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Ligand Pharmaceuticals Inc (LGND) stock

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NASDAQ: LGND Nasdaq Biotechnology Next results ~January 28, 2027

C+ Fundamentals grade

Ligand Pharmaceuticals Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($48.79) was left out of our combined valuation (it is 0.16x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($48.79) was left out of our combined valuation (it is 0.16x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Ligand Pharmaceuticals Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Ligand Pharmaceuticals files

10-Q filed October 30: Ligand Pharmaceuticals

Revenue for the twelve months to September 2026 was $254m, up 1.0% on a year earlier, slower than the 54.9% growth a quarter earlier. Free-cash-flow margin rose to 35.7% from 12.2% a year earlier. Operating margin widened to 10.1% from 7.2%. The diluted share count is up 6.1% on a year earlier, which dilutes existing holders. Its fundamentals grade moves from B to C+.

Our model value for Ligand Pharmaceuticals is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Ligand Pharmaceuticals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $291m, up 54.9% on a year earlier, faster than the 51.2% growth a quarter earlier. Free-cash-flow margin rose to 45.2% from 28.6% a year earlier. Operating margin widened to 32.6% from -18.3%. The diluted share count is up 10.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 6 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Ligand Pharmaceuticals Inc's trailing-twelve-month revenue grew 1.0% year on year, with a free-cash-flow margin of 35.7%. Where it stands out: free-cash-flow margin of 35.7% ranks 13 of 176 biotechnology companies we cover. Where it lags: change in growth rate of -53.9pp ranks 143 of 172 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$49 per share in the base case (~$28–$76 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 194.6% while net income grew 5.9%: a 189pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 35.7% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.

Things to watch

  • Growth slowing. The growth rate is 53.9 points lower than a quarter earlier.
  • Heavy stock-based pay. Stock pay equals 22.3% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 6.1% in a year.
  • High debt. Long-term debt exceeds cash by $0.6bn, more than 1.5 times annual revenue.
  • High earnings multiple. The shares trade at 124 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 9 insiders sold $35M of stock over the past 365 days and none bought (69% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$2.67 against an average estimate of $2.33: beat by 14.7%
Revenue
$79m, down 31.8% on a year earlier
Share reaction
+1.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate $3.01

Ligand Pharmaceuticals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.9%
  • 1 week+0.4%
  • 1 month+3.3%
  • This year+62.4%
  • 1 year+63.6%
  • 5 years+218.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$254M
Operating margin
10.1%
Net margin
20.3%
EPS (TTM, diluted)
$2.48

Growth

Revenue growth
+1.0%
Change in growth rate
−53.9 pts
Share count change
+6.1%

Cash

Free cash flow (TTM)
$90.6M
FCF margin
35.7%
Stock pay % of revenue
22.3%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Announcement
  4. Announcement
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Results
  9. Deal

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ligand Pharmaceuticals Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($48.79) was left out of our combined valuation (it is 0.16x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Ligand Pharmaceuticals Inc's free cash flow after stock-based pay ( $27.7M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Ligand Pharmaceuticals Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.09 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$49 ~$28–$76 Left out: out of range vs price (0.16x)
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$46 ~$15–$73 Left out: out of range vs price (0.15x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$140 ~$130–$280 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$17 ~$11–$27 Left out: out of range vs price (0.06x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$2.0 ~$1.7–$2.3 Left out: out of range vs price (0.01x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ligand Pharmaceuticals Inc with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$67.64$63.39$85.42$84.65$65.06$62.04$96.36$66.80$71.42$107.15$189.07$307.02
Market value$1.4bn$1.3bn$2.0bn$2.0bn$1.3bn$1.0bn$1.7bn$1.1bn$1.3bn$2.0bn$3.8bn$6.4bn
+ Net debt (− = net cash)−$97m−$19m−$21m$519m$567m$395m$301m$32m−$23m−$72m−$175m$1.1bn
Enterprise value$1.3bn$1.3bn$2.0bn$2.6bn$1.9bn$1.4bn$2.0bn$1.2bn$1.2bn$1.9bn$3.7bn$7.5bn
Multiples
Price / sales 20.0x12.1x14.2x8.1x10.7x6.4x6.9x5.7x9.7x11.7x14.3x25.1x
Price / earnings 6.2x—159.7x14.2x2.0x—29.1x—24.3x—30.8x124.0x
Price / free cash flow 34.5x22.4x23.2x10.5x—20.8x23.7x9.4x27.5x20.6x78.5x70.4x
EV / EBITDA 44.7x23.6x25.1x14.5x2.2x22.8x12.7x21.2x25.7x149.4x49.0x123.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

32 /100

Weak moat

How hard Ligand Pharmaceuticals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.6% of total assets over 10 years.

