Friday 6 November 2026 Export LGND’s income statement to Excel — free account

Ligand Pharmaceuticals Incorporated

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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Market cap: $6.0B
P/E: 118×
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 Segments Valuation Filings

Ligand Pharmaceuticals Incorporated 10-Q filed Oct 30, 2026

Fiscal Q3 2026 · Period ended Sep 30, 2026 · Filed Oct 30, 2026 · accepted 4:47 PM ET · Document on sec.gov · Filing index

Red flags

Receivables outpacing revenue Oct 30, 2026
Receivables grew 44.6% while revenue grew -31.8% year over year

10-Q filed Oct 30, 2026 · The filing · sec.gov
Inventory outpacing revenue Oct 30, 2026
Inventory grew 21.9% while revenue grew -31.8% year over year

10-Q filed Oct 30, 2026 · The filing · sec.gov

What changed

Part I, Item 2, Management’s Discussion and Analysis Part II, Item 1A, Risk Factors

Previous quarter Same quarter last year

Part I, Item 2, Management’s Discussion and Analysis, against the 10-Q filed Aug 7, 2026: 23 added · 30 removed · 16 modified; 1 with only figures updated

Removed · 2031 Convertible Debt Financing

On June 25, 2026, we completed the offering of $700.0 million aggregate principal amount of 0.00% convertible senior notes due 2031 (the “2031 Notes”). The aggregate principal amount of the 2031 Notes includes the full exercise of the option to purchase an additional $75.0 million aggregate principal amount of 2031 Notes by the initial purchasers.

Ligand Pharmaceuticals Incorporated 10-Q filed Oct 30, 2026

Red flags

What changed

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