge on how well partner drugs ramp after recent approvals, the strength and durability of existing royalties, and the company’s success in sourcing and integrating new royalty‑bearing assets, all within the usual regulatory, patent, and competitive uncertainties of the biotech sector.

NEWS

November 6, 2025 · 7:00 AM UTC

Ligand Reports Third Quarter 2025 Financial Results and Raises Guidance

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October 30, 2025 · 4:01 PM UTC

Ligand to Participate in November Investor Conferences

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October 23, 2025 · 7:00 AM UTC

Ligand to Report Third Quarter 2025 Financial Results on November 6, 2025

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October 16, 2025 · 7:00 AM UTC

Ligand to Host Investor Day on December 9, 2025

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October 9, 2025 · 7:00 AM UTC

Ligand Partner SQ Innovation Receives FDA Approval for Lasix® ONYU, an At-Home Treatment for Edema in Heart Failure Patients

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