Ligand Pharmaceuticals Incorporated (LGND) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.95	$2.37	+21.5%	—	$63.7M	—
Q1 26	$1.8	$1.63	-9.4%	—	$51.7M	—
Q4 25	$1.5	$2.02	+34.7%	—	$59.7M	—
Q3 25	$1.93	$3.09	+60.1%	—	$115.5M	—
Q2 25	$1.42	$1.6	+12.7%	—	$47.6M	—
Q1 25	$1.21	$1.33	+9.9%	—	$45.3M	—
Q4 24	$1.19	$1.27	+6.7%	—	$42.8M	—
Q3 24	$1.35	$1.84	+36.3%	—	$51.8M	—
Q2 24	$1.06	$1.4	+32.1%	—	$41.5M	—
Q1 24	$0.83	$1.2	+44.6%	—	$31M	—
Q4 23	$0.66	$1.38	+109.1%	—	$28.1M	—
Q3 23	$0.61	$1.02	+67.2%	—	$32.9M	—
Q2 23	$0.64	$1.42	+121.9%	—	$26.4M	—
Q1 23	$0.89	$2.28	+156.2%	—	$44M	—
Q4 22	$1.19	$1.36	+14.3%	—	$27M	—
Q3 22	$0.43	$1.31	+204.7%	—	$59.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.44	—	—	$268.1M	—
FY24	—	-$0.22	—	—	$167.1M	—
FY23	—	$3.02	—	—	$131.3M	—
FY22	—	-$1.98	—	—	$196.2M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$109M	$141.1M	$251.5M	$120.3M	$163.6M	$241.5M	$196.2M	$131.3M	$167.1M	$268.1M
YoY change	+51.5%	+29.5%	+78.2%	-52.2%	+36%	+47.7%	-18.8%	-33.1%	+27.3%	+60.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	109M	141.1M	251.5M	120.3M	163.6M	241.5M	196.2M	131.3M	167.1M	268.1M
Cost of revenue	5.6M	5.4M	6.3M	11.3M	30.4M	62.2M	52.8M	10.5M	11.1M	14.5M
Gross profit	103.4M	135.7M	245.1M	108.9M	133.1M	179.4M	143.4M	120.8M	156.1M	253.5M
Gross margin	94.9%	96.2%	97.5%	90.6%	81.4%	74.3%	73.1%	92%	93.4%	94.6%
Research & development	21.2M	26.9M	27.9M	55.9M	40.5M	32.1M	36.1M	24.5M	21.4M	81.2M
Selling, general & administrative	27.7M	28.7M	37.7M	41.9M	60M	46.8M	70.1M	52.8M	78.7M	92.4M
Operating expenses	48.9M	55.5M	65.6M	97.8M	101.1M	41.3M	106.1M	77.3M	100.1M	173.6M
Operating income	43.9M	68.1M	163.7M	-5.7M	20.4M	103.9M	3M	9.8M	23M	47.2M
Operating margin	40.3%	48.2%	65.1%	-4.76%	12.5%	43%	1.55%	7.48%	13.8%	17.6%
Non-operating income, net	-23.7M	555K	43.9M	809.7M	243K	-12.9M	32.7M	46.8M	-25.5M	102.8M
Pretax income	8M	57.2M	173.3M	796.6M	1.3M	72.2M	36M	63.7M	2.5M	159M
Income tax	10.3M	44.7M	30M	167.3M	-5.3M	-4.1M	41.2M	9.8M	6.5M	34.5M
Net income	-1.6M	12.6M	143.3M	629.3M	-3M	57.1M	-33.4M	52.2M	-4M	124.5M
Net margin	-1.5%	8.9%	57%	523.2%	-1.82%	23.7%	-17%	39.7%	-2.41%	46.4%
EBITDA	32.1M	82.8M	187M	62.3M	56.5M	148M	60.6M	51.2M	11.4M	94.5M
EPS	-0.08	0.6	6.77	33.1	-0.18	3.46	-1.98	3.02	-0.22	6.44
Diluted EPS	-0.08	0.53	5.96	31.9	-0.18	3.34	-1.98	2.94	-0.22	6.13