  • Durability 6 / 20

    Operating margin has been a median 20.1%; its worst year was -10.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 44.2% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 21.8% over five years; stock-based pay has been a median 17.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (36 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.35 +15% $290m +8%
Next $11.96 +28% $379m +31%

Next year's EPS estimate has moved +3.1% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.2% on 90 days ago. In the last 30 days, 1 analyst raised Ligand Pharmaceuticals Inc's forecast and 1 cut it.

Consensus EPS forecast Ligand Pharmaceuticals Inc, last 90 days
$9.00 $10.00 $11.00 $12.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.14 Current fiscal year, 60 days ago: $9.32 Current fiscal year, 30 days ago: $9.32 Current fiscal year, 7 days ago: $9.31 Current fiscal year, Now: $9.35 $9.35 Next fiscal year, 90 days ago: $11.60 Next fiscal year, 60 days ago: $11.93 Next fiscal year, 30 days ago: $11.93 Next fiscal year, 7 days ago: $11.95 Next fiscal year, Now: $11.96 $11.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.14$11.60
60 days ago $9.32$11.93
30 days ago $9.32$11.93
7 days ago $9.31$11.95
Now $9.35$11.96

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.33 $2.67 +14.7%
Jun 2026 $1.95 $2.37 +21.5%
Mar 2026 $1.80 $1.63 −9.6%
Dec 2025 $1.50 $2.02 +34.9%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Ligand Pharmaceuticals Inc's revenue by +30.0% next year and +15.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+40.6%, weight 68%) and the company's own record (+7.8%, weight 32%) . How the weights are set.

Analyst recommendations

11 analysts, Oct 2026
Buy11100%
Hold00%
Sell00%

Monthly trend

  1. Oct 20263811
  2. Sep 20263811
  3. Aug 20262810
  4. Jul 2026279

Counts of recommendations published by analysts covering Ligand Pharmaceuticals Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.0%
of tradable shares
Days to cover
9.25
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.3%
of shares
Employees
47
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +60.5%

$191.31 on October 31, 2025 to $307.02

ThenNowEffect
Revenue (last 12 months) $188m $291m +54.9%
P/S multiple 19.4x 22.1x +14.0%
Share count 19m 21m −9.1%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +468.7%

$53.99 on November 3, 2023 to $307.02

ThenNowEffect
Revenue (last 12 months) $180m $291m +61.5%
Net margin 15.1% 67.9% +349.8%
P/E multiple 34.7x 32.6x −5.9%
Share count 17m 21m −16.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LGND+55%−31%+7%+50%+77%+62%
Industry peers (median)−36%−57%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LGND58%50%58%50%75%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LGND−53%−52%−38%−23%−21%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 77% from September 28, 2018 to March 16, 2020. Getting back needed a 333% gain, reached on September 29, 2025, 2023 days after the low.

Price behaviour

52-week range
$181.65 – $322.75
From 52-week high
−4.9%
vs 50-day average
+3.4%
vs 200-day average
+21.3%
Volatility (1 year)
37%
Beta vs S&P 500
0.80

