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

Quarter to September 2026, against a year earlier

306.43 7.43 +2.48%

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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 Segments Valuation Filings

Ligand Pharmaceuticals Incorporated (LGND) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Development and Licensing of Biopharmaceutical Assets	268	100.00%
Gross margin		94.57%
Operating margin		15.29%
Pre-tax margin		59.29%

Revenue by product or service $m

Line	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Captisol	164 68.00%	110 67.23%	31 26.18%	29 11.58%	22 15.64%	23 20.65%
Royalty, Promacta	—	—	14 11.80%	99 39.47%	—	—
Also reported: a second breakdown of the same revenue
Captisol - COVID	141 58.30%	85 52.21%	—	—	—	—
Kyprolis	27 11.37%	25 15.38%	25 20.82%	22 8.62%	—	—
Captisol	23 9.70%	25 15.02%	—	—	—	—
Milestone	18 7.28%	5 3.19%	17 14.28%	7 2.62%	11 7.86%	16 14.77%
Evomela	10 4.17%	6 3.90%	5 4.30%	6 2.25%	—	—
License Fees, Milestones, and Other Product, Other	6 2.65%	5 3.14%	2 1.39%	4 1.69%	6 3.96%	0 0.36%
Teriparatide injection	5 2.18%	0 0.00%	—	—	—	—
Contract revenue	4 1.55%	9 5.70%	17 13.95%	5 1.89%	—	—
Other	4 1.53%	2 1.38%	3 2.13%	2 0.78%	—	—
Rylaze	2 1.00%	0 0.00%	—	—	—	—
Income	1 0.26%	0 0.07%	6 5.15%	78 31.10%	14 9.68%	11 9.70%
Contract revenue	—	—	42	94	30	27
Royalties	—	—	47	129	—	—
Revenue	242	164	120	251	141	109

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2014	FY2013	FY2012	FY2011
Development and Licensing of Biopharmaceutical Assets	268 100.00%	167 100.00%	131 100.00%	196 100.00%	—	—	—	—
Cydex Pharmaceuticals, Inc	—	—	—	—	37 57.89%	28 56.23%	12 37.61%	16 54.09%
Ligand	—	—	—	—	27 42.11%	21 43.77%	20 62.39%	14 45.91%
Revenue	268	167	131	196	65	49	31	30

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2014	FY2013	FY2012	FY2011
Development and Licensing of Biopharmaceutical Assets	‡	‡	‡	‡	‡	‡	‡	‡
Cydex Pharmaceuticals, Inc	‡	‡	‡	‡	‡	‡	‡	‡
Ligand	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.