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Ligand Pharmaceuticals (LGND) Financials

Ligand Pharmaceuticals logo
$285.60 -4.14 (-1.43%)
As of 09/4/2026 04:00 PM Eastern
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Annual Income Statements for Ligand Pharmaceuticals

Annual Income Statements for Ligand Pharmaceuticals

This table shows Ligand Pharmaceuticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 12 230 -1.64 13 629 -2.99 57 -33 52 -4.03 124
Consolidated Net Income / (Loss)		 11 227 -1.64 13 629 -2.99 57 -33 52 -4.03 124
Net Income / (Loss) Continuing Operations		 11 227 -2.37 13 629 6.60 76 -5.22 54 -4.03 124
Total Pre-Tax Income 		11 35 7.96 57 797 1.29 72 36 64 2.52 159
Total Operating Income		 20 27 44 68 807 38 104 3.04 12 -23 41
Total Gross Profit		 55 66 103 141 120 133 179 143 121 156 254
Total Revenue		 65 72 109 141 120 164 242 196 131 167 268
Operating Revenue		 65 72 109 141 120 164 242 196 131 167 268
Total Cost of Revenue		 9.14 5.81 5.57 0.00 0.00 30 62 53 11 11 15
Operating Cost of Revenue		 9.14 5.81 5.57 - - 30 62 53 11 11 15
Total Operating Expenses		 36 39 60 73 -687 96 76 140 111 179 213
Selling, General & Admin Expense		 23 25 28 29 42 60 47 70 53 79 92
Research & Development Expense		 9.75 11 21 27 56 41 32 36 25 21 81
Amortization Expense		 2.38 2.38 11 12 17 12 34 34 34 33 33
Other Operating Expenses / (Income)		 - - - 5.37 11 0.60 -38 0.00 0.00 15 0.00
Impairment Charge		 - - - - - - - 0.00 0.00 31 6.20
Total Other Income / (Expense), net		 -8.32 8.00 -36 -11 -10 -36 -32 33 54 25 118
Interest Expense		 4.86 12 13 13 36 27 20 1.80 0.66 3.04 4.72
Interest & Investment Income		 0.00 23 0.66 0.01 29 -8.86 -4.38 31 54 83 32
Other Income / (Expense), net		 -3.46 -3.25 -24 2.60 -4.17 0.06 -7.65 4.19 0.42 -55 91
Income Tax Expense		 0.41 -192 10 45 167 -5.31 -4.15 41 9.84 6.55 35
Net Income / (Loss) Discontinued Operations		 - - - - - -9.58 -19 -28 -1.67 0.00 0.00
Basic Earnings per Share		 $0.59 $11.61 ($0.08) $0.60 $33.13 ($0.18) $3.44 ($1.98) $3.02 ($0.22) $6.44
Weighted Average Basic Shares Outstanding		 20.42M 19.79M 20.83M 21.03M 19.00M 16.19M 16.63M 16.87M 17.30M 18.29M 19.34M
Diluted Earnings per Share		 $0.56 $10.83 ($0.08) $0.53 $31.85 ($0.18) $3.31 ($1.98) $2.94 ($0.22) $6.13
Weighted Average Diluted Shares Outstanding		 21.43M 21.23M 20.83M 23.48M 19.76M 16.83M 17.25M 16.87M 17.76M 18.29M 20.29M
Weighted Average Basic & Diluted Shares Outstanding		 20.42M 19.80M 20.50M 21.20M 16.51M 16.61M 16.85M 17.08M 17.71M 19.26M 19.94M

Quarterly Income Statements for Ligand Pharmaceuticals

This table shows Ligand Pharmaceuticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 18 86 -52 -7.17 -31 -42 4.85 117 45 -13 49
Consolidated Net Income / (Loss)		 18 86 -52 -7.17 -31 -42 4.85 117 45 -13 49
Net Income / (Loss) Continuing Operations		 18 86 -52 -7.17 -31 -42 4.85 117 45 -13 49
Total Pre-Tax Income 		17 113 -65 -6.34 -39 -50 11 141 57 -24 64
Total Operating Income		 -3.36 2.99 -19 3.14 -9.64 -36 8.44 55 14 17 8.59
Total Gross Profit		 19 28 39 49 34 40 45 112 57 48 60
Total Revenue		 28 31 42 52 43 45 48 115 60 52 64
Operating Revenue		 28 31 42 52 43 45 48 115 60 52 64
Total Cost of Revenue		 8.84 2.88 2.91 2.45 8.63 4.85 2.91 3.80 2.99 3.27 3.21
Operating Cost of Revenue		 - 2.88 2.91 2.45 - 4.85 2.91 3.80 2.99 3.27 3.21
Total Operating Expenses		 25 25 58 46 44 77 36 57 43 31 52
Selling, General & Admin Expense		 16 11 18 24 26 19 20 28 25 21 29
Research & Development Expense		 5.49 5.97 5.35 5.68 4.43 50 6.57 21 3.51 2.15 15
Amortization Expense		 8.34 8.19 8.26 8.26 8.26 8.26 8.26 8.10 8.10 8.10 8.10
Other Operating Expenses / (Income)		 - 0.00 0.00 7.81 1.46 -0.44 1.28 -0.83 - 0.00 0.00
Total Other Income / (Expense), net		 23 110 -46 -9.48 -30 -14 2.78 86 43 -42 56
Interest Expense		 0.13 0.14 1.27 0.74 0.89 0.87 1.15 0.91 1.79 1.75 1.75
Interest & Investment Income		 18 113 -11 3.75 -22 -11 2.56 12 28 11 19
Other Income / (Expense), net		 4.99 -2.19 -34 -12 -6.71 -2.50 1.37 75 16 -50 38
Income Tax Expense		 -1.09 27 -13 0.83 -8.11 -7.73 6.38 24 12 -11 16
Basic Earnings per Share		 $1.02 $4.86 ($2.88) ($0.39) ($1.81) ($2.21) $0.25 $5.99 $2.41 ($0.67) $2.42
Weighted Average Basic Shares Outstanding		 17.30M 17.73M 18.03M 18.42M 18.29M 19.19M 19.33M 19.58M 19.34M 19.88M 20.06M
Diluted Earnings per Share		 $1.07 $4.75 ($2.88) ($0.39) ($1.70) ($2.21) $0.24 $5.68 $2.42 ($0.67) $2.22
Weighted Average Diluted Shares Outstanding		 17.76M 18.12M 18.03M 18.42M 18.29M 19.19M 19.93M 20.63M 20.29M 19.88M 21.84M
Weighted Average Basic & Diluted Shares Outstanding		 17.71M 17.96M 18.27M 18.90M 19.26M 19.29M 19.60M 19.68M 19.94M 20.04M 19.94M

