Ligand Pharmaceuticals Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	124.45	-4.03	52.15	-33.36	57.14
Depreciation & Amortization	33.78	35.24	36.52	51.53	51.07
Stock-Based Compensation	46.85	41.09	25.74	60.29	38.78
Other Adjustments	-143.05	5.4	-30.44	-6.29	-11.19
Change in Receivables	-21.74	-6.46	-2.6	55.32	-28.62
Changes in Inventories	4.99	9.62	-10.87	12.06	-0.43
Changes in Accounts Payable	5.88	13.9	-4.7	-3.34	2.81
Changes in Income Taxes Payable	2.67	2.31	-1.78	1.58	-3.98
Changes in Unearned Revenue	-0.58	-1.31	0.42	-6.28	-17.87
Changes in Other Operating Activities	-3.89	1.29	-14.87	6.34	-8.93
Operating Cash Flow	49.36	97.05	49.58	137.85	78.8
Operating Cash Flow Growth	-49.14%	95.75%	-64.04%	74.94%	44.36%
Capital Expenditures	-0.45	-1.82	-3.52	-17.92	-8.76
Purchases of Investments	-740.81	-231.58	-142.01	-51.98	-181.33
Proceeds from Sale of Investments	377.28	262.5	194.17	234.39	221.34
Payments for Business Acquisitions	-	-167	-10.41	-	-
Other Investing Activities	-6.22	-12.89	-49.91	-0.87	-0.73
Investing Cash Flow	-377.32	-143.66	-11.68	163.62	30.52
Long-Term Debt Issued	460	-	-	-	-
Long-Term Debt Repaid	-	-	-76.85	-260.95	-155.76
Net Long-Term Debt Issued (Repaid)	460	-	-76.85	-260.95	-155.76
Issuance of Common Stock	121.8	102.73	22.45	3.43	52.7
Repurchase of Common Stock	-137.85	-5.14	-4.55	-8.24	-24.46
Net Common Stock Issued (Repurchased)	-16.05	97.59	17.9	-4.8	28.24
Other Financing Activities	-15.73	-0.45	-0.99	-10.24	-10.24
Financing Cash Flow	428.22	97.14	-59.95	-275.99	-137.76
Effect of Exchange Rate Changes on Cash and Cash Equivalents	2.36	-1.17	-	-	-
Net Cash Flow	102.62	49.35	-22.05	25.48	-28.44
Free Cash Flow	48.91	95.23	46.06	119.93	70.04
Free Cash Flow Growth	-48.64%	106.76%	-61.60%	71.23%	39.72%
FCF Margin	18.24%	56.98%	35.07%	61.11%	29.00%
Free Cash Flow Per Share	2.41	5.21	2.59	7.11	4.06
Levered Free Cash Flow	626.85	55.2	-23.5	-250.34	-84.7
Unlevered Free Cash Flow	91.82	16.98	12.43	50.46	109.72

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.