Ligand Pharmaceuticals Incorporated LGND

301.52 2.48 0.83% as of 25 Sep
Market cap
$6.1B
P/E
30.1×

Insider Decisions

Total sells 33.21
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — 3 2 1 1 7 2 2 5 1 3 2
Insider Ownership 3.06%

Capital & Financial Ratios

Market Cap 6,090.00
Revenue 290.54
Net Income 197.22
Free Cash Flow 143.37
Net Debt (244.15)
Current Ratio 31.18
Debt/Equity 1.16
P/E ratio 30.12
P/S ratio 20.82
P/B ratio 6.25
Past 5Y EPS Growth (13.18%)
This Y EPS Growth 14.46%
Next Y EPS Growth 30.13%
Next 5Y EPS Growth 21.49%
in millions of $

Dividends

Payout Ratio 0.00
Annual Dividend Rate —
Annual Dividend Yield 2.04%
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 170 266 756 1,371
Receivables 39 42 61 70
Inventory 24 14 9 10
Other 3 9 6 6
237 332 832 1,457
2023 2024 2025 Q'26
Payables 2 5 3 9
ST’ Debt — — — —
Other 0 2 0 1
17 37 37 47
in millions of $

Compound Annual Growth

10y 5y 3y
Sales 14.06% 10.39% 10.96%
Cash Flow 1.69% (1.99%) (28.99%)
Earnings (5.95%) 0.00% 0.00%
Book Value 15.67% 7.47% 19.41%

Revenue

Mar Jun Sep Dec Year
’26 52 64 — — —
’25 45 48 115 60 268
’24 31 42 52 43 167
’23 44 26 33 28 131
’22 37 50 59 50 196
’21 55 85 65 37 242
’20 33 41 42 47 164
in millions of $ · fiscal quarters ending in the months shown

Operating Cash Flow

Mar Jun Sep Dec Year
’26 49 24 — — —
’25 (25) 16 13 46 49
’24 19 13 37 28 97
’23 34 0 8 8 50
’22 52 12 20 53 138
’21 11 20 20 28 79
’20 17 24 13 1 55
in millions of $ · fiscal quarters ending in the months shown

Free Cash Flow

Mar Jun Sep Dec Year
’26 55 24 — — —
’25 (24) 18 14 46 48
’24 18 13 41 17 85
’23 32 0 7 (43) (4)
’22 47 5 16 51 120
’21 7 19 18 26 71
’20 17 24 11 0 51
in millions of $ · fiscal quarters ending in the months shown

EPS

Mar Jun Sep Dec Year
’26 (0.67) 2.22 — — —
’25 (2.21) 0.24 5.68 2.12 6.13
’24 4.75 (2.88) (0.39) (1.64) (0.22)
’23 2.33 0.13 (0.59) 1.03 2.94
’22 (0.91) (0.05) 0.02 (1.04) (1.98)
’21 1.05 1.79 0.80 (0.30) 3.34
’20 (1.46) 1.32 (0.42) 0.35 (0.18)
fiscal quarters ending in the months shown

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell
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
87.21 93.14 173.81 90.42 79.73 137.09 97.49 85.70 129.90 212.49
High Price
22 39 116 115 115 154 76 58 68 47
Employees
5 4 2 1 1 2 3 2 2 6
Revenue/Emp
109 141 251 120 164 242 196 131 167 268
Revenue
94.89% 96.20% 97.48% 90.57% 81.40% 74.26% 73.08% 91.99% 93.37% 94.57%
Gross Margin
8 57 173 797 1 72 36 64 3 159
EBT
7.30% 40.56% 68.93% 662.31% 0.79% 29.89% 18.35% 48.48% 1.51% 59.29%
EBT Margin
(2) 13 143 629 (3) 57 (33) 52 (4) 124
Net Income
23 23 53 63 53 68 52 35 34 30
Depreciation
5.23 6.71 11.88 6.33 10.11 14.52 11.63 7.59 9.14 13.86
Revenue/Sh
(0.08) 0.60 6.77 33.13 (0.18) 3.46 (1.98) 3.02 (0.22) 6.44
Earnings/Sh
2.92 4.21 9.17 (1.54) 3.37 4.74 8.17 2.87 5.31 2.55
Cash Flow/Sh
(0.94) 0.23 (0.51) (0.13) (0.19) (0.50) (1.06) (3.09) (0.67) (0.05)
Capex/Sh
1.98 4.44 8.66 (1.68) 3.18 4.24 7.12 (0.22) 4.64 2.50
Free CF/Sh
16.38 19.01 26.51 40.39 43.84 49.38 35.42 40.52 45.40 52.60
Book Value/Sh
21 21 21 19 16 17 17 17 18 19
Shares
0.00 144.13 12.54 2.13 0.00 27.85 0.00 23.79 0.00 30.01
PE Ratio
12.22 12.89 7.12 10.27 6.14 6.63 5.68 9.53 11.73 13.64
PS Ratio
3.90 4.55 3.19 1.61 1.42 1.95 1.86 1.78 2.36 3.59
PB Ratio
13.15 13.19 6.58 6.70 6.38 6.56 5.04 8.27 10.17 12.48
EV/Sales
34.80 19.64 8.70 (22.97) 21.36 22.98 8.84 (281.92) 18.94 54.93
EV/FCF
61 89 194 (29) 55 79 138 50 97 49
Op' Cash Flow
(20) 5 (11) (3) (3) (8) (18) (53) (12) (1)
Capex
41 93 183 (32) 51 71 120 (4) 85 48
FCF
(64) (2) 788 1,107 400 423 165 221 294 795
Working Cap'
242 243 636 640 450 322 87 — — 446
Total Debt
101 42 (138) (430) 39 (19) (125) (170) (266) (310)
Net Debt
341 400 561 767 710 821 597 701 830 1,017
Sh' Equity
(0.30%) 1.97% 14.84% 45.67% (0.21%) 4.30% (3.24%) 6.73% (0.47%) 9.95%
ROA
6.20% 9.64% 24.17% 149.54% 3.13% 8.10% 0.40% 1.41% (2.50%) 3.62%
ROIC
(0.57%) 3.39% 29.84% 94.76% (0.40%) 7.47% (4.70%) 8.03% (0.53%) 13.47%
ROE
predictions in italic, sparklines do not include predictions

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

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.

Source: company filings (standardised) and stockrow calculations.

Ligand Pharmaceuticals Incorporated (LGND) Latest News

News by impact score

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24 Sep

4

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

4

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

4

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

4

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

3

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

4

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.

3 transcript

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

4

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

4 transcript

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.

4 transcript

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.

3 transcript

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.

3

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.

3

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.

3

Ligand Pharmaceuticals Incorporated released second quarter 2026 financial results. Quarterly earnings release typically drives moderate stock movements from reported figures and guidance.

27 Jul

3

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

4

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.

4

Ligand Pharmaceuticals Incorporated completed acquisition of XOMA Royalty. Acquisition of XOMA Royalty delivers major strategic expansion and portfolio growth for Ligand.

25 Jun

3

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

3

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

3

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

4

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

4 transcript

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.

4

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

4

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

3

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

3

Ligand Pharmaceuticals Incorporated (LGND) reported first quarter 2026 financial results. Quarterly financial results affect key financial performance metrics and investor sentiment.

29 Apr

4

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

5

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.

4

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.

4

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.

stockrow.com/LGND · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com