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	32.9M	28.1M	31M	41.5M	51.8M	42.8M	45.3M	47.6M	115.5M	59.7M	51.7M	63.7M
Cost of revenue	3.5M	1.6M	2.9M	2.9M	2.4M	2.8M	4.8M	2.9M	3.8M	3M	3.3M	3.2M
Gross profit	29.4M	26.5M	28.1M	38.6M	49.4M	40M	40.5M	44.7M	111.7M	56.7M	48.4M	60.5M
Gross margin	89.4%	94.2%	90.7%	93%	95.3%	93.4%	89.3%	93.9%	96.7%	95%	93.7%	95%
Research & development	5.5M	5.5M	6M	5.4M	5.7M	4.4M	50.1M	6.6M	21M	3.5M	2.1M	14.7M
Selling, general & administrative	14.7M	16M	11M	17.6M	24.5M	25.6M	18.8M	20.2M	28.4M	25M	20.8M	29.1M
Operating expenses	20.2M	21.5M	16.9M	23M	30.1M	30M	68.9M	26.7M	49.5M	28.5M	23M	43.8M
Operating income	957K	-3.4M	3M	7.4M	11M	1.7M	-36.7M	9.7M	54.1M	20M	17.4M	8.6M
Operating margin	2.91%	-11.9%	9.65%	17.8%	21.1%	3.94%	-80.9%	20.4%	46.9%	33.6%	33.6%	13.5%
Non-operating income, net	-15.4M	18.9M	108.6M	-74.3M	-17.9M	-41.9M	-14.4M	1M	84.1M	32.1M	-46.5M	50.2M
Pretax income	-12.1M	17.1M	113.4M	-65.4M	-6.3M	-39.2M	-50.2M	11.2M	141.1M	56.8M	-24.3M	64.3M
Income tax	-1.9M	-1.1M	27.3M	-13.5M	833K	-8.1M	-7.7M	6.4M	23.9M	12M	-10.9M	15.8M
Net income	-10.3M	18.2M	86.1M	-51.9M	-7.2M	-31.1M	-42.5M	4.8M	117.3M	44.8M	-13.3M	48.5M
Net margin	-31.3%	64.7%	278.1%	-125%	-13.8%	-72.6%	-93.6%	10.2%	101.6%	75.1%	-25.8%	76.2%
EBITDA	7.5M	9.9M	11.4M	-14.5M	8.8M	5.5M	-28.6M	21.2M	141.7M	-39.8M	31.1M	26.8M
EPS	-0.74	1.04	4.86	-2.88	-0.39	-1.64	-2.21	0.25	5.99	2.27	-0.67	2.42
Diluted EPS	-0.74	1.03	4.75	-2.88	-0.39	-1.64	-2.21	0.24	5.68	2.12	-0.67	2.22