Annual Cash Flow Statements for Ligand Pharmaceuticals

This table details how cash moves in and out of Ligand Pharmaceuticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -63 -79 1.87 99 -48 -24 -28 25 -22 49 103
Net Cash From Operating Activities		 42 61 89 194 -29 55 79 138 50 97 49
Net Cash From Continuing Operating Activities		 42 61 89 194 -29 55 79 138 50 97 49
Net Income / (Loss) Continuing Operations		 227 -2.37 13 143 629 -2.99 57 -33 52 -4.03 124
Consolidated Net Income / (Loss)		 227 -2.37 13 143 629 -2.99 57 -33 52 -4.03 124
Depreciation Expense		 2.63 11 11 13 18 26 51 52 37 35 34
Amortization Expense		 10 11 12 39 45 28 22 6.27 0.66 1.28 -1.74
Non-Cash Adjustments To Reconcile Net Income		 -7.41 43 26 8.56 -801 34 13 27 -23 36 -118
Changes in Operating Assets and Liabilities, net		 -191 -2.01 27 -9.11 79 -31 -64 87 -17 28 11
Net Cash From Investing Activities		 -113 -134 -79 -423 467 232 31 164 -12 -144 -377
Net Cash From Continuing Investing Activities		 -113 -134 -79 -423 467 232 31 164 -12 -144 -377
Purchase of Property, Plant & Equipment		 -0.09 -1.85 -2.16 -0.89 -2.55 -4.46 -8.76 -18 -3.52 -77 -0.45
Acquisitions		 -0.25 -94 -27 -5.86 -13 -405 0.00 -0.75 -26 -93 -19
Purchase of Investments		 -166 -164 -254 -1,434 -2,357 -423 -181 -51 -127 -229 -745
Sale and/or Maturity of Investments		 73 144 197 1,029 2,031 1,039 221 234 194 270 377
Other Investing Activities, net		 -20 -18 7.05 -11 -4.67 3.26 -0.73 -0.87 -50 -15 9.45
Net Cash From Financing Activities		 8.36 -4.99 -7.52 329 -485 -311 -138 -276 -60 97 428
Net Cash From Continuing Financing Activities		 8.36 -4.99 -7.52 329 -485 -311 -138 -276 -60 97 428
Repayment of Debt		 - 0.00 0.00 -235 -27 -222 -156 -261 -78 -0.43 -16
Repurchase of Common Equity		 -0.49 -3.90 -1.97 -153 -453 -78 -18 - 0.00 0.00 -15
Issuance of Debt		 - 0.00 0.00 750 - - - - 0.00 0.00 460
Issuance of Common Equity		 - 0.00 0.00 90 - - - 0.00 0.00 37 67
Other Financing Activities, net		 8.85 -1.09 -5.56 -124 -4.42 -10 36 -8.24 18 60 -69
Effect of Exchange Rate Changes		 - - - - - - - - - - 2.36
Cash Interest Paid		 1.82 1.84 1.84 1.51 5.83 4.46 3.03 1.43 0.29 0.26 0.32
Cash Income Taxes Paid		 0.03 0.04 0.16 0.34 104 2.13 3.72 12 8.77 19 7.80