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±5.3%
After a week
6 up, 5 down
typical move ±5.3%
After a month
6 up, 5 down
typical move ±5.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +1.2% −2.1% — —
August 6, 2026 −3.1% +0.5% −4.5% −5.6%
May 7, 2026 −4.8% +0.5% −5.8% +2.2%
February 26, 2026 +3.6% −1.0% +7.8% +2.1%
November 6, 2025 +6.4% −1.0% +5.7% −3.0%
August 7, 2025 +5.4% +0.7% +8.0% +16.5%
May 8, 2025 −1.1% +0.6% −2.0% +3.7%
February 27, 2025 +6.3% −0.1% +0.9% −6.4%
November 7, 2024 +3.7% +1.2% −1.2% −0.5%
August 6, 2024 −4.9% +0.2% +5.0% +5.1%
May 7, 2024 +10.3% +0.1% +17.1% +13.1%
February 27, 2024 +13.3% +0.1% −0.6% −4.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Ligand Pharmaceuticals Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ligand Pharmaceuticals Inc
$100M $150M $200M $250M $300M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $131.3M Revenue (TTM), FY24 Q1: $118.3M Revenue (TTM), FY24 Q2: $133.5M Revenue (TTM), FY24 Q3: $152.4M Revenue (TTM), FY24 Q4: $167.1M Revenue (TTM), FY25 Q1: $181.5M Revenue (TTM), FY25 Q2: $187.6M Revenue (TTM), FY25 Q3: $251.2M Revenue (TTM), FY25 Q4: $268.1M Revenue (TTM), FY26 Q1: $274.5M Revenue (TTM), FY26 Q2: $290.5M Revenue (TTM), FY26 Q3: $253.8M $253.8M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $131.3M
FY24 Q1 $118.3M
FY24 Q2 $133.5M
FY24 Q3 $152.4M
FY24 Q4 $167.1M
FY25 Q1 $181.5M
FY25 Q2 $187.6M
FY25 Q3 $251.2M
FY25 Q4 $268.1M
FY26 Q1 $274.5M
FY26 Q2 $290.5M
FY26 Q3 $253.8M
Revenue growth, TTM YoY Ligand Pharmaceuticals Inc
-50% 0% 50% 100% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -33.1% Revenue growth, TTM YoY, FY24 Q1: -41.9% Revenue growth, TTM YoY, FY24 Q2: -25.8% Revenue growth, TTM YoY, FY24 Q3: -0.8% Revenue growth, TTM YoY, FY24 Q4: 27.3% Revenue growth, TTM YoY, FY25 Q1: 53.4% Revenue growth, TTM YoY, FY25 Q2: 40.5% Revenue growth, TTM YoY, FY25 Q3: 64.8% Revenue growth, TTM YoY, FY25 Q4: 60.4% Revenue growth, TTM YoY, FY26 Q1: 51.2% Revenue growth, TTM YoY, FY26 Q2: 54.9% Revenue growth, TTM YoY, FY26 Q3: 1.0% 1.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -33.1%
FY24 Q1 -41.9%
FY24 Q2 -25.8%
FY24 Q3 -0.8%
FY24 Q4 27.3%
FY25 Q1 53.4%
FY25 Q2 40.5%
FY25 Q3 64.8%
FY25 Q4 60.4%
FY26 Q1 51.2%
FY26 Q2 54.9%
FY26 Q3 1.0%
Operating margin (TTM) Ligand Pharmaceuticals Inc
-40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 9.1% Operating margin (TTM), FY24 Q1: 0.6% Operating margin (TTM), FY24 Q2: -12.3% Operating margin (TTM), FY24 Q3: -10.7% Operating margin (TTM), FY24 Q4: -13.5% Operating margin (TTM), FY25 Q1: -34.1% Operating margin (TTM), FY25 Q2: -18.3% Operating margin (TTM), FY25 Q3: 7.2% Operating margin (TTM), FY25 Q4: 16.0% Operating margin (TTM), FY26 Q1: 35.2% Operating margin (TTM), FY26 Q2: 33.3% Operating margin (TTM), FY26 Q3: 10.1% 10.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 9.1%
FY24 Q1 0.6%
FY24 Q2 -12.3%
FY24 Q3 -10.7%
FY24 Q4 -13.5%
FY25 Q1 -34.1%
FY25 Q2 -18.3%
FY25 Q3 7.2%
FY25 Q4 16.0%
FY26 Q1 35.2%
FY26 Q2 33.3%
FY26 Q3 10.1%
FCF margin (TTM) Ligand Pharmaceuticals Inc
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 35.1% FCF margin (TTM), FY24 Q1: 28.0% FCF margin (TTM), FY24 Q2: 34.7% FCF margin (TTM), FY24 Q3: 49.3% FCF margin (TTM), FY24 Q4: 57.0% FCF margin (TTM), FY25 Q1: 28.1% FCF margin (TTM), FY25 Q2: 28.6% FCF margin (TTM), FY25 Q3: 12.2% FCF margin (TTM), FY25 Q4: 18.2% FCF margin (TTM), FY26 Q1: 44.8% FCF margin (TTM), FY26 Q2: 45.2% FCF margin (TTM), FY26 Q3: 35.7% 35.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 35.1%
