LIGAND PHARMACEUTICALS INC LGND
We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified royalty streams from high-value medicines. Our primary business is investing in and structuring royalty interests in mid- to late-stage development and commercial biopharmaceutical products, allowing us to generate long-duration, non-dilutive cash flows supported by a lean corporate cost structure. Capital deployment and technology licensing are the primary drivers of our long-term growth.
We partner capital through a range of transaction structures—including royalty purchases, development-stage financing arrangements, and acquisitions of companies or assets with embedded royalty rights—designed to create cash flowing royalties and produce attractive risk-adjusted returns. Our goal is to provide investors with exposure to biopharmaceutical innovation through a diversified portfolio of royalty interests while mitigating the binary risk and capital intensity traditionally associated with drug development.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $268.1M | $167.1M | $131.3M | $196.2M | $241.5M | $163.6M | $120.3M | $251.5M | $141.1M | $109.0M |
| Cost of revenue | — | — | — | — | — | — | — | $6.3M | $5.4M | $5.6M |
| Gross profit | — | — | — | — | — | — | — | $245.1M | $135.7M | $103.4M |
| R&D | $81.2M | $21.4M | $24.5M | $36.1M | $32.1M | $40.5M | $55.9M | $27.9M | $26.9M | $21.2M |
| SG&A | $92.4M | $78.7M | $52.8M | $70.1M | $46.8M | $60.0M | $41.9M | $37.7M | $28.7M | $27.7M |
| Operating income | $41.0M | -$22.6M | $11.9M | $3.0M | $103.9M | $37.5M | $807.1M | $163.7M | $68.1M | $43.9M |
| Interest expense | $4.7M | $3.0M | $656.0K | $1.8M | $19.6M | $27.4M | $35.7M | $48.3M | $13.5M | $12.8M |
| Pre-tax income | $159.0M | $2.5M | $63.7M | $36.0M | $72.2M | $1.3M | $796.6M | $173.3M | $57.2M | $8.0M |
| Income tax | $34.5M | $6.5M | $9.8M | $41.2M | $4.1M | $5.3M | $167.3M | $30.0M | $44.7M | $10.3M |
| Net income | $124.5M | -$4.0M | $52.2M | -$33.4M | $57.1M | -$3.0M | $629.3M | $143.3M | $12.6M | -$1.6M |
| EPS, basic | 6.44 | -0.22 | 3.02 | -1.98 | 3.44 | -0.18 | 33.13 | 6.77 | 0.60 | -0.08 |
| EPS, diluted | 6.13 | -0.22 | 2.94 | -1.98 | 3.31 | -0.18 | 31.85 | 5.96 | 0.53 | -0.08 |
| Shares, diluted (wtd. avg.) | $20.3M | $18.3M | $17.8M | $16.9M | $17.2M | $16.8M | $19.8M | $24.1M | $23.5M | $20.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $174.9M | $72.3M | $23.0M | $45.0M | $19.5M | $48.0M | $72.3M | $119.8M | $20.6M | $18.8M |
| Short-term investments | $558.6M | $183.9M | $147.4M | $166.9M | $321.6M | $363.6M | $998.3M | $601.2M | $181.0M | $122.3M |
| Receivables | $59.6M | $38.4M | $32.9M | $30.4M | $85.5M | $56.8M | $30.4M | $55.9M | $25.6M | $14.7M |
| Inventory | $9.1M | $14.1M | $24.0M | $13.3M | $27.3M | $26.5M | $7.3M | $7.1M | $4.4M | $1.9M |
| Total current assets | $832.3M | $331.6M | $237.4M | $263.6M | $464.8M | $500.6M | $1.12B | $870.5M | $237.0M | $163.1M |
| Property, plant and equipment | $3.6M | $15.1M | $15.6M | $12.5M | $13.2M | $13.2M | $7.2M | $5.4M | $4.2M | $1.8M |
| Goodwill | $101.5M | $105.2M | $103.4M | $0 | $105.7M | $189.7M | $95.2M | $86.6M | $86.0M | $72.2M |
| Other intangibles | $225.4M | $266.6M | $299.6M | $342.5M | $376.7M | $595.3M | $210.4M | $219.8M | $228.6M | $204.7M |
| Total assets | $1.56B | $941.8M | $787.2M | $762.7M | $1.30B | $1.36B | $1.49B | $1.26B | $671.0M | $601.6M |
| Accounts payable | $3.2M | $5.2M | $2.4M | $5.3M | $8.4M | $3.8M | $2.4M | $4.2M | $2.3M | $2.7M |
| Total current liabilities | $37.4M | $37.1M | $16.8M | $98.8M | $41.7M | $100.1M | $17.0M | $82.2M | $238.9M | $227.1M |
| Total liabilities | $543.4M | $111.3M | $86.3M | $165.2M | $476.4M | $652.8M | $727.7M | $699.9M | $252.4M | $230.7M |
| Retained earnings | $608.1M | $499.0M | $503.0M | $450.9M | $449.1M | $392.0M | $400.1M | -$229.2M | -$400.9M | -$431.1M |
| Total equity | $1.02B | $830.4M | $700.9M | $597.5M | $821.2M | $709.5M | $767.2M | $560.9M | $399.8M | $341.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $49.4M | $97.0M | $49.6M | $137.8M | $78.8M | $54.6M | -$29.3M | $194.1M | $88.6M | $60.7M |
| Depreciation and amortisation | $33.8M | $35.2M | $36.5M | $51.5M | $51.1M | $25.7M | $18.4M | $12.8M | $11.0M | $11.3M |
| Stock-based compensation | $46.8M | $41.1M | $25.7M | $60.3M | $38.8M | $30.7M | $24.5M | $20.8M | $24.9M | $18.9M |
| Capital expenditure | $452.0K | $1.8M | $3.5M | $17.9M | $8.8M | $4.5M | $2.6M | $887.0K | $2.2M | $1.9M |
| Investing cash flow | -$377.3M | -$143.7M | -$11.7M | $163.6M | $30.5M | $231.6M | $466.9M | -$423.3M | -$79.2M | -$134.4M |
| Financing cash flow | $428.2M | $97.1M | -$59.9M | -$276.0M | -$137.8M | -$310.5M | -$485.2M | $328.6M | -$7.5M | -$5.0M |
| Buybacks | $15.0M | $0 | $0 | $0 | $0 | $78.0M | $453.0M | $122.9M | $2.0M | $3.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000886163-26-000021.
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