Quarterly Cash Flow Statements for Ligand Pharmaceuticals

This table details how cash moves in and out of Ligand Pharmaceuticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 3.10 27 -32 45 8.69 -24 17 74 36 -60 892
Net Cash From Operating Activities		 8.07 19 13 37 28 -25 16 13 46 49 24
Net Cash From Continuing Operating Activities		 8.07 19 13 37 28 -25 16 13 46 49 24
Net Income / (Loss) Continuing Operations		 18 86 -52 -7.17 -31 -42 4.85 117 45 -13 49
Consolidated Net Income / (Loss)		 18 86 -52 -7.17 -31 -42 4.85 117 45 -13 49
Depreciation Expense		 8.92 8.77 8.85 8.99 8.63 8.77 8.52 8.27 8.21 8.22 8.22
Amortization Expense		 0.21 0.41 0.17 0.57 0.14 -0.13 -0.23 -0.41 -0.97 -0.22 0.10
Non-Cash Adjustments To Reconcile Net Income		 -13 -104 85 25 27 21 8.26 -123 -25 61 -37
Changes in Operating Assets and Liabilities, net		 -5.78 27 -29 9.59 24 -13 -5.60 11 18 -7.36 4.43
Net Cash From Investing Activities		 -10 -3.78 -55 -47 -39 4.89 -11 -353 -18 -94 321
Net Cash From Continuing Investing Activities		 -10 -3.78 -55 -47 -39 4.89 -11 -353 -18 -94 321
Purchase of Property, Plant & Equipment		 -0.42 -0.11 -0.41 -0.60 -0.71 -0.21 -0.21 -0.02 -0.01 -0.23 -0.03
Acquisitions		 -0.01 -3.44 - -92 - -1.82 - -16 -0.65 0.00 -2.64
Purchase of Investments		 -20 -78 -99 -32 -93 -67 -63 -393 -221 -222 -41
Sale and/or Maturity of Investments		 60 75 47 95 52 71 51 53 202 121 362
Other Investing Activities, net		 -50 1.94 -1.97 -17 2.54 3.15 2.03 2.77 1.50 6.98 2.52
Net Cash From Financing Activities		 5.32 12 9.49 55 20 -4.75 15 410 8.33 -14 546
Net Cash From Continuing Financing Activities		 5.32 12 9.49 55 20 -4.75 15 410 8.33 -14 546
Repayment of Debt		 -0.95 -0.04 -0.06 -0.21 -0.12 -0.07 -0.00 -15 -0.62 -0.05 -20
Other Financing Activities, net		 6.26 12 9.55 21 17 -4.68 15 -88 8.95 -14 -188
Effect of Exchange Rate Changes		 - 0.00 - - - 1.06 - - - -0.04 0.04
Cash Interest Paid		 - 0.06 0.05 0.15 0.00 0.10 0.10 0.10 0.02 0.10 2.27
Cash Income Taxes Paid		 8.76 0.00 - 12 1.86 0.28 4.27 0.62 2.63 0.77 2.54

Annual Balance Sheets for Ligand Pharmaceuticals

This table presents Ligand Pharmaceuticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 503 602 671 1,261 1,495 1,362 1,298 763 787 942 1,561
Total Current Assets		 215 163 237 871 1,124 501 465 264 237 332 832
Cash & Equivalents		 97 19 21 117 72 48 20 45 23 72 175
Short-Term Investments		 103 122 181 657 998 364 322 167 147 184 559
Accounts Receivable		 6.17 15 26 56 30 57 85 30 33 38 60
Inventories, net		 1.63 1.92 4.37 7.12 7.30 26 27 13 24 14 9.13
Current Deferred & Refundable Income Taxes		 - - - 0.14 11 2.22 6.19 4.61 6.40 4.07 1.45
Other Current Assets		 1.91 2.18 1.51 34 4.73 3.82 3.57 2.27 2.66 19 29
Plant, Property, & Equipment, net		 0.37 1.82 4.21 5.37 7.19 14 13 12 16 0.00 0.00
Total Noncurrent Assets		 288 437 430 385 364 847 820 487 534 610 728
Long-Term Investments		 30 8.35 6.44 - - - - 3.00 49 11 168
Goodwill		 12 72 86 87 95 190 106 106 103 105 102
Intangible Assets		 48 205 229 220 210 595 377 342 300 267 225
Noncurrent Deferred & Refundable Income Taxes		 189 124 84 47 26 24 36 8.53 0.21 0.07 8.35
Other Noncurrent Operating Assets		 8.58 28 24 32 33 22 15 23 78 227 225
Total Liabilities & Shareholders' Equity		 503 602 671 1,261 1,495 1,362 1,298 763 787 942 1,561
Total Liabilities		 226 231 252 700 728 653 476 165 86 111 543
Total Current Liabilities		 223 227 239 82 17 100 42 99 17 37 37
Accounts Payable		 4.08 2.73 2.26 4.18 2.42 3.78 8.40 5.31 2.43 5.23 3.24
Accrued Expenses		 5.41 6.40 7.38 19 8.58 19 18 16 12 28 31
Current Deferred & Payable Income Tax Liabilities		 - - - - - - - - 0.00 1.20 1.24
Other Current Liabilities		 11 5.09 4.70 29 3.86 48 1.46 0.77 0.67 2.77 1.52
Total Noncurrent Liabilities		 3.33 3.60 14 618 711 553 435 66 70 74 506
Long-Term Debt		 - - 0.00 610 639 442 321 - - 0.00 446
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - 0.00 33 65 31 31 32 33 36
Other Noncurrent Operating Liabilities		 3.33 3.60 14 7.78 39 46 28 36 36 39 24
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 237 341 400 561 767 710 821 597 701 830 1,017
Total Preferred & Common Equity		 237 341 400 561 767 710 821 597 701 830 1,017
Preferred Stock		 - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 237 341 400 561 767 710 821 597 701 830 1,017
Common Stock		 662 770 798 791 367 318 373 148 199 337 401
Retained Earnings		 -429 -431 -401 -229 400 392 449 451 503 499 608
Accumulated Other Comprehensive Income / (Loss)		 4.90 2.74 2.49 -1.02 -0.22 -0.80 -0.92 -0.98 -0.82 -5.94 8.46