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.3B	1.8B	1.8B	—	—	1.6B	1.1B	1.2B	2B	3.7B	6.3B
Enterprise value	1.4B	1.8B	1.7B	—	—	1.6B	1B	1.1B	1.7B	3.4B	5.8B
Shares outstanding	20.8M	21M	21.2M	19M	16.2M	16.6M	16.9M	17.3M	18.3M	19.3M	19.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	143.1	12.5	—	—	28	—	23.7	—	29.4	31.9
P/S	12.1	12.7	7.12	—	—	6.63	5.74	9.41	11.7	13.6	21.3
P/B	3.56	4.29	3.19	—	—	1.95	1.89	1.76	2.36	3.59	6.38
EV/EBITDA	44.3	22.2	8.84	—	—	10.7	16.5	20.9	150.1	35.4	43.5
EV/Sales	13	13	6.58	—	—	6.56	5.11	8.16	10.2	12.5	19.9
Earnings yield	—	0.7%	8%	—	—	3.57%	—	4.22%	—	3.4%	3.13%
FCF yield	3.12%	4.81%	10.2%	—	—	4.37%	10.6%	-0.35%	3.95%	1.04%	2.23%
PEG	—	—	—	—	—	—	—	—	—	—	0.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	94.9%	96.2%	97.5%	90.6%	81.4%	74.3%	73.1%	92%	93.4%	94.6%	95%
Operating margin	40.3%	48.2%	65.1%	-4.76%	12.5%	43%	1.55%	7.48%	13.8%	17.6%	13.5%
Net margin	-1.5%	8.9%	57%	523.2%	-1.82%	23.7%	-17%	39.7%	-2.41%	46.4%	67.9%
ROE	-0.44%	3%	25.6%	82%	-0.42%	6.96%	-5.58%	7.44%	-0.49%	12.2%	22%
ROA	-0.27%	1.87%	11.4%	42.1%	-0.22%	4.4%	-4.37%	6.63%	-0.43%	7.97%	3.99%
ROIC	0%	3.24%	32%	-1.3%	2.7%	12.9%	0%	1.55%	0%	5.19%	11.4%
Return on tangible assets	42.2%	435.5%	24.5%	74.6%	1.3%	18.3%	21.7%	-34%	-2.04%	13.7%	12.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.72	0.99	10.6	66.1	5	11.2	2.67	14.1	8.93	22.2	31.2
Quick ratio	0.71	0.97	10.5	65.7	4.74	10.5	2.53	12.7	8.55	22	31
Debt / equity	0.65	0.58	1.13	0.85	0.64	0.4	0.15	0.01	0.01	0.44	1.17
Debt / assets	0.4	0.36	0.5	0.43	0.34	0.25	0.12	0.01	0.01	0.29	0.52
Net debt / EBITDA	3.16	0.5	-0.74	-6.74	0.8	-0.11	-2.05	-3.2	-21.9	-3.22	-1.5
Interest coverage	1.62	5.25	4.59	23.3	1.05	4.68	21	98	1.83	34.7	39.4
Effective tax rate	100%	78.1%	17.3%	21%	0%	0%	100%	15.5%	100%	21.7%	17.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.23	6.71	11.9	6.33	10.1	14.5	11.6	7.59	9.14	13.9	14.8
EPS (basic)	-0.08	0.6	6.77	33.1	-0.18	3.46	-1.98	3.02	-0.22	6.44	6.44
EPS (diluted)	-0.08	0.53	5.96	31.9	-0.18	3.34	-1.98	2.94	-0.22	6.13	9.71
Book value per share	17.8	19.9	26.5	40.4	43.8	49.4	35.4	40.5	45.4	52.6	48.6
FCF per share	1.98	4.11	8.66	-1.68	3.1	4.21	7.11	-0.25	4.23	1.97	5.48
Cash per share	6.77	9.59	36.6	56.3	25.4	20.5	12.6	9.85	14	39.1	68.1
Capex per share	0.09	0.1	0.04	0.13	0.28	0.53	1.06	0.2	0.1	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.7%	1.53%	0.35%	2.12%	2.73%	3.63%	9.13%	2.68%	1.09%	—	—
Capex / operating cash flow	4.62%	2.37%	0.36%	0.32%	8.77%	13%	10.5%	3.77%	2.65%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

