Iovance Biotherapeutics, Inc. (IOVA) vs Ligand Pharmaceuticals Incorporated (LGND)

Iovance Biotherapeutics, Inc. and Ligand Pharmaceuticals Incorporated are both Biotechnology companies. Iovance Biotherapeutics, Inc. is the larger, with a market value of $6.7B against $6.0B — 1.1× the size. Iovance Biotherapeutics, Inc. has negative trailing earnings, so its P/E is not meaningful; Ligand Pharmaceuticals Incorporated trades at 29.5×. Ligand Pharmaceuticals Incorporated grew revenue faster over the last twelve months: 54.9% against 34.6%. Ligand Pharmaceuticals Incorporated has the higher net margin (67.9% vs −89.1%) and the higher return on invested capital (8.19% vs −43.0%). Across the 17 metrics below, Ligand Pharmaceuticals Incorporated leads on 14 and Iovance Biotherapeutics, Inc. on 3.

Valuation

Metric IOVA LGND Biotechnology median
P/E n/m 29.52 8.50
P/S 18.81 20.41 9.71
P/B 8.31 6.13 2.13
Price to free cash flow n/m 41.36 20.82
EV/EBITDA n/m 46.38 0.64
EV/Sales 17.90 19.83 9.21
Earnings yield (5.38%) 3.39% (33.15%)
Free cash flow yield (4.85%) 2.42% (25.50%)

Profitability

Metric IOVA LGND Biotechnology median
Gross margin 48.40% 95.43% 65.16%
Operating margin (92.72%) 32.61% 0.00%
Net margin (89.09%) 67.88% 0.00%
Free cash flow margin (91.21%) 49.34% 0.00%
Return on equity (40.36%) 21.96% (56.36%)
Return on assets (31.76%) 12.58% (48.04%)
Return on invested capital (42.96%) 8.19% 0.00%

Growth

Metric IOVA LGND Biotechnology median
Revenue growth (TTM) 34.55% 54.89% 6.02%
EPS growth (last fiscal year) 14.84% 2,886.36% 30.26%
Revenue growth, 5-year CAGR — 10.39% 9.41%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric IOVA LGND Biotechnology median
Debt to equity 0.00 1.16 0.00
Current ratio 4.35 31.18 4.72
Net debt to EBITDA 0.82 (4.36) 0.96

Dividend

Metric IOVA LGND Biotechnology median
Dividend yield — — 0.09%
Payout ratio — — —

Size

Metric IOVA LGND Biotechnology median
Market cap 6.67b 5.95b 135.18m

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