Quarterly Balance Sheets for Ligand Pharmaceuticals

This table presents Ligand Pharmaceuticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 811 758 769 914 866 955 905 949 1,477 1,532 2,186
Total Current Assets		 328 277 254 369 312 309 309 353 754 865 1,457
Cash & Equivalents		 89 28 19 50 18 64 48 68 139 115 1,007
Short-Term Investments		 194 191 171 261 209 156 161 177 525 664 351
Accounts Receivable		 29 28 36 28 37 34 38 41 58 53 67
Inventories, net		 14 27 25 21 19 17 15 15 12 13 10
Current Deferred & Refundable Income Taxes		 0.00 0.00 0.00 0.00 0.00 7.81 4.34 0.83 0.54 1.42 2.91
Other Current Assets		 2.33 2.77 2.10 7.31 27 31 43 50 19 18 19
Plant, Property, & Equipment, net		 12 11 16 15 15 15 3.62 3.63 3.47 0.00 0.00
Total Noncurrent Assets		 471 470 499 530 539 630 592 592 719 667 729
Long-Term Investments		 - - 14 47 13 13 11 11 149 119 157
Goodwill		 106 106 104 105 105 105 102 102 102 102 102
Intangible Assets		 334 325 315 291 283 275 258 250 234 217 209
Noncurrent Deferred & Refundable Income Taxes		 0.88 8.53 8.53 0.00 0.19 0.08 0.55 0.83 9.53 8.47 37
Other Noncurrent Operating Assets		 27 27 54 83 134 234 221 229 226 220 224
Total Liabilities & Shareholders' Equity		 811 758 769 914 866 955 905 949 1,477 1,532 2,186
Total Liabilities		 165 93 101 107 91 114 110 120 527 535 1,218
Total Current Liabilities		 99 29 16 18 19 25 59 65 31 41 47
Accounts Payable		 6.14 9.58 2.48 1.89 1.79 4.69 5.37 8.58 3.68 5.26 9.41
Accrued Expenses		 15 7.29 11 12 12 16 24 17 24 32 32
Current Deferred & Payable Income Tax Liabilities		 - 11 1.20 1.14 2.09 2.11 1.80 0.31 1.28 1.89 3.22
Other Current Liabilities		 0.77 1.13 1.41 1.13 1.31 1.22 2.37 2.58 1.49 1.67 2.25
Total Noncurrent Liabilities		 66 64 86 90 73 89 51 55 496 494 1,172
Long-Term Debt		 - - - - - - - - 445 447 1,127
Noncurrent Deferred & Payable Income Tax Liabilities		 30 28 33 51 30 46 29 32 23 23 22
Other Noncurrent Operating Liabilities		 36 36 53 36 40 40 22 23 28 25 23
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 646 665 668 807 775 841 796 829 950 997 968
Total Preferred & Common Equity		 646 665 668 807 775 841 796 829 950 997 968
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 646 665 668 807 775 841 796 829 950 997 968
Common Stock		 154 171 184 218 239 309 341 359 363 397 380
Retained Earnings		 493 495 485 589 537 530 457 461 578 595 583
Accumulated Other Comprehensive Income / (Loss)		 -0.94 -0.97 -0.94 -0.91 -0.94 1.75 -1.56 8.49 9.32 5.39 4.48

Annual Metrics And Ratios for Ligand Pharmaceuticals

This table displays calculated financial ratios and metrics derived from Ligand Pharmaceuticals' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 19,681,720.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 19,681,720.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 6.32
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 176 -13 15 135 638 192 110 -0.44 10 36 32
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -0.07% 1.44% 4.36% 2.19%
Earnings before Interest and Taxes (EBIT)		 24 20 71 157 803 38 96 7.22 12 -78 132
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 37 43 93 209 866 92 169 65 50 -41 164
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -25 -198 14 147 725 -213 252 138 -12 -46 34
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 249 434 435 423 336 741 598 459 481 563 562
Increase / (Decrease) in Invested Capital		 201 185 0.71 -12 -87 404 -143 -139 22 82 -1.43
Book Value per Share		 $11.91 $16.33 $18.94 $23.31 $43.68 $44.09 $49.14 $35.37 $40.20 $43.95 $51.68
Tangible Book Value per Share		 $8.87 $3.08 $4.04 $10.57 $26.28 ($4.69) $20.27 $8.84 $17.09 $24.27 $35.07
Total Capital		 479 584 643 1,197 1,406 1,152 1,142 674 701 830 1,463
Total Debt		 202 213 225 636 639 442 321 77 0.00 0.00 446
Total Long-Term Debt		 0.00 0.00 0.00 610 639 442 321 0.00 0.00 0.00 446
Net Debt		 -28 64 16 -138 -431 31 -20 -138 -220 -267 -455
Capital Expenditures (CapEx)		 0.09 1.85 2.16 0.89 2.55 4.46 8.76 18 3.52 1.82 0.45
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -6.34 7.79 21 41 37 -11 82 30 50 38 61
Debt-free Net Working Capital (DFNWC)		 194 149 223 815 1,107 400 423 241 221 294 795
Net Working Capital (NWC)		 -8.11 -64 -1.85 788 1,107 400 423 165 221 294 795
Net Nonoperating Expense (NNE)		 -52 -11 2.38 -7.94 8.24 194 53 33 -42 40 -92
Net Nonoperating Obligations (NNO)		 -28 63 16 -138 -431 31 -223 -138 -220 -267 -455
Total Depreciation and Amortization (D&A)		 13 23 22 51 63 54 73 58 37 37 32
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $13.00 ($0.08) $0.60 $6.77 $33.13 ($0.18) $3.44 ($1.98) $3.02 ($0.22) $6.44
Adjusted Weighted Average Basic Shares Outstanding		 19.79M 20.83M 21.03M 21.16M 19.00M 16.19M 16.63M 16.87M 17.30M 18.29M 19.34M
Adjusted Diluted Earnings per Share		 $12.12 ($0.08) $0.53 $5.96 $31.85 ($0.18) $3.31 ($1.98) $2.94 ($0.22) $6.13
Adjusted Weighted Average Diluted Shares Outstanding		 21.23M 20.83M 23.48M 24.07M 19.76M 16.19M 17.25M 16.87M 17.76M 18.29M 20.29M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $33.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 20.77M 20.92M 21.20M 0.00 16.51M 16.61M 16.85M 17.08M 17.71M 19.26M 19.94M
Normalized Net Operating Profit after Tax (NOPAT)		 19 31 48 135 -4.52 14 73 2.13 10 5.58 37
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Ligand Pharmaceuticals

