Ligand Pharmaceuticals Incorporated LGND
- Market cap
- $6.1B
- P/E
- 30.1×
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Target Price Range
Analyst price targets
Free account| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 51.19 | 59.31 | 79.98 | 52.68 | 35.71 | 61.52 | 45.27 | 49.24 | 67.53 | 93.58 |
Analyst estimates 2026–2028 Powerpack |
Low Price
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| 87.21 | 93.14 | 173.81 | 90.42 | 79.73 | 137.09 | 97.49 | 85.70 | 129.90 | 212.49 |
High Price
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| 22 | 39 | 116 | 115 | 115 | 154 | 76 | 58 | 68 | 47 |
Employees
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| 5 | 4 | 2 | 1 | 1 | 2 | 3 | 2 | 2 | 6 |
Revenue/Emp
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| 109 | 141 | 251 | 120 | 164 | 242 | 196 | 131 | 167 | 268 |
Revenue
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| 94.89% | 96.20% | 97.48% | 90.57% | 81.40% | 74.26% | 73.08% | 91.99% | 93.37% | 94.57% |
Gross Margin
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| 8 | 57 | 173 | 797 | 1 | 72 | 36 | 64 | 3 | 159 |
EBT
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| 7.30% | 40.56% | 68.93% | 662.31% | 0.79% | 29.89% | 18.35% | 48.48% | 1.51% | 59.29% |
EBT Margin
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| (2) | 13 | 143 | 629 | (3) | 57 | (33) | 52 | (4) | 124 |
Net Income
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| 23 | 23 | 53 | 63 | 53 | 68 | 52 | 35 | 34 | 30 |
Depreciation
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| 5.23 | 6.71 | 11.88 | 6.33 | 10.11 | 14.52 | 11.63 | 7.59 | 9.14 | 13.86 |
Revenue/Sh
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| (0.08) | 0.60 | 6.77 | 33.13 | (0.18) | 3.46 | (1.98) | 3.02 | (0.22) | 6.44 |
Earnings/Sh
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| 2.92 | 4.21 | 9.17 | (1.54) | 3.37 | 4.74 | 8.17 | 2.87 | 5.31 | 2.55 |
Cash Flow/Sh
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| (0.94) | 0.23 | (0.51) | (0.13) | (0.19) | (0.50) | (1.06) | (3.09) | (0.67) | (0.05) |
Capex/Sh
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| 1.98 | 4.44 | 8.66 | (1.68) | 3.18 | 4.24 | 7.12 | (0.22) | 4.64 | 2.50 |
Free CF/Sh
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| 16.38 | 19.01 | 26.51 | 40.39 | 43.84 | 49.38 | 35.42 | 40.52 | 45.40 | 52.60 |
Book Value/Sh
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| 21 | 21 | 21 | 19 | 16 | 17 | 17 | 17 | 18 | 19 |
Shares
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| 0.00 | 144.13 | 12.54 | 2.13 | 0.00 | 27.85 | 0.00 | 23.79 | 0.00 | 30.01 |
PE Ratio
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| 12.22 | 12.89 | 7.12 | 10.27 | 6.14 | 6.63 | 5.68 | 9.53 | 11.73 | 13.64 |
PS Ratio
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| 3.90 | 4.55 | 3.19 | 1.61 | 1.42 | 1.95 | 1.86 | 1.78 | 2.36 | 3.59 |
PB Ratio
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| 13.15 | 13.19 | 6.58 | 6.70 | 6.38 | 6.56 | 5.04 | 8.27 | 10.17 | 12.48 |
EV/Sales
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| 34.80 | 19.64 | 8.70 | (22.97) | 21.36 | 22.98 | 8.84 | (281.92) | 18.94 | 54.93 |
EV/FCF
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| 61 | 89 | 194 | (29) | 55 | 79 | 138 | 50 | 97 | 49 |
Op' Cash Flow
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| (20) | 5 | (11) | (3) | (3) | (8) | (18) | (53) | (12) | (1) |
Capex
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| 41 | 93 | 183 | (32) | 51 | 71 | 120 | (4) | 85 | 48 |
FCF
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| (64) | (2) | 788 | 1,107 | 400 | 423 | 165 | 221 | 294 | 795 |
Working Cap'
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| 242 | 243 | 636 | 640 | 450 | 322 | 87 | — | — | 446 |
Total Debt
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| 101 | 42 | (138) | (430) | 39 | (19) | (125) | (170) | (266) | (310) |
Net Debt
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| 341 | 400 | 561 | 767 | 710 | 821 | 597 | 701 | 830 | 1,017 |
Sh' Equity
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| (0.30%) | 1.97% | 14.84% | 45.67% | (0.21%) | 4.30% | (3.24%) | 6.73% | (0.47%) | 9.95% |
ROA
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| 6.20% | 9.64% | 24.17% | 149.54% | 3.13% | 8.10% | 0.40% | 1.41% | (2.50%) | 3.62% |
ROIC
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| (0.57%) | 3.39% | 29.84% | 94.76% | (0.40%) | 7.47% | (4.70%) | 8.03% | (0.53%) | 13.47% |
ROE
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Ligand Pharmaceuticals Incorporated peers in Biotechnology
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Ligand Pharmaceuticals Incorporated (LGND) key facts
- Ligand Pharmaceuticals Incorporated (LGND) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
- Ligand Pharmaceuticals Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $268.1 million, up 60.4% from fiscal 2024.
- As of September 25, 2026, LGND traded at $301.52, a market capitalization of $6.1 billion.
- Return on equity was 13.5% and debt-to-equity 1.16.
Ligand Pharmaceuticals Incorporated (LGND) Latest News
24 Sep
Ligand Pharmaceuticals struck a financing deal with AvenCell Therapeutics for up to $47 million to advance next-generation CAR-T therapies. Ligand will invest up to $41 million in four tranches in exchange for a mid single-digit to low double-digit royalty on worldwide net sales of all current and future AvenCell assets, with the rate tied to the total funding. An additional up to $6 million will come from a concomitant Series C financing. The funding will be released against milestones and other conditions. AvenCell's platform combines CRISPR-engineered allogeneic CAR-T with switchable CAR technology for greater control and off-the-shelf potential. Lead programs AVC-201 (anti-CD123 CAR-T for relapsed/refractory AML) and AVC-203 (B-cell malignancies) are in early trials. The deal expands Ligand's royalty portfolio but depends on AvenCell's clinical progress and regulatory outcomes. Up to $41 million in royalties tied to AVC-201/AVC-203 could boost Ligand's long-term revenue while performance depends on AvenCell's clinical success.
22 Sep
Ligand Pharmaceuticals will acquire a 100% interest in certain payments and related rights from Sydnexis for Ryjunea in Europe, the Middle East and Africa for $23 million upfront, earning a tiered royalty from the low-double-digit to high-teens on Ryjunea net sales plus milestone payments; Sydnexis retains U.S. and other non-Santen territories. Ryjunea is a once-nightly, low-dose 0.01% atropine eye drop approved to slow myopia progression in children aged 3–14, with EU approval in June 2025 and UK MHRA approval in October 2025. Santen licensed Ryjunea’s EMEA rights from Sydnexis in 2021. The deal expands Ligand's royalty portfolio with a first-in-class pediatric myopia asset in a large European market and potential future milestones. Adds a first-in-class EU/UK pediatric myopia royalty with upfront cash and milestone potential, broadening Ligand's revenue-generating royalty portfolio.
4 Sep
Ligand Pharmaceuticals acquires XOMA in a massive deal that doubles its royalty book. Massive XOMA acquisition doubles Ligand royalty book and substantially alters future revenue trajectory.
26 Aug
Ligand Pharmaceuticals highlights royalty growth fueled by XOMA and $700 million in deployable capital. Royalty growth from XOMA plus $700M capital enables major strategic moves and performance gains.
14 Aug
LGND stock trades below fair value after a 337% rally. Valuation gap after large gains can shift investor sentiment and near-term price action.
13 Aug
Savvy investors bet millions on Ligand Pharmaceuticals (LGND) stock driven by its royalty revenue model, positioning it for a potential breakout. Large bets by investors on LGND royalty revenues signal major positive shifts in market sentiment and company trajectory.
Ligand Pharmaceuticals Incorporated (LGND) released its Q2 2026 earnings call transcript covering financial results and business updates. Quarterly earnings disclosure offers moderate updates on performance and outlook without signaling major strategic shifts.
10 Aug
Ligand Pharmaceuticals Incorporated closed its acquisition of XOMA. Closing the XOMA acquisition constitutes a major strategic expansion that can alter LGND's operational scope and market position.
6 Aug
Ligand Pharmaceuticals reported surging royalty revenue during its Q2 2026 earnings call, highlighting growth in core royalty streams that support ongoing operations and financial outlook. Surging royalty revenue signals major positive shift in financial performance with potential to alter investor sentiment and company trajectory.
Ligand Pharmaceuticals Incorporated held its Q2 2026 earnings call covering financial results and company outlook. Earnings call details financial performance and guidance with direct effects on LGND stock trajectory and sentiment.
Ligand Pharmaceuticals Q2 earnings call covered financial results, revenue, pipeline updates and outlook. Quarterly earnings details typically influence near-term stock sentiment and valuation without major strategic shifts.
