Ligand Pharmaceuticals vs Phathom Pharmaceuticals
Ligand Pharmaceuticals is the larger business, with $268m of revenue in fiscal 2025 against $175m for Phathom Pharmaceuticals (1.5 times as much). Phathom Pharmaceuticals grew faster (216.9% against 60.4%). Ligand Pharmaceuticals kept more of each dollar of sales as profit: a net margin of 46.4% against -126.3%.
| Latest fiscal year | Ligand PharmaceuticalsLGND, 2025 | Phathom PharmaceuticalsPHAT, 2025 |
|---|---|---|
| Revenue | $268m | $175m |
| Revenue growth | 60.4% | 216.9% |
| Net income | $124m | −$221m |
| Operating margin | — | -91.4% |
| Net margin | 46.4% | -126.3% |
| Return on equity | 13.5% | — |
| Free cash flow | $48.9m | −$167m |
| Cash | $175m | $130m |
| Total debt | $0 | $209m |
| Debt to equity | — | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $15.0m | — |
| Employees | 47 | 371 |
| Market value | $6.26bn | $449m |
| Price vs our value range | Above our value range | — |
| Moat score | 32 (Weak) | — |
| Insider trades, 12 months | 0 buys, 131 sales | 0 buys, 1 sales |