—

Last dividend

$35.0248

ex-dividend Apr 3, 2007

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Apr 3, 2007	$35.0248

Split history

Date	Ratio
Nov 2, 2022	1603:1000
Nov 19, 2010	1:6

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$32.9M	$28.1M	$31M	$41.5M	$51.8M	$42.8M	$45.3M	$47.6M	$115.5M	$59.7M	$51.7M	$63.7M
YoY change	-44.5%	+3.9%	-29.6%	+57.5%	+57.6%	+52.4%	+46.3%	+14.7%	+122.8%	+39.4%	+14.1%	+33.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	141M	201.7M	773.8M	1.1B	411.2M	341.1M	211.9M	170.3M	256.2M	756.3M
Receivables	14.7M	25.6M	55.9M	30.4M	56.8M	85.5M	30.4M	32.9M	38.4M	59.6M
Inventory	1.9M	4.4M	7.1M	7.3M	26.5M	27.3M	13.3M	24M	14.1M	9.1M
Total current assets	163.1M	237M	870.5M	1.1B	500.6M	464.8M	263.6M	237.4M	331.6M	832.3M
Property, plant & equipment	1.8M	4.2M	5.4M	17.6M	37.2M	32.6M	27.5M	25.1M	24.8M	10.8M
Goodwill & intangibles	605.5M	668.1M	675.8M	651.5M	1.6B	984.9M	916.6M	940.5M	743.8M	654M
Total assets	601.6M	671M	1.3B	1.5B	1.4B	1.3B	762.7M	787.2M	941.8M	1.6B
Accounts payable	2.7M	2.3M	4.2M	2.4M	3.8M	8.4M	5.3M	2.4M	5.2M	3.2M
Short-term debt	212.9M	224.5M	26.4M	1.3M	8.5M	1.4M	77.4M	410K	1.3M	1.1M
Total current liabilities	227.1M	238.9M	82.2M	17M	100.1M	41.7M	98.8M	16.8M	37.1M	37.4M
Long-term debt	29.6M	18.9M	609.9M	648.9M	447.9M	323M	10.3M	5.8M	5.8M	450.4M
Total liabilities	230.7M	252.4M	699.9M	727.7M	652.8M	476.4M	165.2M	86.3M	111.3M	543.4M
Shareholders' equity	370.9M	418.6M	560.9M	767.2M	709.5M	821.2M	597.5M	700.9M	830.4M	1B
Total debt	242.5M	243.4M	636.3M	650.2M	456.4M	324.4M	87.7M	6.2M	7.1M	451.5M
Net debt	223.7M	222.8M	519.1M	578.6M	408.8M	304.9M	42.7M	-16.8M	-65.2M	276.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	190.5M	170.3M	310.6M	226.9M	219.6M	256.2M	208.9M	255.3M	676.9M	756.3M	791.6M	1.4B
Receivables	36M	32.9M	28.4M	37.5M	34.3M	38.4M	38.5M	41.3M	57.6M	59.6M	53.4M	67M
Inventory	25.4M	24M	21.3M	14.5M	13.4M	14.1M	11.8M	12.9M	9.6M	9.1M	11.5M	8.7M
Total current assets	254M	237.4M	368.9M	312.3M	309.4M	331.6M	309.3M	352.9M	753.9M	832.3M	865.4M	1.5B
Property, plant & equipment	26M	25.1M	24.4M	25.5M	25.2M	24.8M	10.5M	11.6M	11.1M	10.8M	10.3M	9.8M
Goodwill & intangibles	850.4M	940.5M	793.3M	776.8M	760.3M	743.8M	719.9M	703.3M	670.2M	654M	637.8M	621.6M
Total assets	769.2M	787.2M	913.9M	866.4M	954.9M	941.8M	905.4M	948.6M	1.5B	1.6B	1.5B	2.2B
Accounts payable	2.5M	2.4M	1.9M	1.8M	4.7M	5.2M	5.4M	8.6M	3.7M	3.2M	5.3M	9.4M
Short-term debt	497K	410K	1M	1.2M	1.1M	1.3M	883K	1.1M	1.1M	1.1M	1.1M	1.1M
Total current liabilities	15.7M	16.8M	17.8M	18.6M	24.8M	37.1M	58.7M	64.7M	30.5M	37.4M	40.7M	46.7M