FY24 Q1 28.0%
FY24 Q2 34.7%
FY24 Q3 49.3%
FY24 Q4 57.0%
FY25 Q1 28.1%
FY25 Q2 28.6%
FY25 Q3 12.2%
FY25 Q4 18.2%
FY26 Q1 44.8%
FY26 Q2 45.2%
FY26 Q3 35.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 39 24 30 31 49 65 72 109 141 251 120 164 242 196 131 167 268 254
Gross profit — — — — — — — 103 136 245 — — — — — — — —
EBITDA −5 −27 2 3 18 22 30 55 79 177 825 63 155 55 48 13 75 60
Operating income −10 −29 −1 0 15 20 27 44 68 164 807 38 104 3 12 −23 41 26
Net income −2 −10 10 −1 11 12 230 −2 13 143 629 −3 57 −33 52 −4 124 51
Diluted EPS −$0.10 −$0.53 $0.49 −$0.03 $0.55 $0.56 $10.83 −$0.08 $0.53 $5.96 $31.85 −$0.18 $3.31 −$1.98 $2.94 −$0.22 $6.13 $2.48
Growth (year on year)
Revenue — −39.6% +27.6% +4.5% +56.0% +31.8% +11.4% +51.5% +29.5% +78.2% −52.2% +36.0% +47.7% −18.8% −33.1% +27.3% +60.4% +1.0%
EBITDA — — — +52.7% +502.9% +26.6% +34.4% +84.2% +43.2% +123.3% +367.6% −92.3% +145.2% −64.8% −11.2% −73.9% +491.9% +16.0%
Operating income — — — — — +31.3% +39.2% +60.6% +55.1% +140.5% +392.9% −95.4% +176.9% −97.1% — −289.3% — +41.9%
Net income — — — −105.4% — +5.3% +>999% −100.7% — +>999% +339.1% −100.5% — −158.4% — −107.7% — +5.9%
Diluted EPS — — — −106.1% — +1.8% +>999% −100.7% — +>999% +434.4% −100.6% — −159.8% — −107.5% — −0.2%
Margins
Gross margin — — — — — — — 94.9% 96.2% 97.5% — — — — — — — —
EBITDA margin −13.7% −115.1% 6.4% 9.3% 36.0% 34.5% 41.7% 50.6% 56.0% 70.2% 686.3% 38.6% 64.1% 27.8% 36.9% 7.6% 27.9% 23.8%
Operating margin −25.6% −124.5% −2.9% 0.6% 30.5% 30.4% 38.0% 40.3% 48.2% 65.1% 671.0% 22.9% 43.0% 1.5% 9.1% −13.5% 15.3% 10.1%
Net margin −5.0% −44.1% 32.3% −1.7% 23.3% 18.6% 319.6% −1.5% 8.9% 57.0% 523.2% −1.8% 23.7% −17.0% 39.7% −2.4% 46.4% 20.3%
Free-cash-flow margin −88.1% −115.3% −4.2% −1.4% 41.5% 31.9% 57.9% 54.0% 61.2% 76.8% −26.5% 30.6% 29.0% 61.1% 35.1% 57.0% 18.2% 35.7%
Cash flow
Cash from operations −34 −27 −1 0 21 21 42 61 89 194 −29 55 79 138 50 97 49 91
Capital spending 1 0 0 1 0 0 0 2 2 1 3 4 9 18 4 2 0 0
Free cash flow −34 −27 −1 −0 20 21 42 59 86 193 −32 50 70 120 46 95 49 91
Stock-based pay 3 2 3 4 6 11 12 19 25 21 25 31 39 60 26 41 47 57
Free cash flow after stock pay −38 −29 −5 −5 15 9 29 40 61 172 −56 19 31 60 20 54 2 34
Balance sheet
Cash 16 3 7 12 12 160 97 19 21 117 72 48 20 45 23 72 175 56
Total debt 0 0 30 42 9 196 — — — 636 639 442 321 77 — 0 0 1,160
Net debt (negative = net cash) −16 −3 23 30 −3 36 −97 −19 −21 519 567 395 301 32 −23 −72 −175 1,104
Diluted shares 19m 20m 20m 20m 21m 21m 21m 21m 23m 24m 20m 17m 17m 17m 18m 18m 20m 21m
Returned to shareholders
Buybacks — 0 0 0 0 68 0 4 2 123 453 78 0 0 0 0 15 —
Total returned — 0 0 0 0 68 0 4 2 123 453 78 0 0 0 0 15 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $2.2bn
Short-term assets $608mLonger-term assets $1.6bn
What it owes, and who funded it · $2.2bn
Short-term liabilities $501mLonger-term liabilities $775mShareholders' equity $962m
  • Short-term assets cover short-term liabilities $608m of assets due within a year against $501m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $608m short-term assets against $775m of longer-dated liabilities.
  • More cash than debt $56m of cash against $1.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 117% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $91m of operating cash flow against $1.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $26m against $8m of interest.