This table displays calculated financial ratios and metrics derived from Ligand Pharmaceuticals' official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 19,681,720.00 19,941,141.00 20,041,061.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 19,681,720.00 19,941,141.00 20,041,061.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 2.28 -0.67 2.42
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -44.22% -29.56% 57.52% 57.64% 52.35% 46.34% 14.68% 122.85% - 14.09% 33.73%
EBITDA Growth		 223.09% -59.43% -743.45% -97.17% -170.51% -401.82% 141.53% 65,412.80% - 16.75% 205.48%
EBIT Growth		 107.81% -94.62% -1,742.54% -665.30% -1,102.15% -4,963.94% 118.65% 1,494.09% - 14.67% 378.81%
NOPAT Growth		 -129.52% -79.66% -833.62% 2.11% -88.84% -1,217.41% 127.28% 1,974.59% - 147.96% 77.71%
Net Income Growth		 204.02% 105.34% -2,366.86% 30.19% -270.93% -149.28% 109.34% 1,735.15% - 68.56% 900.78%
EPS Growth		 202.88% 103.86% -2,315.38% 33.90% -258.88% -146.53% 108.33% 1,556.41% - 69.68% 825.00%
Operating Cash Flow Growth		 -84.92% -44.82% 16,336.59% 377.77% 253.02% -235.84% 18.66% -64.17% - 291.36% 52.02%
Free Cash Flow Firm Growth		 -116.94% -101.86% -131.85% -146.02% -247.73% -2,742.82% 32.21% 150.15% - 138.21% 150.74%
Invested Capital Growth		 4.78% 1.93% 20.02% 31.28% 17.06% 33.92% 13.68% -4.27% - -9.27% -4.74%
Revenue Q/Q Growth		 -14.50% 10.24% 34.07% 24.76% -17.37% 5.89% 5.06% 142.43% - -13.31% 23.14%
EBITDA Q/Q Growth		 44.44% 3.55% -537.49% 100.48% -3,692.89% -296.77% 160.20% 663.33% - -167.04% 320.92%
EBIT Q/Q Growth		 233.47% -42.36% -6,710.93% 82.23% -74.78% -136.87% 125.35% 1,228.19% - -209.72% 242.27%
NOPAT Q/Q Growth		 -265.80% 163.51% -689.31% 116.46% -406.62% -275.80% 114.39% 1,151.59% - 11.35% -46.69%
Net Income Q/Q Growth		 277.05% 373.60% -160.26% 86.18% -333.46% -36.55% 111.42% 2,319.50% - -129.80% 463.49%
EPS Q/Q Growth		 281.36% 343.93% -160.63% 86.46% -335.90% -30.00% 110.86% 2,266.67% - -127.69% 431.34%
Operating Cash Flow Q/Q Growth		 5.48% 132.26% -28.92% 174.37% -22.06% -189.37% 162.09% -17.15% - 6.05% -50.67%
Free Cash Flow Firm Q/Q Growth		 -108.23% 75.54% -1,542.17% -39.15% 37.78% -99.96% 60.84% 202.94% - 449.40% -47.99%
Invested Capital Q/Q Growth		 3.86% -6.72% 19.18% 13.70% -7.40% 6.72% 1.17% -4.25% - -2.92% 6.22%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 68.53% 100.00% 100.00% 95.27% 79.85% 89.30% 93.90% 96.71% - 93.67% 94.95%
EBITDA Margin		 38.26% 32.17% -104.98% 0.41% -17.71% -66.35% 38.02% 119.72% - -48.41% 86.85%
Operating Margin		 -11.95% 9.65% -45.99% 6.07% -22.51% -79.89% 17.73% 47.58% - 33.58% 13.49%
EBIT Margin		 5.80% 2.57% -126.71% -18.05% -38.18% -85.41% 20.61% 112.92% - -63.87% 73.79%
Profit (Net Income) Margin		 64.72% 278.07% -124.99% -13.84% -72.62% -93.64% 10.18% 101.57% - -25.80% 76.16%
Tax Burden Percent		 106.38% 75.93% 79.39% 113.14% 79.31% 84.60% 43.19% 83.09% - 55.01% 75.44%
Interest Burden Percent		 1,048.25% 14,252.14% 124.26% 67.78% 239.83% 129.61% 114.33% 108.25% - 73.43% 136.82%
Effective Tax Rate		 -6.38% 24.07% 0.00% 0.00% 0.00% 0.00% 56.81% 16.91% - 0.00% 24.56%
Return on Invested Capital (ROIC)		 -3.55% 1.95% -8.76% 1.21% -5.04% -19.33% 2.51% 16.68% - 11.25% 4.98%
ROIC Less NNEP Spread (ROIC-NNEP)		 -15.71% -27.82% 8.03% 5.49% 4.96% -13.13% 1.99% -7.17% - 19.15% -8.84%
Return on Net Nonoperating Assets (RNNOA)		 4.33% 10.79% -2.56% -1.59% -1.58% 4.52% -0.57% 2.41% - -6.90% 2.99%
Return on Equity (ROE)		 0.78% 12.74% -11.32% -0.38% -6.62% -14.81% 1.94% 19.09% - 4.35% 7.97%
Cash Return on Invested Capital (CROIC)		 -2.53% -1.79% -20.85% -29.40% -8.78% -37.24% -17.00% 6.63% - 23.42% 18.07%
Operating Return on Assets (OROA)		 0.98% 0.35% -20.82% -3.19% -7.38% -17.04% 4.26% 23.33% - -14.38% 13.68%
Return on Assets (ROA)		 10.97% 38.14% -20.54% -2.45% -14.04% -18.68% 2.10% 20.99% - -5.81% 14.12%
Return on Common Equity (ROCE)		 0.78% 12.74% -11.32% -0.38% -6.62% -14.81% 1.94% 19.09% - 4.35% 7.97%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 11.95% 5.44% 5.38% 0.00% -16.67% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -3.57 2.27 -13 2.20 -6.75 -25 3.65 46 11 12 6.48
NOPAT Margin		 -12.71% 7.32% -32.19% 4.25% -15.76% -55.92% 7.66% 39.53% - 23.51% 10.17%
Net Nonoperating Expense Percent (NNEP)		 12.16% 29.77% -16.79% -4.29% -10.00% -6.20% 0.52% 23.85% - -7.89% 13.82%
Return On Investment Capital (ROIC_SIMPLE)		 -0.51% - - - -0.81% -3.19% 0.44% 3.27% 0.75% 0.84% 0.31%
Cost of Revenue to Revenue		 31.47% 0.00% 0.00% 4.73% 20.15% 10.70% 6.10% 3.29% - 6.33% 5.05%
SG&A Expenses to Revenue		 56.91% 35.35% 42.43% 47.24% 59.81% 41.47% 42.36% 24.64% - 40.28% 45.72%
R&D to Revenue		 19.53% 19.28% 12.89% 10.95% 10.34% 110.48% 13.79% 18.20% - 4.15% 23.03%
Operating Expenses to Revenue		 88.03% 90.35% 145.99% 89.21% 102.36% 169.19% 76.17% 49.13% - 60.09% 81.47%
Earnings before Interest and Taxes (EBIT)		 1.63 0.80 -53 -9.35 -16 -39 9.82 130 30 -33 47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 11 9.97 -44 0.21 -7.58 -30 18 138 37 -25 55
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.78 1.60 1.95 2.17 2.44 2.54 2.65 3.65 - 3.99 6.55
Price to Tangible Book Value (P/TBV)		 4.18 3.16 3.91 3.97 4.42 4.65 4.60 5.64 - 5.87 9.65
Price to Revenue (P/Rev)		 9.48 10.94 11.34 12.00 12.11 11.16 11.69 13.82 - 14.50 21.80
Price to Earnings (P/E)		 23.88 13.43 35.92 40.42 0.00 0.00 0.00 71.45 - 25.93 32.12
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Earnings Yield		 4.19% 7.44% 2.78% 2.47% 0.00% 0.00% 0.00% 1.40% - 3.86% 3.11%
Enterprise Value to Invested Capital (EV/IC)		 2.13 2.09 2.38 2.62 3.12 3.00 3.19 5.33 - 6.47 10.26
Enterprise Value to Revenue (EV/Rev)		 7.81 7.92 9.54 10.47 10.52 9.94 10.33 12.35 - 12.86 20.47
Enterprise Value to EBITDA (EV/EBITDA)		 20.70 27.70 0.00 0.00 0.00 0.00 0.00 26.15 - 20.93 28.89
Enterprise Value to EBIT (EV/EBIT)		 82.97 0.00 0.00 0.00 0.00 0.00 0.00 36.46 - 25.71 34.09
Enterprise Value to NOPAT (EV/NOPAT)		 101.59 1,630.29 0.00 0.00 48.55 0.00 0.00 229.62 - 44.93 75.74
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.69 27.26 26.67 20.82 18.11 34.13 35.00 97.25 - 28.58 45.15
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 78.62 - 26.29 55.41
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.47 - 0.45 1.16
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.47 - 0.45 1.16
Financial Leverage		 -0.28 -0.39 -0.32 -0.29 -0.32 -0.34 -0.29 -0.34 - -0.36 -0.34
Leverage Ratio		 1.19 1.19 1.13 1.14 1.13 1.14 1.13 1.36 - 1.36 1.75
Compound Leverage Factor		 12.51 169.21 1.40 0.77 2.71 1.47 1.29 1.47 - 1.00 2.39
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 31.92% - 30.94% 53.80%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 31.92% - 30.94% 53.80%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 68.08% - 69.06% 46.20%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.75 - 2.65 5.47
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -3.10 - -2.68 -1.88
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.75 - 2.65 5.47
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 32.96 - 5.69 14.35
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -27.21 - -5.75 -4.94
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 32.96 - 5.69 14.35
Altman Z-Score		 10.06 8.73 11.19 10.91 12.15 12.15 12.24 5.55 - 5.76 4.47
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 14.15 20.70 16.82 12.49 8.93 5.27 5.45 24.69 - 21.28 31.18
Quick Ratio		 12.11 19.03 14.24 10.25 7.94 4.22 4.42 23.64 - 20.48 30.49
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -26 -6.25 -103 -143 -89 -178 -70 72 12 68 35
Operating Cash Flow to CapEx		 1,934.05% 17,840.00% 3,263.24% 6,129.19% 3,998.74% -11,890.19% 7,382.71% 87,266.67% - 21,355.70% 92,376.92%
Free Cash Flow to Firm to Interest Expense		 -195.00 -44.31 -80.92 -192.68 -100.15 -204.87 -60.33 78.69 - 38.85 20.19
Operating Cash Flow to Interest Expense		 61.56 132.85 10.50 49.30 32.10 -29.35 13.70 14.38 - 27.87 13.74
Operating Cash Flow Less CapEx to Interest Expense		 58.38 132.11 10.18 48.49 31.30 -29.60 13.52 14.37 - 27.74 13.73
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.17 0.14 0.16 0.18 0.19 0.20 0.21 0.21 - 0.23 0.19