Long-term debt	5.8M	5.8M	5.2M	6.4M	6.3M	5.8M	3.6M	4.6M	449.9M	450.4M	450.9M	1.1B
Total liabilities	101.3M	86.3M	107.3M	91.2M	113.7M	111.3M	109.9M	120.1M	526.6M	543.4M	534.8M	1.2B
Shareholders' equity	667.9M	700.9M	806.5M	775.2M	841.2M	830.4M	795.5M	828.5M	950.2M	1B	997.3M	967.5M
Total debt	6.3M	6.2M	6.2M	7.6M	7.4M	7.1M	4.4M	5.7M	451M	451.5M	452M	1.1B
Net debt	-12.9M	-16.8M	-43.9M	-10.6M	-56.3M	-65.2M	-43.5M	-61.9M	311.6M	276.6M	336.9M	124.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-2.4M	12.6M	143.3M	629.3M	-3M	57.1M	-33.4M	52.2M	-4M	124.5M
Depreciation & amortization	11.3M	11.7M	14.7M	43.7M	28M	50.9M	51.4M	35.6M	35.2M	33.8M
Stock-based compensation	18.9M	24.9M	20.8M	24.5M	30.7M	38.8M	60.3M	25.7M	41.1M	46.8M
Change in working capital	-12.7M	-16M	-42.6M	-4.1M	-11.7M	-57M	65.7M	-34.4M	5.5M	-18.5M
Operating cash flow	40.1M	91M	249M	794.8M	50.8M	67.4M	170.6M	93.3M	68.7M	49.4M
Capital expenditure	-1.9M	-2.2M	-887K	-2.6M	-4.5M	-8.8M	-17.9M	-3.5M	-1.8M	—
Investing cash flow	-116.7M	-86.2M	-413.3M	-345.9M	230.3M	30M	163.5M	38.2M	-133.3M	-376.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-3.9M	-2M	-122.9M	-453M	-78M	0	0	—	—	-15M
Financing cash flow	-11.4M	-12M	218.4M	-488.2M	-313.6M	-171.5M	-279.2M	-82.4M	31.6M	313.3M
Net change in cash	-88.1M	-7.3M	54.2M	-39.3M	-32.5M	-74.1M	54.9M	49.1M	-33.1M	-13.6M
Free cash flow	41.2M	86.4M	183.2M	-31.9M	50.1M	70M	119.9M	-4.3M	77.4M	38M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-10.3M	18.2M	86.1M	-51.9M	-7.2M	-31.1M	-42.5M	4.8M	117.3M	44.8M	-13.3M	48.5M
Depreciation & amortization	8.6M	8.9M	8.8M	8.9M	9M	8.6M	8.8M	8.5M	8.3M	8.2M	8.2M	8.2M
Stock-based compensation	6.9M	5.7M	7.3M	11.1M	15.2M	7.5M	7.8M	10M	14.7M	14.3M	10.6M	13.7M
Change in working capital	-18.3M	-17.8M	9.6M	-9.4M	4.9M	316K	-3M	-5.8M	-11.7M	1.9M	3.2M	-10.2M
Operating cash flow	-3.9M	20.6M	128.9M	-61.1M	27.4M	-26.6M	-35M	15.8M	13.1M	45.9M	48.7M	24M
Capital expenditure	-487K	-417K	-105K	-408K	-596K	-712K	-214K	—	—	—	—	—
Investing cash flow	-19.6M	40M	-3.3M	-52.8M	-33.5M	-41.2M	3.6M	-4.9M	-341M	-18.9M	-101.1M	321.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	-15M	0	—	—
Financing cash flow	-117K	-1.2M	-3.1M	-61K	-345K	1.1M	-9M	6.8M	316.5M	-968K	-21.8M	-216.3M
Net change in cash	-23.6M	59.4M	122.5M	-113.9M	-6.5M	-66.7M	-40.4M	17.7M	-11.4M	26M	-74.2M	129M
Free cash flow	7.2M	-42.7M	16.2M	11.2M	22.3M	27.8M	-27.5M	15.6M	4.7M	45.3M	48.5M	21.4M

Ligand Pharmaceuticals Incorporated Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement