Ligand Pharmaceuticals (LGND) Financials

$232.55 +0.25 (+0.11%)

Closing price 04:00 PM Eastern

Extended Trading

$232.17 -0.38 (-0.16%)

As of 07:29 PM Eastern

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

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	2.29	-10	18	86	-52	-7.17	-31	-42	4.85	117	45
Consolidated Net Income / (Loss)	2.29	-10	18	86	-52	-7.17	-31	-42	4.85	117	45
Net Income / (Loss) Continuing Operations	2.29	-10	18	86	-52	-7.17	-31	-42	4.85	117	45
Total Pre-Tax Income	3.17	-12	17	113	-65	-6.34	-39	-50	11	141	57
Total Operating Income	-1.98	3.08	-3.36	2.99	-19	3.14	-9.64	-36	8.44	55	14
Total Gross Profit	25	33	19	28	39	49	34	40	45	112	57
Total Revenue	26	33	28	31	42	52	43	45	48	115	60
Operating Revenue	26	33	28	31	42	52	43	45	48	115	60
Total Cost of Revenue	1.67	0.00	8.84	2.88	2.91	2.45	8.63	4.85	2.91	3.80	2.99
Operating Cost of Revenue	1.67	-	-	2.88	2.91	2.45	-	4.85	2.91	3.80	2.99
Total Operating Expenses	27	30	25	25	58	46	44	77	36	57	43
Selling, General & Admin Expense	11	15	16	11	18	24	26	19	20	28	25
Research & Development Expense	6.85	5.53	5.49	5.97	5.35	5.68	4.43	50	6.57	21	3.51
Amortization Expense	8.54	8.24	8.34	8.19	8.26	8.26	8.26	8.26	8.26	8.10	8.10
Total Other Income / (Expense), net	5.15	-15	23	110	-46	-9.48	-30	-14	2.78	86	43
Interest Expense	0.28	0.00	0.13	0.14	1.27	0.74	0.89	0.87	1.15	0.91	1.79
Interest & Investment Income	6.31	-11	18	113	-11	3.75	-22	-11	2.56	12	28
Other Income / (Expense), net	-0.87	-4.30	4.99	-2.19	-34	-12	-6.71	-2.50	1.37	75	16
Income Tax Expense	0.88	-1.87	-1.09	27	-13	0.83	-8.11	-7.73	6.38	24	12
Basic Earnings per Share	$0.13	($0.59)	$1.02	$4.86	($2.88)	($0.39)	($1.81)	($2.21)	$0.25	$5.99	$2.41
Weighted Average Basic Shares Outstanding	17.28M	17.38M	17.30M	17.73M	18.03M	18.42M	18.29M	19.19M	19.33M	19.58M	19.34M
Diluted Earnings per Share	$0.13	($0.59)	$1.07	$4.75	($2.88)	($0.39)	($1.70)	($2.21)	$0.24	$5.68	$2.42
Weighted Average Diluted Shares Outstanding	17.73M	17.38M	17.76M	18.12M	18.03M	18.42M	18.29M	19.19M	19.93M	20.63M	20.29M
Weighted Average Basic & Diluted Shares Outstanding	17.36M	17.44M	17.71M	17.96M	18.27M	18.90M	19.26M	19.29M	19.60M	19.68M	19.94M

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

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	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
Net Change in Cash & Equivalents	-60	-8.59	3.10	27	-32	45	8.69	-24	17	74	36
Net Cash From Operating Activities	-0.08	7.65	8.07	19	13	37	28	-25	16	13	46
Net Cash From Continuing Operating Activities	-0.08	7.65	8.07	19	13	37	28	-25	16	13	46
Net Income / (Loss) Continuing Operations	2.29	-10	18	86	-52	-7.17	-31	-42	4.85	117	45
Consolidated Net Income / (Loss)	2.29	-10	18	86	-52	-7.17	-31	-42	4.85	117	45
Depreciation Expense	9.50	8.61	8.92	8.77	8.85	8.99	8.63	8.77	8.52	8.27	8.21
Amortization Expense	0.14	0.06	0.21	0.41	0.17	0.57	0.14	-0.13	-0.23	-0.41	-0.97
Non-Cash Adjustments To Reconcile Net Income	3.56	22	-13	-104	85	25	27	21	8.26	-123	-25
Changes in Operating Assets and Liabilities, net	-16	-13	-5.78	27	-29	9.59	24	-13	-5.60	11	18
Net Cash From Investing Activities	7.56	-20	-10	-3.78	-55	-47	-39	4.89	-11	-353	-18
Net Cash From Continuing Investing Activities	7.56	-20	-10	-3.78	-55	-47	-39	4.89	-11	-353	-18
Purchase of Property, Plant & Equipment	-0.20	-0.49	-0.42	-0.11	-0.41	-0.60	-0.71	-0.21	-0.21	-0.02	-0.01
Acquisitions	-	-26	-0.01	-3.44	-	-92	-	-1.82	-	-16	-0.65
Purchase of Investments	-49	-18	-20	-78	-99	-32	-93	-67	-63	-393	-221
Sale and/or Maturity of Investments	57	25	60	75	47	95	52	71	51	53	202
Other Investing Activities, net	0.08	0.14	-50	1.94	-1.97	-17	2.54	3.15	2.03	2.77	1.50
Net Cash From Financing Activities	-68	3.27	5.32	12	9.49	55	20	-4.75	15	410	8.33
Net Cash From Continuing Financing Activities	-68	3.27	5.32	12	9.49	55	20	-4.75	15	410	8.33
Repayment of Debt	-77	-	-0.95	-0.04	-0.06	-0.21	-0.12	-0.07	-0.00	-15	-0.62
Other Financing Activities, net	9.10	3.27	6.26	12	9.55	21	17	-4.68	15	-88	8.95
Cash Interest Paid	0.29	-	-	0.06	0.05	0.15	0.00	0.10	0.10	0.10	0.02
Cash Income Taxes Paid	-	0.01	8.76	0.00	-	12	1.86	0.28	4.27	0.62	2.63

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 Revenue	-	-	-	-	-	-	-	0.04	1.44	2.25	0.00
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

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	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
Total Assets	1,051	811	758	769	914	866	955	905	949	1,477
Total Current Assets	220	328	277	254	369	312	309	309	353	754
Cash & Equivalents	4.12	89	28	19	50	18	64	48	68	139
Short-Term Investments	117	194	191	171	261	209	156	161	177	525
Accounts Receivable	65	29	28	36	28	37	34	38	41	58
Inventories, net	22	14	27	25	21	19	17	15	15	12
Current Deferred & Refundable Income Taxes	0.79	0.00	0.00	0.00	0.00	0.00	7.81	4.34	0.83	0.54
Other Current Assets	11	2.33	2.77	2.10	7.31	27	31	43	50	19
Plant, Property, & Equipment, net	33	12	11	16	15	15	15	3.62	3.63	3.47
Total Noncurrent Assets	797	471	470	499	530	539	630	592	592	719
Long-Term Investments	-	-	-	14	47	13	13	11	11	149
Goodwill	181	106	106	104	105	105	105	102	102	102
Intangible Assets	517	334	325	315	291	283	275	258	250	234
Noncurrent Deferred & Refundable Income Taxes	36	0.88	8.53	8.53	0.00	0.19	0.08	0.55	0.83	9.53
Other Noncurrent Operating Assets	49	27	27	54	83	134	234	221	229	226
Total Liabilities & Shareholders' Equity	1,051	811	758	769	914	866	955	905	949	1,477
Total Liabilities	234	165	93	101	107	91	114	110	120	527
Total Current Liabilities	135	99	29	16	18	19	25	59	65	31
Accounts Payable	16	6.14	9.58	2.48	1.89	1.79	4.69	5.37	8.58	3.68
Accrued Expenses	19	15	7.29	11	12	12	16	24	17	24
Current Deferred & Payable Income Tax Liabilities	9.70	-	11	1.20	1.14	2.09	2.11	1.80	0.31	1.28
Other Current Liabilities	4.17	0.77	1.13	1.41	1.13	1.31	1.22	2.37	2.58	1.49
Total Noncurrent Liabilities	99	66	64	86	90	73	89	51	55	496
Long-Term Debt	0.00	-	-	-	-	-	-	-	-	445
Noncurrent Deferred Revenue	5.54	-	-	-	3.07	2.70	2.51	0.00	0.00	0.00
Noncurrent Deferred & Payable Income Tax Liabilities	30	30	28	33	51	30	46	29	32	23
Other Noncurrent Operating Liabilities	64	36	36	53	36	40	40	22	23	28
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	816	646	665	668	807	775	841	796	829	950
Total Preferred & Common Equity	816	646	665	668	807	775	841	796	829	950
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	816	646	665	668	807	775	841	796	829	950
Common Stock	349	154	171	184	218	239	309	341	359	363
Retained Earnings	468	493	495	485	589	537	530	457	461	578
Accumulated Other Comprehensive Income / (Loss)	-1.06	-0.94	-0.97	-0.94	-0.91	-0.94	1.75	-1.56	8.49	9.32