Accounts Receivable Turnover		 4.15 4.11 4.08 4.34 4.69 5.42 4.76 5.47 - 5.98 5.37
Inventory Turnover		 0.56 0.59 0.39 0.54 0.58 0.73 0.76 1.01 - 0.93 1.03
Fixed Asset Turnover		 9.35 8.80 10.13 9.75 10.87 19.35 20.17 27.07 - 0.00 0.00
Accounts Payable Turnover		 2.72 2.62 1.55 3.15 2.89 3.59 2.51 3.44 - 2.44 1.48
Days Sales Outstanding (DSO)		 88.03 88.88 89.52 84.20 77.85 67.30 76.63 66.74 - 61.09 68.03
Days Inventory Outstanding (DIO)		 646.93 613.68 940.63 680.93 627.61 503.11 478.02 363.12 - 392.21 353.90
Days Payable Outstanding (DPO)		 134.27 139.38 234.75 115.86 126.24 101.58 145.21 106.16 - 149.54 247.21
Cash Conversion Cycle (CCC)		 600.69 563.19 795.40 649.27 579.22 468.83 409.45 323.70 - 303.76 174.71
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 481 449 535 608 563 601 608 582 562 546 579
Invested Capital Turnover		 0.28 0.27 0.27 0.28 0.32 0.35 0.33 0.42 - 0.48 0.49
Increase / (Decrease) in Invested Capital		 22 8.52 89 145 82 152 73 -26 -1.43 -56 -29
Enterprise Value (EV)		 1,026 937 1,274 1,596 1,758 1,805 1,937 3,104 - 3,529 5,947
Market Capitalization		 1,245 1,294 1,514 1,829 2,025 2,025 2,193 3,471 - 3,981 6,335
Book Value per Share		 $40.20 $45.55 $43.15 $46.04 $43.95 $41.32 $42.94 $48.49 $51.68 $50.01 $48.28
Tangible Book Value per Share		 $17.09 $23.15 $21.53 $25.24 $24.27 $22.62 $24.72 $31.39 $35.07 $34.02 $32.77
Total Capital		 701 807 775 841 830 796 829 1,396 1,463 1,444 2,094
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 445 446 447 1,127
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 445 446 447 1,127
Net Debt		 -220 -358 -240 -233 -267 -220 -256 -368 -455 -452 -388
Capital Expenditures (CapEx)		 0.42 0.11 0.41 0.60 0.71 0.21 0.21 0.02 0.01 0.23 0.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 50 41 67 65 38 42 43 59 61 45 53
Debt-free Net Working Capital (DFNWC)		 221 351 294 285 294 251 288 723 795 825 1,410
Net Working Capital (NWC)		 221 351 294 285 294 251 288 723 795 825 1,410
Net Nonoperating Expense (NNE)		 -22 -84 39 9.37 24 17 -1.20 -72 -34 26 -42
Net Nonoperating Obligations (NNO)		 -220 -358 -240 -233 -267 -194 -220 -368 -455 -452 -388
Total Depreciation and Amortization (D&A)		 9.12 9.17 9.02 9.56 8.76 8.64 8.29 7.86 7.24 8.00 8.32
Debt-free, Cash-free Net Working Capital to Revenue		 38.33% 34.23% 50.02% 42.63% 22.91% 22.99% 23.02% 23.43% - 16.52% 18.11%
Debt-free Net Working Capital to Revenue		 168.03% 296.75% 220.03% 186.73% 176.18% 138.10% 153.64% 287.93% - 300.48% 485.43%
Net Working Capital to Revenue		 168.03% 296.75% 220.03% 186.73% 176.18% 138.10% 153.64% 287.93% - 300.48% 485.43%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.02 $4.86 ($2.88) ($0.39) ($1.81) ($2.21) $0.25 $5.99 $2.41 ($0.67) $2.42
Adjusted Weighted Average Basic Shares Outstanding		 17.30M 17.73M 18.03M 18.42M 18.29M 19.19M 19.33M 19.58M 19.34M 19.88M 20.06M
Adjusted Diluted Earnings per Share		 $1.07 $4.75 ($2.88) ($0.39) ($1.70) ($2.21) $0.24 $5.68 $2.42 ($0.67) $2.22
Adjusted Weighted Average Diluted Shares Outstanding		 17.76M 18.12M 18.03M 18.42M 18.29M 19.19M 19.93M 20.63M 20.29M 19.88M 21.84M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.71M 17.96M 18.27M 18.90M 19.26M 19.29M 19.60M 19.68M 19.94M 20.04M 19.94M
Normalized Net Operating Profit after Tax (NOPAT)		 -2.35 2.27 5.17 2.20 -6.75 -25 5.91 46 11 12 6.48
Normalized NOPAT Margin		 -8.36% 7.32% 12.46% 4.25% -15.76% -55.92% 12.41% 39.53% - 23.51% 10.17%
Pre Tax Income Margin		 60.84% 366.22% -157.45% -12.23% -91.56% -110.69% 23.56% 122.24% - -46.90% 100.96%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 12.45 5.65 -41.50 -12.62 -18.43 -44.66 8.51 143.27 - -18.91 26.89
NOPAT to Interest Expense		 -27.27 16.09 -10.54 2.97 -7.61 -29.24 3.16 50.16 - 6.96 3.71
EBIT Less CapEx to Interest Expense		 9.27 4.90 -41.82 -13.43 -19.23 -44.90 8.33 143.25 - -19.04 26.87
NOPAT Less CapEx to Interest Expense		 -30.45 15.35 -10.87 2.16 -8.41 -29.49 2.98 50.14 - 6.83 3.69
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 38.03%