From Ligand Pharmaceuticals Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$15M
Diluted share count
+6.1%
year over year
R&D spending
9.1%
of revenue
Days sales outstanding
120 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated LGND RYTM ANAB PHAT IDYA PBYI Median
Revenue, last 12 months $254m $240m $238m $275m $234m $231m $56m
Revenue growth, last 12 months 1.0% 53.5% 92.9% 86.8% −70.1% −2.9% 12.6%
Revenue growth, 3-year average 18.2% 76.3% 163.9% — 94.0% 0.2% 13.7%
Revenue growth, latest quarter −31.8% 46.9% 23.5% 71.1% 55.4% 7.8% 10.2%
Gross margin 91.9% 89.0% — 80.7% — 74.8% 82.9%
Operating margin 10.1% −83.6% 131.7% −9.3% −92.7% 13.2% −189.4%
Operating margin, 3-year average 2.2% −152.7% −108.0% −416.8% −425.5% 13.7% −363.5%
Net margin 20.3% −85.6% 82.4% −30.2% −74.8% 11.6% −169.8%
Cash from operations / revenue 35.9% −43.9% 7.6% −7.5% −47.7% 17.8% −168.0%
Free-cash-flow margin 35.7% −43.9% 1.9% −7.7% −48.6% 17.8% −162.4%
Free-cash-flow margin, 3-year average 32.4% −79.7% −226.6% −367.9% −375.3% 17.2% −310.0%
Stock pay / revenue 22.3% 36.4% −2.7% 8.6% 23.6% 3.1% 20.0%
Change in share count 6.1% 8.1% −2.5% 12.3% 2.1% 3.0% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 1.0% 12.6% 110 of 172
Change in growth rate Growth -53.9pp -0.1pp 143 of 172
Operating margin Profitability 10.1% -189.4% 30 of 175
Net margin Profitability 20.3% -157.3% 24 of 180
Free-cash-flow margin Cash generation 35.7% -145.4% 13 of 176
Stock pay as % of revenue Cash generation 22.3% 19.2% 96 of 179
Long-term debt as % of assets Balance sheet 30.4% 20.6% 54 of 78
Change in share count Balance sheet 6.1% 7.9% 71 of 156
Days sales outstanding Balance sheet 120 days 75 days 73 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Royalty $161M ▲ 48.0%
Intangible Royalty Assets $133M ▲ 39.0%
Contract Revenue and Income $66.9M ▲ 143.4%
Contract Revenue $66.9M ▲ 143.4%
Income From Divestiture Transactions $53.1M —
Material Sales Captisol $40.2M ▲ 30.2%
Material Sales Captisol Core $40.2M ▲ 30.2%
Royalty Kyprolis $35.5M ▼ 7.4%
Filspari $32M ▲ 162.5%
Financial Royalty Assets $28.5M ▲ 111.7%
QARZIBA $23.7M ▲ 113.5%
Royalty Rylaze $13.3M ▼ 2.9%
Royalty Other $10.4M ▲ 38.5%
Capvaxive $10.1M ▲ 1506.9%
Ohtuvayre $9.8M ▲ 1071.7%
Royalty Teriparatide Injection $8.1M ▼ 0.9%
Vaxneuvance $7.4M ▲ 42.8%
License Fees $7M ▲ 259.5%
Services $6.8M ▼ 73.3%
Royalty Evomela $5.9M ▼ 31.5%
Financial Royalty Other $4.7M ▲ 103.4%

These categories overlap or exclude eliminations, so shares aren't shown.

From Ligand Pharmaceuticals Inc's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.2B
Institutions reporting
412
Shares held vs prior quarter
▲ 9.0%
Positions opened / closed
91 / 33

Top buyers and sellers, Q2 2026: 240 institutions bought and 146 sold ; the biggest buyer was Invesco Ltd (+378K shares) and the biggest seller Bank Of Montreal (−64K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $980M 3.1M 13.7% ▲ 4.7%
Invesco Ltd. $380M 1.2M 5.3% ▲ 45.9%
Vanguard Portfolio Management LLC $360M 1.1M 5.0% ▲ 3.5%
Jupiter Topco LLC $329M 1.0M 4.6% —
Vanguard Capital Management LLC $275M 871K 3.8% ▲ 2.7%
State Street Corp $261M 827K 3.7% ▲ 6.1%
FMR LLC $241M 763K 3.4% ▲ 28.0%
Franklin Resources Inc $238M 752K 3.3% ▲ 31.2%
Congress Asset Management Co $209M 660K 2.9% ▲ 30.8%
Geode Capital Management, LLC $186M 589K 2.6% ▲ 5.4%
Nomura Asset Management International Inc. $180M 568K 2.5% ▼ 0.9%
Chicago Capital, LLC $175M 553K 2.4% ▼ 1.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ligand Pharmaceuticals Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $34.7M 131 trades by 9 insiders · 69% under pre-set plans
Net ▼ $34.7M net selling
Insider Date Trade Shares Price Value
Reardon Andrew CLO & Secretary October 2, 2026 Sell pre-set plan 17 $307.74 $5,232
Reardon Andrew CLO & Secretary October 2, 2026 Sell pre-set plan 235 $307.19 $72,190
Reardon Andrew CLO & Secretary October 2, 2026 Sell pre-set plan 404 $306.18 $123,698
Reardon Andrew CLO & Secretary October 2, 2026 Sell pre-set plan 1,535 $304.52 $467,431
Reardon Andrew CLO & Secretary October 2, 2026 Sell pre-set plan 1,976 $303.54 $599,804
Reardon Andrew CLO & Secretary October 2, 2026 Sell pre-set plan 833 $302.51 $251,991
Zimmermann Martine Director September 10, 2026 Sell 1,200 $285.00 $342,000
Reardon Andrew CLO & Secretary September 3, 2026 Sell pre-set plan 400 $288.98 $115,592
Reardon Andrew CLO & Secretary September 3, 2026 Sell pre-set plan 300 $283.99 $85,197
Reardon Andrew CLO & Secretary September 3, 2026 Sell pre-set plan 2,115 $286.36 $605,651
Reardon Andrew CLO & Secretary September 3, 2026 Sell pre-set plan 1,800 $285.17 $513,306
Reardon Andrew CLO & Secretary September 3, 2026 Sell pre-set plan 385 $287.53 $110,699

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 9 trades and filings

In the last 12 months, 1 member of Congress disclosed 4 purchases and 0 sales of Ligand Pharmaceuticals Inc shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded May 29, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 3, 2026, filed April 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded January 15, 2026, filed February 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • November 6, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Ligand Pharmaceuticals Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ligand Pharmaceuticals Inc in brief

What does Ligand Pharmaceuticals Inc do?
Ligand Pharmaceuticals Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Ligand Pharmaceuticals Inc's stock ticker?
Ligand Pharmaceuticals Inc trades under the ticker LGND on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ligand Pharmaceuticals Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ligand Pharmaceuticals Inc reported revenue of $254M, 1.0% higher than a year earlier, according to its SEC filings.
What is Ligand Pharmaceuticals Inc's free cash flow?
Ligand Pharmaceuticals Inc's free-cash-flow margin is 35.7% of revenue over the trailing twelve months, ranking 13 of the 176 biotechnology companies we cover.
Who are Ligand Pharmaceuticals Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Invesco Ltd. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Ligand Pharmaceuticals Inc's market cap?
On November 2, 2026, Ligand Pharmaceuticals Inc's market capitalisation was about $6.4B, with a price-to-earnings ratio of 124.0 and net debt of $1.1B. Market figures come from third-party market data and may be delayed.
How much debt does Ligand Pharmaceuticals Inc have?
Ligand Pharmaceuticals Inc's debt-to-equity ratio is 117.3%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Ligand Pharmaceuticals Inc's competitors?
In our Biotechnology peer group, the companies closest to Ligand Pharmaceuticals Inc are Rhythm Pharmaceuticals, Inc., Anaptysbio, Inc, Phathom Pharmaceuticals, Inc., Ideaya Biosciences, Inc. and Puma Biotechnology, Inc. The side-by-side comparison below sets their revenue, margins and growth against Ligand Pharmaceuticals Inc's.
Are insiders buying or selling Ligand Pharmaceuticals Inc stock?
Over the last 12 months, Ligand Pharmaceuticals Inc's directors and officers reported 0 open-market purchases and 131 sales on Form 4. The insider trading page charts every trade.
When is Ligand Pharmaceuticals Inc's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ligand Pharmaceuticals Inc announces its own schedule.