Ligand Pharmaceuticals stock rose on its biotech dealmaking ties to Merck and Travere. Dealmaking links to Merck and Travere may lift LGND sentiment and near-term performance without major trajectory shifts.
Ligand Pharmaceuticals beat earnings expectations and raised guidance yet its stock declined following the report. Beat-and-raise results signal stronger near-term financials but the stock dip shows market reaction remains muted.
Ligand Pharmaceuticals Incorporated released second quarter 2026 financial results. Quarterly earnings release typically drives moderate stock movements from reported figures and guidance.
27 Jul
Ligand Pharmaceuticals (LGND) stock has risen 56% in 2026 on Big Pharma royalty revenue and was named Stock Of The Day. Royalties from Big Pharma partnerships produced a 56% stock gain for Ligand Pharmaceuticals.
14 Jul
Ligand Pharmaceuticals Incorporated has completed its acquisition of XOMA Royalty, expanding its portfolio to more than 200 biopharmaceutical royalty assets. Acquisition substantially expands Ligand's royalty asset base to over 200 holdings, positioning it for enhanced revenue streams.
Ligand Pharmaceuticals Incorporated completed acquisition of XOMA Royalty. Acquisition of XOMA Royalty delivers major strategic expansion and portfolio growth for Ligand.
25 Jun
Ligand Pharmaceuticals Incorporated completed the closing of its convertible senior notes offering. Closing supplies Ligand with added capital via convertible debt, supporting operations but introducing dilution risk.
23 Jun
Ligand Pharmaceuticals Incorporated prices upsized $625 million convertible senior notes offering. Convertible notes raise substantial capital and alter capital structure with dilution risk.
22 Jun
Ligand Pharmaceuticals proposes offering $550 million of convertible senior notes due 2031. Convertible note issuance raises capital while creating future dilution risk for Ligand.
15 May
Ligand Pharmaceuticals (NASDAQ:LGND) reported strong earnings backed by high quality, indicating sustainable profitability and robust financial health. Strong, high-quality earnings boost investor sentiment and signal significant positive trajectory for LGND's market performance.
12 May
Ligand Pharmaceuticals (LGND) Q1 2026 earnings call transcript covers first-quarter financial results, revenue updates, pipeline progress, and management guidance. Q1 2026 earnings disclosure details financial performance, partnerships, and outlook, poised to drive significant shifts in LGND stock trajectory and investor sentiment.
Ligand Pharmaceuticals (LGND) missed earnings expectations, announced a deal with XOMA, and had its TR-Beta program terminated by Viking Therapeutics, triggering a valuation reassessment amid mixed strategic developments. Earnings miss combined with XOMA deal and Viking TR-Beta termination significantly pressures LGND's financials, partnerships, and pipeline, altering trajectory and investor sentiment.
11 May
Ligand Pharmaceuticals (LGND) 1Q:26 results showcase the breadth and strength of its diverse portfolio. Q1 2026 earnings highlight portfolio diversity, signaling significant positive impact on financial performance and market positioning.
8 May
Ligand Pharmaceuticals Q1 earnings call highlights financial results, partnership updates, and forward guidance amid ongoing Captisol sales and royalty revenues. Q1 earnings highlights detail financial performance and strategic updates with moderate influence on investor sentiment and near-term trajectory.
7 May
Ligand Pharmaceuticals Incorporated (LGND) reported first quarter 2026 financial results. Quarterly financial results affect key financial performance metrics and investor sentiment.
29 Apr
Ligand Pharmaceuticals (LGND) acquires XOMA, adding over 100 assets to its portfolio in a strategic expansion of its biopharma pipeline. Acquiring XOMA injects over 100 assets into LGND's pipeline, enabling major strategic growth and enhanced market positioning.
27 Apr
Ligand Pharmaceuticals Incorporated (LGND) and Xoma have united in a $739 million deal, positioning Ligand as a royalty powerhouse through expanded royalty streams and strategic partnership. The $739 million deal with Xoma fundamentally transforms Ligand's royalty portfolio and long-term revenue prospects.
Ligand Pharmaceuticals to acquire XOMA Royalty for $39 per share, simultaneously lifting its 2026 revenue guidance to $180-$200 million and EPS outlook to $5.25-$5.75. Major acquisition of royalties plus raised 2026 guidance and EPS outlook represent significant strategic growth drivers boosting LGND's financial trajectory and investor sentiment.
Ligand Pharmaceuticals is acquiring Xoma Royalty for $739 million to expand its royalty portfolio. The $739 million acquisition of Xoma Royalty constitutes a major strategic move that significantly enhances Ligand's royalty revenue base and competitive positioning.