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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
−123.9%
Free cash flow
−268.5%
Total debt
+52.6%

Quarter to September 2026, against a year earlier

306.43 7.43 +2.48%
Market cap
$6.0B
P/E
116×
Fwd P/E
88.3×
Dividend yield
—
F-score
6/9
Altman Z
5.45
Beneish M
−4.02
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Ligand Pharmaceuticals Incorporated (LGND) SEC filings, changes and red flags

Red flags

  • Material weakness

    Ligand Pharmaceuticals Incorporated’s 10-K reports a material weakness in internal control over financial reporting

    Our implementation of our remediating plans for the material weakness, described above, resulted in changes in our internal control over financial reporting.

    10-K filed · The filing · sec.gov

  • Receivables outpacing revenue

    Receivables grew 44.6% while revenue grew -31.8% year over year

    10-Q filed · The filing · sec.gov

  • Inventory outpacing revenue

    Inventory grew 21.9% while revenue grew -31.8% year over year

    10-Q filed · The filing · sec.gov

  • Officer departure

    Ligand Pharmaceuticals Incorporated reported the departure of an officer or director

    8-K filed · The filing · sec.gov

Filings

Form Period Filed What it reports Flags
10-Q Sep 30, 2026 P1I2: 23 added · 30 removed · 16 modified
P2I1A: 4 modified 		Receivables outpacing revenue Inventory outpacing revenue
8-K Oct 29, 2026 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits
8-K Sep 24, 2026 7.01 Regulation FD disclosure; 8.01 Other events
8-K Sep 22, 2026 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits
8-K/A Jul 14, 2026 9.01 Financial statements and exhibits
10-Q Jun 30, 2026
8-K Aug 6, 2026 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits
8-K Jul 14, 2026 1.01 Entry into a material definitive agreement; 2.01 Completion of an acquisition or disposition; 2.03 Creation of a direct financial obligation; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits
8-K Jun 25, 2026 1.01 Entry into a material definitive agreement; 2.03 Creation of a direct financial obligation; 3.02 Unregistered sales of equity securities; 8.01 Other events; 9.01 Financial statements and exhibits
8-K Jun 22, 2026 1.01 Entry into a material definitive agreement; 8.01 Other events; 9.01 Financial statements and exhibits
8-K Jun 5, 2026 5.02 Departure or appointment of directors or officers; 5.07 Submission of matters to a vote of security holders Officer departure
8-K May 16, 2026 1.01 Entry into a material definitive agreement; 9.01 Financial statements and exhibits
10-Q Mar 31, 2026
8-K May 7, 2026 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits
8-K Apr 24, 2026 1.02 Termination of a material definitive agreement
8-K Apr 27, 2026 1.01 Entry into a material definitive agreement; 8.01 Other events
10-K Dec 31, 2025 1: 42 added · 28 removed · 53 modified
1A: 47 added · 11 removed · 84 modified
7: 10 added · 17 removed · 19 modified
8-K Feb 26, 2026 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits
8-K Dec 18, 2025 7.01 Regulation FD disclosure
10-Q Sep 30, 2025
8-K Nov 6, 2025 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits
8-K Sep 12, 2025 1.01 Entry into a material definitive agreement; 2.03 Creation of a direct financial obligation; 9.01 Financial statements and exhibits
10-Q Jun 30, 2025
8-K Aug 7, 2025 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits
10-Q Mar 31, 2025
8-K May 8, 2025 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits
10-K Dec 31, 2024 Material weakness
8-K Feb 27, 2025 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits
10-Q Sep 30, 2024
8-K Nov 7, 2024 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits
10-Q Jun 30, 2024
8-K Aug 6, 2024 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits
8-K May 7, 2024 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits
8-K Feb 27, 2024 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits
8-K Nov 8, 2023 2.02 Results of operations and financial condition; 9.01 Financial statements and exhibits

From the company’s filings on sec.gov. Red flags are raised by rules over the filings’ own data and text; they are not investment advice.