LGND

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Ligand Pharmaceuticals Inc.

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Key Metrics

Previous Close: $290.71
52-Week Range: $156.91 – $326.63
Market Cap: $5.73B
P/E (TTM): 29.94
EPS (TTM): 9.60
Dividend Yield: —

Advanced Metrics

Price/Book: 5.92
PEG Ratio: 1.53
Return on Equity: 21.96%
Return on Assets: 3.99%
Gross Margin: 81.20%
Operating Margin: 13.49%
Profit Margin: 67.88%
Current Ratio: 31.18
Debt/Equity: 1.17
Total Debt: $1.13B
Free Cash Flow: $139.75M
Revenue Growth: 33.70%
Earnings Growth: 825.00%
Enterprise Value: $5.50B

LGND Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$196.25M	$131.31M	$167.13M	$268.09M
Cost of Revenue	$52.83M	$10.51M	$11.07M	$14.55M
Gross Profit	$143.42M	$120.80M	$156.06M	$253.54M
Research & Development	$36.08M	$24.54M	$21.43M	$81.18M
Selling, General & Admin	$70.06M	$52.79M	$78.65M	$92.45M
Operating Expenses	$140.38M	$110.98M	$133.04M	$206.34M
Operating Income	$3.04M	$9.82M	$23.02M	$47.20M
EBITDA	$89.34M	$100.84M	$40.79M	$197.45M
Pretax Income	$36.01M	$63.66M	$2.52M	$158.96M
Income Tax	$41.23M	$9.84M	$6.55M	$34.51M
Net Income	-$33.36M	$52.15M	-$4.03M	$124.45M
Diluted EPS	-1.98	2.94	-0.22	6.13
Diluted Shares	16.87M	17.76M	18.29M	20.29M

LGND Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$45.01M	$22.95M	$72.31M	$174.93M
Receivables	$35.04M	$39.31M	$42.45M	$61.05M
Inventory	$13.29M	$23.97M	$14.11M	$9.13M
Current Assets	$263.60M	$237.43M	$331.56M	$832.27M
Total Assets	$762.67M	$787.22M	$941.77M	$1.56B
Current Liabilities	$98.81M	$16.78M	$37.11M	$37.45M
Long-Term Debt	—	—	—	$446.19M
Total Debt	$87.75M	$6.17M	$7.08M	$451.49M
Total Liabilities	$165.18M	$86.30M	$111.33M	$543.42M
Retained Earnings	$450.86M	$503.02M	$498.98M	$608.09M
Shareholders' Equity	$597.49M	$700.91M	$830.44M	$1.02B
Working Capital	$164.79M	$220.65M	$294.45M	$794.82M
Net Debt	$31.69M	—	—	$271.26M

LGND Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$137.85M	$49.58M	$97.05M	$49.36M
Capital Expenditure	-$17.92M	-$53.85M	-$19.64M	-$11.31M
Free Cash Flow	$119.93M	-$4.27M	$77.41M	$38.05M
Depreciation & Amortisation	$51.53M	$36.52M	$35.24M	$33.77M
Stock-Based Compensation	$60.28M	$25.74M	$41.09M	$46.85M
Investing Cash Flow	$163.62M	-$11.68M	-$143.66M	-$377.32M
Financing Cash Flow	-$275.99M	-$59.95M	$97.14M	$428.22M
Share Repurchases	$0.00	$0.00	$0.00	-$15.00M
Net Change in Cash	$25.48M	-$22.05M	$50.52M	$100.26M

LGND Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$45.33M	$47.63M	$115.46M	$59.67M	$51.72M
Cost of Revenue	$4.85M	$2.91M	$3.80M	$2.99M	$3.27M
Gross Profit	$40.48M	$44.72M	$111.66M	$56.67M	$48.45M
Research & Development	$50.09M	$6.57M	$21.02M	$3.51M	$2.15M
Selling, General & Admin	$18.80M	$20.18M	$28.45M	$25.03M	$20.84M
Operating Expenses	$77.14M	$35.00M	$57.56M	$36.63M	$31.08M
Operating Income	-$36.66M	$9.72M	$54.10M	$20.04M	$17.37M
EBITDA	-$40.54M	$20.90M	$150.32M	$66.78M	-$14.30M
Pretax Income	-$50.18M	$11.22M	$141.14M	$56.78M	-$24.26M
Income Tax	-$7.73M	$6.38M	$23.86M	$12.00M	-$10.91M
Net Income	-$42.45M	$4.85M	$117.27M	$44.78M	-$13.35M
Diluted EPS	-2.21	0.24	5.68	2.12	-0.67
Diluted Shares	19.19M	19.93M	20.63M	21.14M	19.88M

LGND Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$47.99M	$67.67M	$139.38M	$174.93M	$115.08M
Receivables	$42.83M	$42.12M	$58.10M	$61.05M	$54.80M
Inventory	$11.81M	$12.89M	$9.60M	$9.13M	$11.47M
Current Assets	$309.32M	$352.94M	$753.92M	$832.27M	$865.41M
Total Assets	$905.43M	$948.60M	$1.48B	$1.56B	$1.53B
Current Liabilities	$58.68M	$64.73M	$30.54M	$37.45M	$40.67M
Long-Term Debt	—	—	$445.49M	$446.19M	$446.90M
Total Debt	$4.45M	$5.74M	$451.00M	$451.49M	$451.98M
Total Liabilities	$109.90M	$120.08M	$526.60M	$543.42M	$534.78M
Retained Earnings	$456.53M	$461.38M	$578.22M	$608.09M	$594.74M
Shareholders' Equity	$795.53M	$828.53M	$950.17M	$1.02B	$997.32M
Working Capital	$250.63M	$288.21M	$723.38M	$794.82M	$824.75M
Net Debt	—	—	$306.12M	$271.26M	$331.82M

LGND Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$25.45M	$15.80M	$13.09M	$45.91M	$48.69M
Capital Expenditure	-$2.04M	-$214.00K	-$8.41M	-$659.00K	-$228.00K
Free Cash Flow	-$27.48M	$15.59M	$4.68M	$45.26M	$48.46M
Depreciation & Amortisation	$8.77M	$8.52M	$8.27M	$8.21M	$8.22M
Stock-Based Compensation	$7.84M	$10.00M	$14.75M	$14.27M	$10.60M
Investing Cash Flow	$4.89M	-$10.67M	-$353.44M	-$18.10M	-$94.35M
Financing Cash Flow	-$4.75M	$14.99M	$409.64M	$8.33M	-$14.13M
Share Repurchases	—	—	—	$0.00	—
Net Change in Cash	-$25.30M	$20.13M	$69.29M	$36.14M	-$59.79M

Market Snapshot

About

Ligand Pharmaceuticals Inc. is a biopharmaceutical company that develops and acquires technologies to enable other pharmaceutical companies to discover and develop medicines. The company operates a unique royalty-based business model, partnering with biotechnology and pharmaceutical companies by providing its proprietary technology platforms. Ligand's diverse portfolio includes programs in antibody technologies, peptide therapeutics, and small molecule drug development across multiple therapeutic areas.