Saturday 17 October 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. In the quarter to June 2026, revenue grew 33.7%, EPS grew 868.0% and free cash flow grew 35.5%, each against the same quarter a year earlier.

295.54 2.96 −0.99%

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Market cap: $6.0B
P/E: 29.5×
Fwd P/E: 54.7×
Dividend yield: —
F-score: 6/9
Altman Z: 5.45
Beneish M: −4.02
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 33.21

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	3	2	1	1	7	2	2	5	1	3	2	—

Insider Ownership 3.06%

Capital & Financial Ratios $m

Market Cap 5,950.00

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 29.52

Fwd P/E 54.70

P/S ratio 20.41

P/B ratio 6.13

Past 5Y EPS Growth —

This Y EPS Growth 14.46%

Next Y EPS Growth 30.13%

Next Y revenue growth 8.02%

Next 5Y EPS Growth 21.49%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 50.97%

10-year low 10-year high

P/S against its own 10 years 98.38%

10-year low 10-year high

P/B against its own 10 years 98.53%

10-year low 10-year high

EV/Sales against its own 10 years 95.39%

10-year low 10-year high

EV/FCF against its own 10 years 76.72%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	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

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 $m

	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

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	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

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	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

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	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
	High	87.21	93.14	173.81	90.42	79.73	137.09	97.49	85.70	129.90	212.49
People
People	Employees	22	39	116	115	115	154	76	58	68	47
	Revenue/emp, $m	4.95	3.62	2.17	1.05	1.42	1.57	2.58	2.26	2.46	5.70
Income, $m
Income, $m	Revenue	109	141	251	120	164	242	196	131	167	268
	Gross margin, %	94.89	96.20	97.48	90.57	81.40	74.26	73.08	91.99	93.37	94.57
	EBT	8	57	173	797	1	72	36	64	3	159
	EBT margin, %	7.30	40.56	68.93	662.31	0.79	29.89	18.35	48.48	1.51	59.29
	Net income	(2)	13	143	629	(3)	57	(33)	52	(4)	124
	Depreciation	23	23	53	63	53	68	52	35	34	30
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
	Earnings	(0.08)	0.60	6.77	33.13	(0.18)	3.46	(1.98)	3.02	(0.22)	6.44
	Cash flow	2.92	4.21	9.17	(1.54)	3.37	4.74	8.17	2.87	5.31	2.55
	Capex	(0.94)	0.23	(0.51)	(0.13)	(0.19)	(0.50)	(1.06)	(3.09)	(0.67)	(0.05)
	Free cash flow	1.98	4.44	8.66	(1.68)	3.18	4.24	7.12	(0.22)	4.64	2.50
	Book value	16.38	19.01	26.51	40.39	43.84	49.38	35.42	40.52	45.40	52.60
	Shares, m	21	21	21	19	16	17	17	17	18	19
Valuation, ×
Valuation, ×	P/E	0.00	144.13	12.54	2.13	0.00	27.85	0.00	23.79	0.00	30.01
	P/S	12.22	12.89	7.12	10.27	6.14	6.63	5.68	9.53	11.73	13.64
	P/B	3.90	4.55	3.19	1.61	1.42	1.95	1.86	1.78	2.36	3.59
	EV/Sales	13.15	13.19	6.58	6.70	6.38	6.56	5.04	8.86	10.63	12.77
	EV/FCF	34.80	19.64	8.70	(22.97)	21.36	22.98	8.84	(301.84)	19.80	56.19
Cash, $m
Cash, $m	Operating cash flow	61	89	194	(29)	55	79	138	50	97	49
	Capex	(20)	5	(11)	(3)	(3)	(8)	(18)	(53)	(12)	(1)
	Free cash flow	41	93	183	(32)	51	71	120	(4)	85	48
Balance, $m
Balance, $m	Working capital	(64)	(2)	788	1,107	400	423	165	221	294	795
	Total debt	242	243	636	640	450	322	87	—	—	446
	Net debt	101	42	(138)	(430)	39	(19)	(125)	(170)	(266)	(310)
	Shareholders’ equity	341	400	561	767	710	821	597	701	830	1,017
Returns, %
Returns, %	ROA	(0.30)	1.97	14.84	45.67	(0.21)	4.30	(3.24)	6.73	(0.47)	9.95
	ROIC	6.20	9.64	24.17	149.54	3.13	8.10	0.40	1.41	(2.50)	3.62
	ROE	(0.57)	3.39	29.84	94.76	(0.40)	7.47	(4.70)	8.03	(0.53)	13.47

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
IOVA Iovance Biotherapeutics, Inc.	$6.7B	— (loss-making)	— (loss-making)	+65.65% (above 0%: growing)	n/m	+11.52% (above 0%: growing)	56.10%	(52.26%)	Compare
BLTE Belite Bio, Inc. Sponsored ADR	$6.2B	— (loss-making)	—	—	n/m	+64.67% (above 0%: growing)	—	0.00%	Compare
RYTM Rhythm Pharmaceuticals, Inc.	$6.1B	— (loss-making)	— (loss-making)	+46.91% (above 0%: growing)	n/m	+60.74% (above 0%: growing)	87.47%	(68.14%)	Compare
LGND Ligand Pharmaceuticals Incorporated	$6.0B	29.5×	54.7×	+33.73% (above 0%: growing)	+868.00% (above 0%: growing)	+35.53% (above 0%: growing)	94.95%	13.49%
IMVT Immunovant, Inc.	$5.7B	— (loss-making)	—	—	n/m	−5.96% (below 0%: shrinking)	0.00%	0.00%	Compare
KOD Kodiak Sciences Inc.	$5.5B	— (loss-making)	—	—	n/m	−33.86% (below 0%: shrinking)	0.00%	0.00%	Compare
CGON CG Oncology, Inc.	$5.5B	— (loss-making)	— (loss-making)	+2,125.00% (above 0%: growing)	n/m	−67.60% (below 0%: shrinking)	(239.24%)	(7,467.68%)	Compare
MIRM Mirum Pharmaceuticals, Inc.	$5.4B	— (loss-making)	— (loss-making)	+37.92% (above 0%: growing)	n/m	−681.46% (below 0%: shrinking)	82.78%	(24.14%)	Compare
ERAS Erasca, Inc.	$5.2B	— (loss-making)	—	—	n/m	−4.67% (below 0%: shrinking)	0.00%	0.00%	Compare
Median of peers	$5.6B	—	—	+56.28%	—	−5.31%	0.00%	(12.07%)

All 614 Biotechnology stocks →

Ligand Pharmaceuticals Incorporated (LGND) key facts

Strength: Ligand Pharmaceuticals Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $268.1 million, up 60.4% from fiscal 2024.
Ligand Pharmaceuticals Incorporated (LGND) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, LGND traded at $295.54, a market capitalization of $6.0 billion.
Return on equity was 13.5% and debt-to-equity 1.16.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 5.45 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.