Financials Breakdown Chart

Key Financial Trends

Ligand Pharmaceuticals (NASDAQ:LGND) has shown strong revenue growth and improving operating performance across the reported periods, but its results remain volatile because of large gains and losses outside core operations. The company also took on substantially more debt in the second quarter of 2026, making balance-sheet changes an important consideration for investors.

  • Revenue growth remains robust: Second-quarter revenue increased from $26.4 million in 2023 to $41.5 million in 2024, $47.6 million in 2025, and $63.7 million in 2026. That represents growth of approximately 142% over the period.
  • Gross margins remain exceptionally high: Gross margin was approximately 94% in Q2 2025 and 95% in Q2 2026, compared with roughly 94% in Q2 2023. This reflects the asset-light nature of Ligand’s licensing and royalty-focused business model.
  • Core operating profitability has recovered: Operating income improved from a $20.0 million loss in Q2 2024, which included a $26.5 million impairment charge, to operating profits of $8.4 million in Q2 2025 and $8.6 million in Q2 2026.
  • Operating cash flow has generally strengthened: Cash flow from operations improved from negative $82,000 in Q2 2023 to $13.3 million in Q2 2024, $15.8 million in Q2 2025, and $24.0 million in Q2 2026. Operating cash flow was also positive in each of the latest four reported quarters.
  • Liquidity has expanded substantially: Cash and short-term investments totaled approximately $1.36 billion at June 30, 2026, compared with $244.0 million at June 30, 2025 and $219.0 million at June 30, 2023. Including long-term investments, Ligand held roughly $1.51 billion in cash and investments.
  • Shareholders’ equity has grown: Total equity increased to $967.5 million in Q2 2026 from $828.5 million in Q2 2025 and $664.9 million in Q2 2023, supported by accumulated earnings and other balance-sheet changes.
  • Reported earnings are highly dependent on nonoperating items: Q2 2026 net income was $48.5 million, but operating income was only $8.6 million. Interest and investment income contributed $19.1 million, while other income contributed another $38.4 million. Similar volatility appeared in Q3 2025, when net income reached $117.3 million on $86.2 million of other income. Investors should distinguish recurring royalty and licensing performance from investment gains or other one-time items.
  • Intangible assets continue to decline: Intangible assets fell from $325.4 million in Q2 2023 to $209.2 million in Q2 2026, consistent with ongoing amortization. This reduces the carrying value of acquired assets but may also indicate that future earnings will need to come from newer or existing royalty assets as older assets are amortized.
  • Debt increased sharply: Long-term debt rose from no reported long-term debt in Q2 2025 to $446.9 million in Q1 2026 and $1.13 billion in Q2 2026. Total liabilities reached $1.22 billion, more than double the $534.8 million reported at the end of Q1 2026.
  • Cash generation does not fully explain the balance-sheet expansion: Q2 2026 operating cash flow was $24.0 million, while investing cash flow was boosted by $362.3 million of investment sales or maturities and financing cash flow was reported at $546.4 million. The unusually large financing inflow and debt increase warrant additional review of the underlying transactions.
  • Net income remains uneven: Ligand reported net losses of $51.9 million in Q2 2024 and $13.3 million in Q1 2026, despite positive revenue and, in some periods, positive operating income. This history makes quarterly earnings less reliable as a measure of recurring business performance.
  • Share count has increased: Basic weighted-average shares rose from 17.3 million in Q2 2023 to 20.1 million in Q2 2026, while diluted shares reached 21.8 million. Continued equity issuance or stock-based compensation could limit per-share benefits from earnings growth.

Overall, Ligand’s operating profile has improved meaningfully: revenue is rising, margins remain strong, and operating cash flow is positive. However, the company’s headline earnings are volatile and the sharp increase in debt during Q2 2026 adds financial risk. For investors, the key questions are whether recurring royalty revenue can continue growing and whether the newly expanded balance sheet will produce sustainable returns rather than primarily reflecting investment or financing activity.

09/05/26 06:50 AM ETAI Generated. May Contain Errors.

Ligand Pharmaceuticals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ligand Pharmaceuticals' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Ligand Pharmaceuticals' net income appears to be on a downward trend, with a most recent value of $124.45 million in 2025, rising from $10.89 million in 2014. The previous period was -$4.03 million in 2024. See where experts think Ligand Pharmaceuticals is headed by visiting Ligand Pharmaceuticals' forecast page.

Ligand Pharmaceuticals' total operating income in 2025 was $41.00 million, based on the following breakdown:
  • Total Gross Profit: $253.54 million
  • Total Operating Expenses: $212.54 million

Over the last 10 years, Ligand Pharmaceuticals' total revenue changed from $64.54 million in 2014 to $268.09 million in 2025, a change of 315.4%.

Ligand Pharmaceuticals' total liabilities were at $543.43 million at the end of 2025, a 388.1% increase from 2024, and a 140.3% increase since 2015.

In the past 10 years, Ligand Pharmaceuticals' cash and equivalents has ranged from $18.75 million in 2016 to $174.93 million in 2025, and is currently $174.93 million as of their latest financial filing in 2025.

Over the last 10 years, Ligand Pharmaceuticals' book value per share changed from 11.91 in 2015 to 51.68 in 2025, a change of 334.0%.


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Financial statements for NASDAQ:LGND last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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My top 3 AI picks for the next decade
Alexander Green bought Apple in 1996, recommended Nvidia at a split-adjusted 66 cents in 2004, and picked up A...
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Here’s the stock symbol I’ve promised
Whitney Tilson of Stansberry Research has long recommended Berkshire Hathaway as a core retirement holding - b...
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