LIGAND PHARMACEUTICALS INC LGND

Healthcare SIC 2834 - Pharmaceutical Preparations NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Pharmaceutical Preparation Manufacturing derived Nasdaq

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.

Last close 303.53 2026-10-23
Market cap $6.05B 2026-06-30 share count
52-week range 175.89 - 326.63

Valuation FY2025 figures against the last close

P/S22.6x
P/E49.5x
P/FCF123.7x
EV/EBITDA80.9x
Dividend yield—
Diluted EPS6.13

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 6.44-0.223.02-1.983.44-0.1833.136.770.60-0.08
EPS, diluted 6.13-0.222.94-1.983.31-0.1831.855.960.53-0.08
Shares, diluted (wtd. avg.) 20.3M18.3M17.8M16.9M17.2M16.8M19.8M24.1M23.5M20.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M 800M Revenue, FY2016: 109M Gross profit, FY2016: 103.4M Net income, FY2016: -1.6M Revenue, FY2017: 141.1M Gross profit, FY2017: 135.7M Net income, FY2017: 12.6M Revenue, FY2018: 251.5M Gross profit, FY2018: 245.1M Net income, FY2018: 143.3M Revenue, FY2019: 120.3M Net income, FY2019: 629.3M Revenue, FY2020: 163.6M Net income, FY2020: -3M Revenue, FY2021: 241.5M Net income, FY2021: 57.1M Revenue, FY2022: 196.2M Net income, FY2022: -33.4M Revenue, FY2023: 131.3M Net income, FY2023: 52.2M Revenue, FY2024: 167.1M Net income, FY2024: -4M Revenue, FY2025: 268.1M Net income, FY2025: 124.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $109.0M $141.1M $251.5M $120.3M $163.6M $241.5M $196.2M $131.3M $167.1M $268.1M
Gross profit $103.4M $135.7M $245.1M — — — — — — —
Net income -$1.6M $12.6M $143.3M $629.3M -$3.0M $57.1M -$33.4M $52.2M -$4.0M $124.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed Item 1.01
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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