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Friday 6 November 2026
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Ligand Pharmaceuticals Incorporated
LGND Healthcare Biotechnology
Ligand Pharmaceuticals Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $268.1 million, up 60.4% from fiscal 2024.
- Revenue
- −31.8%
- EPS
- −123.8%
- Free cash flow
- −268.5%
- Total debt
- +153.3%
Quarter to September 2026, against a year earlier
306.43
7.43
+2.48%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 109 | 141 | 251 | 120 | 164 | 242 | 196 | 131 | 167 | 268 | 254 | +10.5% | 291 | 377 | 431 | +17.2% | |
| Gross margin, % | 94.89 | 96.20 | 97.48 | 90.57 | 81.40 | 74.26 | 73.08 | 91.99 | 93.37 | 94.57 | 95.22 | (0.3) pt | ||||||
| EBT | 8 | 57 | 173 | 797 | 1 | 72 | 36 | 64 | 3 | 159 | 53 | +39.5% | ||||||
| EBT margin, % | 7.30 | 40.56 | 68.93 | 662.31 | 0.79 | 29.89 | 18.35 | 48.48 | 1.51 | 59.29 | 20.77 | +52.0 pt | ||||||
| Net income | (2) | 13 | 143 | 629 | (3) | 57 | (33) | 52 | (4) | 124 | 51 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 5.23 | 6.71 | 11.88 | 6.33 | 10.11 | 14.52 | 11.63 | 7.59 | 9.14 | 13.86 | 12.72 | +11.4% | |||||
| Earnings | (0.08) | 0.60 | 6.77 | 33.13 | (0.18) | 3.46 | (1.98) | 3.02 | (0.22) | 6.44 | 2.59 | n/m | ||||||
| Cash flow | 2.92 | 4.21 | 9.17 | (1.54) | 3.37 | 4.74 | 8.17 | 2.87 | 5.31 | 2.55 | 4.56 | (1.5%) | ||||||
| Capex | (0.94) | 0.23 | (0.51) | (0.13) | (0.19) | (0.50) | (1.06) | (3.09) | (0.67) | (0.05) | (0.52) | (27.1%) | ||||||
| Free cash flow | 1.98 | 4.44 | 8.66 | (1.68) | 3.18 | 4.24 | 7.12 | (0.22) | 4.64 | 2.50 | 4.04 | +2.6% | ||||||
| Book value | 16.38 | 19.01 | 26.51 | 40.39 | 43.84 | 49.38 | 35.42 | 40.52 | 45.40 | 52.60 | 48.18 | +13.8% | ||||||
| Shares, m | 21 | 21 | 21 | 19 | 16 | 17 | 17 | 17 | 18 | 19 | 20 | (0.8%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 163.60 | 14.24 | 2.41 | 0.00 | 31.61 | 0.00 | 23.79 | 0.00 | 30.01 | 118.18 | 26.6 | |||||
| P/S | 13.87 | 14.63 | 8.09 | 11.66 | 6.97 | 7.53 | 5.68 | 9.53 | 11.73 | 13.64 | 24.10 | 10.3 | ||||||
| P/B | 4.43 | 5.16 | 3.62 | 1.83 | 1.61 | 2.21 | 1.86 | 1.78 | 2.36 | 3.59 | 6.36 | 2.8 | ||||||
| EV/Sales | 14.80 | 14.93 | 7.54 | 8.09 | 7.21 | 7.45 | 5.04 | 8.86 | 10.63 | 12.77 | 27.08 | 9.7 | ||||||
| EV/FCF | 39.17 | 22.24 | 9.97 | (27.72) | 24.13 | 26.11 | 8.84 | (301.84) | 19.80 | 56.19 | 65.98 | (12.3) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 61 | 89 | 194 | (29) | 55 | 79 | 138 | 50 | 97 | 49 | 91 | (2.3%) | |||||
| Capex | (20) | 5 | (11) | (3) | (3) | (8) | (18) | (53) | (12) | (1) | (10) | (27.7%) | ||||||
| Free cash flow | 41 | 93 | 183 | (32) | 51 | 71 | 120 | (4) | 85 | 48 | 81 | +1.8% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (64) | (2) | 788 | 1,107 | 400 | 423 | 165 | 221 | 294 | 795 | 491 | n/m | |||||
| Net debt | 101 | 42 | (138) | (430) | 39 | (19) | (125) | (170) | (266) | (310) | 681 | n/m | ||||||
| Shareholders’ equity | 341 | 400 | 561 | 767 | 710 | 821 | 597 | 701 | 830 | 1,017 | 962 | +12.9% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (0.30) | 1.97 | 14.84 | 45.67 | (0.21) | 4.30 | (3.24) | 6.73 | (0.47) | 9.95 | 2.77 | +10.3 pt | |||||
| ROIC | 6.20 | 9.64 | 24.17 | 149.54 | 3.13 | 8.10 | 0.40 | 1.41 | (2.50) | 3.62 | 0.91 | (2.6) pt | ||||||
| ROE | (0.57) | 3.39 | 29.84 | 94.76 | (0.40) | 7.47 | (4.70) | 8.03 | (0.53) | 13.47 | 5.38 | +14.0 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 22 | 39 | 116 | 115 | 115 | 154 | 76 | 58 | 68 | 47 | — | +8.8% | |||||
| Revenue/emp, $m | 4.95 | 3.62 | 2.17 | 1.05 | 1.42 | 1.57 | 2.58 | 2.26 | 2.46 | 5.70 | — | +1.6% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Development and Licensing of Biopharmaceutical Assets | 268 | 100.00% |
|---|---|---|
| Gross margin | 94.57% | |