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	-	-	-	-	-	-	-	-	-	-	-

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	19,681,720.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	19,681,720.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.28
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-1.43	2.15	-3.57	2.27	-13	2.20	-6.75	-25	3.65	46	11
Return On Investment Capital (ROIC_SIMPLE)	-	-	-0.51%	-	-	-	-0.81%	-3.19%	0.44%	3.27%	0.75%
Earnings before Interest and Taxes (EBIT)	-2.86	-1.22	1.63	0.80	-53	-9.35	-16	-39	9.82	130	30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.78	7.44	11	9.97	-44	0.21	-7.58	-30	18	138	37
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	322	310	-26	-6.25	-103	-143	-89	-178	-70	72	12
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	446	463	481	449	535	608	563	601	608	582	562
Increase / (Decrease) in Invested Capital	-324	-308	22	8.52	89	145	82	152	73	-26	-1.43
Book Value per Share	$38.49	$38.48	$40.20	$45.55	$43.15	$46.04	$43.95	$41.32	$42.94	$48.49	$51.68
Tangible Book Value per Share	$13.54	$14.36	$17.09	$23.15	$21.53	$25.24	$24.27	$22.62	$24.72	$31.39	$35.07
Total Capital	665	668	701	807	775	841	830	796	829	1,396	1,463
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	445	446
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	445	446
Net Debt	-219	-204	-220	-358	-240	-233	-267	-220	-256	-368	-455
Capital Expenditures (CapEx)	0.20	0.49	0.42	0.11	0.41	0.60	0.71	0.21	0.21	0.02	0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)	28	48	50	41	67	65	38	42	43	59	61
Debt-free Net Working Capital (DFNWC)	247	238	221	351	294	285	294	251	288	723	795
Net Working Capital (NWC)	247	238	221	351	294	285	294	251	288	723	795
Net Nonoperating Expense (NNE)	-3.72	12	-22	-84	39	9.37	24	17	-1.20	-72	-34
Net Nonoperating Obligations (NNO)	-219	-204	-220	-358	-240	-233	-267	-194	-220	-368	-455
Total Depreciation and Amortization (D&A)	9.63	8.67	9.12	9.17	9.02	9.56	8.76	8.64	8.29	7.86	7.24
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.13	($0.59)	$1.02	$4.86	($2.88)	($0.39)	($1.81)	($2.21)	$0.25	$5.99	$2.41
Adjusted Weighted Average Basic Shares Outstanding	17.28M	17.38M	17.30M	17.73M	18.03M	18.42M	18.29M	19.19M	19.33M	19.58M	19.34M
Adjusted Diluted Earnings per Share	$0.13	($0.59)	$1.07	$4.75	($2.88)	($0.39)	($1.70)	($2.21)	$0.24	$5.68	$2.42
Adjusted Weighted Average Diluted Shares Outstanding	17.73M	17.38M	17.76M	18.12M	18.03M	18.42M	18.29M	19.19M	19.93M	20.63M	20.29M
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	17.36M	17.44M	17.71M	17.96M	18.27M	18.90M	19.26M	19.29M	19.60M	19.68M	19.94M
Normalized Net Operating Profit after Tax (NOPAT)	-1.43	2.15	-2.35	2.27	5.17	2.20	-6.75	-25	5.91	46	11
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

Financials Breakdown Chart

Key Financial Trends

Ligand Pharmaceuticals (NASDAQ: LGND) has shown a mix of solid cash generation and volatility in quarterly earnings across the last year. The company posted positive net income and operating cash flow in Q4 2025, aided by sizable investing cash inflows, while core revenue and operating income fluctuated quarter to quarter. Below are the notable four-year trends and quarter-to-quarter signals that may matter for investors.

Q4 2025 net income from continuing operations: $44.8 million with basic EPS of $2.41 and diluted EPS of $2.42, indicating quarterly profitability.
Q4 2025 operating cash flow from continuing operations: $45.9 million, showing solid cash generation from core operations.
Investing cash inflows in 2025: Notable cash inflows from sale/maturity of investments, including $202.18 million in Q4 2025 and $53.47 million in Q3 2025, which boosted liquidity.
Healthy liquidity on the balance sheet (Q3 2025): Cash $139.38 million and short-term investments $525.15 million, totaling roughly $664.5 million in readily available liquidity.
Strong equity base (Q3 2025): Total equity about $950.17 million, reflecting a solid balance sheet cushion for shareholders.
Q3 2025 net income strength: Net income of $117.27 million, supported by meaningful non-operating gains, highlighting a peak quarter for profitability.
Q4 2025 operating income remains positive: Operating income of $13.84 million, signaling ongoing profitability from core operations despite a drop in revenue from the prior quarter.
Revenue pattern shows seasonality: Q3 2025 revenue of $115.46 million vs Q4 2025 revenue of $59.67 million, indicating quarter-to-quarter variability in Ligand’s licensing-based revenue.
Earnings largely driven by non-operating items: Large swings in Total Other Income / (Expense), net (e.g., $86.21 million in Q3 2025; $42.94 million in Q4 2025) can inflate reported profits and reduce earnings quality from period to period.
Debt level presents leverage risk: Long-term debt around $445.5 million (as of Q3 2025), which could weigh on margins and cash flow if financing costs rise.

05/06/26 09:34 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Ligand Pharmaceuticals' Financials

When does Ligand Pharmaceuticals' fiscal year end?

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

How has Ligand Pharmaceuticals' net income changed over the last 10 years?

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. View Ligand Pharmaceuticals' forecast to see where analysts expect Ligand Pharmaceuticals to go next.

What is Ligand Pharmaceuticals' operating income?

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

How has Ligand Pharmaceuticals' revenue changed over the last 10 years?

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%.

How much debt does Ligand Pharmaceuticals have?

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.

How much cash does Ligand Pharmaceuticals have?

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.

How has Ligand Pharmaceuticals' book value per share changed over the last 10 years?

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 3/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Ligand Pharmaceuticals (LGND) Financials

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Ligand Pharmaceuticals (LGND) Financials

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