| Operating margin | 15.29% | |
| Pre-tax margin | 59.29% |
Ligand Pharmaceuticals Incorporated vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| IONS Ionis Pharmaceuticals, Inc. | $6.5B | — (loss-making) | — (loss-making) | −40.73% (below 0%: shrinking) | n/m | +299.29% (above 0%: growing) | 98.98% | (38.18%) | Compare |
| ORKA Oruka Therapeutics, Inc. | $6.4B | — (loss-making) | — | — | n/m | −43.00% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| MIRM Mirum Pharmaceuticals, Inc. | $6.1B | — (loss-making) | — (loss-making) | +39.63% (above 0%: growing) | n/m | −114.22% (below 0%: shrinking) | 81.06% | (32.17%) | Compare |
| LGND Ligand Pharmaceuticals Incorporated | $6.0B | 116× | 88.3× | −31.80% (below 0%: shrinking) | n/m | −268.45% (below 0%: shrinking) | 96.63% | (20.01%) | |
| IMVT Immunovant, Inc. | $5.9B | — (loss-making) | — | — | n/m | −5.96% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| BLTE Belite Bio, Inc. Sponsored ADR | $5.8B | — (loss-making) | — | — | n/m | +64.67% (above 0%: growing) | — | 0.00% | Compare |
| CGON CG Oncology, Inc. | $5.7B | — (loss-making) | — (loss-making) | +2,125.00% (above 0%: growing) | n/m | −67.60% (below 0%: shrinking) | (239.24%) | (7,467.68%) | Compare |
| KOD Kodiak Sciences Inc. | $5.7B | — (loss-making) | — | — | n/m | −33.86% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| PTCT PTC Therapeutics, Inc. | $5.5B | — (loss-making) | 42.2× | +69.57% (above 0%: growing) | n/m | +90.28% (above 0%: growing) | 93.39% | 7.02% | Compare |
| Median of peers | $5.8B | — | — | +54.60% | — | −19.91% | 0.00% | 0.00% |
From the latest earnings call
- CEO Todd Davis said Filspari and assets acquired through XOMA helped drive royalty revenue growth, while the acquisition added commercial assets and pipeline programs.
- CFO Octavio Espinoza said Ligand raised its adjusted earnings forecast while maintaining revenue guidance amid uncertainty over Captisol orders and milestone timing.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
113.56%
Held by the ten largest
58.68%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 3.10m | 15.57% | +139.07k |
| Vanguard | 2.19m | 10.98% | +77.46k |
| Invesco | 1.20m | 6.03% | +378.04k |
| Jupiter Topco | 1.04m | 5.22% | +1.04m |
| State Street | 826.54k | 4.15% | +47.68k |
| Fidelity (FMR) | 762.83k | 3.83% | +166.70k |
| Franklin Templeton | 752.04k | 3.78% | +178.87k |
| CONGRESS ASSET MANAGEMENT CO | 659.91k | 3.31% | +155.27k |
| Geode Capital Management | 589.02k | 2.96% | +30.09k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | 568.37k | 2.85% | −4.94k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 21 April 2026
Ownership
Directors and executive officers, together
5.60%
BlackRock, Inc.55 East
14.20%
Janus Henderson Group plc201 Bishopsgate EC2M
5.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Ligand Pharmaceuticals Incorporated (LGND) Latest News
30 Oct
29 Oct
29 Sep
22 Sep
13 Aug
6 Aug
14 Jul
LGND metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Ligand Pharmaceuticals is a biopharmaceutical royalty company. Rather than relying primarily on selling medicines itself, it invests in rights to receive payments tied to medicines developed and sold by other companies. Its customers and counterparties include drug developers, pharmaceutical companies, inventors and institutions that own royalty rights. Todd Davis is its chief executive officer.
Ligand buys existing royalty rights, finances drug development in exchange for a share of future sales, and acquires companies or assets that contain royalty rights. Its partners generally handle the clinical development, regulatory work, manufacturing and commercial sales of the underlying products. Ligand evaluates investments and manages the resulting portfolio.